Sydney, Feb 16, 2026, 17:09 (AEDT) — After-hours
Northern Star Resources Ltd (ASX:NST) finished Monday up 0.3% at A$28.46 after Citi upgraded the stock to “buy” from “neutral”, according to a broker-call report. Gold futures slipped 0.7% to roughly $5,009 an ounce, limiting interest in gold-related shares. 1
This upgrade packs a punch—Northern Star ranks among the big names in Australia’s gold sector, and when brokers weigh in, the money doesn’t sit still. Lately, traders have been chasing earnings headlines, and with bullion swinging through key price levels, the tape is quick to turn on a dime.
Investors are wrestling with the question: can gold’s climb keep papering over the usual headaches—rising costs, hefty capital spending, and the slow push to boost production—or does the real shakeup arrive if the gold price finally flattens out?
The S&P/ASX 200 edged up roughly 0.2% by the close. Gold miners caught attention, after spot gold briefly reclaimed the $5,000-an-ounce mark before pulling back as the session wore on, according to ABC. 2
Northern Star logged a 41% jump in half-year net profit after tax, hitting A$714.4 million, and reported a 34% lift in underlying EBITDA to A$1.876 billion, driven by stronger gold prices. Managing director Stuart Tonkin called the numbers “resilience,” backing a 25 cent interim dividend—even as he acknowledged “a soft operating performance.” Looking ahead, the miner is targeting FY26 output of 1,600–1,700 thousand ounces, with all-in sustaining costs (AISC) projected at A$2,600–2,800 per ounce. 3
The filing showed the dividend goes ex on March 4, with shareholders on record by March 5 set to receive payment March 26. 4
Still, everything comes down to execution. Should expenses start creeping up or major projects lose momentum, investor patience may not last — and gold itself has a habit of turning fickle when support matters most.
Monday wrapped up, leaving the focus squarely on what’s next for operating momentum and cost management updates. The sector could also see new broker resets surface.
Next up for Northern Star: the company’s March-quarter update arrives April 22. 5
