Aussie Gold Producers Release Early June Quarter Results
Mostly positive results in early releases
Preliminary June quarter production results have poured in from Australia’s largest gold producers as they signed off on another financial year.
“Miners typically finish the year strongly in Q4, plus any softness versus FY25 guidance is generally understood,” RBC Capital Markets analyst Alex Barkley said in a note published on Thursday.
“Greater focus will be on new FY26 guidance. Last year's FY25 guidance issuance had relatively few surprises, and operational delivery has generally been decent.”
Analysts have been forecasting strong cash build from the Australia-based producer, given the spot gold price has surged to a record of more than A$5000 an ounce.
“Through FY25, AUD gold is up around 45% with our producer coverage a slim 10% above that, despite theoretical earnings leverage,” Barkley said.
Northern Star Resources (ASX: NST)
Australia’s largest listed gold producer, Northern Star, released an operational update on Monday.
In April, the company lowered its 2025 financial year production guidance to 1.63-1.66 million ounces of gold from 1.65-1.8Moz and lifted its cost guidance from A$1850-2100/oz to A$2100-2200/oz, as a result of delayed access to Golden Pike North, higher maintenance costs at Yandal and higher royalties from elevated gold prices.
Today, the company said gold sold in the June quarter was 444,000 ounces, taking full-year production to 1.634Moz of gold.
The largest of Northern Star’s three production hubs, Kalgoorlie in Western Australia, missed guidance, while Pogo in Alaska beat its target and Yandal production came in at the mid-point of guidance.
While costs won’t be reported until the full quarterly report on July 24, Northern Star expects all-in sustaining costs to be within the revised guidance range.
Guidance for FY26 has been set at 1.7-1.85Moz of gold, with the September quarter set to be the weakest period due to planned shutdowns across all three production centres.
AISC for the year is expected to be in the range of A$2300-2700/oz, reflecting inflationary pressure, an uplift in sustaining capital from increased development metres and associated underground infrastructure investment, processing capital across all facilities as well as increasing mining cost and activity across the broader portfolio.
Northern Star is in the process of executing one of Australia’s largest mining projects, the A$1.5 billion KCGM mill expansion, which will see processing capacity more than double to 27 million tonnes per annum from this time next year.
Capital costs for the remaining year of the build phase are A$530-550 million, while another A$315-370 million has been allocated to mill operational readiness, including tailings dam facilities, power infrastructure, an accommodation camp and commissioning and initial stores consumables.
A further A$500-550 million will be spent on open pit material movement and underground development at KCGM to feed the mill.
FY26 growth capital at Yandal is forecast at A$300-310 million, including A$220 million for the Thunderbox operation, while Pogo capex is forecast at US$70-80 million.
Northern Star recently completed the A$6 billion scrip takeover of developer De Grey Mining and has committed A$140-150 million to the shovel-ready Hemi development for ongoing engineering and design and long-lead time items.
Exploration expenditure in FY26 is forecast to be approximately A$225 million, including Hemi.
Regis Resources (ASX: RRL)
WA gold producer Regis also released preliminary June quarter and full-year results on Monday.
Group gold production for the quarter was 87,400oz of gold, comprising 59,300oz from the 100%-owned Duketon operations and 28,100oz from the Tropicana joint venture, of which AngloGold Ashanti (NYSE: AU) is the 70% owner and manager.
Duketon produced 233,000oz in FY25, at the mid-point of guidance of 220,000-240,000oz, while Regis’ share of Tropicana production was 140,000oz, at the top end of guidance of 130,000-140,000oz.
It took full-year group gold production to 373,000oz of gold, towards the top end of guidance of 350,000-380,000.
AISC guidance for the year is A$2440-2740/oz with costs to be reported later this month.
Regis reported cash and bullion build of A$150 million for the quarter, taking its June 30 cash and bullion balance to A$517 million.
“The team has done an excellent job executing to plan while also identifying and producing additional opportunistic ounces,” Regis managing director and CEO Jim Beyer said.
“With gold prices expected to remain strong, we see this trend continuing.”
Regis will release its full report and FY26 guidance on July 21.
RBC is forecasting FY26 production of 370,000oz of gold at AISC of A$2705/oz, driven by the development and ramp-up of the Rosemont and Garden Well Main underground mines at Duketon.
Ramelius Resources (ASX: RMS)
One of Australia’s lowest cost producers, Ramelius, reported another guidance beat on Monday, resulting in record full-year gold production of 301,664oz, above its upgraded guidance of 290,000-300,000oz.
The company expects full-year AISC to be at the lower end of the upgraded guidance range of A$1550-1650/oz.
It marks the fifth consecutive year the company has met guidance.
Ramelius’ original FY25 guidance was 270,000-300,000oz at AISC of A$1500-1700/oz.
June quarter production of 73,454oz beat the upgraded guidance of 62,000-72,000oz.
Underlying free cashflow generation in the June quarter was A$207.8 million and A$694.9 million for the year, more than double FY24.
Ramelius had cash and gold of A$809.7 million at June 30.
“Today, I am proud to announce the operations team has done it again, our second consecutive year of record gold production and cash generation, as we cracked the 300,000oz mark for the first time,” Ramelius managing director Mark Zeptner said.
