Updated: 13 December 2025
Northern Star Resources Ltd (ASX: NST) is heading into mid-December with two big forces pulling investor attention in the same direction: a renewed surge in precious metals prices (gold back above the US$4,280–$4,300 zone) and a run of company-specific updates that sharpen the longer-term growth story—exploration momentum across core hubs, the ongoing build-out at Kalgoorlie, and a major renewable power agreement designed to reduce energy risk at one of its flagship operations. [1]
With markets closed on Saturday, the latest tradeable reference point is Friday’s close (12 December). Northern Star finished the session at A$27.33, up 2.86% on the day, amid a broader rally in Australian materials stocks driven by gold’s strength. [2]
Below is a detailed, publication-ready breakdown of what’s moving Northern Star stock right now, what the company has recently reported, what analysts are forecasting, and what investors will likely focus on next.
Northern Star stock snapshot: price, market cap, and recent momentum
As of 12 December 2025, Northern Star shares closed at A$27.33. On the same date, Northern Star’s market capitalisation was listed around A$39.06 billion (data-provider estimate), underlining just how large the company has become within the ASX gold universe. [3]
Short-term trading action has also been lively. Investing.com’s recent daily tape shows NST pushing higher into mid-December, including a strong up-day on 10 December and a fresh lift on 12 December. [4]
That matters because Northern Star tends to behave like a levered “operating bet” on the gold price: when gold moves, gold equities often overreact—sometimes to the upside, sometimes to the downside—depending on how investors are weighing costs, operational risk, and project execution.
Why Northern Star shares rose this week: gold back near a multi-week high
Gold and silver are doing their “non-boring” thing again
In the latest global metals tape, Reuters reported gold rising to a seven-week peak while silver hit (and then pulled back from) record levels, as markets reacted to a softer interest-rate outlook and a weaker US dollar. [5]
Key points from the macro backdrop:
- Gold is being supported by expectations that US interest rates have more room to come down, a setup that often helps non-yielding assets like bullion. [6]
- Spot gold traded around the US$4,280–$4,293/oz region in the latest Reuters updates, with US futures higher as well. [7]
- Silver’s explosive run has added extra fuel to the precious-metals narrative, which can spill over into gold equities as investors rotate into the sector. [8]
The ASX rally gave gold miners a clean tailwind
In Australia, Friday’s session was a “Santa rally” mood-setter: the ASX200 rose strongly and materials led the charge. Northern Star was explicitly named among the gold miners pushing the index higher. [9]
A TradingView market wrap described gold stocks as standouts on the day, citing Northern Star up about 2.9% as spot gold hit roughly US$4,280/oz. [10]
This is the simplest near-term explanation for NST’s strength into 13 December: higher gold price expectations + sector rotation + risk-on market tone.
The company-specific story: exploration momentum and the “fourth production centre” narrative
Northern Star’s most important recent company release is a substantial Exploration Update dated 5 December 2025. In it, Managing Director & CEO Stuart Tonkin framed the update as evidence of “strong organic growth potential” across the company’s portfolio—spanning resource definition through conversion—with a focus on adding “low-cost Resource ounces.” [11]
Three lines from that update matter for how investors model the next phase:
- Kalgoorlie: growth options tied to future processing capacity
Northern Star said drilling and investment at Kalgoorlie are “driving growth,” with “future options to supply high-margin ore to the expanded Fimiston mill from FY27.” [12] - Pogo (Alaska): extensional drilling enabled by new drill drives
The company noted that new drill drives have enabled extensional drilling at Pogo, while surface programs advance near-mine opportunities—flagging targets such as Goodpaster, Star and Central Link. [13] - Hemi integration: moving from acquisition narrative to execution narrative
Northern Star said integration of the Hemi Development Project into its gold inventory is underway, with approvals progressing for what it expects to become its fourth production centre. [14]
A quick note on Hemi and De Grey
Northern Star’s own Resources and Reserves page states that it acquired De Grey Mining Ltd via a scheme of arrangement implemented on 5 May 2025, resulting in Northern Star owning 100% of the Hemi Project. [15]
That same page notes an important technicality: because Northern Star’s annual Mineral Resources and Ore Reserves statement is for the 12 months ending 31 March 2025, it does not include Hemi’s resources/reserves (the deal completed after the reporting period). [16]
In other words: Hemi is now part of the corporate story, but investors will keep judging progress by permits, capital discipline, timelines, and integration clarity.
