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Northern Star Resources Ltd
(Sydney:NST)
Northern Star Resources Ltd (NST) vs. iShares MSCI Australia ETF (EWA)
Northern Star Resources Ltd Business Overview & Revenue Model
Northern Star Resources Ltd Earnings Call Summary
Northern Star Resources Ltd Financial Statement Overview
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.96B | 6.41B | 4.92B | 4.13B | 3.81B | 2.76B |
| Gross Profit | 2.59B | 3.63B | 1.16B | 577.90M | 529.90M | 564.40M |
| EBITDA | 3.90B | 3.43B | 2.17B | 1.97B | 1.78B | 2.27B |
| Net Income | 1.55B | 1.34B | 638.50M | 585.20M | 429.80M | 1.03B |
Balance Sheet | ||||||
| Total Assets | 20.70B | 20.43B | 13.08B | 12.71B | 11.48B | 11.55B |
| Cash, Cash Equivalents and Short-Term Investments | 865.00M | 1.69B | 1.12B | 1.13B | 571.10M | 771.90M |
| Total Debt | 2.07B | 1.71B | 1.34B | 1.32B | 511.50M | 888.10M |
| Total Liabilities | 5.46B | 5.52B | 4.29B | 4.22B | 3.24B | 3.57B |
| Stockholders Equity | 15.24B | 14.92B | 8.79B | 8.48B | 8.25B | 7.98B |
Cash Flow | ||||||
| Free Cash Flow | 446.10M | 657.00M | 565.90M | 292.30M | 570.50M | 383.70M |
| Operating Cash Flow | 2.73B | 2.95B | 2.07B | 1.35B | 1.63B | 1.08B |
| Investing Cash Flow | -1.87B | -1.53B | -1.50B | -1.04B | -913.20M | -257.10M |
| Financing Cash Flow | -1.02B | -965.60M | -577.60M | 245.70M | -927.40M | -718.60M |
Northern Star Resources Ltd Technical Analysis
Northern Star Resources Ltd Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $7.39B | 14.62 | 16.68% | 0.65% | 30.46% | ― | |
78 Outperform | AU$35.88B | 25.09 | 19.86% | 1.53% | 35.31% | 115.08% | |
76 Outperform | AU$45.37B | 25.58 | 11.04% | 2.04% | 30.35% | 102.55% | |
73 Outperform | AU$8.49B | 14.77 | 21.17% | 1.32% | 23.35% | 15.96% | |
73 Outperform | AU$9.21B | 22.96 | 19.70% | ― | 109.79% | 158.18% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
Northern Star Resources Ltd Corporate Events
Northern Star Resources clarified that its previously reported group ore reserves and mineral resources as at 31 March 2025 did not include the Hemi Project acquired through the takeover of De Grey Mining in May 2025. The company noted that subsequent changes to its resource base mainly reflect normal mining depletion and the addition of Hemi’s mineral resources and ore reserves, while confirming that all key assumptions, technical parameters and competent person findings underpinning its production targets remain unchanged.
The miner also reiterated that its reported figures represent JORC 2012-compliant mineral resources and ore reserves on a 100% attributable basis, underpinned by current operating cost structures, mining and metallurgical performance, and previously disclosed gold price and exchange rate assumptions. It further highlighted the use of non-GAAP financial measures such as EBITDA and underlying earnings, while emphasising that these metrics and its five-year gold production profiles are based entirely on existing compliant ore reserves.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$29.70 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
MGX Resources Limited has completed the acquisition of a 50% interest in the Central Tanami Gold Project Joint Venture in the Northern Territory from Northern Star Resources for $50 million, including assuming bank guarantees of about $5.8 million and gaining 3,600 square kilometres of wholly owned exploration tenure in the region. The Central Tanami project, one of Australia’s highest-grade undeveloped gold assets with estimated resources of 31 million tonnes at 2.8 g/t for 2.8 million ounces of contained gold, is seen by MGX as a transformational opportunity; the company, now partnered with Tanami Gold NL and local stakeholders, plans to focus immediately on finalising a development plan, securing approvals and accelerating project development to capitalise on the current strong gold price environment.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$33.00 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Northern Star Resources will release its FY26 half-year financial results for the period ended 31 December 2025 before market open on the ASX on 12 February 2026. The company’s managing director, chief financial officer and chief operating officer will host a conference call and live audio webcast that morning to discuss the results, with a replay available online, underscoring the miner’s ongoing engagement with investors and transparency around its financial and operational performance.
