Sydney, January 12, 2026, 17:15 AEDT — After-hours
Northern Star Resources Ltd shares closed 2.9% higher at A$25.43 on Monday, after swinging between A$24.83 and A$25.62. The surge came as record-high bullion prices lured buyers back into gold miners.
That’s crucial now, since gold prices can shift a miner’s margins quicker than anything they can adjust underground. A stronger bullion market also gives investors breathing room while they wait to see if a rough quarter was just a blip.
Northern Star revealed earlier this month that weaker results in the December quarter forced it to lower its FY26 gold sales forecast to 1.6–1.7 million ounces from the previous 1.7–1.85 million ounces. The company also warned that costs are likely to rise. It pointed to unplanned outages and operational troubles at several sites, including a primary crusher breakdown at KCGM, slower recovery rates at Jundee, processing delays at Thunderbox, and reduced grades at Pogo. Updated cost guidance is expected with the quarterly results on Jan. 22.
Gold surged as investors sought safe-haven assets amid geopolitical strains and a criminal investigation linked to U.S. Federal Reserve Chair Jerome Powell. “U.S. futures fell on the Powell news, giving gold the green light to rally,” said Tim Waterer, chief market analyst at KCM Trade. Reuters
Analysts covered by Investing.com set a 12-month average price target for Northern Star near A$28.39 and generally give the stock a “Buy” rating, despite a broad range of individual targets. Investing.com
Macro factors remain in control. The U.S. dollar dipped following the announcement of the probe, with traders now focused on Tuesday’s U.S. consumer price data—one of the final key reports ahead of the Fed’s late-January policy meeting. “It’s clearly not a good look for the U.S. dollar,” said Ray Attrill, head of FX strategy at National Australia Bank. Reuters
Australian shares climbed in early Monday trade, led by a 2.5% jump in gold stocks thanks to stronger bullion prices. However, the broader resources sector felt pressure from some of the larger miners.
Northern Star’s next session will probably track bullion and the direction of interest rates. Traders are increasingly betting that a stronger gold price could support earnings—provided operational problems don’t keep piling up.
But it works both ways. Should gold prices slip from their record peaks, miners could lose gains just as fast. And a steep revision in cost forecasts might reignite questions over how smooth Northern Star’s second-half performance will prove.
