2354 GMT - Shares in Northern Star have climbed since activist Elliott disclosed a more-than A$1 billion stake in the gold stock. But Jarden thinks "the initial investment thesis lacks ideas for an operational turnaround." Elliott is "simply suggesting the NST Board should be open to takeover approaches," Jarden says. It keeps an underweight rating. Its target on the stock falls to A$21.60 from A$22.30 after an update to Northern Star's reserves and resources. While the update includes more ounces, it does so at higher gold-price assumptions. Jarden is also surprised by the extent of the reduction to Hemi's reserves. "The focus for Hemi now turns to key unknowns (capex and schedule), which we expect to continue to overhang NST until officially updated," it says. Northern Star last traded at A$21.71. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

June 03, 2026 19:54 ET (23:54 GMT)

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