Northern Star gold sales fall to 364,000 ounces as costs rise during Kalgoorlie mill tie-in

Northern Star Resources sold 363,891 ounces of gold in the September quarter at an all-in sustaining cost (AISC) of A$3,217 an ounce, the company told the ASX on Wednesday 21 October.

All three of its production centres sold less gold than in the June quarter, the company’s figures show. Kalgoorlie sold 194,000 ounces, down from 228,000, during a planned shutdown and the tie-in of its expanded KCGM processing plant. Yandal sold 118,000 ounces, down from 124,000, and Pogo in Alaska sold 53,000 ounces, down from 82,000, during planned plant and underground works.

Northern Star said all-in costs of A$4,647 an ounce were higher than in the June quarter because it sold less gold, mainly due to grade and recovery effects linked to Pogo and the KCGM commissioning. It kept its 2026-27 guidance of 1.5 million to 1.65 million ounces at an AISC of A$3,050 to A$3,450 an ounce.

The company reported cash and bullion of A$1.2 billion at 30 September and underlying free cash flow of negative A$31 million, after A$113 million in corporate tax payments.

“Consistent delivery will be fundamental to our success,” said managing director Suresh Vadnagra, who started in the role on 5 October.

On 28 September Northern Star said its board had unanimously rejected an unsolicited, non-binding proposal from South Africa’s Gold Fields that implied A$27.00 a share, or an equity value of A$38.7 billion, when it was made.