PERTH, June 20, 2026, 02:05 AWST
- Northern Star ended Friday at A$20.87, falling 2.93% for the day. Since June 12, when it closed at A$19.26, the stock has added 8.4%.
- Australian gold stocks were down Friday, with the sector index sinking 3.77%. Shares in Evolution Mining slid 5.07%, and Newmont’s ASX-listed stock closed 6.05% lower.
- Australia posts May CPI figures June 24, with the U.S. PCE inflation data set for release June 25. Northern Star is on tap to report its next quarter July 29.
Northern Star Resources finished the week higher after a choppy stretch, but shares dropped 2.9% on Friday. The weaker gold price overpowered the ongoing news around Australia’s top listed gold miner. The ASX closed for the weekend.
The rebound keeps the spotlight on Elliott Investment Management. The activist has revealed a stake over A$1 billion and pushed for a strategic review that could include selling Northern Star or part of its assets. The stock is up, but the move has tracked gains in Australian gold shares this week rather than a clear activist-driven re-rating.
Northern Star slipped on Friday, but losses weren’t as steep as at Evolution Mining or Newmont’s Australian shares. Miners tracked a broader selloff, with the S&P/ASX 200 closing down 0.92% at 8,828.70. That put more pressure on the sector.
Gold dropped 0.9% to US$4,169.44 an ounce in Friday’s global session, on track for a third weekly loss. A stronger dollar and signals for a more hawkish Fed kept pressure on demand for the metal. Gold pays no interest, so higher rates make cash and bonds more attractive. “Higher-for-longer Fed expectations are toxic for non-yielding assets,” said Nikos Tzabouras, senior market analyst at Tradu.com. Reuters
Northern Star’s board agrees change is needed, but it isn’t backing Elliott’s demand for a quick sale. Chairman Michael Chaney told shareholders the search for a new CEO is under way. He said the company is looking for another director with strong gold-sector credentials and added he will retire in November. On selling the company, Chaney wrote, “we do not consider that this is the right time.”
Some investors say Northern Star needs to move quicker. Elan Miller, deputy portfolio manager at Blackwattle Investment Partners, said the board’s response was “less than adequate.” Barrenjoey analyst Daniel Morgan said Elliott’s pressure would probably push Northern Star to “act faster.” Reuters
Execution is still proving tough. Northern Star moved 380,807 ounces in the March quarter, with an all-in sustaining cost at A$2,709 per ounce. All-in sustaining cost, or AISC, counts both running costs and capex to keep output steady. The miner kept its fiscal 2026 forecast for over 1.5 million ounces, aiming for an AISC between A$2,600 and A$2,800 an ounce.
Northern Star’s website showed no news following a June 15 buyback filing. The disclosure stated the company bought back 230,801 shares on June 12, with prices in a A$19.08 to A$19.51 band. Roughly 16.93 million shares remained under the approved limit.
The stock is trading on two different schedules now. Moves in bullion, the dollar, and interest-rate bets swing it session by session. But for a real re-rating, investors will want to see proof that the Fimiston processing plant is running well and the company has named a credible CEO and board.
But there are still big risks. More losses in gold, fresh output misses, or issues at Kalgoorlie could raise more cost and delivery questions. There’s no company result due next week, so inflation reports and what happens with currencies, bond yields and gold prices will likely drive things in the short term.
