SYDNEY, May 18, 2026, 02:04 AEST
Northern Star Resources shares will start Monday’s ASX session below recent levels after dropping 2.98% to A$20.50 on Friday. The gold miner is down 3.12% over the past week, with bullion and miners sliding into the end of the week.
The ASX cash market was still closed at the dateline. Regular trading is scheduled from 09:59:45 until 16:00 Sydney time. May 18 does not appear on the list of 2026 exchange holidays.
Northern Star’s timing is in focus after a sharp drop in gold prices. Spot gold lost 2% to $4,557.61 an ounce on Friday, finishing 2.5% lower for the week, as rising dollar and bond yields weighed. “There was a selloff across the precious metals,” Marex analyst Edward Meir said. Reuters
ASX 200 finishes week lower as miners slide
Australian shares closed a bit weaker on Friday, with the S&P/ASX 200 down 0.1% at 8,630.8. The index dropped 1.2% for the week. Mining stocks were hit hardest, off 3.1% on the day. Investors look to next week’s jobs report for possible rate clues.
Northern Star is seeing the market balance high gold prices with concerns over execution risk. The company said March-quarter gold sales came in at 380,807 ounces, with all-in sustaining costs at A$2,709 an ounce. Full-year 2026 guidance stayed at more than 1.5 million ounces sold, and AISC is set at A$2,600 to A$2,800 an ounce. Managing Director Stuart Tonkin pointed to “improved operational performance” in the March quarter, but added that the outlook will depend on mill throughput at KCGM. NSR Limited
Buyback stays in place as a support. Northern Star said it will carry out an on-market buyback of up to A$500 million, with plans to run the purchases through the exchange for as long as 12 months starting around April 23. CEO Tonkin said the current share price doesn’t “fully reflect the quality and future potential” of the company’s assets.
Northern Star ended Friday close to its one-month low at A$20.20, per Investing.com, leaving the stock down 15.638% for the month. The trading shows investors still putting pressure on the shares.
Peers took a hit as well, suggesting the pressure goes beyond just Northern Star. Evolution Mining lost 5.52% to A$12.50 on Friday and was off 4.21% for the week. Genesis Minerals slid 2.47% to A$6.31 but stayed up 1.45% over seven days.
Company news was light over the weekend. Northern Star’s website kept the latest ASX updates to a May 8 unquoted securities notice, a buyback update from May 4, and May 1 securities notices.
Macro signals stay mixed. Swissquote senior analyst Ipek Ozkardeskaya told ABC that investors might be overlooking the oil shock and inflation threat, saying energy prices will “likely remain elevated” with little movement in Middle East talks. ABC News
The trade isn’t a one-way bet. If gold drops more, or if KCGM throughput stays weak, the buyback won’t do much to calm worries about margins and delivery. Bart Melek, global head of commodity strategy at TD Securities, said there was “risk of a significant downturn” for gold if the Middle East conflict drags on. Reuters
Monday’s open will be the real test for whether investors see Friday’s drop as just another swing from the sector or a real blow to Northern Star’s recovery hopes. Right now, the shares are caught between strong gold prices and what the market wants: more consistent mine results.
