Highlights

  • Jefferies and Bell Potter issued buy ratings on Northern Star with target prices of AUD 31 and AUD 30.
  • Northern Star revised FY26 production guidance to 6–1.7 million ounces following December quarter operational updates.
  • The company reported December quarter gold sales of approximately 348 thousand ounces, with first-half FY26 sales of 729 thousand ounces.

 

Northern Star Resources Ltd (ASX:NST) remains under analyst focus, with Jefferies and Bell Potter Securities issuing buy ratings on the gold producer, assigning target prices of AUD 31 and AUD 30, respectively. The ratings mmighht follow the company’s recent operational update for the December 2025 quarter, released on 2 January 2026, which included revisions to FY26 production guidance.

December Quarter Operational Update

Northern Star reported December quarter gold sales of approximately 348 thousand ounces, bringing total gold sales for the first half of FY26 to around 729 thousand ounces. The company stated that quarterly sales were affected by several isolated operational events across its production centres late in the quarter.

Following the December quarter performance, Northern Star revised its FY26 gold production guidance to 1.6–1.7 million ounces, down from the earlier range of 1.7–1.85 million ounces. The company noted that previously disclosed disruptions at Jundee and South Kalgoorlie contributed to the adjustment, alongside additional unplanned maintenance and operational challenges.

Performance Across Production Centres

At the Kalgoorlie Production Centre, December quarter gold sales totalled approximately 203 thousand ounces. Sales at KCGM were impacted by reduced processing throughput after a primary crusher failure, which affected production for around four weeks. The processing plant is expected to return to normal operations in early January, while throughput is anticipated to remain variable during the transition to a new expanded mill scheduled for commissioning in early FY27.

The Yandal Production Centre recorded gold sales of roughly 91 thousand ounces, reflecting lower output at both Jundee and Thunderbox. Recovery works at Jundee extended longer than planned, while Thunderbox experienced lower mined grades and unplanned processing downtime. Cost-focused initiatives were introduced across the Yandal region during the quarter.

At Pogo, gold sales were approximately 53 thousand ounces, with underground mining dilution affecting mined grades. The Pogo underground mine and mill operated at an annualised run rate of 1.4 million tonnes per annum during the quarter.

Outlook and Upcoming Updates

Lower gold sales across all production centres are expected to influence cost performance for the December quarter. Northern Star indicated that revised annual cost guidance and detailed quarterly cost data will be released with its December 2025 quarterly results on 22 January 2026.