Northern Star Resources, Australia’s largest listed gold miner, says it expects gold prices to remain well supported into 2026 after a record-breaking rally earlier this year. The upbeat forecast comes as the company reported that full-year profit more than doubled, boosted by resilient bullion demand.
“I’m encouraged with where the price levels are — I still see it maintaining,” said CEO Stuart Tonkin in an interview with Bloomberg TV. “This is a pretty strong, healthy environment right now.”
Gold has been one of the standout commodities of 2025, surging past $3,500 an ounce in April, fueled by investor concerns over US President Donald Trump’s trade and geopolitical stance. While momentum has cooled in recent months, several major Wall Street banks expect the metal to push to new records in 2026.
For the year to June, net income jumped to A$1.34 billion ($862 million), more than double last year’s earnings. Free cashflow also hit a record A$536 million. Shares in Northern Star climbed as much as 3.7% in Sydney, touching a seven-week high.
Despite these strong results, the company faces challenges. Rising costs, sector-wide inflation, and planned maintenance shutdowns at its three key assets — including the iconic Super Pit in Western Australia — have limited its ability to fully capitalize on the rally. In July, Northern Star trimmed its 2026 sales guidance.
Still, the company remains in growth mode. Earlier this year, it finalized its A$5 billion acquisition of De Grey Mining Ltd., securing the undeveloped Hemi project, which is poised to become one of Australia’s top five gold mines with projected output of 530,000 ounces annually over its first decade.
Tonkin also hinted at further M&A opportunities, particularly among smaller players on the Australian Stock Exchange. “The lower end of the ASX potentially have some synergies to liberate through combinations in the business,” he said.
While Northern Star remains focused on organic growth, the CEO noted that Australia’s mining sector is increasingly attractive to global investors. “There’s potentially the flow of capital back into Australia, when historically it was moving from Australia offshore,” Tonkin added.