Australian Metals & Mining Weekly: NST welcomes a new shareholder, Feeding ILU’s refinery. Marketing feedback.

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Australian Metals & Mining Weekly: NST welcomes a new shareholder, Feeding ILU’s refinery. Marketing feedback.

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Australian Metals & Mining Weekly

NST welcomes a new shareholder, Feeding

ILU’s refinery. Marketing feedback.

Estimate Change

NST welcomes a new shareholder 07 June 2026

A big week for Northern Star (NST) with shares up +13% on one day on disclosure of a Equity

+A$1bn Elliott stake. In our view, the stake i) highlights that NST is ‘cheap’ vs peers and Australia

ii) could accelerate planned management succession and portfolio Metals & Mining

reviews/optimisations. Part of the reason for the ‘discount’ in our view, is the overhang Kate McCutcheon >>

of the pending multi-year outlook inc. Jundee review etc which we see as a key catalyst Research Analyst

noting the “new MD” would likely deliver the outlook. NST in our view are good Merrill+61 2 9226Lynch5728(Australia)

underground operators but have lacked capital cost guiderails plus guidance delivery; kate.mccutcheon@bofa.com

overlain with a portfolio heavy in ageing assets. We continue to look forward to the Chen Jiang >>

Research Analyst

FY27 FCF inflection plus portfolio upgrade (KCGM mill commissioning and Hemi). See Merrill Lynch (Australia)

our report: Value here: accelerating change? We note NST has traded at a P/NAV chen_jiang@bofa.com

discount to EVN/NEM since 2025. See Exhibit 4. Jason Fairclough >>

MLI (UK)

jason.fairclough@bofa.comNST MROR: outlook still (De)Grey. FY27 guidance next.

Updated MROR: Hemi reserve grade key change from 1.5g/t Au to 1.2g/t Au. We now Elaine Faddis >>

model first gold in FY31. Prodn/NAV at Hemi down on grades noting we assume higher Merrill Lynch (Australia)

grades in years 1-5. NST has work to do. Gold price assumptions are up but so are costs.