Embattled Northern Star adds former Perseus Mining boss to its board amid pressure from activist investor

Embattled gold miner Northern Star Resources appears to be shoring up its defences to an attack by an activist investor, bolstering its board with the addition of industry stalwart Jeff Quartermaine.

Australia’s biggest gold producer has been facing calls for a dramatic overhaul — including a major board shake-up or even putting itself up for sale — by US-based activist hedge fund Elliott Investment Management.

Northern Star announced last week that global mining giant Glencore’s current nickel and zinc boss, University of WA graduate Suresh Vadnagra, would take over as chief executive on October 5.

Mr Vadnagra, who was the chief technical and projects officer at gold giant Newcrest prior to moving over to Glencore, is succeeding the outgoing Stuart Tonkin.

The departing Northern Star chief came under pressure following three production downgrades since April last year.

Mr Tonkin is set to exit right after the problematic Fimiston mill expansion at the Kalgoorlie Super Pit is due to be completed this quarter.

And on Thursday, Northern Star said Mr Quartermaine had become an independent non-executive director, effective immediately.

Mr Quartermaine was with Perseus Mining for 15 years until September 2025, as it grew from a single asset gold developer in Ghana into a multi-mine producer of the precious metal across West Africa.

He originally joined Perseus as its chief financial officer in 2010 before the reins in 2013.

Outgoing chair Michael Chaney, who is overseeing Mr Vadnagra’s leadership for about month before deputy chair Michael Ashforth is elevated to take his seat, said Mr Quartermaine’s appointment was part of ongoing board succession planning.

“We have been looking to appoint a director with deep gold sector expertise to complement the board’s existing skills and experience,” Mr Chaney said.

“Jeff is a highly regarded mining executive who joins us as part of this process.”

Elliott, which last month splashed more than $1 billion on the purchase of a 4 per cent stake in Northern Star, responded to Mr Vadnagra’s addition by saying a new CEO did not negate the need for broader changes.

“The need for substantial board enhancement and a comprehensive strategic review has not diminished, and we look forward to engaging with Northern Star’s new leadership on these topics and delivering the value that shareholders deserve,” Elliott said last week.

Mr Chaney has ruled out putting Northern Star up for sale.

“With reference to Elliott’s suggestion that the board should run a sale process for the company, we do not consider that this is the right time to do so,” the former Wesfarmers chief executive said last month.