The most recent analyst rating on (AU:NST) stock is a Sell with a A$28.30 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Northern Star reported December-quarter gold sales of 348,061 ounces at an elevated all-in sustaining cost of A$2,937 per ounce, with group free cash flow negative and net mine cash at A$129 million. Performance was hit by one-off operational disruptions, including a primary crusher failure at KCGM, extended recovery works at Jundee, unplanned mill downtime at Thunderbox and lower grades from new mining areas at Pogo, prompting a downgrade to FY26 production guidance to 1.6–1.7 million ounces and a higher cost outlook of A$2,600–2,800 per ounce. Despite the softer quarter and higher all-in costs driven by ongoing capital growth projects, Northern Star retains a net cash balance of A$293 million, expects stronger free cash generation as production rises and hedge commitments roll off, and is maintaining or increasing investment in key projects, with the KCGM Mill Expansion still on schedule for early FY27 and associated mill readiness and tailings capex being raised to support a structurally lower-cost, higher-margin production base.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$28.20 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Northern Star Resources has revised its FY26 all-in sustaining cost (AISC) guidance upward to A$2,600–A$2,800 per ounce from A$2,300–A$2,700 per ounce, following a previously announced downgrade to FY26 production guidance to 1,600–1,700 thousand ounces after weaker-than-expected December quarter gold sales across all three production centres. The higher cost outlook is primarily attributed to lower gold sales and increased royalty expenses driven by elevated gold prices, while FY26 sustaining capital guidance remains unchanged at about A$750 million, equating to roughly A$450 per ounce, indicating margin pressures but continued commitment to capital investment ahead of the company’s upcoming December quarterly results.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$28.20 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Northern Star Resources has appointed Joanne McDonald as Joint Company Secretary, effective 19 January 2026, in a move that strengthens its corporate governance and administrative capabilities. Existing Company Secretary and Chief Legal Officer Hilary Macdonald will continue in her role and retain responsibility for communications with the ASX under the listing rules, ensuring continuity in regulatory and market liaison while expanding the company’s senior secretarial capacity.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$28.20 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Northern Star Resources has responded to an ASX query following its 2 January 2026 operational update, confirming that a downgrade to its production forecast and several operational issues are considered potentially material to its share price. The company said it only became aware on 1 January 2026, after receiving full December quarter data, that softer operational performance, lower-than-expected gold sales across all three production centres and the impact of issues such as an underperforming primary crusher at KCGM and carbon-in-leach failures at Thunderbox were likely to affect its ability to meet annual production guidance. While acknowledging that annual cost guidance is expected to be impacted by the weaker December quarter, Northern Star said it still lacks sufficient information to quantify the effect and will update the market once it can reasonably frame and confirm any material change, underscoring the operational uncertainty and heightened scrutiny of its guidance disclosures.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$31.00 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Northern Star Resources has notified the market that 138,237 performance rights, trading under the ASX code NSTAA, have lapsed after the conditions attached to those rights were not met or became incapable of being satisfied as of 31 December 2025. The cessation of these performance rights slightly reduces the pool of potential future equity issuance tied to conditional incentives, signaling that specific performance or vesting hurdles were not achieved and marginally limiting future dilution for existing shareholders.
The most recent analyst rating on (AU:NST) stock is a Hold with a A$28.00 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Northern Star Resources Ltd has issued 157,863 new fully paid ordinary shares following the exercise or conversion of previously unquoted options or other convertible securities. The issuance, effective 31 December 2025 and disclosed via an Appendix 3G filing, modestly increases the company’s share capital and reflects the take-up of equity-based instruments, which may slightly dilute existing shareholders but also signals the realisation of value by holders of those unquoted securities.
The most recent analyst rating on (AU:NST) stock is a Hold with a A$28.00 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Northern Star Resources has notified the market of the issue of 95,284 unquoted performance rights under its employee incentive scheme, with an issue date of 31 December 2025. The move reinforces the company’s use of equity-based incentives to align employees’ interests with long-term shareholder value, though the modest scale of the issuance suggests limited immediate impact on its capital structure or control.
The most recent analyst rating on (AU:NST) stock is a Hold with a A$28.00 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Northern Star Resources Ltd will release its quarterly results for the period ended 31 December 2025 before the ASX opens on 22 January 2026. The company’s managing director, chief financial officer and chief operating officer will host a conference call that morning to discuss the December quarter performance, with a live audio stream available to shareholders by registration and a replay accessible about an hour after the event, underscoring Northern Star’s ongoing engagement with investors ahead of a potentially market‑moving update on its operational and financial progress.
The most recent analyst rating on (AU:NST) stock is a Hold with a A$28.00 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Northern Star Resources has cut its FY26 production guidance to 1.6–1.7 million ounces of gold from 1.7–1.85 million ounces after a soft December quarter, when group sales fell to about 348,000 ounces, bringing first-half sales to roughly 729,000 ounces. The weaker performance stemmed from a cluster of operational setbacks late in the quarter, including a primary crusher failure at KCGM in Kalgoorlie, extended recovery works at Jundee after a structural failure, lower grades and processing downtime at Thunderbox, and dilution-related grade impacts at Pogo, with lower sales at all three production centres expected to push costs higher; detailed cost figures and revised guidance will be provided with the December quarterly results on 22 January 2026.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$32.00 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Van Eck Associates Corporation, a global asset manager and previous substantial shareholder in Northern Star Resources Ltd, has notified the market that it ceased to be a substantial holder in the gold miner as of 19 December 2025. The change follows a series of on-market and in‑kind transactions in Northern Star securities over several months, signalling a reduction of Van Eck’s exposure to the stock and potentially altering the company’s institutional share register and liquidity profile, although no changes in corporate control or governance arrangements were disclosed.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$32.00 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.
Northern Star Resources Ltd has announced an update on its FY26 exploration program, emphasizing its commitment to organic growth through strategic exploration investments. The company plans to spend A$225 million on exploration activities, focusing on near-mine opportunities across its production centers in Kalgoorlie, Yandal, and Pogo, as well as the newly acquired Hemi project. This investment aims to enhance portfolio quality, extend mine life, and support the strategic conversion of mineralized systems, thereby creating long-term value for stakeholders.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$30.00 price target. To see the full list of analyst forecasts on Northern Star Resources Ltd stock, see the AU:NST Stock Forecast page.