Northern Star buyback hits A$128.9 million, gold slips under $4,000
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Northern Star buyback hits A$128.9 million, gold slips under $4,000

June 24, 2026
by

PERTH, June 25, 2026, 04:03 AWST

  • Northern Star spent A$3.09 million picking up 149,444 shares on June 23.
  • Investors bought a total of 6.32 million shares, spending A$128.9 million.
  • The stock finished at A$20.59. This came before gold dropped to its lowest level in seven months.

Northern Star Resources’ on-market buyback is now at A$128.9 million. The miner picked up another 149,444 shares at A$20.54 to A$20.89, according to its latest ASX filing. The company spent A$3.09 million on the June 23 trade.

The company has picked up 6.32 million shares so far, leaving room to buy another 16.31 million before hitting its 22.62 million share limit. The buyback is capped at A$500 million and is set to run through April 22, 2027.

Northern Star finished 0.15% down at A$20.59 on Wednesday, trading in a band from A$20.33 to A$20.80. The stock outperformed Evolution Mining, off 2.29%, and Newmont’s Australian listing, which slipped 2.19%.

Spot gold fell 3.3% to US$3,973.79 an ounce, touching its lowest level since November. Independent metals trader Tai Wong said “a potentially long period of consolidation” is likely for bullion, citing a strong dollar and rate-hike bets. Reuters

Northern Star’s buyback has come under more scrutiny after Elliott Investment Management revealed it holds a stake valued at over A$1 billion and pushed for a formal strategic review that could include a sale. Elliott said Northern Star’s “operational missteps, cost overruns and inconsistent strategic direction demands urgent action.” Reuters

Northern Star Chair Michael Chaney said this month the company’s share price “has not met our expectations.” The company is looking for a replacement for Managing Director Stuart Tonkin and said it is open to a board candidate suggested by Elliott.

Northern Star’s buyback leaves operating risk in place. Tonkin said hitting over 1.5 million ounces in fiscal 2026 still “particularly” hangs on KCGM mill throughput. The company kept its forecast for all-in sustaining costs at A$2,600 to A$2,800 an ounce, covering what it takes to keep the mines running.

Barrenjoey’s Daniel Morgan said pressure from Elliott will probably “make Northern Star act faster.” The company is set to post June-quarter results on July 29. Reuters

Mateusz Ługowik

Mateusz Ługowik is a senior markets reporter at Bez-kabli.pl, specializing in technology stocks, artificial intelligence and global financial markets. A graduate of the University of Gdańsk, he previously worked in investment research and market analysis. His coverage helps readers understand the key trends, companies and innovations influencing investors worldwide.

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