Northern Star Resources Ltd. (NST.AX): FY26 sets up dividend; Focus on site visit and guidance outlook; Buy

Research evidence excerpt

Northern Star Resources Ltd. (NST.AX): FY26 sets up dividend; Focus on site visit and guidance outlook; Buy

Goldman Sachs Northern Star Resources Ltd. (NST.AX)

o Thunderbox: Production and record sales of ~72/~67koz were ~10-20%

above prior market expectations, where consequently, AISC of A$3,176/oz

was lower QoQ better than GSe/consensus expectations. Stronger gold

production/sales (+~15-30% QoQ) was driven by improved mill throughput,

higher-grade ore from Orelia and an increasing contribution from

Bannockburn open pit ore, replacing lower-grade stockpile feed. Recoveries

also continued to outperform on increased tank availability.

o Jundee: Production/sales of ~56koz/~57koz were broadly ahead of prior

GSe/consensus as higher-than-expected throughput/grades were partially

offset by lower-than-expected recoveries. AISC of A$3,288/oz was below

prior GSe. During the quarter, NST commenced an operational review, with

early outcomes to inform an updated medium-term mine plan focused on

optimising mining sequences and enhancing consistent delivery.

n Pogo: Sales of ~66koz were ahead of prior GSe/consensus (production also ahead at

~84koz) and ~25-30% higher QoQ with AISC of A$1,952/oz ~10-15% lower than

market expectations, largely on improved mined grades (~7.8g/t vs. ~6.9g/t in the

3Q) attributable to successful stope optimisation initiatives in new mining areas.

Mining/milling rates remained above nameplate processing capacity toward

>1.5Mtpa, and mine development remained above target at ~1,560m/month vs.

1,500m/month target). As a result, FY26 sales of ~265koz was down YoY though

achieved revised guidance (>250koz), with AISC of ~A$2,2259/oz also below the

bottom end of the guidance range (A$2,425-2,575/oz) and below market

expectations.

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