Buy Or Sell Opportunity • Jul 21
Now 21% overvalued Over the last 90 days, the stock has fallen 13% to €12.10. The fair value is estimated to be €9.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 9.6% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Duyuru • Jul 09
Northern Star Resources Ltd Announces Appointment of Jeff Quartermaine as Independent Non-Executive Director, Effective July 9, 2026 Northern Star Resources Ltd. announced the appointment of Jeff Quartermaine as an independent Non-Executive Director, effective July 9, 2026. Mr. Quartermaine is a highly experienced mining executive with a career spanning more than 35 years in the resources sector. He retired as Managing Director and CEO of Perseus Mining Limited in September 2025 after 15 years with the company. During Mr. Quartermaine’s tenure, Perseus grew from a single asset gold developer in Ghana into a globally recognised pan-African, multi-mine, multi-jurisdictional company with three operating mines, a fourth mine in construction and a fifth development at DFS stage. Mr. Quartermaine brings significant gold mining, processing and development experience and will add gold sector specialisation to the Northern Star Board. Mr. Quartermaine holds a Bachelor of Engineering (Civil) from the University of Queensland and a Master of Business Administration from Macquarie University. He is also a Fellow of the Society of Certified Practicing Accountants. Duyuru • Jul 03
Elliott Management Provides Information to Northern Star Resources Ltd On 3 June 2026, Elliott Management announced that it demands to Northern Star Resources Ltd for the miner to run a full sales process and calling for fresh board talent which would include its own candidates. Elliott Management also stated that the Company should move faster on finding a successor to Tonkin. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €12.92, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 74% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €12.49 per share. Duyuru • Jun 12
Elliott Investment Management L.P. Urges Northern Star Resources Ltd On June 10, 2026, Elliott Investment Management L.P. announced that it urged Northern Star Resources Ltd to take immediate action to restore shareholder value. Elliott stated that the Board for years of underperformance, operational missteps, and the absence of a CEO succession plan. Elliott demanded that the Board be substantially strengthened and that a formal strategic review of all alternatives be launched, including the search for a new CEO and the development of a turnaround plan. Elliott emphasized that no options should be excluded and called for urgent, credible action to unlock the Company’s potential for shareholders and stakeholders. Duyuru • Jun 10
Northern Star Resources Ltd Issues a Letter to the Shareholders On June 10, 2026, Northern Star Resources Ltd announced that it has issued a letter the shareholders in which it responded to Elliott Investment Management's press commentary and suggestions regarding operational improvements, actions to improve shareholder value, including appointing a new CEO, enhancing the Board with additional gold experience, and considering a sale process for the company. The Company’s Board acknowledged Elliott’s concerns, confirmed ongoing efforts to recruit a new CEO and director, and stated openness to constructive engagement and candidate suggestions from Elliott. The Board added that it refused the idea of a sale process at this time, citing ongoing reviews of asset portfolio and previous approaches from other companies. Additionally, the letter emphasizes the Board’s commitment to improving performance, maximizing shareholder value, and maintaining regular dialogue with shareholders, including Elliott. Duyuru • Jun 03
Elliott Management Urges Northern Star Resources Ltd Board for Strategic Review and Asset Sale On June 3, 2026, Elliott Management announced that it urged the board to launch a strategic review and consider a sale of its assets to improve shareholder returns. The board, working with financial adviser Goldman Sachs, stated it regularly reviews corporate opportunities and is open to takeover offers. Additionally, The Company is also seeking a new CEO amid production setbacks and share price volatility. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €13.89, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Metals and Mining industry in Europe. Total returns to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €22.32 per share. Duyuru • Jun 02
