Highlights

  • Canaccord Genuity has issued buy ratings on WGX and NST with target prices of AUD 8.35 and AUD 34.15, respectively.
  • Westgold achieved record quarterly production of 111,418 ounces at an AISC of AUD 3,500/oz, with gold sales generating AUD 732 million in revenue.
  • Northern Star reported gold sales of 348,000 ounces at an AISC of AUD 2,937/oz, while revising FY26 guidance to 1.6–1.7 million ounces sold.

Canaccord Genuity remains bullish on ASX-listed gold heavyweights Northern Star Resources (ASX:NST) and Westgold Resources (ASX:WGX), issuing Buy rating as gold surges past AUD 4,950 per ounce, it’s highest since March 2020. Recent quarterly updates from both producers underscore robust operations and margin expansion, fuelling analyst targets to AUD 34.15 for NST and AUD 8.35 for WGX.

Let’s have a close look at the company’s quarterly performance and targets for FY26.

Westgold Posts Record Quarterly Production

Westgold Resources reported record production of 111,418 ounces of gold for Q2 FY26, marking a 33% increase quarter-on-quarter. The company purchased additional high-grade oxide ore from Northern Mining Group, boosting overall output. Excluding ore purchases, Westgold produced 89,101 ounces at an AISC of AUD 2,945 per ounce.

Gold sales totaled 115,200 ounces at an average price of AUD 6,356 per ounce, generating revenue of AUD 732 million. Westgold remains fully debt-free and maintains its FY26 production guidance of 345–385,000 ounces.

While costs linked to the gold price have increased, particularly through the ore purchase agreement, Westgold expects progressive efficiency improvements across its assets for the remainder of the year.

Northern Star Adjusts Guidance Amid Operational Challenges

Northern Star Resources reported gold sales of 348,000 ounces for the December 2026 quarter, at an AISC of AUD 2,937 per ounce. Operational issues, including a primary crusher failure at KCGM and extended recovery work at Jundee, impacted production, although normal operations resumed in early January.

The company revised its FY26 guidance to 1.6–1.7 million ounces of gold sold, with an AISC range of AUD 2,600–2,800 per ounce. Growth capital expenditure remains between AUD 1,140–1,220 million, including the KCGM Mill Expansion Project, which is on track for early FY27 commissioning.

Meta Title, Description & Keywords

  • Meta Title: Canaccord Genuity Buy Ratings on WGX and NST Amid Record Gold Prices
  • Meta Description: Canaccord Genuity issues buy calls on ASX-listed Westgold (WGX) and Northern Star (NST) with target prices of AUD 8.35 and AUD 34.15, following record gold price gains.
  • Keywords: WGX, NST, Westgold, Northern Star, Canaccord Genuity, ASX gold stocks, gold price, AUD, buy rating