Top 2 ASX Gold Stocks Set to Benefit from Rising Bullion Prices

With gold smashing record highs in 2025—soaring 26% in just the first half—the local mining sector is buzzing with opportunity. For investors seeking reliable exposure to the ongoing gold rally, two names dominate the conversation: Northern Star Resources and Evolution Mining. These Australian gold giants combine operational scale, strong financials, rising dividends, and unhedged exposure to gold’s ascent, making them stand out as ideal picks for those who want to capture the current gold rush.

1. Northern Star Resources (ASX: NST): Australia’s Gold Juggernaut

Northern Star Resources has firmly established itself as one of Australia’s largest and most respected gold producers. With core mines across Western Australia and Alaska, its portfolio features some of the region’s most prolific gold assets—including a major stake in the renowned Super Pit (KCGM) at Kalgoorlie.

Resilient Performance and Strategic Shifts

Even in a year filled with operational hurdles—particularly at the Kalgoorlie mine—Northern Star still produced an impressive 1.634 million ounces of gold in FY2025, only slightly short of guidance. The company has taken a bold stance by abandoning forward hedging, demonstrating management’s conviction that gold prices will remain elevated and allowing the company to fully benefit from the current rally.

Key Figures (as of July 2025):

Market Cap: Approx. $22.73 billion

Gold Sold FY2025: 1.634 million ounces

H1 FY25 Revenue: $2.87 billion (+27.6% YoY)

Operating Cash Flow H1 FY25: $1.25 billion (+49.2% YoY)

Dividend per Share: $0.25

These results illustrate Northern Star’s resilience, even when confronting operational issues. Thanks to record gold pricing—averaging $3,279/oz in Q2—every unsold ounce translates into wider profit margins, immediately reflecting in cash flow and shareholder returns. Management’s decision to operate unhedged means Northern Star is now maximizing its upside potential, riding each dollar of the gold rally straight to the financial bottom line.

Growth Foundations and Market Position

Northern Star’s holdings include long-life assets like the Super Pit—an enduring “treasure trove” despite productivity challenges—and management has signaled plans to expand and optimize production as strong earnings fund future growth. This positions the company to profit not only today but also well into the next decade as gold demand sustains.

2. Evolution Mining (ASX: EVN): Growth, Record Profits, and a Cowal Transformation

Evolution Mining emerges in 2025 as a global standout, thriving thanks to operational performance and strategic capital allocation. Its portfolio spans Australia and Canada, with flagship assets like Cowal (NSW) and Mungari (WA) providing a blend of scale, grade, and growth potential.

Record Results and Efficient Expansion

Evolution rode the upswing in both gold and copper prices to deliver banner financial results:

H1 FY25 Revenue: $2.03 billion (+51.7% YoY)

Net Income H1 FY25: $365.09 million (+276.9% YoY)

EBITDA Margin H1 FY25: 48.35%

Production expansion at Cowal was a key highlight: a $430 million project will add 2 million ounces of low-cost, high-margin gold, extending mine life through 2042 and fuel future growth. The accelerated underground ramp-up is already delivering stronger returns, improving cost competitiveness and overall profitability.

Unlike previous years, Evolution now sells nearly all its gold production at spot prices, with minimal forward sales. This “unhedged” exposure means every rise in bullion values adds directly to the bottom line, supercharging profits and, in 2025, enabling Evolution to more than double its dividend—a clear signal of growing shareholder value.

Why Rising Bullion Is Turbocharging These Stocks

Surging Margins and Cash Flows

With gold prices well above $3,000/oz and rising, and average production costs (AISC) between $1,475–2,100/oz, both Northern Star and Evolution are enjoying record cash generation and profit margins. These windfalls allow for:

• Reinvestment into expansions and efficiency projects
• Higher dividends and increased shareholder rewards
• Funding of future-ready strategies without diluting existing shareholdings

Heavyweight Scale and Asset Quality

Both companies are able to weather temporary headwinds—be it operational hiccups or market shifts—thanks to their robust asset bases, deep reserves, and disciplined management. This ensures ongoing resilience and a platform for seizing upside during bull market conditions.

Growth and Shareholder Returns

Powered by 2025’s bull run, Northern Star and Evolution are both deploying capital to:

• Expand current operations (Cowal ramp-up for Evolution; Super Pit scaling for Northern Star)
• Extend mine lives
• Deliver above-market dividends (Evolution doubled its dividend; Northern Star remains a steady payer)

With most production now unhedged, these companies and their investors are positioned to capture the full potential of further gold price gains.

The Verdict: Catch the Gold Wave With These ASX Leaders

With gold demand surging globally in response to inflation fears, currency volatility, and geopolitical tensions, 2025 is shaping up as a historic year for the precious metal. Northern Star Resources and Evolution Mining are not only surviving but thriving—thanks to world-class operations, financial discipline, and direct exposure to record spot prices.

For Australian investors searching for high-quality, ASX-listed gold exposure that offers scale, stable dividends, and meaningful upside, these two companies should be at the top of the watchlist. The gold wave is in full swing—and NST and EVN are perfectly positioned to ride it all the way.

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