# NST: September 2026 Quarterly Activities Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03154875 Publisher: asx Original announcement: 2026-10-20T21:19:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-20T22:42:20.262Z Atlas analysis updated: 2026-10-20T22:42:20.262Z - Company: Northern Star Resources Ltd - Ticker: NST - Exchange: ASX - Region: Unavailable - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Production, Metallurgy - Extracted: 2026-10-20 22:42:21 UTC Narrative sentiment: 0.30 · Bullish ## Minestarters Atlas summary Northern Star Resources Ltd reported its September 2026 quarterly activities, with gold sold totaling 364koz at an AISC of A$3,217/oz. The KCGM mill tie-in was completed, and commissioning of the expanded plant is underway, which is expected to deliver a 1-2% recovery uplift in 2H FY27. While the quarter saw higher AISC and negative underlying free cash flow due to commissioning impacts and tax payments, FY27 guidance remains unchanged, and the company maintains a strong cash position. Reasoning: The September quarter saw the completion of the KCGM mill tie-in, a significant operational milestone expected to deliver a recovery uplift. However, commissioning activities led to higher AISC and lower gold sold for the quarter, resulting in negative underlying free cash flow. Despite this, FY27 guidance remains unchanged, and the company maintains a strong cash and bullion position. - Positive factor: operational\_milestone - Positive factor: recovery\_improvement - Positive factor: strong\_cash\_position - Positive factor: unchanged\_guidance - Negative factor: higher\_aisc - Negative factor: negative\_free\_cash\_flow - Negative factor: commissioning\_impacts - Negative factor: project\_delay Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 180 ## Classification and evidence **Operational Milestone** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The KCGM mill tie-in was completed and commissioning is progressing, representing a significant operational achievement. Evidence · text > KCGM mill tie-in complete and commissioning progressing **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("CIL"\) ## Extracted facts Stored fact records: 11. Some facts used in scoring do not have a stored record. ## Metallurgical Results (11) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239#fact-metallurgical-facts-3) KCGM · gold #### Identity - Project: KCGM - Commodity: gold - Ticker: NST #### Test Work - Program Status: optimization - Processing Route: integrated plant #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: Expected recovery uplift from the KCGM mill expansion indicates improved metallurgical performance. - Positive factor: recovery\_improvement Evidence · text > expected to deliver a 1–2% recovery uplift ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239#fact-metallurgical-facts-16) Total · gold #### Identity - Project: Total - Commodity: gold - Ticker: NST #### Recovery - Recovery: 83 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: Total recovery percentage for the quarter. Evidence · table > 83 Context: Processing ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239#fact-metallurgical-facts-41) Kalgoorlie · gold #### Identity - Project: Kalgoorlie - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: NST #### Recovery - Recovery: 81 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: Kalgoorlie recovery percentage for the quarter was lower than expected due to commissioning activities. - Negative factor: low\_recovery Evidence · table > 81 Context: Processing ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239#fact-metallurgical-facts-67) Yandal · gold #### Identity - Project: Yandal - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: NST #### Recovery - Recovery: 86 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: Yandal recovery percentage for the quarter. Evidence · table > 86 Context: Processing ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239#fact-metallurgical-facts-88) Pogo · gold #### Identity - Project: Pogo - Commodity: gold - Ticker: NST #### Recovery - Recovery: 88 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: Pogo recovery percentage for the quarter. Evidence · table > 88 Context: Processing ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239#fact-metallurgical-facts-119) KCGM · gold #### Identity - Project: KCGM - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: NST #### Recovery - Recovery: 76 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: KCGM recovery percentage for the quarter was lower than expected due to commissioning activities. - Negative factor: low\_recovery Evidence · table > 76 Context: Recovery ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239#fact-metallurgical-facts-129) Carosue Dam · gold #### Identity - Project: Carosue Dam - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: NST #### Recovery - Recovery: 90 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: Carosue Dam recovery percentage for the quarter. Evidence · table > 90 Context: Recovery ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239#fact-metallurgical-facts-143) Kalgoorlie Operations · gold #### Identity - Project: Kalgoorlie Operations - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: NST #### Recovery - Recovery: 87 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: Kalgoorlie Operations recovery percentage for the quarter. Evidence · table > 87 Context: Recovery ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239#fact-metallurgical-facts-153) Jundee · gold #### Identity - Project: Jundee - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: NST #### Recovery - Recovery: 84 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: Jundee recovery percentage for the quarter. Evidence · table > 84 Context: Recovery ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239#fact-metallurgical-facts-167) Thunderbox & Bronzewing · gold #### Identity - Project: Thunderbox & Bronzewing - Commodity: gold - Region: australia\_wa - Reported Region: Western Australia - Ticker: NST #### Recovery - Recovery: 87 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: Thunderbox & Bronzewing recovery percentage for the quarter. Evidence · table > 87 Context: Recovery ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/nst-september-2026-quarterly-activities-report--e686b6a1-dfe6-46fb-bf73-6ee9343d8239#fact-metallurgical-facts-176) Pogo · gold #### Identity - Project: Pogo - Commodity: gold - Ticker: NST #### Recovery - Recovery: 88 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-20T00:00:00.000Z Reasoning: Pogo recovery percentage for the quarter. Evidence · table > 88 Context: Recovery ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.