Northern Star Resources Ltd's stock soared 5.99% intraday on Wednesday, driven by a combination of significant activist investor interest and a positive operational update.

The surge follows news that activist investor Elliott Investment Management disclosed a stake of over A$1 billion in the Australian gold miner and called for a strategic review that could consider a sale. Analysts at Morningstar noted that such a sale "would benefit its shareholders" and provide a quick return for Elliott.

Concurrently, the company released its much-anticipated resources and reserves update, revealing a 26% increase in estimated mineral resources to 88.9 million ounces and a 27% jump in estimated ore reserves to 28.4 million ounces. The update included, for the first time, estimates for the prized Hemi project acquired in May 2025, supporting the company's long-term, low-cost growth pathway.