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Asia

Market Chatter: Northern Star Resources in Talks with Government-Owned Utility to Supply Additional Back-Up Power to Western Australia Grid

Northern Star Resources (ASX:NST) is in talks for commercial terms with government-owned utility Western Power for the supply of up to 70 megawatts (MW) of additional capacity for the grid in Kalgoorlie-Boulder, Western Australia, ABC News reported on Wednesday.Northern Star jointly owns the 110 MW Parkeston power station at Kalgoorlie. Western Australia's Energy Minister Amber-Jade Sanderson said it would enter into an arrangement with Northern Star to use their Parkeston facility and any excess power.Northern Star's chief technical officer, Steve McClare, said the miner's plans to build a new 140 MW thermal power station and a separate 366 MW renewable facility, including up to 32 wind turbines and 230,000 solar panels, are in the final stages.The firm's shares rose over 1% in recent trading on Wednesday.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:NST
Asia

Northern Star Resources Posts Lower June Quarter Gold Sales

Northern Star Resources (ASX:NST) sold 433,482 ounces of gold at an all-in sustaining cost (AISC) of AU$2,651 per ounce in the three months ended June 30, according to a Wednesday filing with the Australian bourse.The company sold 1.5 million ounces of gold at an AISC of AU$2,698 per ounce in the year ended June 30, the filing said.Gold sold in June the quarter ended June 30, 2025, was 444,000 ounces at an AISC of AU$2,197 per ounce, while gold sold in fiscal 2025 totaled 1.6 million ounces at an AISC of AU$2,163 per ounce, an earlier filing showed.

ASX:NST
Asia

Northern Star Resources Says Elliott Entities Disclose Holdings in Company

Northern Star Resources (ASX:NST) said Elliott Associates and Elliott International disclosed their holdings in the company in line with the Australian Takeovers Panel's guidance note 20 on equity derivatives, according to a Monday Australian bourse filing.The disclosure stated that the Elliott entities hold a cash-settled equity swap position linked to 76.2 million Northern Star shares, with the derivatives entered into from Feb. 12 at reference prices ranging from AU$17.37 to AU$31.66 per share.

ASX:NST
Asia

Evolution Mining Shares Jump 4% as Gold Prices Rise

Shares of Evolution Mining (ASX:EVN) jumped 4% in recent trading on Tuesday as gold prices rose to trade around the $4,000-per-ounce mark.Spot gold rose nearly 1% to $4,045.65 per ounce.Northern Star Resources' (ASX:NST) shares rose over 2%, while those of Newmont (ASX:NEM) climbed nearly 1%.

ASX:EVNASX:NEMASX:NST
Asia

Shares of Gold Miners Decline Nearly 1% As Price of Precious Metal Steadies

Shares of Northern Star Resources (ASX:NST), Newmont (ASX:NEM), and Evolution Mining (ASX:EVN) declined nearly 1% in recent trading on Monday as the price of gold steadied.Gold steadied to trade around $4,010 per ounce after falling below the $4,000-mark in the previous week.Investors expressed concern about the potential tightening of the monetary policy by the US Federal Reserve if the surge in oil prices caused by the conflict in the Middle East causes inflation to spike.

ASX:EVNASX:NEMASX:NST
Asia

Newmont, Evolution Mining, Northern Star Resources Shares Fall as Gold Prices Decline

Northern Star Resources (ASX:NST) shares fell past 2%, and Evolution Mining (ASX:EVN) shares dropped by almost 1% in recent Tuesday trade, while Newmont (ASX:NEM) shed slightly to 0.3%, as gold prices declined.Spot gold fell below $4,000 per ounce as rising Middle East tensions increased bets of a US Federal Reserve rate hike.

ASX:EVNASX:NEMASX:NST
Asia

Australian Shares Flat; BHP Group Files Environmental Permit Application to Reopen Chile Copper Mine

