Northern Star Resources Limited (NESRF) Q3 2026 Earnings Call Transcript

Operator

Thank you for standing by, and welcome to the Northern Star March 2026 Quarterly Results. [Operator Instructions]

I would now like to hand the conference over to Mr. Stuart Tonkin, Managing Director and CEO. Please go ahead.

Stuart Tonkin
CEO, MD & Director

Good morning, and thank you for joining us today. With me on the call is Chief Financial Officer, Ryan Gurner; and Chief Operating Officer, Simon Jessop.

As previously announced, in the March quarter, gold sold totaled 381,000 ounces. And today, we announced the delivery of those ounces at an all-in sustaining cost of AUD 2,709 per ounce. This improved operational performance exiting the quarter has delivered high-margin ounces to generate group underlying free cash flow of $301 million. More specifically, we are prioritizing cash flow at KCGM by accelerating volumes from the high-grade Golden Pike zone during current mill constraints. At Jundee, the operational review is underway, and across Thunderbox and Pogo, we’ve seen gold grades improve. With this improved performance and high-grade ROM stockpiles at KCGM, the company is forecast to deliver its revised FY ’26 production guidance of above 1.5 million ounces.

As previously disclosed, this outlook remains particularly dependent on mill throughput at KCGM with both downside and upside potential. Total growth capital expenditure