Why did Elliott Investment Management buy a stake in Northern Star Resources (ASX:NST)?

US activist hedge fund Elliott Investment Management built an over A$1 billion stake in Northern Star Resources to force major corporate changes.

What changes is Elliott demanding at Northern Star Resources (ASX:NST)?

Elliott is calling for an immediate, independent strategic review of the business, which includes exploring a potential sale of the entire company.

How large is Elliott's holding in Northern Star Resources (ASX:NST)?

Elliott disclosed a 4% stake in the Australian gold producer, worth more than A$1 billion ($714.60 million). This significant equity position instantly positions the global activist investor among Northern Star's top five shareholders, giving it substantial leverage to push for corporate changes.

Why is Elliott criticizing the management of Northern Star Resources (ASX:NST)?

Elliott cited a track record of "repeated operational missteps," which includes missing its market outlook and guidance seven times over a four-year period. The activist investor also criticized Northern Star for having deeply inadequate market disclosures compared to its global senior mining peers.

How has Northern Star Resources (ASX:NST) performed against its competitors?

Northern Star has severely underperformed its closest ASX-listed peers. Its shares have plummeted over 31% in 2026, whereas major competitors Evolution Mining (ASX:EVN) and Perseus Mining (ASX:PRU) have proven far more resilient, dropping only 2% and 8% respectively over the same period.

What is the bull case for Northern Star Resources (ASX:NST) following this news?

The bull case rests on the immense quality of Northern Star's core assets, which Elliott admits are heavily undervalued by the current market. Elliott highlighted that the flagship Kalgoorlie Consolidated Gold Mines could become one of the world's largest gold operations, while the Hemi project is one of the most attractive greenfield gold assets globally.

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Elliott buys $1B Northern Star stake, demands review

Written by Brie CarterPublished Jun. 1 2026Last Updated Jun. 1 2026

US activist investor Elliott Investment Management has rocked the Australian mining sector by disclosing a premium stake worth more than $1 billion in Northern Star Resources (ASX:NST), launching a critique of the gold producer's recent operational track record.

The move, which hands the global hedge fund a 4% holding and places it among the miner's top five shareholders, comes packaged with an urgent demand for a strategic review, including a potential sale of the business.

Elliott has laid out a fierce case for change, highlighting Northern Star’s severe underperformance against major industry peers like Evolution Mining (ASX:EVN) and Perseus Mining (ASX:PRU).

The activist investor targeted the company's "repeated operational missteps", seven distinct outlook misses over a four-year period, and what it described as deeply inadequate market disclosures.

Elliott is heavily pressuring the Sydney-listed gold miner to recruit an external CEO following the announced resignation of long-serving managing director Stuart Tonkin, while simultaneously demanding a thorough board refresh to inject vital gold-mining operational expertise.

Elliott conceded that Northern Star's current share valuation materially understates the sheer quality of its underlying portfolio.

It praised the immense potential of the flagship Kalgoorlie Consolidated Gold Mines and the highly attractive Hemi greenfield project.