ASX 200 Gold Stocks Shine: FY25 Highlights and Yearly Share Performance

Image source: © 2025 Krish Capital Pty. Ltd.

Highlights

• Northern Star Resources recorded revenue of AUD 6.4 billion in FY25.
• Evolution Mining reported FY25 net profit of USD 926 million, with EBITDA reaching USD 2,161 million.
• Ramelius Resources posted FY25 net earnings of AUD 474.2 million, EBITDA of AUD 818.6 million, and total dividends of 8.0cps.
• Newmont Corporation reported Q2 2025 net income of USD 2,061 million and produced 1.5 million attributable ounces of gold.

Gold prices continue to surge, trading near record highs and fueling a rally across Australian gold equities. Major ASX-listed producers, including Northern Star Resources (ASX:NST), Evolution Mining (ASX:EVN), Ramelius Resources (ASX:RMS) and Newmont Corporation (ASX:NEM) — have delivered returns exceeding 56% over the past year. Reflecting this momentum, the ASX All Ordinaries Gold Index (XGD) soared 97.62% to reach 16,852.

Northern Star Resources

Northern Star Resources Ltd’s (ASX:NST) FY25 revenue rose 30% YoY to AUD 6.4 billion, supported by a 29% increase in the realised gold price to AUD 3,922/oz, with total sales of 1.63Moz. Underlying EBITDA climbed 60% to AUD 3.5 billion, while Underlying NPAT more than doubled to AUD 1.4 billion. Free cash flow surged 150% to AUD 1.4 billion, and Underlying Free Cash Flow grew 16% to AUD 536 million. The company ended the year with Net Cash of AUD 1.0 billion and total liquidity of AUD 3.4 billion.

Northern Star declared a record fully franked FY25 dividend of 55.0 cps (including a final 30.0 cps) and completed an AUD 300 million share buy-back, returning more than AUD 840 million to shareholders.

Evolution Mining Ltd

In FY25, Evolution Mining Ltd (ASX:EVN) achieved underlying profit after tax of USD 958 million and statutory net profit after tax of USD 926 million, increases of 99% and 119% over FY24, respectively. Group cash flow was USD 787 million, while EBITDA reached USD 2,161 million, with a margin of 51%. Earnings per share rose to 46cps, and the final fully franked dividend was 13cps, nearly three times the prior year’s payout.

The company recorded an AISC of USD 1,572/oz and generated positive cash flows across its operations, including Cowal (USD 885 million), Northparkes (USD 182 million since acquisition; USD 108 million in FY25), and Red Lake (USD 74M).

Looking ahead to FY26, production is expected to be 710–780koz of gold and 70–80kt of copper, with an AISC range of USD 1,720–1,880/oz. Group capital expenditure is projected at USD 780–980 million, comprising sustaining capital of USD 200–270 million, major mine development of USD 215–270 million, and major project capital of USD 365–440 million.

Ramelius Resources Ltd

For FY25, Ramelius Resources Ltd (ASX:RMS) recorded net profit after tax of AUD 474.2 million, an 119% increase compared to FY24, and EBITDA of AUD 818.6 million, up 81%. Earnings per share reached 41.1c, and the company declared a fully franked final dividend of 5.0cps, bringing total FY25 dividends to 8.0cps, 60% higher than the prior year.

Gold sales totaled 302,882 ounces at an average price of AUD 3,963/oz, with an AISC of AUD 1,551/oz. Operating cash flow was AUD 856.4 million, and underlying free cash flow stood at AUD 694.9 million.

FY25 capital expenditure amounted to AUD 328 million, and the company closed the year with net cash and bullion of AUD 809.7 million, backed by an undrawn AUD 175 million debt facility.

Newmont Corporation

For the quarter ending June 30, 2025, Newmont Corporation (ASX:NEM) reported net income from continuing operations attributable to stockholders of USD 2,061 million, or USD 1.85 per diluted share, higher than the same quarter in 2024. Adjusted net income was USD 1,594 million (USD 1.43 per share), and adjusted EBITDA reached USD 2,997 million, up 52% year-over-year.

The company produced 1.5 million attributable ounces of gold and 392,000 gold equivalent ounces from co-products including copper, silver, lead, and zinc. The average realized gold price was USD 3,320/oz. Consolidated cash stood at USD 6.2 billion, total liquidity at USD 10.2 billion, and net debt at USD 1.4 billion. Operating cash flow for the first half of 2025 was USD 4,415 million.

The company maintained its share repurchase program and declared a dividend of USD 0.25 per share.

Gold production costs and all-in sustaining costs (AISC) ranged from USD 1,215 to USD 1,593/oz, with additional production and cost metrics reported for copper, silver, lead, and zinc. The company concluded the quarter with stable operational performance and maintained financial flexibility across its portfolio.