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Northern Star Resources Ltd

www: www.nsrltd.com   email: info@nsrltd.com
Category: Major
Rating:
Upside Downside Quality
3.5 3.5 A
Risk: Some View History

Rating History

Date Category Rating Risk
Upside Downside Quality
09/05/2025 Major 3.5 n/aASome
09/04/2026 Major 3.5 3.5ASome
Current Major 3.5 3.5ASome
Profile
Notes
Forum
Your Data

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Price Data

Symbol Traded Checked Price
ASX:NST 10/01/2026 10/02/2026 AUD 24.1000
OTCMKTS:NESRF 10/01/2026 10/01/2026 USD 16.3900

Performance

+/-
since 		1 Day Last Friday 4 Weeks
0.82% 8.17% 8.17%
3 Months 6 Months 1 Year
17.65% 30.13% 6.64%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
9 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 09/04/2026)

Northern Star Resources is a gold major in Australia. They have 3 large producing mines at 1.5 million oz and an FD market cap of $23 billion. They have 28 million oz of reserves, and 89 million oz of resources. Costs are high, with a break-even around aroud $3400, but free cash flow is still high ($1.5B at $4500 gold). This could be a growth stock and an excellent dividend stock (currently 3%).

Northern Star is based in Australia, where they have all of their producing mines except Pogo, which is in Alaska. They are currently developing Hemi in Western Australia and has 13M oz's. It will be a 500K/year producer at low cash costs. The project will lower their costs. Production should begin in 2030.

They print as a potential 5-bagger at $7,000 gold. They have three solid mines that are all growing production (Kalgorlie, Yandal, and Pogo). Good locations, strong FCF. Plus, they will likely grow production via an acquisition. There are several Aussie mid-tiers they could acquire.

Their KCGM mill is currently being expanded from 13M tpa to 27M tpa. Doubling the mill's production. It will be completed in 2026. $1B capex.

8/20/2025: FY2026 guidance. Begins in July 2025. 1.75M oz at $1650 AISC. $1.7B cash balance. $900M debt. Expanding production in 2026 at KCGM mill expansion which has a $1B capex. Dividend policy of 25% of net profit. Working on permitting their 12M oz Hemi project in Western Australia.

8/20/2025: The dividend payout in 2025 was 35 cents USD, or $432M USD. Wow. Just think if this was tightly held.

3/13/2026, Downgraded 2026 production by 16%. Now expecting 1.5m oz lower after weaker KCGM milling reduced and lower productivity at Jundee.

Production Targets (M ozs)
2026: 1.55
2027: 1.7
2028: 1.8
2029: 1.9
2030: 2.2


MG

General Details

Financial 09/04/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $23,861.70M $23,862.37M 09/04/2026 $0.67M
MCap (OS): $23,808.31M $23,808.98M 09/04/2026 $0.66M
Total Assets: $15,492.12M $14,907.56M 09/04/2026 $-584.56M
Total Liabilities: $4,179.27M $4,021.58M 09/04/2026 $-157.69M
Current Assets: $1,729.35M $1,664.10M 09/04/2026 $-65.25M
Current Liabilities: $636.26M $612.25M 09/04/2026 $-24.01M
Total Debt: $619.68M $596.30M 09/04/2026 $-23.38M
Cash: $737.86M $710.02M 09/04/2026 $-27.84M
Debt (Net): $-118.17M $-113.71M $4.46M
Enterprise Value: $23,743.53M $23,748.65M $5.12M
Cash Flow: $1,591.79M $1,205.62M never $-386.17M
Cash Flow Multiple: 14.99 19.79 never 4.80
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 09/04/2026 n/a
Misc 09/04/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 1,424,805,062 1,424,805,062 09/04/2026 0
Shares (FD): 1,428,000,000 1,428,000,000 09/04/2026 0
Insider Ownership: n/a n/a 09/04/2026 n/a
Dividend (Annual): 2.59% 2.49% 09/04/2026 -0.1
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 09/04/2026 n/a
Production (Gold Eq Oz.): (guess) 
1,550,000		 (guess) 
1,550,000		 09/04/2026 0
Production (Silver Eq Oz.): (guess) 
103,715,054		 (guess) 
106,770,338		 09/04/2026 3,055,284
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 09/04/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 30
Producer: Elite Quality
 30
Producer: Elite Quality
 09/04/2026 0
Cash Flow Multiple: 25 25 09/04/2026 0.00

