Gold defying exhaustion, ASX gold stocks remain bullish

Gold has been trading in a tight consolidation range which often signals a move towards upcoming new highs and the following ASX producers that are showing consistent growth in production levels are set to benefit from the next rally.

Regis Resources Limited (ASX: RRL) 

Regis Resources Limited has reported another quarter of steady operational performance as gold production from Duketon and Tropicana operations were in line with plan.
Group gold production for the September quarter reached 90.4 thousand ounces while gold sales amounted to 82.8 thousand ounces which generated $447 million in revenue at an average realised gold price of $5,405 per ounce.
Operating cash flow was $290 million and the company finished the quarter with $675 million in cash and bullion which highlights the ability to fund growth.

Regis also continued to advance its longer term-growth pipeline with encouraging drilling results across Duketon and an active exploration program underway at the McPhillamys Project.
The FY26 guidance is unchanged with total group production expected to be 350 to 380 thousand ounces.

Northern Star Resources Limited (ASX: NST) 

Northern Star Resources Limited delivered a solid September quarter as operational performance improved across its asset base and net mine cash flow reached $183 million.
Gold sold during the quarter amounted to 381,055 ounces at an all in sustaining cost of $2,522 per ounce which generated revenue of $1.697 billion supported by strong operating contributions from Kalgoorlie, Yandal and the Pogo mine in Alaska.

The company ended the quarter with $1.511 billion in cash and bullion while maintaining a net cash position of $616 million.
Progress at the KCGM Mill Expansion continued as the project entered its final construction phase and is on track for commissioning in early FY27.

Westgold Resources Limited (ASX: WGX) 

Westgold Resources Limited on 15 December announced plans to spin out its non-core Reedy and Comet gold assets into a newly listed ASX company called Valiant Gold which is intended to unlock value while allowing the company to concentrate on its larger core operations.

Westgold has made a strong start to FY26 as consistent operations and disciplined capital allocation continued to improve cash generation across its Western Australian gold portfolio.
In the September quarter, the company produced 83,937 ounces of gold which was in line with its production guidance and generated $503 million in revenue.

The balance sheet improved as cash, bullion and liquid investments reached $472 million at the end of September which represented an increase of $108 million from the previous quarter.

Ramelius Resources Limited (ASX: RMS)

Ramelius Resources Limited on 10 December announced that the Board has approved up to $250 million in share buybacks along with an increase in the minimum dividend to 2 cents per share per annum which form part of the company’s capital allocation framework for FY26 and FY27.
Ramelius delivered a strong September quarter as the Mt Magnet hub continued to produce solid output with gold production of 55,013 ounces at an all in sustaining cost of $1,836 per ounce.
Operating cash flow for the quarter reached $159.1 million while underlying free cash flow was $129 million which highlights the strength of the company’s margin profile at current gold prices.
The company finished the quarter with $827.7 million in cash and gold which provides substantial flexibility to fund growth initiatives.

(Source: Company Reports)