The Northern Star Resources Ltd (ASX: NST) share price has delivered a standout year for investors in 2025. The gold miner's shares are up around 73% over the year, comfortably outperforming the broader S&P/ASX 200 Index (ASX: XJO).
After such a strong run, attention is now turning to what comes next for Northern Star shares in 2026.
Let's take a closer look.
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A strong finish to 2025
Several factors helped drive Northern Star's share price higher over the past year.
The biggest tailwind has been the gold price rally, with gold climbing to around US$4,500 per ounce and hitting record highs during 2025. That strength flowed directly through to earnings and cash flow across the business.
Operationally, the company continued to deliver solid production across its portfolio, while keeping a close eye on costs. This helped support margins despite inflation pushing costs higher across the sector.
Importantly for income investors, Northern Star also increased its returns to shareholders. For FY25, the company declared a total dividend of 55 cents per share, made up of a 25-cent interim dividend and a 30-cent final dividend.
That marked the company's largest dividend payout to date and highlighted the strength of its balance sheet.
What brokers are saying about Northern Star
Broker sentiment toward Northern Star remains positive heading into 2026, despite expectations cooling after the strong share price rally.
Several major brokers lifted their price targets during the second half of the year. Citi raised its target price by 17% to $28.10, while UBS cut its target by 2.1% to $27.60. Ord Minnett is slightly more conservative, with its target sitting around $27.00.
With Northern Star shares last trading at $26.73, brokers see some modest upside remaining.
Key things to watch in 2026
There are a few important themes investors should keep an eye on this year.
Gold prices
Gold remains the single biggest driver of Northern Star's performance. If prices stay elevated, earnings and dividends should remain well supported.
Growth projects
The company continues to advance several major assets, including the Kalgoorlie Super Pit and longer-term growth options. Any positive updates on production growth or mine life extensions could support investor sentiment.
Dividend sustainability
After paying 55 cents per share in FY25, investors will watch closely whether Northern Star can maintain or grow dividends.
Foolish takeaway
Northern Star's 2025 performance will be hard to repeat, but the company enters 2026 from a position of strength.
With solid assets, a strong balance sheet and reliable dividends, Northern Star shares remain well placed for long-term gold investors.