Australian shares closed flat with a negative bias on Thursday, while Asian markets saw a broad-based decline after Wednesday's Wall Street sell-off due to a fall in semiconductor shares.The S&P/ASX 200 Index was little changed to close at 8,715.20.On Wednesday, the S&P 500 fell 0.2%, and the Nasdaq Composite lost 0.7%, dragged down by a sell-off in semiconductor shares."The plunge in Asia semis today is more about a hangover from Wall Street," said Fabien Yip, a market analyst at IG, as quoted by ReutersMeanwhile, the US and Iran wrapped up a round of indirect talks on Wednesday with little sign of progress toward a lasting peace, instead discussing issues they said had already been settled under an interim agreement disclosed two weeks earlier, according to a Wednesday Reuters report.On the domestic front, Australia's goods balance recorded a seasonally adjusted deficit of AU$3.02 billion in May, down from a surplus of AU$1.38 billion in April, according to data published by the Australian Bureau of Statistics.Also, S&P Global Ratings expects a stable credit environment for Asia-Pacific sectors amid solid AI demand and the reopening of the Strait of Hormuz.Further, already restrictive financial conditions in Australia are expected to tighten even more, which will weigh on demand and possibly stop the Reserve Bank of Australia (RBA) from hiking interest rates any further despite inflation remaining above target, BofA Securities said.In company news, BHP Group (ASX:BHP) has filed an environmental permit application to reopen the Cerro Colorado copper mine in Chile.Northern Star Resources (ASX:NST) appointed Suresh Vadnagra as chief executive, succeeding Stuart Tonkin, effective Oct. 5Xero (ASX:XRO) is integrating with Microsoft 365 to make its real-time financial data more accessible to small businesses and accountants.

ASX 200ASX:BHPASX:NSTASX:XRO
Asia

ASX Preview: Australian Shares to Fall as Oil Slides on US-Iran Talks; Northern Star Resources Set to Meet Fiscal 2026 Gold Sales Guidance

Australian shares are poised to fall on Thursday, tracking weaker oil prices after crude slid more than 1% to its lowest since March on easing supply concerns following progress in US-Iran talks in Qatar.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.2%, 0.7%, and 0.03%, respectively.In the macroeconomy, the international trade in goods report is due at 11:30 am Sydney time.In corporate news, Northern Star Resources (ASX:NST) reported preliminary gold sold of 433,000 ounces for the June quarter, bringing fiscal 2026 gold sold to about 1.5 million ounces.Almonty Industries (ASX:AII) said its Sangdong mine in South Korea has started processing plant throughput operations, marking a transition to saleable tungsten concentrate production.Australia's benchmark index fell 0.6% or 55.8 points to close at 8,722.90 on Wednesday.

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Asia

Northern Star Resources Appoints CEO, Chair

Northern Star Resources (ASX:NST) appointed Suresh Vadnagra as chief executive, succeeding Stuart Tonkin, effective Oct. 5, according to a Thursday Australian bourse filing.Vadnagra currently serves as the head of Glencore's nickel and zinc industrial assets, based in Switzerland, per the filing.The company also said that Deputy Chairman Michael Ashforth will succeed Michael Chaney as chairman of the board following the conclusion of this year's annual general meeting in November, according to a separate filing.

ASX:NST
Asia

Northern Star Resources Set to Meet Fiscal 2026 Gold Sales Guidance

Northern Star Resources (ASX:NST) reported preliminary gold sold of 433,000 ounces for the June quarter, bringing fiscal 2026 gold sold to about 1.5 million ounces, according to a Thursday filing with the Australian bourse.The company in March guided for fiscal 2026 gold sales of above 1.5 million ounces.Northern Star said it is finalizing its all-in sustaining costs, which will be disclosed in its June quarterly activities report.The KCGM mill expansion project is on schedule after a three-year construction period, with the first stage on track for commissioning in early fiscal 2027 and stage two completion on track for the end of calendar 2026, the company said.It also reported the purchase of AU$129 million of shares during the June quarter as part of a AU$500 million on-market share buyback program.

ASX:NST
Research

Argonaut Securities Downgrades Northern Star Resources to Hold from Buy; Price Target is AU$22

Northern Star Resources (ASX:NST) has an average rating of overweight and mean price target of AU$25.93, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

ASX:NST
Asia

Gold Miners' Stock Price Rises As Precious Metal Steadies

Shares of Northern Star Resources (ASX:NST), Newmont (ASX:NEM), and Evolution Mining (ASX:EVN) all rose over 2% in recent trading on Friday as the price of gold rose to around $4,000 per ounce.Gold remains on track for a fourth weekly loss as investors react to a potential hawkish trajectory from the US Federal Reserve.

ASX:EVNASX:NEMASX:NST
Asia

Newmont, Evolution Mining, Northern Star Resources Shares Fall as Gold Prices Decline

Newmont (ASX:NEM) and Evolution Mining (ASX:EVN) shares fell about 5% in recent Friday trade, while Northern Star Resources (ASX:NST) shed over 2%, as gold prices declined.Comex gold futures were down 1% and the spot gold price retreated 0.8% after the US and Iran struck a peace deal to end the Middle East conflict, and following a rate hold by the US Federal Reserve earlier this week.

