Perth, April 28, 2026, 05:09 AWST
Northern Star Resources snapped up 923,598 shares over the first two sessions of its newly launched on-market buy-back, according to a fresh filing, putting the spotlight back on its A$500 million capital return plan after a volatile stretch for the Australian gold miner. On April 24, the company picked up 467,860 shares, following its purchase of 455,738 shares the previous day, for a combined outlay of roughly A$20.6 million.
Timing is key here. Northern Star wants the market to see it can handle both paying out to shareholders and ramping up investment at Kalgoorlie Consolidated Gold Mines, or KCGM, even as it works through previous operational hiccups. Shares finished Monday at A$22.14—up 1.28% for the session, but still 6.82% lower for the week.
The buy-back doubles as a bet by management that the market’s been too harsh on the stock. Northern Star announced this month that its board signed off on an on-market buy-back—worth up to A$500 million, spread out over the next 12 months. Managing Director Stuart Tonkin called out the share price at the time, saying it didn’t “fully reflect the quality and future potential” of the miner’s assets.
The recent filing put the number of shares left for repurchase at 21.7 million, out of a maximum programme size of 22.6 million shares—figured using a A$22.10 close on April 1. Royal Bank of Canada is listed as the broker handling the buy-back.
Northern Star’s results from the March quarter lent some weight to the program. The miner sold 380,807 ounces of gold with an all-in sustaining cost (AISC) of A$2,709 per ounce. Underlying free cash flow for the group came in at A$301 million, while net mine cash flow totaled A$426 million.
The company stuck to its fiscal 2026 targets: over 1.5 million ounces of gold sold, and AISC holding between A$2,600 and A$2,800 per ounce. The KCGM mill expansion remains scheduled for commissioning in early fiscal 2027. As for full-year growth capex, that’s now pegged at A$2.315 billion to A$2.425 billion.
Tonkin told the results call the company booked A$301 million in free cash flow for the quarter, citing “high margin ounces” and a push from higher-grade output at Golden Pike within KCGM—even as mill capacity stayed tight. He flagged that KCGM mill throughput remains the key swing factor, with “both downside and upside potential.” Investing
Pressed on the buy-back, finance chief Ryan Gurner called the stock repurchase “some of the most accretive capital allocation” the company could make, per a call transcript. Gurner also pointed to the new KCGM mill coming online, saying Northern Star expects cash flows to improve. Investing
But execution remains the sticking point. Northern Star flagged that costs for the KCGM mill expansion have climbed—construction productivity has lagged, and inflation hasn’t let up. June-quarter expenses are also heading higher, thanks mainly to elevated oil prices. Over at Hemi, its Pilbara project, the company said it’s still working through approvals and tweaking the design.
Investors still aren’t giving Northern Star a free pass. After the March-quarter update, Jarden trimmed its price target on the stock to A$22.30 from A$22.50 and stuck with its Underweight call, according to MarketScreener.
The action’s part of a stronger run among Australian gold stocks, though the wider market lagged. Evolution Mining tacked on 2.51% Monday, with the ASX 200 dropping 0.23%, Trading Economics figures show. Northern Star was up 1.28%, trailing its sector rival for the session.
Northern Star still ranks among Australia’s bigger gold miners, running sites in Western Australia plus Pogo up in Alaska. The focus for the coming months won’t be the buy-back headline; it’s whether KCGM throughput, fuel bills, and project outlays actually stay within the stricter targets management just outlined to investors.
