Northern Star Resources Q1 FY27 Results at a Glance
The headline figures are easy to scan:
- Gold sold totalled 364koz at an AISC of A2,244/oz).
- Gold revenue reached A4,999/oz.
- Net mine cash flow was A$210 million, with all three production centres positive.
- Group underlying free cash flow was A113 million in corporate tax payments.
- Cash and bullion stood at A$1,200 million at 30 September 2026.
Where the Gold Came From
Kalgoorlie did most of the work. It sold 193,540oz at an AISC of A$2,919/oz. Planned shutdowns across its three operations cut into that. Yandal sold 117,631oz at A$3,687/oz. Better grades at Thunderbox helped, and the mine posted record quarterly gold sales. Pogo sold 52,720oz at an AISC of US$2,307/oz. Plant and underground infrastructure works kept its output low. Those three centres make up the Northern Star Resources gold sales result.
Kalgoorlie, Yandal and Pogo together delivered 363,891oz of gold sold in the September 2026 quarter. [ASX]
Why Costs Climbed Above the June Quarter
Costs rose against June for a handful of reasons:
- All-in costs (AIC) hit A$4,647/oz because less gold was sold on grade and recovery impacts.
- KCGM commissioning cut milled tonnes, grade and recovery.
- Pogo’s plant shutdown and ore bin rehabilitation slowed mining and processing.
- Yandal’s AISC rose on deferred stripping at Bannockburn.
- Jundee recovery stayed limited by CIL tank availability.
KCGM Ramp-Up and the New CEO’s Plan
The KCGM mill expansion is the headline project. Stage I lifts total processing capacity to 27Mtpa. The legacy plants shut down on 21 September. The tie-in to the new plant wrapped up on 28 September, about two weeks late.
Minor thickener and ball mill problems caused the slip, and the company says they’re now sorted. Stage II commissioning begins in early 2H FY27. It should add 1–2% to recovery and end concentrate haulage between KCGM and Gidji. Project spend has reached A$1,746 million, against a forecast of A$1.75-1.81 billion. KCGM Readiness took another A$80 million in the quarter.
Suresh Vadnagra became Managing Director and CEO on 5 October 2026. He is upfront that he still has a lot to learn about the assets. His message is simple. Deliver consistently, keep costs tight and stay disciplined with capital. Finishing the KCGM expansion safely comes first.
Safety held steady, with a serious lost-time injury rate of 0.5 per million hours worked. Northern Star FY27 guidance has not moved. It sits at 1,500-1,650koz of gold sold at an AISC of A$3,050-3,450/oz. Most output is expected in the second half as KCGM ramps up. KCGM alone should deliver 550–650koz. The full detail is in the report.
The Hemi Project is moving along. Engineering and design are on plan. A Final Investment Decision is still due in late FY27. Managed Aquifer Recharge trials began during the quarter as part of permitting.
Tax depreciation should bring A$300-350 million in cash tax savings in FY27. Another A$200-250 million should follow in FY28. Exploration spend was A$56 million for the quarter, against annual guidance of A$230-250 million.
Cash, Debt and Hedging Position
Cash dipped slightly, and the company has tapped its bank lines:
- Cash and bullion totalled A1,235 million in the June quarter.
- The group drew A$500 million of bank facilities on 9 October 2026, ahead of the final dividend.
- The A$0.30 final dividend was paid on 15 October.
- Total banking facilities now stand at A$2,250 million.
- Hedging commitments total 647.5koz at an average price of A$3,423/oz.
Hedging is winding down. The company delivered 140koz at A$3,278/oz this quarter. No shares were bought under the A$500 million on-market buyback. It also holds US$600 million of senior notes due in April 2033. The next quarter will show whether KCGM settles as planned.
Also Read: BHP Q1 Production Results 2026: The Copper Catch-Up Test
FAQs
Q1: How much gold did Northern Star sell in Q1 FY27?
A1: It sold 363,891oz in the September 2026 quarter. The AISC was A2,244/oz).
Q2: What is Northern Star’s FY27 guidance?
A2: Guidance is 1,500-1,650koz of gold sold. AISC is forecast at A$3,050-3,450/oz.
Q3: When will KCGM Stage II commissioning begin?
A3: Stage II commissioning is scheduled for early 2H FY27. It is expected to lift recovery by 1–2%.
Q4: How much cash does Northern Star hold?
A4: Cash and bullion totalled A$1,200 million at 30 September 2026. The group also drew A$500 million of bank facilities on 9 October.
Disclaimer:
This article is a summary of Northern Star Resources’ September 2026 quarterly report and is not intended to be a statement of the company’s position. It is not about financial, investment or tax advice. Gold prices, costs, gold production and guidance are subject to fluctuation and forward-looking statements are subject to risk. Figures are company-reported. Before deciding on any Northern Star Resources share transactions, please read the original ASX announcement and consult with a licensed adviser.
Elizabeth Jones is a finance and mining content specialist with over 10 years of experience creating clear, SEO-driven content across fintech, investing, banking, insurance, cryptocurrency, and resource markets. She transforms complex financial data and industry trends into engaging, reader-focused articles that improve understanding and audience engagement.