Drill results: what the exploration update signals (without drowning you in intercepts)
The 5 December update is long and technical (as these releases should be). Still, it includes tangible examples of exploration progress, such as reported intercept highlights at Mt Berghaus, including BGRC291: 11.0m @ 4.9g/t (downhole width) and other listed results. [17]
For general investors, the point isn’t memorising intercept codes—it’s this: Northern Star is trying to keep its “grow through the drill bit” reputation alive while it spends big on expansions and development.
The other major December headline: a 25-year renewable power deal for KCGM
Early December also brought a genuinely material operational-risk headline: Zenith Energy signed a 25-year power purchase agreement (PPA) tied to a large hybrid renewable energy project intended to supply Northern Star’s Kalgoorlie Consolidated Gold Mines (KCGM) operations in WA’s Goldfields region. [18]
Multiple industry and energy outlets reported consistent core specs:
- 256 MW of wind
- 138 MW of solar
- 138 MW / 300 MWh battery energy storage system (BESS) [19]
Renewables Now reported that the project is expected to deliver power for around 70% of KCGM’s operations and has been submitted for review by the state environmental regulator (as described in that coverage). [20]
Australian Mining Review added a key timeline detail: commissioning of the Eastern Goldfields power projects is anticipated to begin in mid-2027, subject to approvals. [21]
Why the market cares about energy deals (even when gold is stealing the spotlight)
Mining is an energy business wearing a hard hat. If Northern Star can improve long-term energy security and reduce carbon intensity at KCGM—without blowing out costs or sacrificing reliability—investors may apply a lower “risk discount” to future cash flows, especially for long-life assets.
It won’t show up as a single clean number next week. But over time, energy strategy can influence:
- operating cost stability (especially in volatile fuel markets),
- project resilience during grid/thermal disruptions,
- ESG screens and cost of capital.
Operational performance: what Northern Star last reported, and what it’s guiding for FY26
Northern Star’s most recent operational read is the September 2025 Quarterly Activities Report (Q1 FY26), released 23 October 2025. [22]
September 2025 quarter: production and costs
Northern Star reported:
- Gold sold:381,055 oz
- All-in sustaining cost (AISC):A$2,522/oz [23]
By production centre (gold sold and AISC):
- Kalgoorlie: 202,812 oz at A$2,474/oz
- Yandal: 113,422 oz at A$2,778/oz
- Pogo: 64,821 oz at US$1,453/oz [24]
FY26 guidance: scale, cost bands, and spend priorities
In the same report, Northern Star set group guidance for FY26 (gold sold and AISC), including total group gold sold of 1,700–1,850 koz and total AISC of A$2,300–2,700/oz. [25]
The guidance table also shows Northern Star budgeting approximately A$225 million for exploration (group). [26]
Project execution: KCGM mill expansion and approvals
Northern Star stated that the KCGM Mill Expansion remains on track for early FY27 commissioning and noted it had received Ministerial approval for the Fimiston South Project and associated infrastructure, supporting higher future throughput and long-term cost efficiency at KCGM. [27]
This connects the dots between the exploration update (feed optionality for Fimiston) and the capital program (infrastructure to process more ore).
Resources and reserves: the scale underpinning the story
Northern Star’s FY25 exploration program lifted group inventory significantly, with its Resources and Reserves page citing:
- Mineral Resources:70.7Moz
- Ore Reserves:22.3Moz
…over the 12 months to 31 March 2025 (post depletion). [28]
The company explicitly links this inventory base to its five-year strategy to grow production to 2Moz per annum. [29]
Analyst forecasts: what the Street is modelling for Northern Star stock
Analyst targets are not truth tablets handed down from a mountaintop—they’re just structured opinions. But they matter because they influence institutional positioning and headline sentiment.
