Gold Rush 2.0? These 2 ASX Stocks Are In The Game

The gold market has been buzzing again. Prices have sprinted to record highs in 2025, and history shows that when this happens, the real winners are often the big, profitable gold producers. They’re the ones with the balance sheets, cash flow, and projects ready to ride the wave.

Two names that stand out right now are Northern Star Resources (ASX: NST) and Regis Resources (ASX: RRL). Both just reported their FY25 results, and the numbers make a strong case that they’re not just surviving the cycle—they’re leading it.

Northern Star: A Powerhouse with Cash to Burn

For Northern Star, FY25 wasn’t just another good year—it was transformational. The company hit records on multiple fronts:

Free cash flow surged, fueling bigger fully franked dividends.

Shareholders got a buyback on top of dividends.

The balance sheet flipped to net cash, with about $1.6 billion in reserves.

Growth options expanded after acquiring De Grey’s Hemi project.

Financially, the company reported EBITDA of $3.5 billion and NPAT of around $1.34 billion. That’s serious earnings power, and it came with healthy margins across its operations.

Strategically, management balanced short-term payouts with long-term growth. The Hemi acquisition deepens the pipeline, while the ongoing Fimiston Mill Expansion at KCGM is set to lift production capacity over the next few years. In short, Northern Star managed to: pay investors today, build for tomorrow, and keep its balance sheet rock-solid.

Why it matters:
Northern Star is positioned perfectly in this gold cycle. With record cash returns already in shareholders’ pockets, plus major growth projects lined up, the company has both defense and offense covered. If gold prices stay strong, it compounds faster. If the cycle cools, the net cash position provides resilience.

What to watch:

1. Progress on integrating Hemi and timelines for first production.
2. Execution at the KCGM mill expansion and its impact on costs per ounce.
3. Ongoing capital returns—especially whether buybacks continue alongside dividends.

Risks:

1. Rising costs and project delays could pressure margins.
2. Gold price volatility—today’s tailwind could turn quickly.

Regis Resources: From Repair Mode to Reward Mode

Regis has had a quieter but equally impressive turnaround. A couple of years ago, the focus was on fixing the balance sheet. Now, FY25 shows that work paying off:

Production hit 373 koz, the top end of guidance.

EBITDA came in at record levels, supported by gold prices.

NPAT jumped to $254 million, a sharp reversal from last year’s loss.

Debt was completely repaid, leaving the company debt-free.

Shareholders got a 5c fully franked dividend.

Looking ahead, Regis guided for FY26 production of 350–380 koz at AISC of $2,610–2,990/oz. That’s broadly consistent with FY25 but comes with a cleaner, more disciplined approach. Management emphasized stable output, cost control, and balanced reinvestment.

Why it matters:
Regis has shifted from “fixing the ship” to “returning value.” Debt-free and cash-generative, it’s now in a position to steadily reward shareholders while keeping growth optionality alive. It’s not chasing aggressive expansion—it’s sticking to stable, compounding returns.

Risks:

1. Cost pressures (labour and inflation) could bite.
2. Any operational hiccups at key mines could trim margins.

The Bigger Picture: Gold’s Tailwind

Gold itself has been one of the standout assets of 2025. In the first half alone, it gained nearly 26% in USD terms, setting multiple all-time highs. Demand has been broad—central banks, ETFs, and retail investors have all piled in as geopolitical tensions and shifting rate expectations pushed the metal higher.

While the ride has been bumpy at times, the overall backdrop still looks supportive. Analysts lean towards a slightly bullish outlook into the second half, though volatility is expected. For producers, even if prices stabilize near current levels, margins remain attractive.

The Takeaway

If we’re truly in Gold Rush 2.0, Northern Star and Regis are positioned as leaders.

Northern Star offers scale, record payouts, and a pipeline of big growth projects—all while holding a fortress balance sheet.

Regis has emerged from its turnaround debt-free, profitable, and committed to steady shareholder returns with disciplined growth.

For investors looking to capture gold’s momentum without taking on the higher risks of small explorers, these two names are worth watching closely. They’re not just riding the wave—they’re helping shape it

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