Sydney, January 11, 2026, 16:56 AEDT — The market has closed.
Northern Star Resources Ltd shares resumed trading Monday as investors weighed the impact of a softer December quarter at the ASX-listed gold miner. The stock ended Friday at A$24.72, up 0.49% for the day but still down 7.52% from the previous week’s close, according to Morningstar data. (Intelligent Investor)
Northern Star reported on Jan. 2 that “isolated negative events” late in the quarter trimmed December gold sales to around 348,000 ounces (348 koz). This brought first-half FY26 sales to roughly 729 koz. The company cut its FY26 production forecast to 1.6 million–1.7 million ounces, down from 1.7 million–1.85 million. It also flagged that weaker sales at Kalgoorlie, Yandal, and Pogo would pressure cost performance. Northern Star said it will release December-quarter costs and updated annual cost guidance with its quarterly results on Jan. 22.
Responding to an ASX query on Jan. 8, Northern Star said it does not yet know how annual cost guidance will be affected and isn’t ready to confirm any impact. The miner outlined a timeline at its KCGM processing plant, noting throughput dropped to roughly 70% of target from late November until a December shutdown. The primary crusher then failed completely the day after the shutdown ended and only came back online after being rebuilt and recommissioned on Jan. 5. Northern Star promised to update the market “promptly and without delay” once it can quantify any significant cost implications.
The reset shook the stock earlier this month. On Jan. 2, shares plunged as much as 10% following the company’s guidance cut, Bloomberg News reported. (Mining)
Gold held firm on Friday, with spot prices rising 0.5% to $4,496.09 an ounce. U.S. gold futures climbed 0.9%, closing at $4,500.90. TD Securities strategist Bart Melek described the move as “a combination for precious metals,” citing softer U.S. payrolls and lingering policy uncertainty. According to a Metals Focus report, prices could surge beyond $5,000 by 2026. (Reuters)
Northern Star set the date for its next update: December-quarter results will drop pre-open on Jan. 22. A conference call follows at 9:00 a.m. AEDT, with managing director Stuart Tonkin joined by CFO Ryan Gurner and COO Simon Jessop.
That release will probably serve as the first clear indicator of whether December’s shortfall was a one-off or signals a deeper issue. Traders will watch closely for shifts in unit costs and any hints on whether plant output at KCGM has stabilized since the crusher rebuild.
Cost guidance is crucial since it tends to react quicker than production during a tough quarter. Even with steady fixed expenses—like labor, power, and contractors—dropping volumes can push per-ounce costs higher.
Northern Star’s results are closely monitored as a gauge for major Australian gold miners. Evolution Mining and Gold Road Resources often track bullion prices and react to any signs of operational challenges spreading through the industry.
There’s a downside risk, though. If costs jump more steeply than anticipated or Kalgoorlie or Yandal face another shutdown, the shares could weaken despite gold hovering near record highs — and a drop in bullion prices would only add pressure.
The calendar remains packed for now: December 2025 quarterly results land on Thursday, Jan. 22, while Northern Star’s FY26 half-year figures are set for Feb. 12.