Resource Data

GOLD 09/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 28.00M 28.00M 09/04/2026 0.00M
Measured & Indicated: 80.00M 80.00M 09/04/2026 0.00M
Inferred: 10.00M 10.00M 09/04/2026 0.00M
Reserves & Resources: 90.00M 90.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 25.20M 25.20M 09/04/2026 0.00M
Measured & Indicated: 62.64M 62.64M 09/04/2026 0.00M
Inferred: 4.50M 4.50M 09/04/2026 0.00M
Reserves & Resources: 67.14M 67.14M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
1,550,000oz.		 (guess) 
1,550,000oz.		 09/04/2026 0oz.
Cash Cost: $2,200 $2,200 09/04/2026 $0.00
Extra Operating Cost: $1,200 $1,200 09/04/2026 $0.00
Total: $3,400 $3,400 09/04/2026 $0.00
Margin (Free Cash Flow): $1,027 (23%) $778 (19%) $-249.14
MCap / Production (AuEq): $15,394.65 $15,395.07 $0.43
EV / Production (AuEq): $15,318.41 $15,321.71 $3.31
G
R
A
D
E		 Underground (Avg): 4.00 g/t 4.00 g/t 09/04/2026 n/a
Open Pit (Avg): n/a 1.30 g/t 09/04/2026 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/04/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 80.00M 80.00M 09/04/2026 0.00M
Annual Production: 2,000,000oz. 2,000,000oz. 09/04/2026 0oz.
Cash Cost: $2,300 $2,300 09/04/2026 $0
Extra Operating Cost: $1,200 $1,200 09/04/2026 $0
SILVER 09/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 09/04/2026 0.00M
Measured & Indicated: n/a n/a 09/04/2026 0.00M
Inferred: n/a n/a 09/04/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 09/04/2026 0.00M
Measured & Indicated: n/a n/a 09/04/2026 0.00M
Inferred: n/a n/a 09/04/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 09/04/2026 $0.00
Extra Operating Cost: n/a n/a 09/04/2026 $0.00
Total: n/a n/a 09/04/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $230.07 $223.49 $-6.58
EV / Production (AgEq): $228.93 $222.43 $-6.50
G
R
A
D
E		 Underground (Avg): n/a n/a 09/04/2026 n/a
Open Pit (Avg): n/a n/a 09/04/2026 n/a
Recovery Rate: n/a n/a 09/04/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 09/04/2026 0.00M
Annual Production: n/a n/a 09/04/2026 n/a
Cash Cost: n/a n/a 09/04/2026 n/a
Extra Operating Cost: n/a n/a 09/04/2026 n/a

Property

Last Analysis Data  (09/04/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Jundee
100 n/a
Prod Kalgoorlie
100 show
Large open pit.

250,000 oz annual production.
Prod Kanowa
100 n/a
Prod Karari
100 n/a
Prod Kundana
100 n/a
Prod Paulsens
100 show
100,000 oz long term producer at high grades.
Prod Plutonic
100 n/a
Prod Red October
100 n/a
Prod Whirling Dervish
100 n/a
Dev Hemi
100 1350.00 show
250,000 acres.

60 mile long.

Includes Turner River and Indee properties.

Size: 150,000 ha
Dev Thunderbox
100 show
They expect to produce 150,000 oz per year.
Exp Yandal
100 show
Early exploration

Large property with several deposits.

About 1.5 million oz discovered at 2 gpt.

Size: 160,000 ha
Prod Pogo
100 show
Large mine

300,000 oz annual production
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Jundee
100 n/a
Prod Kalgoorlie
100 show
Large open pit.

250,000 oz annual production.
Prod Kanowa
100 n/a
Prod Karari
100 n/a
Prod Kundana
100 n/a
Prod Paulsens
100 show
100,000 oz long term producer at high grades.
Prod Plutonic
100 n/a
Prod Red October
100 n/a
Prod Whirling Dervish
100 n/a
Dev Hemi
100 1350.00 show
250,000 acres.

60 mile long.

Includes Turner River and Indee properties.

Size: 150,000 ha
Dev Thunderbox
100 show
They expect to produce 150,000 oz per year.
Exp Yandal
100 show
Early exploration

Large property with several deposits.

About 1.5 million oz discovered at 2 gpt.

Size: 160,000 ha
Prod Pogo
100 show
Large mine

300,000 oz annual production

Profitability (by resource)

