Northern Star Resources and Regis Resources both delivered steady operational results for the September quarter, highlighting continued cash generation and progress on major growth projects.
Northern Star
Northern Star sold 381,000 ounces of gold at an all-in sustaining cost (AISC) of $2522 per ounce, with its Kalgoorlie Consolidated Gold Mines operation (KCGM) achieving a 2.9 million tonne-per-annum run rate.
The company’s total revenue was approximately $1.7 billion, and it maintained a balance sheet of $1.51 billion in cash and bullion.
Northern Star achieved group free cash flow of $14 million, despite the $196 million capital spend, largely tied to the KCGM mill expansion project in Kalgoorlie, which remains on track for commissioning in early part of the 2026–27 financial year (FY27).
Northern Star managing director Stuart Tonkin said that the September quarter delivered a “mixed performance” across the portfolio, but overall costs for the period were “better than forecast”, reflecting the company’s focus on capital discipline.
“The KCGM mill expansion remains on track for early FY27 commissioning,” he said.
“This week we received ministerial approval for the Fimiston South project and associated infrastructure, which supports higher future throughput and long-term cost efficiency at KCGM to deliver sustainable high-margin ounces.”
The company maintained FY26 production guidance of 1.7–1.8 million ounces of gold sold at an AISC of $2300–2700 per ounce.
Operational disruptions at Jundee and South Kalgoorlie early in the December quarter are expected to impact 20,000 ounces of gold sales for the period, with affected volumes scheduled for processing over the remainder of FY26.
Regis Resources
Regis Resources produced 90,400 ounces of gold at an AISC of $2861 per ounce, with gold sales of 82,800 ounces totalling $447 million in revenue.
Its operating cash flow totalled $290 million, driving a $158 million increase in cash and bullion to $675 million; Duketon contributed $186 million and Tropicana $104 million to said cash flow.
Both sites performed in line with the company’s operational plan, with Duketon producing 58,400 ounces of gold at an AISC of $2832 per ounce, and Tropicana producing 31,900 ounces of gold at an AISC of $2821 per ounce.
Managing director and chief executive officer Jim Beyer said that the September quarter saw another period of “consistent operational performance” and strong cash generation for the company.
“Both Duketon and Tropicana produced gold in line with plan, at an AISC per ounce similar to the previous quarter,” he said.
“Importantly, we continued to advance with our underground growth projects, with the first ore mined at both Garden Well Main and Rosemont Stage 3, both of which are two key contributors to our ongoing growth pipeline.”
Drilling across Duketon, including at Ben Hur underground, continues to highlight the site’s ongoing potential, according to Regis, with Beyer adding that exploration programs at McPhillamys and testing for mineralisation underpin future value.
Beyer said that looking forward, the company’s focus remains on “safely delivering” its FY26 guidance, with a combined (Duketon and Tropicana) production of 350,000–380,000 ounces of gold, at an AISC of $2610–2990 per ounce.
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