Activist investor Elliott Associates and Elliott International have disclosed a substantial long equity derivative position in Northern Star Resources (ASX: NST). The position, established via cash-settled equity swaps, provides economic exposure equivalent to 76,194,999 shares of the Australian gold miner.
The disclosure, made on July 24, 2026, under Australian Takeovers Panel guidelines, revealed the position was initiated on February 12, 2026. This move provides Elliott with significant exposure to Northern Star's share price movements without direct ownership of the shares.
This comes after Elliott built a significant stake in the gold miner earlier in the year and has been publicly advocating for a board overhaul and a strategic review to address what it termed the company's underperformance. The large derivative holding intensifies the pressure on Northern Star's management.