Elliott Publishes Presentation Outlining Perspectives on Value Creation at Northern Star On June 1, 2026, Elliott Investment Management L.P. announced that it has published a presentation outlined the opportunity for Northern Star Resources Ltd to realize the full potential of its world-class gold mining portfolio, and stating that Company’s recent pattern of operational missteps, cost overruns and inconsistent strategic direction demands urgent action. In addition, Elliott Investment Management described a clear path forward for the Company, focused on conducting a strategic review, in tandem with a CEO search and a process aimed at identifying operational improvements, Elliott added that the Company should supplement its Board of Directors with fresh perspectives to assist in evaluating the Company's next steps. Further, Elliott Investment Management stating that it is committed to working constructively with the Company to help the Company make the most of this unique value-creation opportunity. Duyuru • May 21
Northern Star Resources Limited Announces Managing Director Succession Plan Northern Star Resources Ltd. announced that its Managing Director, Stuart Tonkin, has advised the Board of his intention to step down during the first quarter of FY27. Mr. Tonkin will remain as Managing Director until that time, which will see the conclusion of the current strategic plan and the commissioning of the KCGM Fimiston Mill Expansion. His tenure marks a highly successful 13-year term at Northern Star as Chief Operating Officer, Chief Executive Officer and Managing Director. Under Mr. Tonkin's leadership, Northern Star has grown from a small-cap Western Australian focused miner into Australia's largest ASX-listed gold producer with three production centres and over 10,000 staff and contractors across Western Australia and Alaska, with a leading safety record. Mr. Tonkin's long list of achievements includes the significant growth of the Company through acquisition, integration and operation of Plutonic, Kanowna Belle, Kundana, Jundee, South Kalgoorlie, Pogo in Alaska, Kalgoorlie Consolidated Gold Mines, the merger with Saracen Minerals, and the takeover of De Grey Mining to add a significant development project, Hemi to the Group. The Board has commenced a formal process to facilitate an orderly transition to a new Managing Director. A leading global search firm will shortly be appointed and, with the help of that firm, the Board will consider internal and external candidates. Board Change • May 20
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Independent Deputy Chairman of Board Michael Ashforth was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Mar 13
Northern Star Resources Limited to Report Q3, 2026 Results on Apr 22, 2026 Northern Star Resources Limited announced that they will report Q3, 2026 results on Apr 22, 2026 Duyuru • Feb 12
Northern Star Resources Limited Announces Dividend for the Six Months Ended December 31, 2025, Payable on March 26, 2026 Northern Star Resources Limited announced dividend of AUD 0.25000000 for the six months ending December 31, 2025. Record Date March 5, 2026, Ex date March 4, 2026 and Payable on March 26, 2026. Duyuru • Feb 06
Mount Gibson Iron Limited (ASX:MGX) completed the acquisition of 50% stake in Central Tanami Gold Project from Northern Star Resources Limited (ASX:NST). Mount Gibson Iron Limited (ASX:MGX) entered into an agreement to acquire 50% stake in Central Tanami Gold Project from Northern Star Resources Limited (ASX:NST) for AUD 50 million on July 16, 2025. A cash consideration of AUD 50 million will be paid by Mount Gibson Iron Limited, plus normal adjustments on completion. Mount Gibson will fund the purchase price from its internal cash reserves. Mount Gibson will also be required to replace existing bank guarantees totalling approximately AUD 5.8 million, which it will do from its existing performance bonding facility.
Completion will occur 10 days after satisfaction or (where permitted) waiver of: approval pursuant to the Foreign Investment Review Board; further extension of existing infrastructure arrangements on one tenement by the Central Land Council; non-exercise by Tanami Gold of its right of first refusal under the CTPJV; and various other pre-completion conditions considered standard for a transaction of this nature. These conditions must be satisfied by March 31, 2026 (unless extended by agreement). As of December 3, 2025, the transaction has been approved by Foreign Investment Review Board.
The transaction is expected to close by end of March 2026.
Azure Capital Pty Ltd. acted as financial advisor for Mount Gibson Iron Limited. Gilbert and Tobin acted as legal advisor for Mount Gibson Iron Limited. Entech Pty Ltd acted as project due diligence provider to Mount Gibson Iron. PwC acted as accountant to Mount Gibson Iron. Black Swan Metallurgy acted as advisors to Mount Gibson Iron.
