Perth, May 3, 2026, 23:02 (AWST)
Northern Star Resources Ltd scrapped 1.316 million ordinary shares it picked up through its on-market buyback, according to a May 1 filing. The move marks another step in the Australian gold miner’s A$500 million capital-return program. The shares—acquired between April 27 and April 30—were cancelled on April 30. The total spent: A$28.995 million.
This matters because Northern Star has moved past just board approval—the buyback is now live, putting real cash on the table as it works to shore up confidence in its returns and mining operations. In a daily filing, the company disclosed it picked up 641,557 shares on April 30, spending A$13.44 million. To date, 1.73 million shares have been scooped up, with 20.25 million still left in the buyback pool under the cap.
The update arrives as investors juggle capital returns with a crowded slate of projects. Northern Star, in its March-quarter outlook, reaffirmed FY26 production guidance above 1.5 million ounces. Sales at Kalgoorlie Consolidated Gold Mines (KCGM) still hinge on how the mill performs. Group AISC guidance holds at A$2,600-A$2,800 per ounce. That’s the all-in sustaining cost—industry shorthand for what it takes to produce gold and keep operations going.
Northern Star unveiled its buyback plan on April 2, outlining intentions to snap up as much as A$500 million in shares across the next 12 months, starting around April 23. Managing Director and CEO Stuart Tonkin pointed to “structural uplift in cash generation” tied to the KCGM mill expansion, calling current share prices out of step with the company’s asset quality and growth potential. He described the move as a show of confidence in the business. The company also made clear the buyback won’t affect its existing dividend policy, which remains at 20% to 30% of cash earnings.
The setup for gold still favors bulls, though the path’s been anything but easy. On May 1, spot gold ticked up 0.1% to $4,627.63 an ounce, according to Reuters, but it was still on track for a losing week. Chris Gaffney, president of world markets at EverBank, pointed to Iran negotiation headlines as the factor that “helped gold recover from early morning losses.” Reuters
Rivalry in the sector is heating up. Newmont, the world’s biggest gold miner, cleared a fresh $6 billion buyback program last month following a first-quarter profit beat, but flagged that second-quarter output would slip while costs climb. Interim CFO Peter Wexler noted that “every $10 per barrel change in oil prices” translates to roughly a $60 million swing in costs for Newmont. Reuters
The buyback isn’t set in stone. Northern Star cautioned investors that there’s no certainty it will repurchase the full A$500 million in shares, or any at all. The company flagged it could pause or end the buyback if market conditions shift, if its capital requirements change, or if unexpected events crop up.
Friday’s filings included a slight boost from incentive securities. On April 28, Northern Star allotted 31,709 ordinary shares following the conversion of vested performance rights. Chief Operating Officer Simon Jessop was listed as the relevant key management figure.
Northern Star finished the session at A$21.17 on May 1, marking a 0.81% gain after swinging from A$21.13 to A$21.99. But shares are still sitting under the A$22.10 price point that was used in April to determine the buyback’s upper share limit.
Northern Star extracts gold at its Yandal and Kalgoorlie sites in Western Australia, along with the Pogo mine in Alaska, according to Reuters company data. The company also keeps up exploration across Western Australia, the Northern Territory, and Alaska. For investors, the stock serves as a barometer for trends in Australian gold output, mining costs, and how well the Kalgoorlie processing rebuild ends up working out.
