Northern Star Resources Ltd (ASX:NST) shares advanced on Friday, December 12, 2025, as gold stocks outperformed on the Australian market and investors digested a fresh mix of company updates: a major FY26 exploration push, a long-dated renewable power deal at Kalgoorlie, and ongoing execution risk around expansion projects that could shape the miner’s cost base and production profile for years.
Below is a detailed, up-to-date roundup of what moved the stock, the latest company news, and what analysts (and consensus models) are forecasting from 12.12.2025.
Northern Star share price on 12 December 2025: what the market is saying
Northern Star ended Dec. 12, 2025 at A$27.335, up +2.88% on the day. The session range was A$26.950–A$27.650, with volume around 2.64 million shares. [1]
Zooming out slightly, the week has been a reminder that gold equities can move fast in both directions:
- Dec. 10: +5.06% to A$26.970
- Dec. 11: -1.48% to A$26.570
- Dec. 12: +2.88% to A$27.335 [2]
Northern Star has also been trading close to its 52-week high (A$27.985), after a year that’s seen substantial upside in the name (and in gold more broadly). [3]
Why Northern Star stock rose today: gold miners bid up amid stronger bullion sentiment
Friday’s move wasn’t happening in a vacuum. A broader “risk-on for gold stocks” tone showed up across the ASX, with Northern Star specifically cited among miners pushing higher in mid-market trade. [4]
At the same time, broker commentary circulating on Dec. 12 pointed to constructive expectations for gold. Sharecafe summarized a UBS view that gold could rise from spot levels and noted Northern Star among gold miners backed with a “buy” rating in that framing. [5]
Put simply: when gold sentiment improves, high-quality, liquid gold names like NST often become the first “port of call” for generalist investors, not just the dedicated mining crowd.
Current Northern Star news: FY26 exploration update highlights “organic growth” focus
One of the most concrete, company-led updates in Northern Star’s December newsflow is its Exploration Update released 5 December 2025.
The headline: A$225 million FY26 exploration spend (unchanged)
Northern Star reaffirmed FY26 exploration guidance of A$225 million, emphasizing near-mine growth, resource conversion, and long-term portfolio quality. [6]
The company also disclosed how that spend is intended to skew:
- 73% toward in-mine growth vs 27% toward regional exploration
- Portfolio split shown as 42% Kalgoorlie / 25% Yandal / 25% Pogo / 8% Pilbara (Hemi) [7]
Drill results and targets: the “what” behind the spend
Northern Star’s update isn’t just budget talk—it points to specific geological targets that management believes can feed future production and justify the investment:
- KCGM (Kalgoorlie): Fimiston South mineralisation footprint extended up to 800m below the existing Mineral Resource; Mt Charlotte flagged a new prospect (“Golden Goose”) with notable intercepts; infill at Hercules returned thick, higher-grade intersections. [8]
- Kalgoorlie Operations: Ballarat–Last Chance and further confidence-building at Hercules were highlighted. [9]
- Yandal: mine-life extension opportunities near existing infrastructure. [10]
- Pogo (Alaska): extensional drilling and multiple high-priority targets (reflecting scale of the system). [11]
- Hemi (Pilbara): ongoing integration work plus early regional success at Mt Berghaus; the company also reiterated that inclusion of Hemi Mineral Resources and Ore Reserves in the group’s annual statement is targeted for May 2026. [12]
A useful “signal” buried in the update: Northern Star pointed to an industry-leading cost of Resource addition of A$19/oz (for the 12 months to March 2025). Whether that remains repeatable is always the question—but it’s clearly part of management’s bull case for sustained exploration investment. [13]
Energy transition news: 25-year renewable power deal at KCGM plus a new 120 MW thermal plant
Another major December development is about electricity—the invisible ingredient that often decides whether a mine is a cash machine or a margin nightmare.
The deal structure: 25-year PPA for wind, solar and battery storage
Zenith Energy signed a 25-year power purchase agreement tied to Northern Star’s Kalgoorlie Consolidated Gold Mines (KCGM) operations.
The project described across multiple reports includes:
- 256 MW wind
- 138 MW solar
- 138 MW / 300 MWh battery energy storage [14]
Industry coverage also notes the intent for the hub to supply a very large portion of KCGM’s electricity needs over time, with commissioning expectations linked to approvals. [15]
Why investors care: costs, reliability, and “decarbonisation with receipts”
From a stock perspective, this isn’t “ESG vibes.” It’s about operational risk:
- Lower and more predictable power costs over a long contract term
- Higher reliability, especially important for a complex like KCGM
- A pathway to lower emissions intensity, which can matter for permitting, stakeholder support, and (in some markets) cost of capital [16]
The thermal backstop: Wärtsilä engines for a 120 MW plant (mid-2027 target)
Crucially, the renewables build is paired with firming capacity. Wärtsilä will supply equipment for a new 120 MW flexible engine power plant, contracted by Zenith, to support KCGM as expansion proceeds.
Key details reported:
- Power production anticipated to begin mid-2027, subject to environmental and regulatory approvals
- Wärtsilä supplying 10 dual-fuel Wärtsilä 31DF engines plus controls and auxiliary systems
- The plant is positioned as “fast-starting” and supportive of integrating renewables (grid-balancing) [17]
This matters because large mill expansions don’t just need capex—they need stable power. Anything that reduces “energy surprise” risk tends to get investors’ attention.
