Northern Star Resources

What Northern Star Resources does

Northern Star Resources Ltd (ASX: NST) is a global-scale gold producer that extracts and sells gold from a portfolio of underground and open-pit mines concentrated in Western Australia and Alaska. The company operates three production centres — Kalgoorlie (anchored by the KCGM Super Pit, plus Carosue Dam and Kalgoorlie operations), Yandal (Jundee, Thunderbox, Bronzewing), and Pogo in Alaska — and is developing the Hemi project in the Pilbara as a future fourth production centre. FY2026 production guidance has been raised above 1.5 million ounces, with a stated target of 2Moz by FY29 supported by the A$1.5 billion KCGM mill expansion (13Mtpa to 27Mtpa, FY27 commissioning).

The underlying technology stack spans conventional hard-rock mining methods augmented by autonomous haulage at the Super Pit, digital twin mine planning, AI-powered monitoring systems, satellite-based resource management, and blockchain-based supply chain traceability. Energy and water infrastructure include a 120 MW Wärtsilä flexible power plant with synchronous condenser capability and a 25-year PPA with Zenith Energy for a 532 MW hybrid wind-solar-battery project — both targeted at Kalgoorlie decarbonisation. In-house capabilities are delivered through two wholly owned operating subsidiaries, Northern Star Mining Services (NSMS) for underground work and the newly created Northern Star Surface Mining (NSSM) for open-pit operations.

The business model is straightforward commodity production: gold is sold at prevailing spot prices to refiners and through commodity markets, with no disclosed customer concentration and no proprietary pricing model. Revenue scales linearly with ounces sold and the AUD gold price, with margins driven by AISC (A$2,709/oz in Q3 2026), grade, and reserve life. The company is publicly listed on the ASX 50, carries investment-grade credit ratings (Moody's Baa3, S&P BBB-, Fitch BBB-, all Stable), and reported a net cash position of A$1.2 billion as of March 2026 alongside a Q3 2026 free cash flow of A$301 million, supporting both organic growth (A$225 million FY2026 exploration budget) and capital returns (A$500 million on-market buyback).

Name

Northern Star Resources

Legal name

Northern Star Resources Ltd

Website

https://nsrltd.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Northern Star Resources is a global-scale gold producer operating three production centres in Western Australia and Alaska, plus the Hemi development in the Pilbara, targeting 2Moz annual production by FY29 through the A$1.5 billion KCGM mill expansion and active exploration program.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (21222)

SIC

Gold And Silver Ores (1040)

akta.pro primary industry

Gold Mining (IMAKAEAA)

Keywords

• Gold mining
• Gold production
• Mineral exploration
• Underground mining
• Open pit mining

Headquarters

HQ city

Subiaco

HQ country

Australia

HQ region

Oceania

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. Gold Production and Sales: Northern Star generates revenue through the extraction and sale of gold from its mining operations in Western Australia and Alaska. The company produces gold as a commodity sold at market prices.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Northern Star Resources is a global-scale gold producer that owns and operates three high-quality production centres in Western Australia and Alaska, extracting gold from underground and open-pit mines. The company produces gold doré at market spot prices for sale to refiners and gold buyers, with FY2026 production guidance raised above 1.5 million ounces and a 2-million-ounce target by FY29 through the KCGM mill expansion and Hemi development project.

Product overview

Northern Star Resources is a global-scale gold producer operating a portfolio of high-quality, high-margin underground and open-pit gold mines across Western Australia and Alaska. The company operates through three main production centres: the Kalgoorlie Production Centre (including the iconic Super Pit/KCGM, Carosue Dam, and Kalgoorlie Operations), the Yandal Production Centre (Jundee, Thunderbox, and Bronzewing), and the Pogo Production Centre in Alaska. Additionally, the company is developing the Hemi gold project in the Pilbara region, which will become a fourth production centre. Northern Star maintains a focus on organic growth through targeted exploration programs and expanding the operating lives of existing operations, with major expansion projects including the A$1.5 billion KCGM mill expansion targeting 2 million ounces production capacity.

Differentiator

Problem solved

Functional benefit

Brands

• Northern Star Mining Services (NSMS): Internal expert mining services division specializing in providing underground mining services to Northern Star's Australian and Alaskan Operations.
• Northern Star Surface Mining (NSSM)