“Just as importantly, we have achieved our fifth straight year of meeting or exceeding both production and cost guidance. This is, and will continue to be, a core value of Ramelius.”
Ramelius is focusing on completing its A$2.5 billion cash and scrip takeover of Spartan Resources (ASX: SPR) by the end of this month.
Vault Minerals (ASX: VAU)
FY25 marked the first full year of operations for Vault, the product of a 2024 merger between Silver Lake Resources and Red 5.
Preliminary June quarter sales were 95,974oz of gold.
FY25 sales were 385,230oz, just 1.2% below the lower end of the guidance range of 390,000-410,000oz.
The result comprised gold sales of 193,817oz from Leonora, 108,526oz of gold and 492 tonnes of copper from Deflector and 82,887oz of gold from Mount Monger.
Group AISC guidance for the year was A$2250-2450/oz, though costs will be reported later this month.
“Throughout FY25, Vault made significant internally funded investments for its future including the commencement of the Santa and Flora Dora open pits at Mount Monger, commencement of processing plant upgrades at King of the Hills (Leonora), and commencement of access development to Spanish Galleon at Deflector,” Vault said.
In the June quarter, Vault paid the interim stamp duty assessment of A$30.9 million arising from the merger, which was in line with the $33.5 million expensed and included in the FY24 financial results.
Cashflow for the June quarter after the stamp duty payment was A$61.4 million, including the delivery of 37,085oz of gold into the hedge book at an average price of A$2781/oz.
Debt-free Vault had cash and bullion of A$685.9 million at the end of June.
RBC upgraded its rating for the stock to outperform.
Bellevue Gold (ASX: BGL)
Following a production downgrade in April, Bellevue reported record free cashflow of A$67 million for the June quarter, double the March quarter.
Gold production at its namesake WA gold mine was 38,941oz for the June quarter, following a record 287,000t processed at 4.5 grams per tonne and 94.4% recovery, but falling slightly below guidance of 40,000-45,000oz due to delays accessing a stope at Deacon and unplanned maintenance.
The company reported strong results for the month of June, including recoveries of around 95%, a record 130,000t mined at 4.6g/t gold for 19,400oz, a record 111,000t processed at 5.3g/t gold for 18,100oz, and record development rates of an average 311m per jumbo.
Gold sales for the June quarter were 38,754oz at an average sale price of A$5147/oz with all gold was sold at spot prices.
It comes after Bellevue revised its hedging arrangements with Macquarie in April and raised A$156.5 million to close out A$110.8 million of 2025 forward gold sale contracts.
FY25 gold sales were 130,164oz of gold.
The company expects to produce around 150,000oz of gold in FY26, increasing to 190,000oz in FY27.
Bellevue had A$152 million in cash and gold at the end of June and debt of A$100 million.
Capricorn Metals (ASX: CMM)
On Friday, Capricorn reported that its Karlawinda mine in the Pilbara produced 32,216oz of gold in the June quarter, taking FY25 gold production to 117,076oz, at the upper end of the guidance range of 110,000-120,000oz.
FY25 AISC is expected to be within the guidance range of A$1370-1470/oz.
Capricorn reported cash and gold of A$356.4 million at the end of June after quarterly cash build of A$62.5 million.
The company paid A$50 million during the quarter to close out its hedge book, repaid A$50 million of debt to Macquarie and spent A$10.8 million of growth capital at Karlawinda and the Mt Gibson gold project.
Capricorn is advancing through the approvals process at Mt Gibson as well as advancing an expansion project at Karlawinda.
The A$120 million Karlawinda plant expansion will increase production to 150,000oz of gold per year from the June quarter of 2026.
The circa A$350 million Mt Gibson development is expected to produce 150,000ozpa of gold for the first 15 years of its mine life. Early works are underway.
Alkane Resources (ASX: ALK)
Alkane reported today that its Tomingley gold mine in New South Wales produced 19,193oz of gold in the June quarter, taking full-year production to 70,120oz, which was within guidance.
The company reported underlying free cashflow of A$12.3 million for the quarter, before A$4.1 million of land purchases relating to the Boda project.
Alkane made debt repayments of A$1.8 million and filled 7200oz of hedges during the quarter.
The company’s quarter-end cash and bullion balance increased by A$9.8 million to A$60.3 million, or A$68.3 million when including listed investments.
“Tomingley has had an excellent year with increased production from the Roswell underground and the successful commissioning of both a new paste plant and a flotation and fine grind circuit,” Alkane managing director Nic Earner said.
During the quarter, Alkane announced a merger with Mandalay Resources (TSX: MND) to create a A$1 billion company with combined forecast production of 160,000oz of gold equivalent from Tomingley and Mandalay’s Costerfield gold-antimony mine in Victoria and Björkdal gold mine in Sweden, rising to 180,000oz next year.
“Alkane’s operation at Tomingley, combined with our merger with Mandalay Resources, place us firmly into the mid-tier gold companies on the ASX. We look forward to the year ahead and delivering for our shareholders,” Earner said.
Mandalay shareholders will vote on the proposed scrip deal on July 28.