Sydney, Jan 29, 2026, 16:40 AEDT — Market closed
- Northern Star jumped 3.1%, following a new rally in Australian gold shares driven by stronger bullion prices.
- The miner is still navigating a January update to its output and cost guidance.
- Next up: the half-year results on Feb. 12, where costs and production will take center stage.
Northern Star Resources Ltd (ASX:NST) shares ended Thursday 3.11% higher at A$29.49, beating a mostly flat market. The day’s range was A$28.88 to A$29.53, with roughly 10 million shares traded. (Investing.com Australia)
Gold pushed further into record territory, with spot bullion reaching a high of $5,591.61 an ounce before settling up 2.6% at $5,538.69. Investors turned to the metal as a safe haven amid ongoing geopolitical and economic jitters. “Growing U.S. debt and uncertainty … are leading investors to pile into gold,” Marex analyst Edward Meir said. (Reuters)
This is significant for Northern Star, which dialed back its outlook only weeks ago. On Jan. 20, it cut FY26 production guidance to 1.6–1.7 million ounces and raised its group all-in sustaining cost guidance to A$2,600–A$2,800 per ounce. All-in sustaining costs (AISC), a key metric combining operating expenses and sustaining capital on a per-ounce basis, rose partly because the company noted that higher bullion prices increase royalty payments.
Gold stocks saw gains on Thursday, with Evolution Mining climbing roughly 2.8% and Bellevue Gold rising near 2.9%, according to Market Index data. (Market Index)
The Australian dollar climbed to $0.7050, hitting a three-year high, before pulling back as traders eyed increasing odds of a Reserve Bank of Australia rate hike next Tuesday. (Reuters)
Northern Star’s December-quarter results, published on Jan. 22, reported gold sales of 348,061 ounces at an all-in sustaining cost (AISC) of A$2,937 per ounce. CEO Stuart Tonkin noted the company was “focused on driving productivity improvements and strengthening cost discipline” following a weaker quarter. The miner also revealed hedging commitments totaling 1.118 million ounces, locked in at an average price of A$3,333 per ounce as of Dec. 31. (NSR Limited)
Hedging—forward sales that lock in prices—can blunt the quick gains from a sudden jump in bullion prices, even as it guards against losses if gold slips. Northern Star now faces the challenge of boosting output without letting costs rise.
The gold trade has been hectic and packed. Any dip in bullion prices or a stronger Australian dollar could quickly squeeze the margin buffer for producers who are already facing raised cost forecasts.
Investors are turning to Northern Star’s FY26 half-year results, set for Feb. 12, seeking clarity on costs, production, and the outlook’s accuracy. (NSR Limited)
