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Elliott Investment Management's Vision for Northern Star Resources Ltd

On June 1, 2026, Elliott Investment Management L.P. announced significant insights aimed at enhancing value at Northern Star Resources Ltd, a major player in the gold mining sector. With over A$1 billion invested in Northern Star, Elliott's extensive experience and considerable stake in the company places them in a strategic position to advocate for operational and managerial improvements.

The presentation titled "Northern Star Rising" underscores the opportunities available for Northern Star to fully leverage its world-class gold mining assets. However, Elliott pointed out serious concerns regarding the company's recent trajectory, which has been marred by operational missteps, cost overruns, and an inconsistent strategic direction. These challenges present an urgent call for action.

Elliott's strategy emphasizes the necessity of embarking on a comprehensive strategic review. This comprehensive assessment aims not only to realign Northern Star’s operational aspects but also to assist in the ongoing search for a new Chief Executive Officer. The investor management firm believes that identifying operational improvements will be crucial for the company's future success.

In addition to the CEO search, Elliott advocates for diversifying the perspectives within Northern Star’s Board of Directors. By incorporating fresh viewpoints, the board can effectively evaluate potential next steps and adapt strategies to meet the landscape of the competitive gold mining industry.

Elliott's commitment to collaborate constructively with Northern Star is driven by the desire to transform the currently underutilized assets into a thriving enterprise, fostering significant value creation for shareholders and stakeholders alike.

The full presentation articulating Elliott's views can be accessed at ElliottLetters.com/NST, where detailed strategies and insights are shared.

About Elliott Investment Management

Founded in 1977, Elliott Investment Management has built a strong reputation in the investment sector. As of December 31, 2025, the firm manages approximately $79.8 billion in assets, making it one of the longest-running funds under continuous management in the industry. The firm is known for its diverse investor base, which includes pension plans, sovereign wealth funds, endowments, high net worth individuals, and family offices, underlining the trust and confidence placed in its capabilities by various stakeholders.

The continued focus on value enhancement through strategic insight and operational improvements presented by Elliott reflects a broader commitment to ensuring the North Star Flourishes in the competitive mining landscape.

Through this engagement, stakeholders can anticipate a clearer path forward for Northern Star, potentially turning current challenges into robust opportunities for growth and value generation.