Sydney, June 8, 2026, 01:00 (AEST)
Northern Star Resources Ltd goes into Australia’s extended holiday trading pause with its shares showing some recovery but still down, as Elliott Investment Management’s involvement shifted last week’s sharp drop into a contest for influence.
Shares ended Friday at A$19.88, losing 2.5% for the session but gaining 5.69% in the past week. Market value was A$28.37 billion. The stock remains about 37% under its 12-month peak on March 2, market data showed.
Tuesday holds more weight, since the ASX won’t open on Monday due to the King’s Birthday holiday. Investors get an extra day to weigh Elliott’s push against falling gold prices and Northern Star’s latest execution issues.
Elliott said it now owns more than 4% of Northern Star, a stake valued above A$1 billion, and is pushing for a board-led strategic review that could include selling assets, a merger, or selling the whole company. Shares in Northern Star rose 13.7% Tuesday after the activist made its position public. Evolution Mining was down 2% and Perseus Mining lost 8%. “The company does need to be shaken up,” Pendal Group portfolio manager Brenton Saunders said, adding Elliott’s “MO is usually very effective, if somewhat unorthodox.” Reuters
Northern Star left things open. The miner said in a June 2 ASX release it welcomed talks with Elliott. Northern Star said it was far along in its hunt for a managing director, working with an international search firm. Goldman Sachs is advising the board as it reviews corporate options, including possible bigger M&A. The Kalgoorlie/KCGM mill expansion is still scheduled to finish by early fiscal 2027, the company said.
Northern Star is also looking at a buyback. The company picked up 293,890 shares on June 4 in an on-market buyback, paying A$6.05 million. That pushed shares bought before the prior day to 3.86 million. According to its latest notice, 18.47 million shares are still available under the maximum disclosed program.
Northern Star says its mineral resources are up to 88.9 million ounces, and ore reserves increased to 28.4 million ounces for the year to March 31. The company says the asset case is sizable, though the market has shown little patience.
Kalgoorlie’s profile isn’t fading. The West Australian said Sunday Northern Star’s Kalgoorlie Super Pit has passed Newmont’s Boddington to become Australia’s top gold producer, shifting some focus in the ongoing debate about the company’s assets to local output.
But the trade can turn the other way in a hurry. Gold dropped about 3% Friday, hitting $4,341.52 an ounce, the lowest since March 24, after a stronger U.S. jobs report pushed up bond yields. Gold doesn’t pay interest, so higher yields can drag on demand. If bullion keeps sliding, or Kalgoorlie execution stumbles again, the activist premium could disappear fast.
Northern Star faces three points this week. Will it say more about Elliott’s offer? Is the CEO search picking up pace? And does the buyback keep shares afloat without new operating updates? The first clue’s due Tuesday morning, not Monday.
