The Northern Star Resources Ltd (ASX: NST) share price is on a bit of a rollercoaster today.
Down 2% in the early minutes of trade to $9.33 per share, the Northern Star share price rebounded to trade almost even before sliding again at the time of writing to be down 0.7%.
For some context, the S&P/ASX 200 Index (ASX: XJO) is down 0.1% at this same time. And the S&P/ASX All Ordinaries Gold Index (ASX: XGD) has slipped 1.7% amid another retrace in gold prices, now down 6% over the past 2 weeks.
What else is impacting the Northern Star share price?
Despite mining depletion and the reduction of 2.4 million ounces after divesting its Kundana assets, the company’s mineral resource remained stable at 56.4 million ounces. It credited the stability to successful exploration activities over the year, which added 4.3 million ounces to its mineral resource.
Northern Star’s Ore Reserve also remained stable at 20.7 million ounces. It said that exceptional growth and higher-grade gold levels at several of its project underpin the potential for mine life extensions alongside additional organic growth.
Commenting on the update, Northern Star managing director Stuart Tonkin said:
Our substantial Mineral Resource base in world-class jurisdictions is what enables Northern Star to stand out in the marketplace. We will continue to explore aggressively and effectively to unlock the enormous potential within, around and below our existing operations. This further supports the replacement of Ore Reserves in coming years.
Our conservative gold price assumptions combined with our underground mining portfolio provide optionality in a supportive gold price environment to optimise cash flow and shareholder returns as well as ensure downside protection.
How has the ASX 200 gold miner been performing?
The Northern Star share price has seen its fair share of ups and downs this year. With today’s intraday moves factored in, shares in the ASX 200 gold miner are up 1.2% in 2022. That compares to a year to date loss of 3.2% posted by the ASX 200.
The post What’s happening with the Northern Star share price on Tuesday? appeared first on The Motley Fool Australia.
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