Sydney, Feb 23, 2026, 17:32 AEDT — Market closed
- Northern Star closed up, defying a broader slide across the Australian market.
- Gold climbed as a U.S. tariff decision undercut risk appetite and sent the dollar lower.
- March 4 brings the ex-dividend date. The next quarterly update lands in late April.
Northern Star Resources Ltd (ASX:NST) jumped 3.4% to finish at A$29.30 on Monday, reversing losses from Friday’s session as buyers piled into gold stocks, even as the wider market lagged.
Gold jumped to its highest in over three weeks, Reuters said, after the U.S. Supreme Court tossed out a broad set of tariffs—stirring up trade jitters and sending investors scrambling for safety. “Traders again turning to gold as a defensive play,” noted Tim Waterer, chief analyst at KCM. Reuters
What’s at stake: Northern Star’s cash flow rises and falls with Australia’s gold price, right as the miner pushes through hefty growth investments. Big swings in bullion—driven by macro news—can yank Australian gold stocks like this one in a hurry.
The S&P/ASX 200 slipped 0.61% to finish at 9,026, with gold names standing out as rare safe ground. That keeps the index hovering near its latest high, yet just a whiff of tariff chatter rattled nerves on Monday and reversed the tone in a hurry.
Northern Star stuck to its updated full-year outlook for gold sales—1.6 to 1.7 million ounces—and projected all-in sustaining costs between A$2,600 and A$2,800 per ounce, according to a February investor deck for the BMO Global Metals, Mining & Critical Minerals Conference. As of January 31, the company reported its Kalgoorlie mill expansion had hit 86% completion, with first gold from the new plant targeted for the first quarter of fiscal 2027. Northern Star also scheduled a final investment decision on the Hemi development project for fiscal 2027, pending approvals.
AISC, or “all-in sustaining cost,” shows up everywhere in mining reports. It folds together daily operating expenses with the sustaining capital required to keep mines moving. When AISC ticks higher, margins get more sensitive to the gold price, making swings sharper.
Here’s the risk: Should the tariff narrative fade, or if a stronger U.S. dollar and higher real yields show up, gold could surrender its gains fast — and demand for mining stocks may dry up just as quickly. Delays or budget overruns on big buildouts? That could wear out investors, too.
Income-focused investors are eyeing March 4, when Northern Star trades ex-dividend, the company said in its dividend notice. The record date falls on March 5, with payment set for March 26. Anyone buying shares after the ex-date won’t qualify for this payout.
Investors are eyeing the March quarter update as the next trigger. Northern Star has penciled in April 22 for its March 2026 results, then plans to release the June quarter figures in July.
