Perth, May 2, 2026, 06:08 (AWST)
Northern Star Resources Ltd has scrapped 1,316,181 ordinary shares following its on-market buyback, according to a new filing. That brings its outstanding ordinary shares down to 1.4298 billion. The shares, purchased off the market, ceased on April 30, with the company spending A$28.995 million for the lot.
Why it matters: this marks the first actual drop in Northern Star’s share count since the buyback was announced a month ago. On April 30, the company scooped up 641,557 shares for A$13.44 million. That brings total repurchases so far to 2.37 million shares, costing Northern Star about A$51.33 million, according to its daily update.
The buyback program isn’t close to tapping out yet. As of the latest daily update, 20,253,288 shares were still on the table under the approved cap. Royal Bank of Canada is handling the broker duties for the effort.
When a company opts for an on-market buyback, it’s purchasing its own stock directly via the exchange. Investors see the cash move out of the business, but with fewer shares outstanding, per-share figures can get a bump—assuming earnings don’t slip.
Northern Star’s board gave the green light to a buyback of as much as A$500 million, set to start around April 23 and continue for a year—no shareholder sign-off required. Managing Director Stuart Tonkin pointed to “confidence in the strength of our business,” adding that “current share prices do not fully reflect the quality and future potential of our assets.”
Capital returns are happening even as Northern Star pours money into its mines. For the March quarter, the company sold 380,807 ounces of gold, booking an all-in sustaining cost (AISC) of A$2,709 per ounce—a figure that rolls in all necessary spending to keep output on track. Underlying free cash flow came in at A$301 million. Cash and bullion stood at A$1.183 billion at the end of the quarter.
Tonkin described the quarter as showing “improved operational performance,” though he cautioned the full-year forecast still hinges on mill throughput at KCGM—leaving room for both “downside and upside potential.” KCGM, Northern Star’s Kalgoorlie Consolidated Gold Mines operation, houses the Fimiston open pit, more commonly called the Super Pit. NSR Limited
That’s the push and pull here. Northern Star is handing money back to investors, all while it keeps pouring funds into the KCGM mill expansion and the Hemi development. The March-quarter update pegged FY26 growth capex somewhere between A$2.315 billion and A$2.425 billion. On top of that, KCGM mill expansion costs ticked higher, blamed on sluggish construction progress and rising inflation.
Northern Star’s latest move lands it squarely in the capital-return camp with heavyweight peer Newmont, which just last week greenlit another $6.0 billion for share buybacks after burning through its previous approval. Sure, the numbers don’t match up, but the message is clear: gold miners are channeling robust cash flows back to investors, even as they keep money flowing into long-term projects.
The buyback isn’t locked in. Northern Star made clear the size and schedule hinge on where the market sits, how the shares trade, shifts in capital needs, and any surprises. The company can hit pause or pull the plug on the plan whenever it wants. Should KCGM throughput fall short, capital costs climb higher, or Hemi approvals stall, buybacks could end up squeezed by project outlays.
