Northern Star Resources (ASX: NST) – Northern Star FY26 Financial Results Presentation

Northern Star Resources posted underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of A$4.3 billion for the financial year ending 30 June 2026, with underlying net profit after tax of A$1.8 billion and underlying earnings per share of A$1.24. The company sold 1.543 million ounces of gold at an all-in sustaining cost of A$2,698 per ounce, reflecting strong operational execution across its portfolio. Return on capital employed expanded 18 percent year-over-year to reach a five-year high, demonstrating improved asset efficiency and portfolio quality.

The underlying EBITDA margin widened to 56 percent, with EBITDA per ounce reaching A$2,767. This margin expansion occurred despite a lower realised gold price of A$4,925 per ounce compared to A$3,922 the prior year, indicating genuine operational leverage and cost discipline. The three operating centres contributed distinctly to group earnings, with Kalgoorlie generating A$2.7 billion, Yandal A$1.0 billion, and Pogo A$0.8 billion in EBITDA contribution.

Northern Star returned A$914 million to shareholders through dividends of A$785 million, fully franked, and share buybacks totalling A$129 million, purchasing 6.3 million shares at an average price of A$20.44. The company announced a separate A$500 million on-market buyback program, signalling confidence in shareholder value creation. Despite this capital return, the balance sheet strengthened considerably, with net leverage of just 0.1x against EBITDA, well below the company’s 1.5x financial target. Cash and bullion holdings reached A$1.235 billion, and total liquidity stood at A$3.0 billion.

The strategic narrative centres on transforming the portfolio through disciplined capital investment. The KCGM mill expansion in Western Australia is advancing toward stage one commissioning, targeting 27 million tonnes per annum processing capacity. Management indicated that stage two, consolidating processing into a single hub, remains on track for completion in late first-half FY27, expecting a recovery uplift of 1 to 2 percent while eliminating concentrate haulage. The Hemi project in Western Australia, acquired in FY26, contains 13.2 million ounces of mineral resources and 5.5 million ounces of ore reserves. The company’s management targets final investment decision for late FY27, subject to permitting progress, with an estimated two-and-a-half year build timeline post-approval.

For FY27, the company guided for gold sales of 1,500 to 1,650 thousand ounces at an all-in sustaining cost of A$2,800 to A$3,300 per ounce. Investors should monitor the timing of KCGM stage two commissioning and the permitting progress at Hemi, as both projects carry execution risk and will influence near-term capital intensity and medium-term production profiles.

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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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