Why did Northern Star Resources (ASX:NST) update its mineral resources and ore reserves?

Northern Star Resources updated its asset base as part of its annual statement, reporting a 26% increase in mineral resources to 88.9 million ounces and a 27% increase in ore reserves to 28.4 million ounces.

What is the significance of the Hemi Project data for Northern Star Resources (ASX:NST)?

The Hemi Project is Northern Star’s flagship asset in Western Australia, acquired in May 2025. This asset update is highly anticipated by the market because it represents the first official quantification of how much gold the project adds to the company's total reserves, driving the overall 27% reserve increase.

What did Northern Star Resources (ASX:NST) change regarding its share buyback program?

Northern Star updated its ongoing on-market share buyback by revising down the total number of shares on issue. This adjustment corrected an erroneous, higher figure that the company had previously provided in a June 1 market update.

Why is Northern Star Resources (ASX:NST) currently facing pressure from activist investors?

Activist investor Elliott Management published a sweeping 39-page presentation on June 2 that fiercely critiqued Northern Star’s corporate strategy. Elliott is publicly pressure-testing the company's valuation, demanding that the board consider a full sale of the business rather than just focusing on its current leadership transition.

How does the executive leadership status affect the investment thesis for Northern Star Resources (ASX:NST)?

Northern Star is currently searching for a new chief executive officer to lead its long-term strategy. This leadership vacuum creates an opening for activist investor Elliott Management to push for a total company sale, adding a layer of speculative corporate governance risk for retail traders to monitor.

What are the main bull points for Northern Star Resources (ASX:NST) after this announcement?

The primary bull case rests on a massive upgrade to underlying asset value, proven by the 26% jump in mineral resources and 27% increase in ore reserves. Furthermore, the share buyback reduces the total share count, which can artificially boost earnings per share (EPS) and provide short-term price support.

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Northern Star boosts reserves amid activist pressure

Written by Isaac FrancisPublished Jun. 3 2026Last Updated Jun. 3 2026

Northern Star Resources (ASX:NST) has boosted its asset base, unveiling a major upgrade to its mineral resources and ore reserves.

The gold miner reported a 26% growth in estimated mineral resources, which now stand at 88.9 million ounces. Ore reserves saw a 27% increase, climbing to 28.4 million ounces.

The updated reserve estimate is highly anticipated, marking the very first time data from the company's flagship Hemi Project in Western Australia has been included since Northern Star acquired the lucrative mine in May 2025.

Meanwhile, navigating a busy post-market session on June 3, the company also updated details of its ongoing on-market share buyback.

The latest filing subtly revised down the total number of shares on issue, correcting an earlier figure provided in a June 1 update.

The resource upgrades arrive at a critical juncture for Northern Star, which is currently facing intense public scrutiny from activist investor Elliott Management.

On June 2, Elliott turned up the heat by publishing a sweeping 39-page presentation targeting the miner's current strategy.

The activist powerhouse has openly called for Northern Star to actively consider a full sale of the business, even as the board simultaneously searches for a new chief executive to lead the company forward.