OREMAVEN
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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
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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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$1B Self Funding
Debt A$1.4B Net cash A$-377.2M
Basic shares 1.4B 2026-10-07
Runway Self Funding Producing business with positive annual operating cash flow; burn runway not meaningful.

Liquidity

Financial position

Reported cash AUD1018.1m at30June2026; facilities AUD1750m undrawn. Borrowings AUD1395.3m and leases AUD329.4m reconcile separately. Final dividend AUD427.4m and other provisions AUD330.7m require liquidity; Hemi is pre-FID.

Inventory composition1

Bullion awaiting settlement AUD217.2m is already within trade receivables. Current inventory AUD962.6m and non-current ore stockpiles AUD1492.2m are operating assets, not cash.

Refiner/transporter bullion pending settlement
— carrying

Capital structure

Ownership and dilution

Ordinary shares
1.4B
Fully diluted
1.4B

Ordinary shares1,424,805,062 include treasury stock. Same-day ASX generated performance-right totals conflict (8,950,232 versus8,848,312); larger count retained as explicit bound plus8,488 NED rights and732,613 proposed CEO rights. Pro forma fully diluted1,434,496,395; no exercise proceeds. Difference between rights reports changes value below0.01%. Future employee awards remain an annual economic cost in AISC.

Security classes4
ClassTypeQuantityStrikeExpiry
Quoted ordinary shares including any treasury sharesOrdinary Share1.4B——
Larger conservative same-day count; exact outstanding count unresolvedPerformance Right9MA$0—
Unquoted NED share rightsPerformance Right8.5KA$0—
Proposed CEO STI/LTI/sign-on rights conditional on AGM approval; conservative inclusionPerformance Right732.6KA$0—

KPI history

Operating metrics · Carosue Dam

Carosue Dam gold sold shown
016,33332,66548,99865,331FY26 Q1: 56,934 ozFY26 Q1FY26 Q2: 58,331 ozFY26 Q2FY26 Q3: 52,068 ozFY26 Q3FY26 Q4: 49,675 ozFY26 Q4
MetricUnitTrendFY26 Q1FY26 Q2FY26 Q3FY26 Q4
Carosue Dam gold soldozFY26 Q1: 56,934 ozFY26 Q2: 58,331 ozFY26 Q3: 52,068 ozFY26 Q4: 49,675 oz56,93458,33152,06849,675
Carosue Dam AISCAUD/ozFY26 Q1: 2,537 AUD/ozFY26 Q2: 2,645 AUD/ozFY26 Q3: 2,713 AUD/ozFY26 Q4: 3,082 AUD/oz2,5372,6452,7133,082

KPI history

Operating metrics · Jundee

Jundee gold sold shown
015,90231,80447,70563,607FY26 Q1: 54,537 ozFY26 Q1FY26 Q2: 44,464 ozFY26 Q2FY26 Q3: 45,807 ozFY26 Q3FY26 Q4: 56,792 ozFY26 Q4
MetricUnitTrendFY26 Q1FY26 Q2FY26 Q3FY26 Q4
Jundee gold soldozFY26 Q1: 54,537 ozFY26 Q2: 44,464 ozFY26 Q3: 45,807 ozFY26 Q4: 56,792 oz54,53744,46445,80756,792
Jundee AISCAUD/ozFY26 Q1: 2,687 AUD/ozFY26 Q2: 3,452 AUD/ozFY26 Q3: 3,507 AUD/ozFY26 Q4: 3,288 AUD/oz2,6873,4523,5073,288

KPI history

Operating metrics · KCGM

KCGM gold sold shown
038,19976,397114,596152,795FY26 Q1: 103,139 ozFY26 Q1FY26 Q2: 111,135 ozFY26 Q2FY26 Q3: 116,944 ozFY26 Q3FY26 Q4: 136,424 ozFY26 Q4
MetricUnitTrendFY26 Q1FY26 Q2FY26 Q3FY26 Q4
KCGM gold soldozFY26 Q1: 103,139 ozFY26 Q2: 111,135 ozFY26 Q3: 116,944 ozFY26 Q4: 136,424 oz103,139111,135116,944136,424
KCGM AISCAUD/ozFY26 Q1: 2,503 AUD/ozFY26 Q2: 2,603 AUD/ozFY26 Q3: 2,485 AUD/ozFY26 Q4: 2,411 AUD/oz2,5032,6032,4852,411

KPI history

Operating metrics · Kalgoorlie Operations (Kanowna and South Kalgoorlie)

Kalgoorlie Operations (Kanowna and South Kalgoorlie) gold sold shown
011,96723,93435,90147,868FY26 Q1: 42,739 ozFY26 Q1FY26 Q2: 34,013 ozFY26 Q2FY26 Q3: 41,301 ozFY26 Q3FY26 Q4: 41,631 ozFY26 Q4
MetricUnitTrendFY26 Q1FY26 Q2FY26 Q3FY26 Q4
Kalgoorlie Operations (Kanowna and South Kalgoorlie) gold soldozFY26 Q1: 42,739 ozFY26 Q2: 34,013 ozFY26 Q3: 41,301 ozFY26 Q4: 41,631 oz42,73934,01341,30141,631
Kalgoorlie Operations (Kanowna and South Kalgoorlie) AISCAUD/ozFY26 Q1: 2,329 AUD/ozFY26 Q2: 3,130 AUD/ozFY26 Q3: 2,529 AUD/ozFY26 Q4: 2,580 AUD/oz2,3293,1302,5292,580