Proven &
Probable		 09/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 28.00M 28.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 55.19M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 25.20M 25.20M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 49.67M
Maximum Profit (Gold): $25,879.39M $19,601.06M n/a $-6,278.33M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $25,879.39M $19,601.06M n/a $-6,278.33M
Max Profit / Current MCap: 1.085 0.821 n/a -0.263
Max Profit Per Share (Gold): $18.12 $13.73 n/a $-4.40
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $18.12 $13.73 n/a $-4.40
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $946.89 $946.92 n/a $0.03
FD MCap / Silver Eq.: $14.15 $13.75 n/a $-0.40
FD MCap / Per Metal
as % Spot Price:		 21.39% 22.67% n/a 1.28%
EV / Gold Eq.: $942.20 $942.41 n/a $0.20
EV / Silver Eq.: $14.08 $13.68 n/a $-0.40
EV / Per Metal
as % Spot Price:		 21.28% 22.56% n/a 1.27%
Measured &
Indicated		 09/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 80.00M 80.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 157.69M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 62.64M 62.64M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 123.47M
Maximum Profit (Gold): $64,328.77M $48,722.64M n/a $-15,606.13M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $64,328.77M $48,722.64M n/a $-15,606.13M
Max Profit / Current MCap: 2.696 2.042 n/a -0.654
Max Profit Per Share (Gold): $45.05 $34.12 n/a $-10.93
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $45.05 $34.12 n/a $-10.93
Total Free Profit Per Share: $21.86 $10.02 n/a $-11.84
FD MCap / Gold Eq.: $380.93 $380.94 n/a $0.01
FD MCap / Silver Eq.: $5.69 $5.53 n/a $-0.16
FD MCap / Per Metal
as % Spot Price:		 8.60% 9.12% n/a 0.51%
EV / Gold Eq.: $379.05 $379.13 n/a $0.08
EV / Silver Eq.: $5.66 $5.50 n/a $-0.16
EV / Per Metal
as % Spot Price:		 8.56% 9.07% n/a 0.51%

Reserves &
Resources		 09/04/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 90.00M 90.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 177.40M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 67.14M 67.14M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 132.34M
Maximum Profit (Gold): $68,950.09M $52,222.83M n/a $-16,727.26M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $68,950.09M $52,222.83M n/a $-16,727.26M
Max Profit / Current MCap: 2.890 2.189 n/a -0.701
Max Profit Per Share (Gold): $48.28 $36.57 n/a $-11.71
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $48.28 $36.57 n/a $-11.71
Total Free Profit Per Share: $25.09 $12.47 n/a $-12.62
FD MCap / Gold Eq.: $355.40 $355.41 n/a $0.01
FD MCap / Silver Eq.: $5.31 $5.16 n/a $-0.15
FD MCap / Per Metal
as % Spot Price:		 8.03% 8.51% n/a 0.48%
EV / Gold Eq.: $353.64 $353.72 n/a $0.08
EV / Silver Eq.: $5.29 $5.13 n/a $-0.15
EV / Per Metal
as % Spot Price:		 7.99% 8.47% n/a 0.48%

Future Valuation (Cash Flow & Totals)

Totals 09/04/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
C
U
R
R
E
N
T		 R & R Valuation: $89,167.83M $84,149.65M n/a $-5,018.18M
FD MCap: $23,861.70M $23,862.37M n/a $0.67M
Annual Gold Production: (guess) 
1,550,000oz.		 (guess) 
1,550,000oz.		 09/04/2026 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E		 FD MCap (Resources): $168,000.00M $168,000.00M n/a $0M
FD MCap Growth (Resources): 604% 604% n/a 0%
FD MCap (Cash Flow): $175,000.00M $175,000M n/a 0.00M
FD MCap Growth (Cash Flow): 633% 633% n/a 0%
Estimated
Price		 USD: $122.55 $122.55 n/a $0.00
AUD: $170.0738 $176.7427 n/a $6.6689
Ratio FD MCap (Resources : Cash Flow): 0.96 0.96 n/a 0.00
Annual
Production		 Gold: 2,000,000 oz. 2,000,000 oz. n/a 0 oz.
Silver: n/a n/a n/a n/a
Current
FD MCap / 		Gold Eq. Reserves: 298.27 298.28 n/a 0.01
Silver Eq. Reserves: 8.52 8.52 n/a 0.00
Gold Eq. Production: 11,930.85 11,931.18 n/a 0.33
Silver Eq. Production: 340.88 340.89 n/a 0.01
P&P
Reserves
(oz.)		 Gold: 80.00M 80.00M 09/04/2026 n/a
Silver: n/a n/a 09/04/2026 n/a
Gold Eq.: 80.00M 80.00M 09/04/2026 n/a
Silver Eq.: 2,800.00M 2,800.00M 09/04/2026 n/a
P&P Reserves
per FD
Share (oz.)		 Gold: 0.056 0.056 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.056 0.056 n/a n/a
Silver Eq.: 1.961 1.961 n/a n/a
Free Cash Flow 09/04/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Current: $1,591.79M $1,205.62M n/a $-386.17M
Current Multiple: 14.99 19.79 n/a 4.80
Current FCF/MCap Ratio: 6.67% 5.05% n/a -1.62%
Current FCF/Share: $1.11 $0.84 n/a $-0.27
F
U
T
U
R
E		 @ current pm prices: $1,853.92M $1,355.64M n/a $-498.28M
Multiple @ current pm prices: 12.87 17.60 n/a 4.73
Growth @ current pm prices: 16.47% 12.44% n/a -0.04
@ future prices: $7,000.00M $7,000.00M n/a $0.00M
Multiple @ future prices: 3.41 3.41 n/a 0.00
Growth @ future prices: 480.61% 480.61% n/a 1.41

Defaults

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