SYDNEY, May 19, 2026, 05:04 AEST
Northern Star Resources Ltd shares slid 2.44% to A$20.00 on Monday, hitting an intraday low of A$19.53. The stock moved in line with other gold miners. Market cap was about A$28.6 billion and 5.31 million shares changed hands.
Gold miners are under pressure as higher bond yields make gold look less appealing. The metal doesn’t pay interest, so when yields go up, gold gets compared less favorably. Spot gold nudged up 0.2% Monday, after touching its lowest since March 30. U.S. gold futures slipped 0.1% at settlement. Jim Wyckoff at American Gold Exchange said the weaker dollar was good for gold, but said rising yields could cap gains.
ASX cash trading was shut at the time of writing, ahead of Tuesday’s open. The ASX session is 10 a.m. to 4 p.m. Sydney time on business days. Monday’s close at A$20.00 will be the initial level when the market restarts.
S&P/ASX 200 dropped 125.5 points, or 1.45%, to 8,505.3 on Monday. The All Ordinaries lost 1.52%. There wasn’t much support from the wider market, according to Morningstar with AAP.
Gold miners lagged the broader market. The ASX Gold Sub-Index fell 4.0%, according to Market Index, with the sector pressured by rising yields and inflation worries tied to oil. Evolution Mining dropped 4.6%.
Northern Star went into the sell-off with cost pressures and performance already in focus. The company’s March-quarter numbers showed sales of 380,807 ounces of gold at an all-in sustaining cost (AISC) of A$2,709 an ounce. AISC covers most of the expense to keep gold mines running. Managing Director Stuart Tonkin said the FY26 outlook is “particularly dependent on mill throughput at KCGM,” which refers to the Kalgoorlie site with the Super Pit. NSR Limited
Northern Star stuck with its FY26 targets in its April update, aiming for more than 1.5 million ounces of gold sales and AISC of A$2,600 to A$2,800 an ounce. The company said the KCGM mill expansion is still set for commissioning in early FY27. Northern Star also said it will start an on-market buyback of up to A$500 million from April 23.
Northern Star has scale from its asset base, so execution is front and center for investors. Reuters says the company runs gold exploration, development, mining and processing mostly in Western Australia and Alaska, with operations like Kalgoorlie, Yandal and Pogo.
But things could flip fast. If yields or oil prices drop, bullion and gold stocks could attract buyers again. On the other hand, if yields stay high, diesel costs hold up and KCGM misses on throughput, watch for a move below Monday’s A$19.53 low. That’s the risk for investors at the open.