KPI history

Operating metrics · Pogo

Pogo gold sold shown
022,90845,81668,72591,633FY26 Q1: 64,821 ozFY26 Q1FY26 Q2: 53,095 ozFY26 Q2FY26 Q3: 65,573 ozFY26 Q3FY26 Q4: 81,815 ozFY26 Q4
MetricUnitTrendFY26 Q1FY26 Q2FY26 Q3FY26 Q4
Pogo gold soldozFY26 Q1: 64,821 ozFY26 Q2: 53,095 ozFY26 Q3: 65,573 ozFY26 Q4: 81,815 oz64,82153,09565,57381,815
Pogo AISCUSD/ozFY26 Q1: 1,453 USD/ozFY26 Q2: 1,871 USD/ozFY26 Q3: 1,529 USD/ozFY26 Q4: 1,384 USD/oz1,4531,8711,5291,384

KPI history

Operating metrics · Thunderbox and Bronzewing

Thunderbox and Bronzewing gold sold shown
018,80137,60156,40275,202FY26 Q1: 58,885 ozFY26 Q1FY26 Q2: 47,023 ozFY26 Q2FY26 Q3: 59,115 ozFY26 Q3FY26 Q4: 67,145 ozFY26 Q4
MetricUnitTrendFY26 Q1FY26 Q2FY26 Q3FY26 Q4
Thunderbox and Bronzewing gold soldozFY26 Q1: 58,885 ozFY26 Q2: 47,023 ozFY26 Q3: 59,115 ozFY26 Q4: 67,145 oz58,88547,02359,11567,145
Thunderbox and Bronzewing AISCAUD/ozFY26 Q1: 2,862 AUD/ozFY26 Q2: 3,567 AUD/ozFY26 Q3: 3,222 AUD/ozFY26 Q4: 3,176 AUD/oz2,8623,5673,2223,176
Operating metric source table48
MetricProjectPeriodPeriod typeValueStatus
KCGM gold soldKcgmFY26 Q1Quarter103,139 ozReported
KCGM AISCKcgmFY26 Q1Quarter2,503 AUD/ozReported
KCGM gold soldKcgmFY26 Q2Quarter111,135 ozReported
KCGM AISCKcgmFY26 Q2Quarter2,603 AUD/ozReported
KCGM gold soldKcgmFY26 Q3Quarter116,944 ozReported
KCGM AISCKcgmFY26 Q3Quarter2,485 AUD/ozReported
KCGM gold soldKcgmFY26 Q4Quarter136,424 ozReported
KCGM AISCKcgmFY26 Q4Quarter2,411 AUD/ozReported
Carosue Dam gold soldCarosueFY26 Q1Quarter56,934 ozReported
Carosue Dam AISCCarosueFY26 Q1Quarter2,537 AUD/ozReported
Carosue Dam gold soldCarosueFY26 Q2Quarter58,331 ozReported
Carosue Dam AISCCarosueFY26 Q2Quarter2,645 AUD/ozReported
Carosue Dam gold soldCarosueFY26 Q3Quarter52,068 ozReported
Carosue Dam AISCCarosueFY26 Q3Quarter2,713 AUD/ozReported
Carosue Dam gold soldCarosueFY26 Q4Quarter49,675 ozReported
Carosue Dam AISCCarosueFY26 Q4Quarter3,082 AUD/ozReported
Kalgoorlie Operations (Kanowna and South Kalgoorlie) gold soldKalgoorlieFY26 Q1Quarter42,739 ozReported
Kalgoorlie Operations (Kanowna and South Kalgoorlie) AISCKalgoorlieFY26 Q1Quarter2,329 AUD/ozReported
Kalgoorlie Operations (Kanowna and South Kalgoorlie) gold soldKalgoorlieFY26 Q2Quarter34,013 ozReported
Kalgoorlie Operations (Kanowna and South Kalgoorlie) AISCKalgoorlieFY26 Q2Quarter3,130 AUD/ozReported
Kalgoorlie Operations (Kanowna and South Kalgoorlie) gold soldKalgoorlieFY26 Q3Quarter41,301 ozReported
Kalgoorlie Operations (Kanowna and South Kalgoorlie) AISCKalgoorlieFY26 Q3Quarter2,529 AUD/ozReported
Kalgoorlie Operations (Kanowna and South Kalgoorlie) gold soldKalgoorlieFY26 Q4Quarter41,631 ozReported
Kalgoorlie Operations (Kanowna and South Kalgoorlie) AISCKalgoorlieFY26 Q4Quarter2,580 AUD/ozReported
Jundee gold soldJundeeFY26 Q1Quarter54,537 ozReported
Jundee AISCJundeeFY26 Q1Quarter2,687 AUD/ozReported
Jundee gold soldJundeeFY26 Q2Quarter44,464 ozReported
Jundee AISCJundeeFY26 Q2Quarter3,452 AUD/ozReported
Jundee gold soldJundeeFY26 Q3Quarter45,807 ozReported
Jundee AISCJundeeFY26 Q3Quarter3,507 AUD/ozReported
Jundee gold soldJundeeFY26 Q4Quarter56,792 ozReported
Jundee AISCJundeeFY26 Q4Quarter3,288 AUD/ozReported
Thunderbox and Bronzewing gold soldThunderboxFY26 Q1Quarter58,885 ozReported
Thunderbox and Bronzewing AISCThunderboxFY26 Q1Quarter2,862 AUD/ozReported
Thunderbox and Bronzewing gold soldThunderboxFY26 Q2Quarter47,023 ozReported
Thunderbox and Bronzewing AISCThunderboxFY26 Q2Quarter3,567 AUD/ozReported
Thunderbox and Bronzewing gold soldThunderboxFY26 Q3Quarter59,115 ozReported
Thunderbox and Bronzewing AISCThunderboxFY26 Q3Quarter3,222 AUD/ozReported
Thunderbox and Bronzewing gold soldThunderboxFY26 Q4Quarter67,145 ozReported
Thunderbox and Bronzewing AISCThunderboxFY26 Q4Quarter3,176 AUD/ozReported
Pogo gold soldPogoFY26 Q1Quarter64,821 ozReported
Pogo AISCPogoFY26 Q1Quarter1,453 USD/ozReported
Pogo gold soldPogoFY26 Q2Quarter53,095 ozReported
Pogo AISCPogoFY26 Q2Quarter1,871 USD/ozReported
Pogo gold soldPogoFY26 Q3Quarter65,573 ozReported
Pogo AISCPogoFY26 Q3Quarter1,529 USD/ozReported
Pogo gold soldPogoFY26 Q4Quarter81,815 ozReported
Pogo AISCPogoFY26 Q4Quarter1,384 USD/ozReported
Company guidance2
MetricProjectPeriodLowHighStatus
Gold SoldCompanyFY271,500,0001,650,000 ozCurrent
AISCCompanyFY273,0503,450 AUD/ozCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-15Ann. 2026-08-20DividendA$427.4M——Announced—
2026-04-23Ann. 2026-04-02BuybackA$500M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-10-13

