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2026-11-06
◂ Monitor NST ASX

Northern Star Resources Ltd

Ramping Producer · Gold · AU · US Rating locked: sign in to view v8 · nst-20261024t160246-full
Last 2026-11-06
A$25.65
1D
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1M
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YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$36.5B
EV
A$36.5B
Cash
A$1B
Debt
A$1.4B
2 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

10 assets

Core asset

KCGM

AU

Ramping Producer100% ownedGold

Existing operating group; ownership100% and resource/reserve inventory as reported.

Producer · Ramping producer
Production annualised (attributable)
545.7k ozd
Production (last FY, 100%)
467.6k oz
AISC (latest quarter)
A$2,411/oz
AISC margin at spot
58.8%m
Delivery vs guidance
NM
Reserve life
32.1 yrsd
Head grade
2.20 g/t
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, indicated and inferred42.2M oz contained gold1.4 g/t AuGold2026-03-31
Ore ReserveProved and probable15M oz contained gold1.2 g/t AuGold2026-03-31

Material

Carosue Dam

AU

Producer100% ownedGold

Existing operating group; ownership100% and resource/reserve inventory as reported.

Producer · Producer
Production annualised (attributable)
198.7k ozd
Production (last FY, 100%)
217.0k oz
AISC (latest quarter)
A$3,082/oz
AISC margin at spot
47.4%m
Delivery vs guidance
NM
Reserve life
3.2 yrsd
Head grade
1.80 g/t
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, indicated and inferred3.9M oz contained gold1.9 g/t AuGold2026-03-31
Ore ReserveProved and probable696K oz contained gold1.6 g/t AuGold2026-03-31

Material

Kalgoorlie Operations (Kanowna and South Kalgoorlie)

AU

Producer100% ownedGold

Existing operating group; ownership100% and resource/reserve inventory as reported.

Producer · Producer
Production annualised (attributable)
166.5k ozd
Production (last FY, 100%)
159.7k oz
AISC (latest quarter)
A$2,580/oz
AISC margin at spot
55.9%m
Delivery vs guidance
NM
Reserve life
14.1 yrsd
Head grade
3.30 g/t
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, indicated and inferred9.6M oz contained gold1.9771045703242225 g/t AuGold2026-03-31
Ore ReserveProved and probable2.3M oz contained gold1.8831890012977959 g/t AuGold2026-03-31

Material

Jundee

AU

Producer100% ownedGold

Existing operating group; ownership100% and resource/reserve inventory as reported.

Producer · Producer
Production annualised (attributable)
227.2k ozd
Production (last FY, 100%)
201.6k oz
AISC (latest quarter)
A$3,288/oz
AISC margin at spot
43.9%m
Delivery vs guidance
NM
Reserve life
5.0 yrsd
Head grade
2.50 g/t
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, indicated and inferred6.4M oz contained gold2.5 g/t AuGold2026-03-31
Ore ReserveProved and probable999K oz contained gold3.2 g/t AuGold2026-03-31

Material

Thunderbox and Bronzewing

AU

Producer100% ownedGold

Existing operating group; ownership100% and resource/reserve inventory as reported.

Producer · Producer
Production annualised (attributable)
268.6k ozd
Production (last FY, 100%)
232.2k oz
AISC (latest quarter)
A$3,176/oz
AISC margin at spot
45.8%m
Delivery vs guidance
NM
Reserve life
6.8 yrsd
Head grade
1.50 g/t
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, indicated and inferred4.3M oz contained gold1.6 g/t AuGold2026-03-31
Ore ReserveProved and probable1.6M oz contained gold1.7 g/t AuGold2026-03-31

Material

Pogo

US

Producer100% ownedGold

Existing operating group; ownership100% and resource/reserve inventory as reported.

Producer · Producer
Production annualised (attributable)
327.3k ozd
Production (last FY, 100%)
265.3k oz
AISC (latest quarter)
A$1,952/oz
AISC margin at spot
66.7%m
Delivery vs guidance
NM
Reserve life
9.0 yrsd
Head grade
7.80 g/t
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, indicated and inferred9.3M oz contained gold7.6 g/t AuGold2026-03-31
Ore ReserveProved and probable2.4M oz contained gold6.8 g/t AuGold2026-03-31

Material

Hemi and regional Pilbara resources

AU

DFS Unfunded Developer100% ownedGold

Pre-FID Hemi development project; secondary approvals and updated scope remain required.

Developer · DFS unfunded developer
Study
—
Post-tax NPV (study prices, attributable)
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NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
—
Capital intensity
—
LoM AISC
—
Mine life
—
Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured, indicated and inferred13.2M oz contained gold1.4 g/t AuGold2026-03-31
Ore ReserveProbable5.5M oz contained gold1.2 g/t AuGold2026-03-31
Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Secondary development and water approvalsWestern AustraliaPending—Yes
Economic studies1
StudyStageStatusDateSummary
Hemi September2023 DFS retained in March2025 scheme bookletDFSSuperseded2023-09-2812-year evaluation;5.7Moz recovered;10Mtpa;93.5% recovery;AISC1337/oz LOM and pre-production capex1345m. Current5.508Moz contained reserve in140.118Mt, later timing and redesign supersede original schedule and budget.

Other

Alaska Range associate

US

Early Explorer30% ownedGold

Separate reported economic interest; standalone earnings coverage is limited.

Equity investment · Held
Investee
Alaska Range
Holding
30%
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
—

Other

Goldfields Power joint venture

AU

Construction50% ownedGold

Separate reported economic interest; standalone earnings coverage is limited.

Other · Held
Ownership
50%
Description
50% power JV supporting KCGM; construction and future supply obligations.
Book value
—

Other

Eastern Goldfields Power joint venture

AU

Construction50% ownedGold

Separate reported economic interest; standalone earnings coverage is limited.

Other · Held
Ownership
50%
Description
50% power JV supporting KCGM; construction and future supply obligations.
Book value
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
Northern Star Mining Services · Operating business / services · Operating
Revenue
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EBITDA margin
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Utilisation
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Order book
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Top customer share
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