Northern Star Resources Ltd
(ASX: NST)Share Price and News

Overview of Northern Star Resources

Northern Star Resources is a globally recognised gold miner - the largest on the ASX. The company operates a diversified portfolio of high-quality underground and open-pit gold mines across Western Australia and Alaska.

Its key production centres include the Kalgoorlie and Yandal operations in Western Australia, along with Pogo in Alaska. Each of these contribute significantly to its annual gold output of 1.6Moz. Recently, the company picked up the Hemi project in WA, taking over owner and discoverer De Grey for $5bn. It is expected to produce 530,000/oz over the first 10 years of production.

Northern Star's Company History

Northern Star Resources was founded in December 2003, and was another small cap explorer. The company's transformation into a gold producer began with the acquisition of the Paulsens Gold Mine in 2010, which NST held until 2022.

Pogo was picked up in 2018, then Yandal in 2019 and the Kalgoorlie Super pit in 2020. When it first bought Kalgoorlie, it bought a 50% from Newmont and Saracen holding the other half, having bought it from Barrick Gold only weeks earlier. In February 2021, Northern Star took over Saracen consolidating ownership of the Super Pit gold mine in Kalgoorlie.

In 2024, Northern Star announced it was buying De Grey Mining for over $5bn, a deal that sent the Hemi gold project in Western Australia's Pilbara region into its hands. This acquisition, one of the largest in the sector, is expected to significantly increase Northern Star's annual gold production, reinforcing its position as a leading global gold producer.

Future Outlook of Northern Star Resources (ASX: NST)

Northern Star’s fiscal performance in 2025 was strong, delivering revenue of approximately A$6.41bn and net profit of A$1.34 bn, reflecting a robust response to elevated gold prices and solid operational execution. The company sold around 1.63MOz gold during the year, supported by record underlying free cash flow, a substantial dividend of A$0.55 per share and a A$300m share buy‑back.

Yet FY26 guidance has been challenged by operational setbacks; recent updates trimmed annual production expectations to 1.60–1.70 million ounces and raised all‑in sustaining costs (AISC) to A$2 600–2 800 per ounce, up from earlier forecasts, largely due to softer December quarter sales and equipment issues across its hubs. Northern Star continues to invest heavily in growth projects, including its Kalgoorlie Super Pit mill expansion, and maintains a strong balance sheet with significant liquidity and net cash.

While near‑term figures signal increased costs and delivery risk, its underlying assets, reserve life and exposure to high gold prices underpin a long‑term outlook that remains linked to global bullion markets and successful project execution.

Is Northern Star a Good Stock to Buy?

From an investment standpoint, Northern Star Resources presents a blend of opportunity and risk typical of large‑scale gold miners.

The company demonstrated resilient financial performance in FY25, with robust revenues and profit growth boosted by strong realised gold prices, while returning capital to shareholders through dividends and buy‑backs. Its diversified asset base across Australia and Alaska, alongside strategic acquisitions such as the Hemi project, provide a solid foundation for future production growth.

However, recent operational challenges and cost pressures have prompted guidance downgrades for FY26 and raised questions about execution risk and capital discipline. Mines such as Kalgoorlie have shown sensitivity to equipment failures, and capital expenditure on expansions has risen, drawing some investor scrutiny around guidance quality and timelines. Gold mining stocks, including Northern Star, often appeal when bullion prices are high or expected to remain elevated, offering potential hedges against inflation and global uncertainty.

For long‑term investors with a bullish view on gold, NST’s strong cash flow and strategic assets can make it an attractive holding, but those focused on short‑term earnings stability may find volatility and execution risk less appealing. A balanced evaluation of gold price forecasts, execution progress and risk tolerance should inform any buy decision.