Highlights

  • NST had declared full-year dividend of 55 cents per share with AUD 300 million share buy-back completed.
  • In FY26, gold sales are expected to touch 1.7-1.85 million ounces and AISC of AUD 2,300-2,700/oz is anticipated.
  • Growth capital expenditure projected at AUD 1.14–1.2 billion, including KCGM Mill Expansion.

Northern Star Resources Ltd (ASX:NST) is an Australian gold producer with operations in Western Australia and Alaska. The company explores, develops, mines, and processes gold, selling refined output from key sites including KCGM near Kalgoorlie-Boulder, Thunderbox in the Yandal Belt, Carosue Dam, Jundee, and Pogo in Alaska.

Financial Update

In financial year 2025 (FY25), NST has reported revenue of AUD 6,414.9 million, up 30% from FY24. During the reported period, EBITDA increased 60% YoY to AUD 3,393.3 million, and underlying net profit after tax rose 105% YoY to AUD 1,415.4 million. Free cash flow was AUD 536 million, and the net cash position reached around AUD 1 billion, with total liquidity at AUD 3.4 billion in FY25. A full-year dividend of 55 cents per share was declared, and an AUD 300 million share buy-back program was completed.

The performance was driven by rise in gold prices, acquisition of the Hemi project, and operational efficiencies.

Gross margin was 35.4% in FY25 compared with the industry median of 47.5% as well as the current ratio was 1.82x in FY25 versus the industry median of 1.89x.

Business Updates

On 1 October 2025, NST announced that its quarterly results for the period ended 30 September 2025 will be released on the ASX before market open on 23 October 2025. The CEO, CFO, and COO will hold a conference call at 9:00 AM AEDT to discuss the results, with a live audio stream and recording available.

On 25 September 2025, JPMorgan Chase & Co. and its affiliates disclosed a substantial holding in NST, with about 129 million ordinary shares, representing 9.02% of the company’s voting power.

Company Outlook

For the FY26, NST projects gold sales of 1.7–1.85 million ounces, with production concentrated in the June quarter as growth projects are completed. All-in sustaining costs (AISC) are expected at AUD 2,300–2,700 per ounce. Total group growth capital expenditure is forecast at AUD 1.14–1.2 billion, including AUD 530–550 million for the KCGM Mill Expansion and AUD 140–150 million for the Hemi project.

Exploration investment of about AUD 225 million is planned at Hemi and core assets. Growth capital will focus on KCGM Mill Expansion, Yandal/Bannockburn, Pogo, and the Hemi Development Project. Gold prices continue to influence mining sector profitability.

Share Performance of NST

On 08 October 2025, NST traded at AUD 24.730 per share, recording loss of 0.24% in intraday. Over the past year, the stock price has increased by 54.08%, while in the last six months it has surged by 28.201%. In the past three months, the stock has gained 51.06%. The 52-week high for NST is AUD 24.960, recorded on 02 October 25, and the 52-week low is AUD 15.060, reached on 19 December 2024.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 08 October 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.