Investing.com consensus: Buy-leaning with a wide range
Investing.com’s consensus snapshot states:
- Consensus rating: “Buy” (based on 16 analysts)
- Breakdown: 11 Buy, 3 Hold, 2 Sell
- Average 12-month price target:28.53812
- High / low:35.15 / 13.7 [30]
Fintel: similar average target, different range
Fintel lists:
- Average one-year price target:A$29.17
- Range:A$18.18 to A$36.91 [31]
Differences like this usually come down to: which brokers are included, how often the dataset refreshes, and whether stale targets remain in the sample. The practical takeaway is consistent: analysts are generally constructive, but there’s meaningful disagreement on valuation—typical for a miner with multiple big projects in flight.
What to watch next: key dates and near-term catalysts
Northern Star’s own calendar lists the next major scheduled releases as:
- December 2025 Quarterly Results:Thursday, 22 January 2026
- FY26 Half Year Results:Thursday, 12 February 2026 [32]
Between now and those dates, investor focus is likely to cluster around:
- the durability of gold above the US$4,200–$4,300 band,
- evidence that costs are tracking within FY26 guidance,
- update cadence on KCGM mill expansion execution,
- measurable progress on Hemi approvals and integration milestones,
- how quickly “renewables + storage” plans translate from announcement to approvals, contracts, and build timelines.
The risk checklist: what could bite NST investors even in a strong gold tape
Even when bullion is bullish, miners can disappoint. For Northern Star, the main risk categories investors tend to watch are:
- Cost inflation and margin squeeze: AISC guidance bands exist for a reason; surprises happen.
- Project execution risk: KCGM expansion and Hemi development both require schedule discipline and capital control. [33]
- Permitting/regulatory timelines: especially relevant for large infrastructure and renewables builds (mid-2027 commissioning expectations are explicitly approval-dependent in sector coverage). [34]
- Gold price and currency swings: particularly where costs and revenue are in different currencies (e.g., Pogo costs reported in USD, group reporting in AUD). [35]
Bottom line: Northern Star stock is riding gold—but the thesis is bigger than bullion
As of 13 December 2025, Northern Star Resources stock sits at an interesting junction:
- In the near term, it’s benefitting from a powerful gold price backdrop and broad-based ASX resources strength. [36]
- In the medium term, the market is watching whether Northern Star can keep delivering within guidance while executing a dense pipeline: KCGM expansion, ongoing exploration, and the transition of Hemi from “acquired promise” to “approved, financed, buildable project.” [37]
- In the long term, energy strategy is becoming part of the mining investment case, and the 25-year renewables + storage deal aimed at powering KCGM could meaningfully reshape operating risk and emissions intensity—if it moves smoothly through approvals and delivery. [38]
For readers tracking ASX gold exposure, NST remains a headline bellwether: big enough to reflect sector tides, but still defined by execution on a handful of very specific projects.
References
1. www.reuters.com, 2. fintel.io, 3. fintel.io, 4. www.investing.com, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.capitalbrief.com, 10. www.tradingview.com, 11. www.nsrltd.com, 12. www.nsrltd.com, 13. www.nsrltd.com, 14. www.nsrltd.com, 15. www.nsrltd.com, 16. www.nsrltd.com, 17. www.nsrltd.com, 18. www.pv-magazine-australia.com, 19. renewablesnow.com, 20. renewablesnow.com, 21. australianminingreview.com.au, 22. www.nsrltd.com, 23. www.nsrltd.com, 24. www.nsrltd.com, 25. www.nsrltd.com, 26. www.nsrltd.com, 27. www.nsrltd.com, 28. www.nsrltd.com, 29. www.nsrltd.com, 30. www.investing.com, 31. fintel.io, 32. www.nsrltd.com, 33. www.nsrltd.com, 34. australianminingreview.com.au, 35. www.nsrltd.com, 36. www.reuters.com, 37. www.nsrltd.com, 38. renewablesnow.com
