Northern Star Resources (ASX:NST) said that Elliott Investment Management was unable to suggest any tangible actions that were not already being taken by the board, the firm's chairman Michael Chaney said in a Thursday letter to its shareholders.

Elliott holds an economic interest of 5.35% in Northern Star through cash-settled swaps as of a July 24 disclosure, and this interest is not currently accompanied by a disclosed shareholding or voting interest in Northern Star, Chaney said. Northern Star has sought to engage with Elliott, including via video conferences with their senior representatives and several written exchanges.

Elliott has been pushing the company to launch a strategic review that includes a potential sale. It also wrote a letter arguing for board renewal and provided the names of candidates which Elliott believes would be suitable directors.

Northern Star's board has been undertaking a succession planning process to add to its skills and replace retiring directors for more than six months, Chaney said.

The firm's shares rose 1% in recent trading on Thursday.