SYDNEY, June 30, 2026, 05:02 AEST
- Northern Star dropped 2.28% to A$20.12 on Monday, while the ASX200 and top gold names moved higher.
- Buyback disclosures show A$128.9 million was spent by June 23, with the average price at A$20.39 per share. That’s higher than where shares closed Monday.
- At Monday’s close, buying the rest of the share cap would run to about A$328.1 million. That’s less than the A$371.1 million in cash left in the A$500 million plan.
Northern Star Resources Ltd ASX:NST heads into Tuesday’s ASX trade looking soft, despite touting a A$500 million buyback. The shares are now under the average price the company paid to buy back stock so far, and it could bump into its share cap before the money runs out.
Northern Star traded at A$20.12 at Monday’s close, off A$0.47, or 2.28%. Yahoo Finance showed 4.12 million shares changed hands. This comes ahead of normal ASX cash trading, which ASX says starts about 09:59:45 and runs to 16:00 Sydney time.
| June 29 market read | Last price/index | Day move | 12-month move |
|---|---|---|---|
| Northern Star Resources Ltd ASX:NST | A$20.12 | fell 2.28% | up 8.46% in a year |
| Evolution Mining Ltd ASX:EVN | A$12.39 | rose 1.31% | up 59.05% in 12 months |
| Newmont Corporation CDI ASX:NEM | A$137.50 | added 0.86% | up 57.48% since last year |
| S&P/ASX 200 | 8,813 | gained 0.68% | up 3.17% for the year |
The gap is key here since investors are looking at Northern Star on more than just its gold exposure. The wider ASX was up, Evolution moved higher, Newmont’s CDI gained, but Northern Star slipped. Bullion dropped too. Trading Economics data pointed to the same divide between the key gold stocks and the ASX200.
Spot gold lost 1.7% to $4,020.68 an ounce by 2:00 p.m. ET on Monday, after sliding over 2% earlier in the day, Reuters said. “The market is still adjusting to a more hawkish Fed tilt,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. Reuters
Northern Star said April 2 its board cleared an on-market buyback worth up to A$500 million, with plans to kick off around April 23 and run for 12 months. “An efficient way to return capital to shareholders,” Managing Director Stuart Tonkin said.
NSR Ltd said in its June 24 update it bought 6,169,044 shares through June 22 and picked up another 149,444 shares on June 23. Total spent on the buyback hit A$128.9 million so far, using the company’s own numbers.
| Buyback figures from latest filing | Figure |
|---|---|
| Max cash allowed | A$500.0 mln |
| Shares repurchased as of June 23 | 6.318 mln |
| Spent so far by June 23 | A$128.9 mln |
| Average price paid | A$20.39 |
| Monday’s close versus avg buyback price | 1.3% lower |
| Shares still approved for buyback | 16.306 mln |
| Needed to buy remaining shares at A$20.12 | A$328.1 mln |
| Leftover cash if price holds at A$20.12 | A$43.1 mln |
Northern Star could reach its buyback share cap before using all the planned cash if the stock trades under about A$22.76, unless it changes the buyback terms. Its last filing said the share cap was set by dividing the A$500 million by the A$22.10 close on April 1.
The buyback math is getting a push from activist pressure. Reuters said this month that Elliott Investment Management built a stake of more than A$1 billion, or over 4%, in Northern Star. The firm called for a strategic review, possibly including a sale. Elliott pointed to a run of operational misses and what it called weak disclosure compared to other global players.
“The company does need to be shaken up,” Pendal Group portfolio manager Brenton Saunders told Reuters after Elliott’s position was revealed. At the time, Northern Star said it was open to talks with Elliott and had begun a CEO search, with Tonkin planning to step down in early 2027. Reuters
Northern Star’s plan is straightforward in the short term. If the company keeps repurchasing shares near Monday’s price, the buyback cuts the share count, but the A$500 million headline number might exaggerate how much buying is left at this price. If shares move above A$22.76, the spending cap starts to matter more.
Gold markets are looking to U.S. ADP jobs figures due Wednesday, with nonfarm payrolls to follow on Thursday, Reuters said. Grant said if the jobs data comes in strong and supports the Fed staying higher for longer, gold could drop to fresh lows.
