Perth, March 11, 2026, 06:20 AWST
Northern Star Resources Ltd climbed 2.6% on Tuesday, bouncing back alongside other Australian gold stocks as the local market found footing after Monday’s oil-driven drop. Evolution Mining was up 3.1%. Australia’s gold-stock index moved 2.5% higher, with the ASX 200 regaining 1.6%.
Northern Star’s shares continue to feel the weight of January’s reset. The company flagged a disappointing December quarter and unexpected downtime — the big hit was a primary crusher breakdown at its Kalgoorlie Consolidated Gold Mines, or KCGM, site — which led management to lower its FY26 production forecast. Guidance now sits at 1.6 million to 1.7 million ounces, trimmed from the earlier range of 1.7 million to 1.85 million.
Gold found a bit of a lift, with spot prices jumping 1.9% to $5,231.79 an ounce on Tuesday. The dollar slipped, oil backed off, and TD Securities’ Bart Melek pointed to softer oil prices as easing some of the inflation pressure that might keep the Federal Reserve from cutting rates.
Northern Star bumped up its FY26 AISC guidance to A$2,600-A$2,800 per ounce, from the previous range of A$2,300-A$2,700. The miner is leaving its FY26 sustaining capital target unchanged at around A$750 million. Growth capital is now tipped at A$2.315 billion to A$2.425 billion, with investment focused on the KCGM mill expansion and the Hemi Development Project.
Investors sticking around got some justification in February’s half-year numbers. Underlying net profit after tax jumped 49% to A$759.8 million. Statutory net profit after tax, up 41%, landed at A$714.4 million. Chief Executive Stuart Tonkin said the company’s balance sheet is “in a net cash position,” even though operations were softer. ASX Announcements
Northern Star will soon carry more heft in the market. S&P Dow Jones Indices announced on March 6 the miner is taking Santos’s place in the S&P/ASX 20, effective before trading begins on March 23.
The rebound could prove short-lived if macro trends shift once more. On March 5, gold shed 1.2% as rising Treasury yields, together with a stronger dollar, eroded some of the safe-haven appeal. “Higher yields usually aren’t great for gold,” said Melek. Reuters
Markets remain unsettled. According to Reuters, roughly A$130 billion vanished from Australia’s sharemarket over the past week. ATFX Global’s Nick Twidale flagged that if conflict in the Middle East drags on, Australia could be facing a “real downturn.” Reuters
