business
Elliott Takes $718M Stake in Northern Star Resources, Urges Sale or Strategic Review
The hedge fund disclosed a stake exceeding AUS$1 billion and urged a strategic review of the Australian gold miner, citing repeated missed guidance and peer underperformance.
Jun 2, 1:30 PM·1m read1 source
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Elliott Investment Management disclosed a stake of well over AUS$1 billion, or US$718 million, in Northern Star Resources Ltd and published a presentation titled “Northern Star Rising” on June 2, 2026, calling for a strategic review that could include a sale of the company.
“Northern Star owes it to its shareholders to promptly explore all strategic alternatives, including a sale of the Company,” the hedge fund stated in the presentation. ” Elliott said Northern Star should prioritize hiring a world-class external CEO with deep operational and turnaround experience.
The fund noted that the miner holds a world-class portfolio of gold mining assets yet has posted 203 percent total return underperformance compared with peers over the last three years. Northern Star also carries the lowest EBITDA multiples of any peer, according to the presentation.
Elliott reported that the company missed production guidance seven times in the past four financial years, including four separate guidance reductions in the first three months of 2026.
Elliott has previously forced board changes and policy pivots at BP.
