SYDNEY, June 18, 2026, 05:02 AEST
- Northern Star shares finished Wednesday at A$21.85, gaining 2.58%. The stock moved in a range from A$21.45 to A$22.04 during the session.
- The S&P/ASX 200 climbed 0.54% to finish at 8,966.30, making it a four-day winning streak ahead of Thursday’s session.
- The U.S. Federal Reserve kept interest rates unchanged overnight and pointed to a possible rate increase later this year. Gold stocks will have that to contend with at the next local open.
Northern Star Resources heads into Thursday’s ASX open with gains under its belt. Shares climbed 2.6% last session, outpacing the wider Australian market. Cash trading hasn’t begun; the ASX runs regular hours from 09:59:45 to 16:00 Sydney time.
Northern Star’s rally is facing turbulence as the company is under pressure from Elliott Investment Management. The activist investor is pushing the biggest listed gold miner in Australia for changes at the board level and a full review of strategy, after a string of operational stumbles and a lackluster share price. That’s put Northern Star under close watch that’s more typical for companies in the crosshairs of a takeover.
Northern Star rose 13.68% in the past week but is still off 11.03% for 2026, data from Intelligent Investor shows. Traders are watching the move. It’s a sharp rebound but comes after losses.
Gold stocks caught a bid. Evolution Mining added 2.91%, Newmont’s ASX CDIs were up 2.72% and Genesis Minerals surged 6.16%, according to Google Finance data. Northern Star’s gain tracked the move across Aussie gold names.
Gold was steady ahead of the Fed. Spot gold added 0.3% to $4,344.47 an ounce at 1509 GMT Wednesday. U.S. gold futures traded 0.2% higher at $4,364.70. Lukman Otunuga, senior research analyst at FXTM, said “weakness below $4,300 could trigger a selloff,” setting $4,300 as a line for Thursday’s Australian session. Reuters
Northern Star’s board moved to reassure investors. Chairman Michael Chaney wrote in a June 10 letter the miner’s share price this year “has not met our expectations,” adding the company is open to talks with Elliott and willing to look at ideas that could help.
The debate isn’t over. Elan Miller, deputy portfolio manager at Blackwattle Investment Partners, called the response “less than adequate” in comments to Reuters. Barrenjoey analyst Daniel Morgan said Elliott’s push might force Northern Star to speed up moves on assets and strategy. Reuters
Northern Star is buying back its own shares. In its latest daily notice, the company said it picked up 230,801 shares on the last buy-back day and 5.47 million on the earlier round, both through its on-market buy-back. The notice said the maximum number it could buy was based on dividing A$500 million by the A$22.10 closing price from April 1.
Northern Star is a gold producer with assets in Western Australia and Alaska, running three production hubs and developing Hemi in the Pilbara. Investors will keep watching Kalgoorlie, Hemi, Pogo and the CEO search as they weigh if the recent rebound in the stock can hold.
Traders are watching for the macro trade to reverse before the local session starts. The Fed held rates and signaled a possible hike in 2026, sending Treasury yields and the dollar higher after its statement. Higher yields tend to pressure gold, since bullion doesn’t pay interest. A new dip in gold, a stall in the management shakeup, or more production trouble could see sellers go after the rebound.
