Perth, June 23, 2026, 03:04 (AWST)
- Northern Star finished Monday at A$21.20, gaining 1.58%. Australian gold miners added 1.8%. Evolution Mining advanced 3.35%.
- The company picked up 470,452 shares on Friday, spending A$9.82 million. Buybacks now stand at 6.17 million shares, costing A$125.78 million.
- At Monday’s price, the buyback limit holds total spend close to A$474.6 million. Northern Star needs to average about A$22.74 a share on what’s left to hit the A$500 million cap.
Northern Star Resources Ltd (ASX:NST) ended up 1.6% at A$21.20 on Monday. The company reported more share purchases as Australian gold stocks bounced, even as the S&P/ASX 200 fell 0.1%.
ASX:NST is facing pressure from Elliott Investment Management, which has taken more than a 4% stake and is calling for a strategic review and changes to the board. Elliott also wants the company to look at a possible sale. Every capital-allocation move now tests the board’s commitment to a stand-alone plan.
The company’s on-market buyback has taken out 6,169,044 shares so far, costing A$125.78 million. On Friday, it picked up 470,452 shares, paying between A$20.68 and A$21.00, with an average close to A$20.87.
Northern Star’s buyback has a share-count cap that’s been easy to miss. The company can spend up to A$500 million but set the ceiling at 22,624,434 shares, based on the A$22.10 close on April 1. The most recent filing shows 16,455,390 shares still left under that cap.
Northern Star would need to pay around A$348.9 million to buy out the rest of its allowance at A$21.20. The miner has already spent A$125.8 million, so total outlay comes to about A$474.6 million. That sits about A$25.4 million under the full buyback authorization. If the cap stays where it is, Northern Star would have to pay close to A$22.74 per share on average to deploy all A$500 million.
That system works in favor of Northern Star when prices are down. It can buy back more shares for each dollar and has already spent 25.2% of its cash for 27.3% of the buyback quota. But if the shares remain below the April reference price, it’s the share limit that could force a halt to purchases before the cash runs out.
Monday’s move lagged Evolution Mining, which added 3.35% to A$12.96. Spot gold climbed 0.5% to around US$4,182 an ounce later in the global session, bouncing back from a one-week low. That rebound in bullion appeared to matter more for the sector on the day than any new optimism for a Northern Star deal.
Managing Director Stuart Tonkin, at the time of the announcement, said the market was not pricing in the quality or future upside in Northern Star’s assets. The buyback, up to 1.6% of issued capital, is linked in part to forecast cash flow from the bigger Fimiston processing plant at Kalgoorlie.
Elliott sticking around keeps the prospect of change on the table. Barrenjoey’s Daniel Morgan said Elliott’s push will probably make Northern Star speed up, but the company maintains it doesn’t think this is the right time to start a sale process.
But risk is still on the table. Northern Star’s 2026 outlook for over 1.5 million ounces leans on getting enough ore through its current KCGM mill. The company said March-quarter sales were 380,807 ounces, with its all-in sustaining cost at A$2,709 an ounce. If the expanded mill takes longer than expected, if gold prices fall, or if the company misses its own targets again, the buyback likely won’t be enough to offset the pressure.
Northern Star’s next big test is the June-quarter results due July 29. Investors want to see if KCGM’s expansion is sticking to its early fiscal 2027 timeline for commissioning. They’re also waiting to see if Northern Star moves faster on its buyback, lifts the share cap, or shifts position on Elliott’s call for a broader strategic review.
