Sydney, Jan 24, 2026, 16:56 (AEDT) — Market closed.
Northern Star Resources (NST.AX) shares rebounded on Friday, climbing 5.4% to A$27.60. The bounce followed a steep drop the previous day, after the gold miner warned of rising costs and increased growth investments.
The stock is entering a long weekend in Australia, where the market will be closed Monday for the Australia Day public holiday. Trading resumes with the next cash equity session on Tuesday.
That gap is significant. Investors get more time to determine if Northern Star’s recent quarterly miss stems from isolated plant and mine issues or signals ongoing challenges with execution and rising costs.
Northern Star reported selling 348,061 ounces of gold in the December quarter at an all-in sustaining cost (AISC) of A$2,937 per ounce. The company said “one-off operational events” across its sites hit sales and forced a reset of full-year targets. It maintained its revised FY26 guidance of 1.6–1.7 million ounces sold and an AISC range of A$2,600–2,800 per ounce. Meanwhile, capex for the KCGM mill expansion increased to A$640–660 million from the previous A$530–550 million. Underlying free cash flow came in negative at A$328 million. Managing Director Stuart Tonkin described the disruptions as causing a “softer December quarter.” nsrltd.com
AISC measures the total expense of producing each ounce, combining running costs with sustaining capital. If sales drop, those fixed costs get allocated across fewer ounces, causing the per-ounce cost to spike quickly.
Bears face a tough moment. Gold surged to a record $4,988 an ounce Friday, while silver topped $100, pushing bullion-linked stocks into focus. Yet, some analysts caution these momentum-fueled rallies can snap back sharply.
Australia’s ASX 200 managed a modest 0.13% rise on Friday, finishing at 8,860. Spot gold held steady above $4,900 an ounce late in the session, according to market reports.
Some fund managers remain fixated on credibility. Ben Lyons, Jarden’s director of equity research, told The Australian, “It is not often you see a $35bn company get a please explain from the ASX about their continuous disclosure obligations.” The Australian
The downside remains clear. Should throughput and grades fail to bounce back at Kalgoorlie, Yandal, and Pogo — or if cash continues to drain into the mill expansion and other growth projects — the company could face yet another round of guidance cuts despite strong bullion prices.
The upcoming session will depend on whether traders continue to buy gold leverage following the recent break or start taking profits after a turbulent week for metals and miners. Northern Star’s figures highlight just how fast increased royalties and hefty capex can erode the gains from a rising gold price.
The next major event is the company’s FY26 half-year results, set for Feb. 12. Investors will be watching closely for signs that production is stabilizing and that the rising cost and capex overruns are finally being contained.
