Northern Star Resources has met its revised FY26 gold sales guidance with a strong June quarter performance and remains on track with the KCGM mill expansion. The company also announced the appointment of Suresh Vadnagra as its next CEO, effective October 2026.
- FY26 gold sales reach 1,543koz, meeting revised guidance
- KCGM Mill Expansion on schedule for early FY27 commissioning
- Cash and bullion holdings rise to A$1.255 billion with no debt
- A$129 million spent on share buy-back during June quarter
- Suresh Vadnagra appointed CEO, succeeding Stuart Tonkin in October
Gold Sales Hit Revised FY26 Targets
Northern Star Resources Ltd (ASX:NST) has delivered a robust finish to FY26, with preliminary gold sales of 433,000 ounces in the June quarter pushing total gold sold for the year to 1,543,000 ounces. This comfortably meets the company’s revised guidance of over 1.5 million ounces, reaffirming the strength of its production centres.
The Kalgoorlie Production Centre led the charge with 844,000 ounces sold, including 468,000 ounces from the KCGM operation. Yandal and Pogo also hit their targets, selling 434,000 and 265,000 ounces respectively. While all-in sustaining costs (AISC) for the quarter are still being finalised, the operational momentum is clear.
KCGM Mill Expansion Progressing on Schedule
After three years of construction, the KCGM Mill Expansion Project remains on track. Stage I aims to more than double throughput capacity from 13 million tonnes per annum to 27 million tonnes, with commissioning expected early in FY27. Stage II, which involves consolidating the Gidji facility into the new Fimiston mill, is slated for completion by the end of calendar 2026.
The timing of Stage I commissioning will be pivotal for future gold sales guidance, underscoring the project’s significance to Northern Star’s production profile. The company’s cash and bullion position strengthened to A$1.255 billion at 30 June 2026, up from A$1.183 billion at the end of March, with no corporate bank debt on the books.
Share Buy-Back Reflects Confidence
During the quarter, Northern Star deployed A$129 million towards its on-market share buy-back program, which totals A$500 million. This move signals management’s confidence in the company’s valuation and financial strength amid ongoing operational execution.
Leadership Transition: Suresh Vadnagra to Take Helm
In a significant leadership update, Northern Star announced the appointment of Suresh Vadnagra as Managing Director and CEO, effective 5 October 2026. Vadnagra brings over 25 years of global mining experience, currently heading Glencore’s Nickel and Zinc Industrial Assets and previously holding senior roles at Newcrest, BHP, Iluka Resources, and MMG.
The Board praised Vadnagra’s operational expertise and leadership credentials, highlighting his track record in managing complex projects and portfolios across multiple continents. He will succeed Stuart Tonkin, who is stepping down after 13 years at the company’s helm. In the interim, Chief Financial Officer Ryan Gurner has been appointed deputy CEO and will serve as interim CEO between Tonkin’s departure and Vadnagra’s start.
Vadnagra’s employment package includes a total fixed remuneration of A$2.2 million per annum, with substantial short-term and long-term incentives subject to shareholder approval at the upcoming AGM. This reflects the Board’s commitment to securing top-tier executive talent to drive Northern Star’s next phase of growth.
Bottom Line?
Northern Star’s FY26 production milestone and disciplined capital management set a solid foundation, while the incoming CEO’s experience will be crucial as the KCGM expansion enters commissioning and the company charts its next growth phase.
Questions in the middle?
- How will the KCGM mill expansion commissioning impact FY27 production guidance and costs?
- What operational challenges might arise during the transition to Suresh Vadnagra’s leadership?
- Will Northern Star continue its aggressive share buy-back program amid evolving market conditions?