Sydney, June 17, 2026, 04:03 (AEST)
- Northern Star Resources shares gained 2.45% to A$21.30 on Tuesday. Google Finance data puts the stock far off its A$31.96 high for the past 52 weeks. Google
- Gold stocks pulled the ASX higher. The Gold Sub-Index rose 1.8%. Northern Star was among the gainers, up roughly 2.5% for the session. Market Index
- Investors are looking to the June-quarter numbers on July 29, while uncertainty around CEO succession and Elliott’s activist push is still in play. NSR Limited
Northern Star Resources Ltd rose Tuesday as buyers moved back into Australian gold stocks, while the broader market was mostly flat. Northern Star ended at A$21.30, up 2.45%. The stock traded from A$20.85 to A$21.46, according to Google Finance. The S&P/ASX 200 nudged up 0.04% to 8,917.7, but the local gold sub-index picked up 1.8%. Northern Star, Catalyst Metals, St Barbara, and Newmont all finished higher. Google
Gold and sentiment drove the move. Gold miners usually track bullion higher since their revenues move with gold prices, but many costs don’t change as fast. According to Reuters, spot gold added 0.9% to US$4,346.09 an ounce on Tuesday. An interim U.S.-Iran peace deal pushed oil prices lower and took some pressure off Fed rate hike bets. That shift matters for gold, which doesn’t pay interest, so falling rate expectations can make gold more appealing. Reuters
Northern Star is also running a company buyback in the background. In a June 15 filing, it said it purchased 230,801 shares the previous day for A$4.44 million. That brings its total buybacks to 5.47 million shares, costing A$111.5 million. There are still 16.93 million shares left under its stated maximum. Buybacks can help lift earnings per share by cutting the share count, but don’t address mine execution issues. NSR Limited
The rally is still seeing a governance discount. Activist investor Elliott Investment Management is pushing for board changes and a strategic review that could include a sale of assets, breaking up the company, or selling Northern Star outright. Chairman Michael Chaney, in a letter to shareholders, said the share price “has not met our expectations,” and said Northern Star will talk with Elliott. But Chaney said starting a sale process now is “not the right time.” Reuters reported Barrenjoey analyst Daniel Morgan said Elliott’s push may make Northern Star “act faster.”
Bulls say Northern Star is tied to strong gold prices, has an active buyback, owns long-life assets and faces heat to speed up its board and CEO changes as well as tighten its portfolio. Google Finance lists 9 buy calls, 3 holds and 1 sell, average 12-month price target at A$26.59, versus A$21.30 now. Bears point out shares are still about a third below the 52-week high. P/E sits at 18.25. Reuters has flagged worries about ops misses and hitting the low end of FY26 guidance. Google
Northern Star still sits in recovery territory on today’s facts, rather than being a clear low-risk buy. Investors looking for gold exposure or hoping for activist changes might find something here, but questions remain. The stock won’t look de-risked until there’s better output from the mines, a convincing CEO handover, and more information in the June-quarter update on July 29. NSR Limited
