The Northern Star Resources Ltd (ASX: NST) share price is in focus today after the company released its December 2025 quarterly results, recording gold sales of 348,061 ounces at an all-in sustaining cost (AISC) of A$2,937 per ounce, with group net mine cash of A$129 million.
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What did Northern Star Resources report?
- December quarter gold sold: 348,061oz at an average realised price of A$4,908/oz
- All-in sustaining cost (AISC): A$2,937/oz (US$1,938/oz)
- Group underlying free cash flow: A$(328) million
- Net mine cash: A$129 million; cash and bullion: A$1,176 million
- FY26 group gold sales guidance revised to 1,600–1,700koz (from 1,700–1,850koz)
- FY26 group AISC guidance increased to A$2,600–2,800/oz (from A$2,300–2,700/oz)
What else do investors need to know?
Northern Star faced several one-off operational events this quarter, including a primary crusher failure at Kalgoorlie and longer-than-expected recovery works at Jundee. While operations have resumed, these disruptions prompted a downgrade of full-year production and cost guidance.
The company continues major growth investment, keeping FY26 group growth capital guidance unchanged at A$1,140–1,220 million. Key projects include the KCGM Mill Expansion, which remains on track for commissioning in early FY27, with associated capital expenditure for FY26 revised upward.
Net cash at quarter-end was A$293 million, and the hedge book continues to decline. Hedging commitments now sit at 1.12 million ounces at an average price of A$3,333/oz as deliveries outpace additions.
What did Northern Star Resources management say?
Managing Director & CEO Stuart Tonkin said:
As previously announced, a number of one-off operational events across our assets resulted in a softer December quarter and prompted us to revise FY26 production and cost guidance. Looking ahead, our team remains firmly focused on driving productivity improvements and strengthening cost discipline.
"The December quarter delivered positive advances at our two key growth projects that will structurally reshape our cost base and support delivery of higher-margin ounces. The KCGM Mill Expansion remains on track for commissioning in early FY27. At the same time, our team continues to optimise the engineering and design of the Hemi Development Project whilst progressing approvals.
"Northern Star's balance sheet remains in a net cash position and we expect future free cash generation to increase materially as production lifts and our hedge book unwinds into this elevated gold price environment.
What's next for Northern Star Resources?
For the rest of FY26, Northern Star will concentrate on finishing the KCGM Mill Expansion construction and ramping up commissioning plans. Production guidance has been lowered, but operational improvements and cost discipline remain a priority.
Management expects free cash flow to improve in coming periods, underpinned by higher production, strong gold prices, and the ongoing wind down of hedging commitments. Key growth projects, including the Hemi Development Project, are advancing on schedule.
Northern Star Resources share price snapshot
Over the past 12 months, Northern Star Resources shares have risen 66%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 4% over the same period.
