Northern Star books cash loss of $738m for the first half of FY2026 as extent of Kalgoorlie woes becomes clear
Adrian RausoThe West Australian
Thu, 22 January 2026 7:29AM
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The biggest Australian-based gold miner bled $738 million of cash during the first half of the 2026 financial year after taking a battering from its processing hub fed by the Kalgoorlie Super Pit.
Northern Star Resources unveiled its December quarterly on Thursday, having already told the market earlier this month to brace for lower production and higher costs than expected.
Multiple plant failures mostly afflicting its key processing hub in Kalgoorlie were blamed.
Northern Star ended 2025 with less than $1.2 billion of cash and bullion, having lost $335m during the December quarter and $403m in the quarter prior.
Its operations generated $738m of cash in the December quarter but a $370m income tax bill, $122m on exploration and equipment leases, plus $574m on mine infrastructure drained its kitty.
Northern Star’s woes come while all of its main ASX-listed rivals fill their coffers to the brim from gold’s scorching record run.
“As previously announced, a number of one-off operational events across our assets resulted in a softer December quarter and prompted us to revise FY2026 production and cost guidance,” Northern Star chief executive Stuart Tonkin said.
“Looking ahead, our team remains firmly focused on driving productivity improvements and strengthening cost discipline.”
Northern Star is set to finish expanding its key mill in Kalgoorlie during the current half.
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