Annual report notes12,15 and June-quarter hedge table reviewed. Exploration joint-operation percentages and power interests retained. Contract-specific private royalty/offtake counterparties remain incomplete.

Fixed-price physical gold forwards total 787,500 ounces at AUD3,397 per ounce as at 30 June; no additions since August 2024. Applied pro rata to Australian forecast ounces over FY27 and FY28 only.

Commodity Hedge · Active
Applies to
KCGM · Carosue Dam · Kalgoorlie Operations (Kanowna and South Kalgoorlie) · Jundee · Thunderbox and Bronzewing · Gold
Economic direction
Burden
Period
Through 2028-06-30; start date not stated
Key terms
FY27 ounces: 517,500 oz
FY28 ounces: 270,000 oz
How it affects our valuation

No valuation treatment is available for this arrangement.

25-year supply agreement: minimum annual cost131m when fully commissioned; thermal FY28, renewables FY29 conditional on approvals. NST thermal/transmission expected expenditure132m; annual costs replace existing power services to an unknown extent.

Strategic Partnership · Conditional
Counterparties
Zenith
Applies to
KCGM · Eastern Goldfields Power joint venture · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
minimum annual supply cost: 131,000,000 AUD/year
NST future power capital: 132,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Separate source-reported ownership interest, with economic benefits and capital obligations reconciled once in valuation.

Joint Venture · Active
Applies to
Goldfields Power joint venture · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic ownership: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Separate source-reported ownership interest, with economic benefits and capital obligations reconciled once in valuation.

Joint Venture · Active
Applies to
Eastern Goldfields Power joint venture · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic ownership: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Separate source-reported ownership interest, with economic benefits and capital obligations reconciled once in valuation.

Joint Venture · Active
Applies to
Alaska Range associate · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic ownership: 30 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.

Joint Venture · Active
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic interest: 75.51 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.

Joint Venture · Active
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic interest: 80 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.

Joint Venture · Active
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic interest: 40 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.

Joint Venture · Active
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic interest: 70 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.

Joint Venture · Active
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic interest: 70 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.

Joint Venture · Active
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic interest: 86.98 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.

Joint Venture · Active
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic interest: 10 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.

Joint Venture · Active
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic interest: 30 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Source-reported exploration joint operation; costs and output shared proportionately. Deposit-level economics not separately disclosed.

Joint Venture · Active
Applies to
Company-wide · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
economic interest: 75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

FY26 Australian royalty charges are reported within operating/AISC schedules. Contract-specific government/private rates are not fully separated.

Royalty · Active
Applies to
KCGM · Carosue Dam · Kalgoorlie Operations (Kanowna and South Kalgoorlie) · Jundee · Thunderbox and Bronzewing · Gold
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.