ASX:EVNASX:NEMASX:NST
Asia

Gold Miners' Shares Fall as Gold Weakens on US Fed Policy Outlook

Shares of Northern Star Resources (ASX:NST) and Ora Banda Mining (ASX:OBM) fell around 2% and 5%, respectively, in Thursday trade, tracking weakness in gold prices after the US Federal Reserve held rates steady but signaled the possibility of further tightening later this year.Spot gold fell 0.7% to $4,299.89 an ounce.

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Elliott Slams Northern Star Over Refusal to Hold Strategic Review
US Markets

Elliott Slams Northern Star Over Refusal to Hold Strategic Review

Activist shareholder Elliott Investment Management has criticized Australian mining giant Northern Star Resources (ASX:NST) for failing to consider its proposal for a strategic review, according to a statement released on Thursday.Earlier this month, the hedge fund called on Northern Star to conduct a comprehensive strategic review to maximize the value of the company's assets.Elliott, which holds a stake worth more than AU$1 billion, released a presentation demonstrating that the gold miner had underperformed its peers over the past three years and missed market guidance seven times across the last four financial years.The proposed review included exploring a potential sale of the business. Additionally, Elliott urged Northern Star's board to accelerate its search for a new chief executive officer and managing director following Stuart Tonkin's recent decision to step down from the role.In a letter to shareholders on Wednesday, Northern Star Chairman Michael Chaney acknowledged that the company's performance had lagged expectations, but countered that it was not the right time for the board to "run a sale process for the company.""We also regularly review the quality of our portfolio of assets and consider whether to hold, expand, restructure or sell individual assets," Chaney said."I can confirm that in the last 6 months we had investment banks propose a spin-off of assets and we separately had our financial adviser review those options. For now, we are comfortable holding the assets we do but this is a matter that will remain under regular review."Elliott fired back, arguing that Northern Star's leadership fails to comprehend the scale of restructuring needed to revitalize its operations."The board's letter indicates that it does not understand the magnitude of change required to win back shareholders' trust, starting with significantly strengthening the board itself," Elliott said.Meanwhile, research firm Jarden maintained its "underweight" rating on Northern Star, noting that the mining giant was sending "mixed signals" regarding its asset quality.While Northern Star highlighted that its estimated mineral resources had risen 26% to 88.9 million ounces as of late March, Jarden cautioned in a June 4 note that a volume increase does not automatically guarantee high asset quality.

ASX:NST
Asia

Northern Star Resources Does Not Understand Magnitude of Required Change, Elliott Says

Northern Star Resources' (ASX:NST) board has formally acknowledged the company's underperformance, but a recent letter to shareholders suggests it "does not understand the magnitude of change required" to regain their trust, activist investor Elliott Investment Management said Thursday.Elliott, which earlier disclosed a stake of more than AU$1 billion in Northern Star, is pushing the company to launch a strategic review that includes a potential sale, and strengthen its board.In response to Elliott's initial outreach, Northern Star Chairman Michael Chaney said the company has been approached by various parties over a possible corporate combination, but it is not the right time to pursue a sale process."The board cannot simultaneously acknowledge inbound corporate interest, confirm its advisers have modeled structural options, and then decline to run any kind of formal process," Elliott said. "The case for a strategic review is now more apparent than it was before the board published its letter."The activist investor believes Northern Star must move immediately to restore shareholder value by bolstering its board and launching a formal strategic review of alternatives."No options should be taken off the table, and no outcome should be prejudged," it said.Northern Star Resources did not immediately reply to a request for comment from.The company's shares declined 2% in recent Thursday trade.

ASX:NST
Asia

Australian Shares Rise; Steadfast Group Receives AU$8 Billion Takeover Proposal From Amwins, Dragoneer

