Sydney, March 6, 2026, 17:19 AEDT
Northern Star Resources Ltd is set to enter Australia’s S&P/ASX 20 during the March quarterly rebalance, with S&P Dow Jones Indices announcing Friday that the miner will take Santos’ spot before trading kicks off on March 23. The update also puts Regis Resources and Westgold Resources, both gold producers, into the ASX 100—highlighting a growing presence for gold in the nation’s key equity indexes.
The shift is significant: the S&P/ASX 20 holds the biggest and most heavily traded names on the Australian bourse, with products linked to the index sticking closely to its roster. BlackRock’s iShares S&P/ASX 20 ETF, for instance, targets that same benchmark, minus fees.
Northern Star’s latest promotion comes on the heels of a busy stretch. The company wrapped up its De Grey Mining deal in May 2025, picking up the Hemi project in Western Australia. Last month, it posted underlying EBITDA of A$1.876 billion for the six months ended Dec. 31, a 34% jump, and closed the period with A$293 million net cash. “The resilience and growing returns” in the business stood out, Chief Executive Stuart Tonkin said. NSR Limited
The capital return continues to make its way through the market. Northern Star’s A$0.25 interim dividend went ex-dividend on March 4, hit its record date Thursday, and is set for payment on March 26. Investors preferring shares over cash needed to opt into the dividend reinvestment plan by 5 p.m. Friday.
Gold’s surge has carried much of the weight. Bullion has gained roughly 18% so far this year, even after a challenging week. OANDA’s Kelvin Wong pointed out Friday that “geopolitical risks are still not subsiding,” with ongoing Middle East tensions keeping gold on firm footing. Reuters
Still, moving up to the index doesn’t erase Northern Star’s operational challenges. Back in January, the miner slashed its FY26 production outlook to between 1.6 million and 1.7 million ounces. Later, it bumped up its all-in sustaining cost guidance to A$2,600–A$2,800 per ounce. AISC, for reference, tracks the full cost of keeping a gold mine running.
The stock continues to move with gold, tracking its daily ups and downs. On Thursday, Reuters noted that spot gold dropped 1.2%, pressured by stronger U.S. Treasury yields and a more robust dollar. That’s the flip side of Northern Star’s recent climb: inclusion in a benchmark offers a boost, but gold prices remain the driving force.
Still, Friday’s rebalance notice spotlights just how much ground Northern Star has gained in the market hierarchy. The update kicks in ahead of trading on March 23, bumping the miner into Australia’s main share index right as gold stocks claim greater weight in the latest shake-up.
