SYDNEY, June 9, 2026, 19:06 AEST
Northern Star Resources ended in the red on Tuesday. Shares slipped as gold miners fell and pressure from Elliott Investment Management kept focus on Australia’s biggest listed gold producer’s strategy.
Northern Star ended at A$19.22, down 3.32%. The stock traded from A$18.10 to A$19.44 on the day. Market cap came in at around A$27.43 billion. Peers were down too: Evolution Mining slipped 3.67%, and Newmont’s ASX-listed CDIs fell 4.76%.
The S&P/ASX 200 dropped 0.24% by the close in Sydney, with gold, metals and mining, and broader materials stocks weighing the most. August gold futures barely moved, settling at $4,362.80 an ounce for later delivery.
Northern Star shares are moving on more than just bullion prices. Talk of a demerger for some of Northern Star’s non-core assets has picked up since Elliott started its campaign. The Australian said Tuesday that Carosue Dam, Jundee and some Kalgoorlie assets could be packaged into a mid-tier company.
Elliott revealed last week it owns more than A$1 billion, or over 4%, in the company and asked for a strategic review, including a possible sale. Reuters said the activist fund cited “repeated operational missteps” and seven missed outlooks in four years. “The company does need to be shaken up,” Pendal Group portfolio manager Brenton Saunders said. Reuters
Northern Star isn’t giving ground yet. Its board said in a June 2 ASX filing that the hunt for a new managing director is running with an international search firm. The company said it’s staying focused on full-year guidance and the KCGM mill expansion. Goldman Sachs is advising Northern Star on corporate options, including broader M&A.
Northern Star’s latest buy-back notice shows the company itself is still stepping in. It bought back 260,462 shares on June 5. That brings the total so far to 4.16 million shares, while 18.21 million remain before hitting the program’s maximum.
Operational delivery is still the key swing factor. Northern Star reported March-quarter sales of 380,807 ounces of gold, with all-in sustaining costs (AISC) at A$2,709 an ounce. AISC is a per-ounce number covering both mine operating costs and sustaining capex. Managing Director Stuart Tonkin said performance will depend “particularly” on mill throughput at KCGM. NSR Limited
Activists and rivals are watching because of the asset base. Northern Star says it runs three production centres in Western Australia and Alaska. Kalgoorlie, Yandal and Pogo are the main producing assets. Hemi is a development project in the Pilbara.
The trade isn’t one-way. If management names a well-regarded CEO, gets KCGM on track, or posts a decent June quarter, break-up chatter could drop off. But if the company stumbles again—missed throughput, higher costs, or capital overruns—pressure could mount for Elliott’s review.
June-quarter earnings land July 29, the next operating test on the calendar. In the meantime, investors will focus on the CEO search, any new moves from Elliott, and if the Northern Star buy-back is enough to counter questions on execution.
