Sydney, Feb 4, 2026, 16:50 AEDT — The market has closed for the day.
- Northern Star jumped sharply, riding the rally in gold prices that lifted miners across the board
- JPMorgan upgraded its rating to Buy and bumped up its target price to A$33, MarketIndex reported
- Focus turns to Northern Star’s half-year results, due Feb. 12
Northern Star Resources Ltd (ASX: NST) shares jumped 6.2% on Wednesday, closing at A$28.55. It marked their best day this week following a steep drop in gold stocks earlier this month. The stock peaked at A$28.69 during the session. 1
This shift is significant since gold miners often reflect market sentiment. Bullion prices have reacted sharply to geopolitical events and policy speculation, with miners frequently amplifying those moves.
Northern Star faces a tricky moment. Its half-year results are due next week, and investors remain focused on clarifying costs and confirming if past operational hiccups are fully resolved.
A broker call gave a boost as well. JPMorgan bumped Northern Star from Hold to Buy, raising its price target by 22% to A$33. The All Ordinaries Gold index also climbed roughly 3.5% in afternoon trading, according to MarketIndex. 2
Gold played its role. Spot gold climbed 2.7% to $5,071.79 an ounce in Asian trading, following a sharp 5.9% surge the previous day. Rising U.S.-Iran tensions have driven investors back to safe-haven assets. “Geopolitical tensions have lifted the metal’s safe-haven appeal,” said Jigar Trivedi, senior research analyst at IndusInd Securities. 3
The rebound came after a brutal drop Monday. Gold miners slid up to 8.9% that day, with Northern Star falling roughly 8%, as CME margin requirements climbed and investors reevaluated the risks tied to the incoming Federal Reserve chair. “Being long gold has been an overcrowded trade for some time,” noted Craig Sidney, a senior investment adviser at Shaw and Partners. 4
Money kept pouring into the trade. Gold miner ETFs saw $3.62 billion flow in January — the largest monthly inflow since at least 2009, per LSEG Lipper data. UBS Global Wealth Management CIO Mark Haefele said he remains long gold, citing ongoing demand from central banks and investors. 5
Northern Star will report its FY26 half-year results for the period ending Dec. 31, 2025, before the market opens on Feb. 12. A conference call is scheduled for 9:00 a.m. AEDT, where Managing Director Stuart Tonkin, CFO Ryan Gurner, and COO Simon Jessop will answer questions, the company announced.
Costs and delivery remain front and center. Northern Star’s December-quarter report updated FY26 guidance to 1.6 million-1.7 million ounces of gold sold, with an all-in sustaining cost (AISC) between A$2,600 and A$2,800 an ounce — AISC being the industry standard combining operating expenses and sustaining capital. Tonkin said the team is “firmly focused on driving productivity improvements and strengthening cost discipline,” even as the company raised its FY26 capex forecast for the KCGM mill expansion. 6
The risk is clear. Should gold lose this week’s gains, miners could slide sharply. Northern Star faces its results with little margin for another guidance hiccup. More cost pressures or delays would hit hard.
Thursday’s focus will be on bullion, the Australian dollar, and whether today’s broker-driven buying holds up. The key event is Feb. 12, when Northern Star releases its report and provides updates on second-half production, costs, and capital expenditure.