Northern Star guidance and project pipeline: what management has already put on the table
For investors trying to anchor all the headlines to actual numbers, Northern Star’s September 2025 Quarterly Activities Report (Q1 FY26) remains one of the most information-dense reference points going into the December quarter.
Highlights include:
- FY26 gold sold guidance:1,700–1,850 koz [18]
- FY26 AISC guidance:A$2,300–2,700/oz, with commentary calling out ~5% inflationary pressures across the portfolio and higher gold-price-linked royalties among the drivers [19]
- FY26 growth capital guidance:A$2,125–2,270 million, explicitly including KCGM Mill Expansion and Hemi Development Project [20]
- KCGM Mill Expansion: FY26 capex A$530–550 million, with “first production early FY27” and expanded throughput capacity targeted at 27 Mtpa from FY27 [21]
- Longer-term ambition disclosed in that report: KCGM expected to operate at about ~900 kozpa from FY29 (steady state) after a two-year ramp-up post-expansion [22]
- Hemi Development Project: planned spend of A$140–150 million, covering engineering/design and long-lead items, alongside ongoing engagement with regulators and stakeholders [23]
The same report also flagged that early in the December quarter, two separate events at Jundee and South Kalgoorlie were expected to impact December-quarter gold sales by up to 20 koz, with affected volumes scheduled to be processed over the remainder of FY26. [24]
For a “stock lens,” the takeaway is straightforward: Northern Star’s near-term narrative is dominated by execution—cost control, delivery of expansions, and turning development assets into producing ounces without schedule blowouts.
Northern Star stock forecast: analyst targets, consensus view, and what “Buy” really means here
Forecasts for miners always come with an asterisk (gold price assumptions do a lot of the work). Still, analysts’ target prices offer a useful “map” of market expectations as of 12.12.2025.
Investing.com consensus (12-month targets)
Investing.com’s consensus snapshot shows:
- Overall consensus rating: Buy
- 16 analysts contributing
- Average 12-month price target: ~A$27.98
- High: A$35.15, Low: A$13.70
- Stated potential upside vs the referenced price: ~+2.34% [25]
That’s an important nuance: a “Buy” consensus can coexist with muted implied upside when a stock has already rerated strongly (as NST has).
TradingView consensus target
TradingView’s compiled view shows:
- Price target: A$29.55
- Max estimate: A$35.15, Min estimate: A$18.00
- Overall rating calculated as Buy, based on recent analyst ratings [26]
A practical interpretation for investors
When targets cluster not far above the current share price, the market is often saying:
- Base case already priced in (good assets, good gold tape, decent execution), and
- The next leg higher likely requires either:
- a higher sustained gold price,
- a material cost beat,
- cleaner-than-expected delivery of KCGM/Hemi milestones, or
- meaningful upside surprises from exploration and reserve conversion.
What to watch next: Northern Star’s upcoming reporting dates and near-term catalysts
Northern Star’s investor calendar lists the next major scheduled catalyst as the December 2025 Quarterly Results, due Thursday, 22 January 2026. [27]
Other key upcoming dates include:
- FY26 Half Year Results:Thursday, 12 February 2026 [28]
Between now and those updates, the “watch list” for Northern Star stock tends to be:
- Gold price direction and real-rate expectations (tailwinds/headwinds for the whole sector)
- AISC trend versus guidance bands (cost inflation vs operational delivery)
- KCGM expansion progress (ramp-up readiness and capex discipline)
- Permitting/approvals and project sequencing at Hemi
- Execution details around the Eastern Goldfields Power Projects, including timing assumptions (mid-2027 targets depend on approvals) [29]
Bottom line (Dec. 12, 2025): strong momentum, but the story is still execution-first
Northern Star Resources stock closed higher on Dec. 12 as gold miners rallied, with NST trading near the top of its 52-week range. [30]
The company’s December narrative is unusually “meaty” for a mature producer:
- A$225m exploration program aiming to extend mine life and add ounces at attractive discovery economics [31]
- A 25-year power strategy reset at KCGM that could meaningfully change the mine’s energy-risk profile over the next decade [32]
- A forward schedule loaded with execution milestones: KCGM mill expansion, Hemi development, and cost control against inflationary pressure [33]
Consensus forecasts, meanwhile, remain broadly constructive—but with targets that suggest the market already credits Northern Star for many of its positives, and future upside may depend on either gold price strength or a clear run of delivery beats. [34]
References
1. www.investing.com, 2. www.investing.com, 3. www.investing.com, 4. www.rttnews.com, 5. www.sharecafe.com.au, 6. www.nsrltd.com, 7. www.nsrltd.com, 8. www.nsrltd.com, 9. www.nsrltd.com, 10. www.nsrltd.com, 11. www.nsrltd.com, 12. www.nsrltd.com, 13. www.nsrltd.com, 14. im-mining.com, 15. www.energy-storage.news, 16. im-mining.com, 17. im-mining.com, 18. www.nsrltd.com, 19. www.nsrltd.com, 20. www.nsrltd.com, 21. www.nsrltd.com, 22. www.nsrltd.com, 23. www.nsrltd.com, 24. www.nsrltd.com, 25. www.investing.com, 26. www.tradingview.com, 27. www.nsrltd.com, 28. www.nsrltd.com, 29. im-mining.com, 30. www.investing.com, 31. www.nsrltd.com, 32. im-mining.com, 33. www.nsrltd.com, 34. www.investing.com
