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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 | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.41B | 6.41B | 4.92B | 4.13B | 3.81B | 2.76B |
| Gross Profit | 2.25B | 3.63B | 1.16B | 577.90M | 529.90M | 564.40M |
| EBITDA | 3.37B | 3.43B | 2.17B | 1.97B | 1.78B | 2.27B |
| Net Income | 1.34B | 1.34B | 638.50M | 585.20M | 429.80M | 1.03B |
Balance Sheet | ||||||
| Total Assets | 20.43B | 20.43B | 13.08B | 12.71B | 11.48B | 11.55B |
| Cash, Cash Equivalents and Short-Term Investments | 1.69B | 1.69B | 1.12B | 1.13B | 571.10M | 771.90M |
| Total Debt | 1.71B | 1.71B | 1.34B | 1.32B | 511.50M | 888.10M |
| Total Liabilities | 5.52B | 5.52B | 4.29B | 4.22B | 3.24B | 3.57B |
| Stockholders Equity | 14.92B | 14.92B | 8.79B | 8.48B | 8.25B | 7.98B |
Cash Flow | ||||||
| Free Cash Flow | 798.60M | 657.00M | 565.90M | 292.30M | 570.50M | 383.70M |
| Operating Cash Flow | 2.95B | 2.95B | 2.07B | 1.35B | 1.63B | 1.08B |
| Investing Cash Flow | -1.53B | -1.53B | -1.50B | -1.04B | -913.20M | -257.10M |
| Financing Cash Flow | -965.60M | -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 | AU$8.05B | 14.28 | 21.17% | 1.32% | 23.35% | 15.96% | |
78 Outperform | $5.88B | 23.05 | 16.68% | 0.65% | 30.46% | ― | |
77 Outperform | AU$26.93B | 28.52 | 19.86% | 1.53% | 35.31% | 115.08% | |
76 Outperform | AU$38.22B | 23.73 | 11.04% | 2.04% | 30.35% | 102.55% | |
76 Outperform | AU$8.61B | 37.40 | 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 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.
Northern Star Resources Ltd has announced updates on its Ore Reserves and Mineral Resources as of March 31, 2025, confirming that there have been no material changes except for normal mining depletion. The company is also reviewing data for the Hemi Development Project, acquired through the acquisition of De Grey, and plans to report updated estimates by May 2026. These updates are crucial for stakeholders as they reflect the company’s ongoing resource management and future production targets, ensuring transparency and strategic planning in the competitive gold mining sector.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$29.75 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 announced a change in the director’s interest, with Stuart Peter Tonkin acquiring 403,466 performance rights. This acquisition, approved at the Annual General Meeting, reflects the company’s ongoing commitment to aligning executive incentives with shareholder interests, potentially impacting its operational strategies and market perception.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$29.75 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 announced the issuance of 403,466 performance rights as part of an employee incentive scheme. This move is likely to enhance employee engagement and align their interests with the company’s growth objectives, potentially impacting its operational efficiency and market competitiveness.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$29.75 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 held its Annual General Meeting on November 18, 2025, where several key resolutions were passed. The meeting saw the adoption of the Remuneration Report and the approval of FY26 performance rights for the Managing Director & CEO, Mr. Stuart Tonkin. Additionally, the re-election of Director Mr. Nicholas Cernotta was confirmed. These decisions reflect the company’s ongoing commitment to strong leadership and strategic growth, potentially impacting its market positioning and stakeholder confidence.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$35.00 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 reported a solid performance for the fiscal year 2024/25, achieving gold sales of 1.634 million ounces, albeit slightly below original guidance due to geotechnical challenges. The company saw a 59% increase in cash earnings to A$2.9 billion and a 37% rise in dividends per share, reflecting robust cash generation. A key highlight was the acquisition of De Grey Mining Ltd, positioning Northern Star for long-term success with the Hemi Development Project. The company also made significant progress on the KCGM Mill Expansion Project and clean energy initiatives, underscoring its commitment to growth and sustainability.
The most recent analyst rating on (AU:NST) stock is a Buy with a A$35.00 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 that JPMorgan Chase & Co. and its affiliates have ceased to be substantial holders in the company. This change involves various transactions, including purchases, sales, and securities lending activities, impacting a significant number of ordinary shares. The cessation of JPMorgan’s substantial holding could have implications for Northern Star’s shareholder composition and market perception, potentially affecting investor confidence and the company’s stock performance.
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.
Northern Star Resources Ltd has announced the dispatch of an Access Letter to its shareholders regarding the company’s 2025 Annual General Meeting. The meeting is scheduled to be held both in person and online on 18 November 2025. This announcement highlights the company’s commitment to shareholder engagement and transparency, as it provides details on how shareholders can participate in the meeting and vote by proxy. The move is part of Northern Star’s efforts to ensure accessibility and convenience for its stakeholders, reflecting its strategic focus on maintaining strong investor relations.
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.