Australian shares rose on Wednesday amid freshly renewed hostilities between the US and Iran.The S&P/ASX 200 Index gained 0.57%, or 49.10 points, at 8,653.30.Brent crude oil futures rose to trade at around $91 per barrel after the US held Iran responsible for the downing of a US military helicopter.On the domestic front, seasonally adjusted data revealed that the total number of dwellings approved in Australia fell 3.4% to 16,710 in April from 17,307 in the previous month, according to final figures released by the Australian Bureau of Statistics.The ANZ-Roy Morgan Australian consumer confidence rose 2 points to 70.8 in the week of June 1 to June 7, ANZ reported. The four-week moving average rose 1.7 points to 68 points. Consumer sentiment improved broadly last week, with gains in financial conditions and medium-term confidence hitting their strongest levels since late February.In company news, Steadfast Group (ASX:SDF) said it received a conditional, non-binding, and indicative offer from Amwins Group and Dragoneer Investment Group to acquire the company by way of a scheme of arrangement at AU$6 per share in cash, representing an enterprise value of about AU$7.7 billion.Northern Star Resources (ASX:NST) Chairman Michael Chaney said that processing plant construction at Fimiston in Western Australia is nearing completion, on time and with a modest cost overrun. Chaney acknowledged that the firm's share price performance in the year had not met expectations and recognised shareholders' concerns.Lastly, Wesfarmers (ASX:WES) said it is partnering with artificial intelligence organizations to drive long-term sales and earnings growth. The company said it will use AI for agentic and conversational commerce and AI assistants for team members and supply chain optimization, among other applications.

ASX 200ASX:NSTASX:SDFASX:WES
Asia

Northern Star Resources Chairman Says Western Australia Processing Plant Construction Nears Completion

Northern Star Resources (ASX:NST) Chairman Michael Chaney said that processing plant construction at Fimiston in Western Australia is nearing completion, on time and with a modest cost overrun, according to a Wednesday Australian bourse filing.Its Hemi project in the Pilbara region of Western Australia is proceeding through the time-consuming approvals stages.Chaney acknowledged that the firm's share price performance in the year had not met expectations and recognised shareholders' concerns. The firm is in the process of recruiting a new managing director and Chief Executive following the announced resignation of Stu Tonkin. The firm is also seeking to add at least one more director with "deep gold experience."Regarding Elliott Investment Management's suggestion that the Northern Star board should run a sale process for the firm, the board does not consider "that this is the right time to do so," Chaney said.Over the previous year, it was approached by several firms about considering various corporate combinations, but the talks did not proceed because "they were not in shareholders' best interests," he added.Its shares fell 2% in recent trading on Wednesday.

ASX:NST
Asia

Northern Star Resources' 2026 Mineral Resource, Ore Estimates Update Sends 'Mixed' Signals Over Portfolio Quality, Says Jarden

Northern Star Resources' (ASX:NST) most recent mineral resources and ore reserves update sent mixed signals regarding the quality of its asset portfolio, according to a Wednesday Jarden note.The company said on Wednesday its estimated mineral resources increased 26% to 88.9 million ounces as of March 31, while its estimated ore reserves jumped 27% to 28.4 million ounces.The initial resource estimate for the Hemi project was 254 million tonnes at 1.4 grams per tonne grade of gold for 11 million gold ounces, excluding regional deposits, compared to the final estimate published by De Grey Mining in November 2024 of 264 million tonnes at 1.3 g/t gold for 11.2 million ounces, Jarden noted.Jarden said that although the resource is slightly smaller, the updated estimate is viewed as being of higher quality, driven by changed resource estimation methodology, increased mining dilution assumptions, and updated cost estimates.The research firm believes that the decline in ore reserves, despite a higher gold price environment, is a "poor outcome."Jarden maintained its underweight rating on Northern Star Resources and decreased its price target to AU$21.60 from AU$22.30.

ASX:NST
Asia

ASX Preview: Australian Shares Set to Rise as Oil Advances, Gold Falls on Strong US Labor Data; Northern Star Resources Increases Estimated Mineral Resources, Ore Reserves

Australian shares are poised to rise on Wednesday, tracking higher oil prices after crude climbed to a one-week high amid volatile trading as markets weighed uncertain Iran-US negotiations and ongoing tensions around the Strait of Hormuz.Market sentiment was also influenced by a softer gold price as stronger-than-expected US labor data reinforced expectations that the Federal Reserve will keep interest rates elevated for longer.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.1%, 0.03%, and 0.5%, respectively.In the macroeconomy, the Australian national accounts report is due at 11:30 am Sydney time.In corporate news, Northern Star Resources (ASX:NST) said its estimated mineral resources increased 26% to 88.9 million ounces as of March 31, while its estimated ore reserves jumped 27% to 28.4 million ounces.Ampol's (ASX:ALD) proposed acquisition of fuel and convenience retailer EG Australia received approval from the Australian Competition and Consumer Commission.Australia's benchmark index edged down 5 points to close at 8,724.40 on Tuesday.

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