Results - ASX:NST
Northern Star FY26 profit up 24% to A$1,664.3m; cash earnings up 1%; final dividend 30 cents
Northern Star reported profit after tax attributable to members up 24% to A$1,664.3m for the year to 30 June 2026, on revenue up 19% to A$7,623.1m. Cash Earnings rose only 1% to A$2,914.2m, and the FY26 final dividend is 30.0 cents fully franked, the same as last year's final. This Appendix 4E carries no drilling, resource or production detail, and no cash balance, which sit in the full annual report.
(price sensitive) - Northern Star Resources announced: "Appendix 4E" (2 pages) - read the original
What investors must know
- Revenue rose 19% to A$7,623.1m and profit after tax attributable to members rose 24% to A$1,664.3m for the year to 30 June 2026.
- Cash Earnings rose only 1% to A$2,914.2m, so cash generation grew far more slowly than statutory profit.
- The FY26 final dividend is 30.0 cents per share, fully franked, estimated at A$427.4m, the same per-share amount as the FY25 final.
- The FY26 interim dividend was 25.0 cents (A$357.7m), paid on 26 March 2026.
- Net tangible assets per share were A$10.97 at 30 June 2026, up from A$10.40 at 30 June 2025.
- The Central Tanami Project 50% interest was sold to MGX Resources for A$50m cash, completed on 5 February 2026.
- A 30% interest in Alaska Range Pty Ltd, an exploration company in Alaska, was acquired and is equity accounted.
Money: can they follow it up?
- Period ending
- 2026-06-30
- Revenue
- $7.6bn
Revenue of A$7,623.1m is the group revenue from ordinary activities for the year to 30 June 2026 (not a quarter). The only cash figure in this document is A$50m cash consideration for the Central Tanami divestment (completed 5 February 2026). No cash balance, debt, cash flow or Appendix 5B funding figure is stated here, and no funding quarters are given. Dividends of about A$427.4m (final, estimated) and A$357.7m (interim, paid) are payable or were paid from this cash base. All amounts are A$m as reported.
Appendix 5B explained - why runway predicts raisings - every company's runway
How the price reacted
News signal mixed, and on day 1 the stock moved -2.2% against the gold index (XGD). After 20 trading days: -3.7% against the XGD.
From the last close before the market could trade on it ($22.54 on 19 Aug 2026), with day-1 volume 1.6x the 20-day average.
NST's past price-sensitive news
After 9 earlier announcements, NST rose on day 1 8 times and fell 1 times - an average move of +3.4%; after financial results alone, +6.2%.
No price reactions to earlier price-sensitive news are on record for this stock in DrillScore's database, so it is not possible to say how similar results releases have been received. The share price was A$22.54 at the close before release and is A$25.39 now, but the database cannot attribute that move to this announcement, and no conclusion is drawn about the price.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for NST and it isn't advice.
After 39 other announcements read as 'mixed', stocks moved +0.6% by day 1, +1.0% by day 5 and +0.8% by day 20 against the XGD on average.
- Day 1
- +0.6%
- Day 5
- +1.0%
- Day 20
- +0.8%
After its earlier announcements, NST moved +1.7% by day 1, +1.7% by day 5 and +1.1% by day 20 against the XGD on average.
- Day 1
- +1.7%
- Day 5
- +1.7%
- Day 20
- +1.1%
In the 20 trading days before this release the XGD gold index moved +22.2% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.7% by day 1, +2.4% by day 5 and -4.5% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.7%
- Day 5
- +2.4%
- Day 20
- -4.5%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,545 | US$3,886 | -14.5% |
| Gold (A$/oz) | A$6,418 | A$5,737 | -10.6% |
| Copper (US$/lb) | US$6.49 | US$6.09 | -6.1% |
| AUD/USD | 0.7082 | 0.6774 | -4.3% |
Gold fell from US$4,545.3/oz at release (19 August 2026) to US$3,886.3/oz now, and from A$6,418.1/oz to A$5,737.08/oz. The Australian dollar moved from US$0.7082 to US$0.6774, which cushions gold in A$ terms. The GDX and GDXJ miner funds fell 16.1% and 21.8%, and the copper miners fund COPX fell 21.6%, while the S&P/ASX All Ordinaries Gold index moved only -0.4%. The announcement states no price deck or forward gold assumption, so the results cannot be compared with a planning price. The FY26 revenue figure reflects the prices received during the year, which are not given in this document.
Against NST's own history
DrillScore holds no earlier drilling results or capital raisings for this company. Earlier analysed announcements cover the FY26 operating picture: on 2 July 2026 FY26 gold sold of 1,543koz was reported as meeting revised guidance, with cash and bullion of A$1,255m. The 29 July 2026 June quarter report showed 433koz sold at A$2,651/oz AISC. This 4E does not restate those production or cost figures, so the profit and revenue results cannot be checked against them here. DrillScore's database also holds two different cash figures for the June 2026 quarter (A$1,018m and A$1,255m), and this announcement does not state a cash balance to resolve the difference.
Risks & caveats
- Cash Earnings growth of 1% against profit growth of 24% is a gap the 4E does not explain.
- The final dividend amount is an estimate based on shares on issue at 30 June 2026; the actual amount depends on shares on the record date.
- The 4E does not state cash, debt, operating cash flow, gold production or AISC, so the funding position cannot be checked from this document.
- Gold and copper prices have moved lower since the release date, so forward revenue assumptions may differ from the FY26 year.
What's next
- Record date for the FY26 final dividend - 10 September 2026
- Last date for Dividend Reinvestment Plan election notices for the FY26 final dividend - 8 October 2026
- Payment date for the FY26 final dividend - 15 October 2026
- Suresh Vadnagra starts as Managing Director and CEO (per an earlier announcement, not in this PDF) - 5 October 2026
Questions worth asking
- What explains the gap between 24% profit growth and only 1% growth in Cash Earnings for FY26?
- What were the cash balance, net debt and operating cash flow at 30 June 2026 in the full annual report?
- What gold price and A$ exchange rate underpinned FY26 revenue, and how does FY27 guidance compare?
- How will the A$50m Central Tanami proceeds be used, and what was paid for the 30% Alaska Range Pty Ltd interest?
- What does the flat final dividend per share signal about the board's view of cash flow after the recent gold price fall?
What it means
For someone following Northern Star, the headline numbers are strong on statutory profit and revenue, with net tangible assets per share higher than a year ago and a fully franked final dividend. The result is less clear on cash, because Cash Earnings grew only 1% and the final dividend per share is unchanged. The 4E leaves out the balance sheet, cash flow and operating detail that would show whether the cash picture supports the profit growth, so those figures in the full annual report are the next thing to check. This is general information only and not a recommendation to buy, sell or hold.
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
Decoded 15 Nov 2026, 8:17 am by claude-haiku-5-5 - confidence: high. Spotted a mistake? Tell us.
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