Products and services

• KCGM Operations (Super Pit) Flagship open-pit gold mine in Kalgoorlie, Western Australia spanning 3.5 km long, 1.5 km wide and 600 meters deep, with over 20 million ounces of historical gold production and 15 million ounces of total reserves.
• Jundee Operations Underground gold mine located in the Yandal Province of Western Australia and part of Northern Star's Yandal Production Centre.
• Thunderbox Operations Gold mining operation located in the Yandal region of Western Australia, forming part of the Yandal Production Centre.
• Carosue Dam Operations Gold mining operations located near Kalgoorlie in Western Australia, part of the Kalgoorlie Production Centre.
• Bronzewing Operations Gold mining operation included within the Yandal Production Centre in Western Australia.
• Kalgoorlie Operations (Mt Charlotte) Underground gold mining operation in Kalgoorlie, Western Australia, part of the Kalgoorlie Production Centre.
• Pogo Operations Underground gold mine located in Alaska, USA, comprising the Pogo Production Centre.
• Hemi Development Project Growth project located in the Pilbara region of Western Australia, representing Northern Star's emerging fourth production centre following the De Grey Mining acquisition.
• Kalgoorlie Production Centre High-quality production centre in Western Australia encompassing KCGM Operations (Super Pit), Carosue Dam Operations, and Kalgoorlie Operations.
• Yandal Production Centre High-quality production centre in the Yandal region of Western Australia encompassing Jundee, Thunderbox, and Bronzewing Operations.

Quantifiable outcome

• 381,000 ounces of gold sold in Q3 2026
• +4 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

Six partnerships are on record, tiered minor and core.

• PolarX LimitedminorStrategic or Co-development Partner · 9 June 2026Northern Star has a joint venture with PolarX for the Caribou Dome Copper Project in Alaska and the Alaska Range joint venture for exploration drilling programs. Northern Star is farming-in for a 50% stake in the Becher Project through A$25 million in exploration expenditure.
• Novo Resources Corp.minorStrategic or Co-development Partner · 28 May 2026Northern Star is Novo's largest shareholder with approximately 9.87% ownership. Northern Star withdrew from the Egina Gold Project earn-in agreement, with exploration data retained by Novo for future assessment.
• MGX ResourcesminorStrategic or Co-development Partner · 24 February 2026MGX Resources acquired 50% interest in the Central Tanami Gold Project from Northern Star for AUD 50 million, marking Northern Star's strategic exit from this project and MGX's entry into gold production.
• CSIROminorStrategic or Co-development Partner · 29 January 2026CSIRO drives sustainable mining innovation through collaborative partnership models including the $10 million Green Metals Innovations Network co-led with the Heavy Industry Low-carbon Transition Cooperative Research Centre.
• WärtsiläcoreTechnology or Integration · 9 December 2025Wärtsilä deploying 120 MW flexible power plant at Kalgoorlie Consolidated Gold Mines with 10 dual-fuel engines and synchronous condenser capability for renewable energy integration, expected to begin operations by mid-2027.
• Zenith EnergycoreStrategic or Co-development Partner · 4 December 202525-year power purchase agreement for Australia's largest renewable energy project for mining - a 532 MW hybrid wind-solar-battery project to supply Kalgoorlie gold mine with commissioning expected in mid-2027.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Evolution Mining: Australian mid-tier gold producer operating multiple mines in Australia and Canada. Most directly comparable to Northern Star as a fellow ASX-listed Australian gold miner with similar scale and multi-asset production model.
• Ramelius Resources: Australian gold producer with operations in Western Australia. Comparable as a mid-tier ASX-listed gold producer focused on Western Australian gold mining with similar operational profile.
• Capricorn Metals: Australian gold producer with operations in Western Australia including the Karlawinda mine. Comparable as a mid-cap ASX-listed gold miner focused on Australian gold production with growth profile.
• Perseus Mining: Australian-listed gold producer with operations in West Africa and Australia. Comparable as a multi-asset gold producer with similar growth ambitions and mid-tier scale profile.
• Gold Road Resources: Australian gold producer and explorer with the Gruyere JV in Western Australia. Comparable as an ASX-listed mid-cap gold company with Western Australian focus and joint venture exposure.
• Endeavour Mining: Mid-tier gold producer primarily focused on West Africa with growing international portfolio. Comparable as a mid-cap gold producer with similar scale and multi-asset operating model.

Broad incumbents

• Newmont Corporation: World's largest gold mining company with global operations including Australia. Comparable as a major-scale gold producer but operates globally with broader portfolio and larger market cap than Northern Star.
• Barrick Gold Corporation: Global gold mining major with diversified portfolio across multiple continents. Comparable as a large-scale gold producer but with significantly larger operations and broader geographic diversification than Northern Star.
• Gold Fields Limited: Global gold producer with operations in Australia, Africa, and the Americas. Comparable as a significant gold producer with Australian operations (Agnew, Gruyere JV), competing for similar talent and resources.
• AngloGold Ashanti: Global gold mining major with operations across Africa, Australia, and the Americas. Comparable as a large-scale gold producer but with broader geographic footprint and larger scale than Northern Star.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInau.linkedin.com/company/northern-star-resources-limited

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Northern Star Resources