Northern Star Resources

Northern Star reviewed and rejected a combined cash-and-share proposal from Gold Fields worth 38.7 billion AUD (about €23.9 billion). The board described the offer as "highly opportunistic" and undervalued, especially as it arrived shortly before the start-up of a new project and before CEO Suresh Vadnagra took office. Activist Elliott is pushing for asset sales and a board refresh, but Northern Star does not want to continue talks. The share price rose by up to 11% at one point, approaching the price implied by the offer. » More on handelsblatt.com

Northern Star posted adjusted EBITDA of AUD 4.3bn (+22%) and adjusted earnings per share of AUD 1.24 (+5%) for fiscal year 2026, with adjusted free cash flow of AUD 190m. The KCGM mill expansion is in commissioning and remains on schedule; the company is exiting the high-investment phase and is focusing on operational delivery and value realization. For 2027 Northern Star expects production of 1.5–1.65m ounces, group AISC of AUD 3,050–3,450/oz and total capital expenditure of AUD 2.6–2.9bn. » More on de.investing.com

Elliott Investment Management, with about a 5.6% stake in Northern Star, has nominated six independent candidates for the board after talks on board changes failed. The activist is calling for a much stronger board and a comprehensive strategic and operational review to address the company’s underperformance relative to peers. Among the proposed candidates is Mark Cutifani; Elliott stresses it does not seek control of the board and prefers to reach a settlement with management. The stock rose as much as about 2.1% intraday but is down roughly 14% year-to-date. » More on de.investing.com