Sydney, Jan 21, 2026, 17:04 AEDT — Market closed.
- Northern Star shares ended the day up 2.0%, closing at A$28.54, just shy of their session peak.
- The miner raised its FY26 cost outlook, citing weaker gold sales and increased royalties.
- The next key event is the company’s December-quarter update, along with any revisions to its guidance.
Northern Star Resources (NST.AX) closed Wednesday 2.0% higher at A$28.54, trading within a range of A$28.04 to A$28.76. The stock stayed near its 52-week high throughout the session. 1
On Tuesday, the Australian gold miner raised its fiscal 2026 all-in sustaining cost (AISC) forecast to A$2,600-A$2,800 an ounce, up from the previous A$2,300-A$2,700 range. It cited reduced gold sales and increased royalties driven by higher bullion prices. The company said it now had sufficient data to take a “reasonably certain view” on the impact, while maintaining sustaining capital guidance at roughly A$750 million.
This matters because AISC offers the market a fast snapshot of operating pressure: it combines ongoing site expenses with the sustaining costs needed to keep mines running. If the number climbs, margins could get squeezed—unless output picks up or gold prices carry the weight.
Gold took the spotlight again, climbing past $4,800 an ounce on Wednesday, hitting fresh record highs. Analysts pointed to a scramble for safe assets amid fallout from U.S.-Europe tensions over Greenland. Capital.com’s Kyle Rodda pegged it on a “loss of trust in the U.S.” after recent tariff threats against European countries. Meanwhile, Nicholas Frappell from ABC Refinery noted the rally hinted that investors “don’t want to sell gold before $5,000.” 2
Northern Star’s updated guidance highlighted a tricky downside of rising gold prices for miners: bigger revenue often means heftier royalty payments, depending on the jurisdictions where the gold is sold and taxed. The company also pointed to rising costs amid a softer sales volume, tightening the margin for operational hiccups.
Investors are watching closely to determine if the December quarter marked the bottom or the beginning of a trend. Commentary on mine performance and sales volumes is just as crucial as the cost figures, since the cost curve deteriorates quickly when output drops.
The risk is clear: if production or sales slip once more, the new cost range could spike just as fast, and a drop in bullion prices would quickly reveal that reset. When a stock trades close to its highs, it doesn’t need to fall far before investors begin demanding tougher answers.
Thursday, Jan. 22, marks the next key date as Northern Star releases its December-quarter results. The company will then report its FY26 half-year figures on Feb. 12. 3
