I don't think so ! You do overlook the points that make NST...

I don't think so !
You do overlook the points that make NST unique in the mining industry.
They have always proven since Bill Beament (and all the rest of the team) took over, that they are obviously far better than other mining companies. Concerning expertise in exploration and mining processes they already "turned around" a couple of mines. Look at the numbers of Jundee and Kalgoorlie/Kanowa Belle today and compare them to point in time when NST took over. Significantly increased production, mine life and reserves/resources. The same was true for Paulsons.
The Big players who sold these assets like Barrick and Newmont were not able to achieve this. For them these properties were just some minor mines in a big portfolio. Because of that "insignificance" and a need to improve their balance sheets they sold/ had to sell these assets.
Why do you think, they would do things better today?

And considering NSTs market cap at nearly 5 Bio AUD right now, there not many Big players in the gold market who could "swallow" Northern Star. And IMHO another very important point:
I guess every ! really every longterm shareholder is extremely pleased with the way management and staff has run this company. Do you think these shareholders would easily agree to a takeover ?

I can just talk for myself, but if someone wanted to buy NST, it would need an extraordinarily high premium for me to sell my shares and see the management change.
And i am pretty sure, that many other shareholders (especially the large ones like Blackrock) would agree.
They do compare their investments. And very few (if any) midcap/largecap companies can compete with the performance of NST in the past years.

I think it was famous mining investor Rick Rule (Canadian) who once said:
"The best 20% of management teams make 80% of the profit in a certain mining sector, so the key to successful investing in the mining industry is to find these management teams"
Well, we as NST- shareholders don't have to search for them, we know we have one of the best in the sector ;-)