Northern Star Resources reported substantial growth in its mineral resources and ore reserves as at 31 March 2026, with Group Mineral Resources increasing to 88.9 million ounces, up 26 percent despite mining depletion, and Group Ore Reserves rising to 28.4 million ounces, up 27 percent. These increases represent organic additions of 18.2 million ounces and 6.1 million ounces respectively, demonstrating the company’s exploration success and the quality of its expanding asset portfolio.
This performance reinforces Northern Star’s position within the first half of the global gold cost curve, underpinning a multi-decade, low-cost growth pathway that shareholders have come to expect. Growth in per-share metrics across the resource base indicates that the company is not simply adding ounces but doing so at a rate that outpaces share dilution. The conservative gold price assumptions used in the valuation, with resources modeled at A$3,700 per ounce and ore reserves at A$2,900 per ounce, provide downside protection for the estimates even as spot prices fluctuate.
Three assets drove the updated resource base. The Hemi Project, acquired from De Grey Mining, entered Northern Star’s reporting framework for the first time, contributing 13.2 million ounces of mineral resources and 5.5 million ounces of ore reserves and establishing itself as a long-term strategic cornerstone of the portfolio. KCGM, the company’s largest asset, expanded its mineral resources by 3.3 million ounces to 42.2 million ounces and its ore reserves by 600,000 ounces to 15 million ounces, primarily from the Fimiston Underground mine. The Pogo operation in Alaska also improved, adding 3.1 million ounces of resources to reach 9.3 million ounces and 300,000 ounces of reserves to reach 2.4 million ounces.
The discovery economics are particularly compelling. Northern Star added resource ounces at an average cost of less than A$23 per ounce during the year ended 31 March 2026, significantly below current market valuations and capital costs for equivalent new production. Managing Director Stuart Tonkin emphasized that the results reflect the company’s consistent exploration investment and its commitment to delivering organic and inorganic growth. The alignment of all three major assets toward the low-cost producer positioning should appeal to institutional investors seeking exposure to gold with reduced geopolitical and operational leverage.
Investors should monitor the upcoming technical work on the Hemi Project, particularly optimizations to ore feed sources that will feed into a final business case assessment. Clarity on Hemi’s development timeline and capital requirements could be a material re-rating catalyst. Additionally, the company’s continued exploration success at KCGM and whether it can sustain discovery costs below A$25 per ounce across its portfolio warrant close attention. This announcement has been classified as price sensitive and flagged as material under ASX listing rules.
View the full ASX announcement (PDF)
About Northern Star Resources Limited (ASX: NST)
Northern Star Resources Limited is a gold mining and exploration company that engages in the exploration, development, mining, and processing of gold deposits. The company also sells refined gold and operates mining operations in Western Australia, the Northern Territory, and Alaska.
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