Australia · Delayed Price · Currency is AUD Northern Star Resources Earnings Call Transcripts
Fiscal Year 2026
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Gold sales and cash flow rose on improved grades and cost control, with KCGM expansion on track despite productivity and cost pressures. FY 2026 guidance remains above 1.5Moz, and a share buyback and strong liquidity support future growth.
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FY 2026 production guidance has been revised down to above 1.5 million oz due to ongoing operational issues at the Fimiston plant and high costs at Jundee. The new Fimiston plant remains on track for FY 2027, with a ramp-up to 23 million tons planned. Management is conducting operational reviews and will provide medium-term forecasts by year-end.
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Record H1 FY 2026 EBITDA and strong cash earnings supported a higher interim dividend, with a robust net cash position and major growth projects on track. KCGM expansion is 86% complete, and Hemi's FID is now expected in FY 2027 amid regulatory uncertainties.
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Gold sales and costs were impacted by operational disruptions, prompting revised FY26 guidance of 1.6–1.7 million ounces at AISC $2,600–$2,800/oz. KCGM mill expansion remains on track with increased CapEx, and the balance sheet is strong with positive cash flow across all centers.
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Annual production guidance was revised down due to operational setbacks, but most issues are now resolved and strong financial liquidity supports ongoing investment. The new Fimiston plant is on track for commissioning, expected to drive a step change in production and costs.
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Gold sales reached 381,000 ounces at an AISC of AUD 2,522/oz, with strong performance at KCGM and disciplined cost control. The company maintains full-year guidance and a robust net cash position, while key growth projects and operational improvements are on track.
Fiscal Year 2025
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Record FY 2025 results with $536M free cash flow, $3.5B EBITDA (up 60%), and $2.9B cash earnings. Strong capital returns, major project milestones, and robust outlook with production guidance of 1.7–1.85M oz at AISC $2,300–$2,700/oz.
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Significant operational milestones included 30 years at Kanowna Belle and strong resource growth at KCGM. Major projects like the KCGM mill expansion and the Hemi acquisition are set to drive future cost reductions and cash flow, with production and dividends remaining robust.
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Record gold sales and cash flow were achieved in FY2025, with all production centres contributing positively. FY2026 guidance anticipates higher costs due to inflation and major capital projects, but strong liquidity and ongoing growth investments support a positive outlook.
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Strong March quarter results with robust cash flow, increased production, and ongoing capital investment, despite operational delays at KCGM. FY2025 guidance was revised, exploration spend increased, and De Grey integration is progressing, supported by high gold prices.
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Record H1 FY25 earnings driven by strong gold prices, operational execution, and cost discipline. KCGM Mill Expansion and De Grey acquisition progress support growth, with robust liquidity and shareholder returns through dividends and buybacks.
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Strong operational and financial performance in the December quarter, with 410,000 ounces sold, robust cash flow, and a net cash position. Major projects advanced, including KCGM remediation and mill expansion, while the De Grey acquisition is on track to close in May.
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Strong operational and financial results, with net cash, robust free cash flow, and major projects like KCGM mill expansion ahead of schedule. Production, cost, and CapEx guidance are reiterated, and the business is well positioned to benefit from high gold prices and deliver on its growth strategy.
Fiscal Year 2024
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A binding all-scrip merger will create a global gold leader, adding a large-scale, low-cost project in Western Australia. The deal offers a 37% premium, robust growth, and is unanimously supported by the target's board, with completion expected by April or May 2025.
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Record EBITDA and cash earnings were achieved, supported by strong gold prices and operational execution. Capital returns to shareholders reached AUD 2 billion, with a robust balance sheet and major progress on growth projects. FY25 guidance is second-half weighted, with tax payments set to increase.
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Record gold sales and cash flow were achieved in FY2024, with strong performances from Thunderbox and Pogo. FY2025 guidance targets 1.65–1.8 million ounces at higher AISC, with major growth investments and planned shutdowns making the year second-half weighted.