Sydney, Feb 6, 2026, 16:54 AEDT — After-hours.
Northern Star Resources Ltd (NST.AX) shares slipped 1.7% to close at A$26.77 on Friday, with roughly A$182 million changing hands. Rival Evolution Mining (EVN.AX) dropped 1.4%, while Newmont’s ASX-traded depositary interests (NEM.AX) fell sharply by 4.9%.
The drop puts the gold miner on edge heading into Monday, with risk appetite still fragile. Big moves haven’t held, either way, and investors are gearing up for another tough week in commodities and stocks.
MGX Resources (MGX.AX) announced it has finalized the purchase of a 50% stake in the Central Tanami Gold Project joint venture (CTPJV) from Northern Star, handing over A$50 million in cash. CEO Peter Kerr described the deal as “extremely pleased” to close ahead of schedule. MGX plans to collaborate with partner Tanami Gold NL on securing approvals and drafting a development plan. The company also swapped roughly A$5.8 million in bank guarantees and said it will handle the usual post-completion adjustments in due course. nsrltd.com
The market started off under pressure. The S&P/ASX 200 dropped 2% to 8,709, while the All Ordinaries slid 2.2% to 8,955, with miners and banks dragging the indexes lower, ABC reported. Spot gold gained about 1%, hovering near $4,819 an ounce late in the session.
Overnight moves in metals continue to set the pace for gold stocks. Spot gold climbed on Friday but was on track to post a weekly drop, according to Reuters. Silver stayed under pressure, following a sharp decline the day before. “Risk appetite does look diminished … gold is kind of holding its own and silver is caving in,” said Ilya Spivak, head of global macro at Tastylive. Reuters
In that context, the A$50 million inflow came across more as a modest gain than a trigger for rerating. Sellers seemed eager to offload whatever was available, not necessarily what they preferred.
Monday’s open will put to the test if the scramble to de-risk is slowing, especially among miners. With volatility still high, even solid company updates risk getting drowned out on the tape.
There’s a definite risk here. Another drop in precious metals or a fresh shakeup in equities usually drags gold shares down fast — and the rebound, whenever it happens, has been patchy at best.
Northern Star’s FY26 half-year results drop on Feb. 12, marking the next major trigger. Investors will focus on cash flow details and any hints about the firm’s outlook amid ongoing market volatility.
