Sydney, Jan 25, 2026, 17:06 AEDT — Market closed
Northern Star Resources shares climbed 5.4% on Friday, closing at A$27.60 after a volatile week for the gold miner, with bullion prices hovering near record highs. Evolution Mining also pushed up 5.3%, while Regis Resources surged 10.2% in the same session. FNArena.com
The bounce is crucial since the stock has been moving like a high-beta stand-in for gold, amid ongoing debates over whether the recent safe-haven rally will last. Spot gold touched a record $4,917.65 an ounce on Thursday, buoyed by a weaker U.S. dollar and bets on rate cuts. Reuters
For Northern Star, rising bullion prices won’t fully boost profits. The company raised its FY26 all-in sustaining cost (AISC) forecast — a per-ounce figure covering sustaining capital — to A$2,600-A$2,800 from A$2,300-A$2,700. The hike reflects lower gold sales and increased royalties tied to higher gold prices. NSR Limited
UBS has pulled back on the stock. On Jan. 22, the bank downgraded Northern Star to Neutral and dropped its price target to A$26.90 from A$29.45, according to UBS’ disclosures. UBS Investment Bank
Still, the stock remains close to the upper limit of its 52-week range, following a rally that brought it near recent peaks. According to Investing.com data, Northern Star has fluctuated between A$15.30 and A$28.77 in the last year. Investing.com
Northern Star’s recent quarterly report highlighted the divide among investors. It sold 348,061 ounces of gold in the December quarter, reporting an AISC of A$2,937 per ounce. The company also noted it holds a net cash position as it gradually reduces its hedge book. NSR Limited
Management insisted the quarter’s setbacks stemmed from disruptions, not a fundamental operational decline. Chief executive Stuart Tonkin pointed to “one-off operational events” and emphasized the team’s ongoing commitment to “driving productivity improvements and strengthening cost discipline,” Mining Weekly reported. Mining Weekly
Gold’s macro backdrop gave it a boost, at least for now. The metal notched its best week since 2008, jumping over 8% to nearly $5,000 an ounce as the dollar slipped, the Financial Times reported. Financial Times
That next move isn’t set in stone. A drop in bullion prices or new signs that costs and capex remain high might trigger the heavy selling pressure we saw earlier this month.
Traders will focus on gold and the Australian dollar as Monday’s session kicks off, while looking for any new updates from the company on production and cost management. Northern Star’s next major event is the FY26 half-year results set for Feb. 12. NSR Limited
