Northern Star Resources Ltd (NST.AU) shares plummeted 5.02% during intraday trading on Thursday, marking a significant decline for the Australian gold miner.

The sharp drop follows bearish analyst commentary, with Jarden maintaining an underweight rating on the stock and cutting its price target after what it deemed a disappointing update to the company's mineral reserves. The broker noted that while the update included more ounces, it did so using higher gold-price assumptions and expressed surprise at the extent of the reduction to reserves at the key Hemi project.

Adding to the pressure, the broader Australian gold sector fell as bullion prices lost ground on expectations that war-driven inflation will keep U.S. interest rates elevated. The negative sentiment was further compounded by Jefferies cutting its price target for Northern Star, urging the company to provide greater clarity on key operating metrics for its portfolio.