Mount Gibson Iron Limited (ASX:MGX) completed the acquisition of 50% stake in Central Tanami Gold Project from Northern Star Resources Limited (ASX:NST) on February 6, 2026. Duyuru • Feb 03
Northern Star Resources Limited to Report First Half, 2026 Final Results on Feb 12, 2026 Northern Star Resources Limited announced that they will report first half, 2026 final results on Feb 12, 2026 Duyuru • Jan 19
Northern Star Resources Limited Appoints Joanne McDonald as Joint Company Secretary, Effective January 19, 2026 Northern Star Resources Limited announced in accordance with ASX Listing Rule 3.16.1 that Joanne McDonald has been appointed as Joint Company Secretary, effective from January 19, 2026. Hilary Macdonald remains the Company Secretary responsible for communications between the Company and ASX for the purpose of ASX Listing Rule 12.6. Board Change • Dec 30
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Independent Deputy Chairman of Board Michael Ashforth was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • Oct 23
Northern Star Resources Limited Provides Operating Guidance for the Fiscal Year 2026 Northern Star Resources Limited provided operating guidance for the fiscal year 2026. Despite the mixed production results for the quarter, the company remain well positioned to deliver full year guidance of 1.7 million ounces to 1.8 million ounces of gold sold at an all-in sustaining cost of AUD 2,300 to AUD 2,700 an ounce. Duyuru • Oct 01
Northern Star Resources Limited to Report Q1, 2026 Results on Oct 23, 2025 Northern Star Resources Limited announced that they will report Q1, 2026 results Pre-Market on Oct 23, 2025 Duyuru • Sep 25
Gold Fields Reportedly Considers Sale of $1.1 Billion Stake in Northern Star The $1 billion stake held in Northern Star Resources Limited (ASX:NST) by Gold Fields Limited (JSE:GFI) is in focus for investment bankers, which are said to be pitching on a selldown that may happen as early as this week. When South Africa's Gold Fields finalises its deal to buy Australian-listed gold miner Gold Road Resources this week for $3.6 billion or $3.29 per share, Gold Fields will inherit almost 49.3 million shares in Northern Star. Gold Road had inherited the Northern Star stake because it earlier owned a 17.3% stake in De Grey Mining. Northern Star bought De Grey Mining in May for $5 billion. The adviser for Gold Fields is JPMorgan and it will likely advise on the selldown out of Northern Star. If the block trade unfolds, the Northern Star shares will likely be in strong demand as investors hope to capitalise on the gold price hitting new records this year of over $5,000 an ounce. Duyuru • Sep 08
Northern Star Resources Limited, Annual General Meeting, Nov 18, 2025 Northern Star Resources Limited, Annual General Meeting, Nov 18, 2025. Location: level 4, 500 hay street, wa 6008, subiaco Australia Buy Or Sell Opportunity • Aug 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to €10.08. The fair value is estimated to be €12.74, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 43%. For the next 3 years, revenue is forecast to grow by 8.5% per annum. Earnings are also forecast to grow by 8.5% per annum over the same time period. Reported Earnings • Aug 22
Full year 2025 earnings released: EPS: AU$1.13 (vs AU$0.56 in FY 2024) Full year 2025 results: EPS: AU$1.13 (up from AU$0.56 in FY 2024). Revenue: AU$6.41b (up 30% from FY 2024). Net income: AU$1.34b (up 110% from FY 2024). Profit margin: 21% (up from 13% in FY 2024). The increase in margin was driven by higher revenue. Production and reserves: Gold Production: 1,618.5 troy koz Proved and probable reserves (ore): 464.3 Mt (430.6 Mt in FY 2024) Number of mines: 6 (6 in FY 2024) Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 21
Northern Star Resources Limited Announces Ordinary Dividend for A Period of Six Months Ended June 30, 2025, Payable September 25, 2025 Northern Star Resources Limited announced ordinary dividend of AUD 0.30 per share for a period of six months ended June 30, 2025. Record Date: September 3, 2025, Ex Date: September 2, 2025 and Payment Date: September 25, 2025. Duyuru • Jul 22
Northern Star Resources Limited (ASX:NST) entered into a binding agreement to acquire Mt Roe Mining Pty Ltd from Mantle Minerals Limited (ASX:MTL) for AUD 13.5 million. Northern Star Resources Limited (ASX:NST) entered into a binding agreement to acquire Mt Roe Mining Pty Ltd from Mantle Minerals Limited (ASX:MTL) for AUD 13.5 million on July 22, 2025. A cash consideration of AUD 13.5 million will be paid by Northern Star Resources Limited. As part of consideration, AUD 13.5 million is paid towards common equity of Mt Roe Mining Pty Ltd. The transaction will be financed through firm commitments to raise AUD 0.25 million (before costs) through the proposed issue of 250 million fully paid ordinary shares at AUD 0.001 per share. Upon completion, Mantle Minerals Limited retains the Yule River and Pardoo Project.
The transaction is subject to approval by regulatory board / committee, consummation of due diligence investigation and third party approval needed. The expected completion of the transaction is within 5 business days following satisfaction of the conditions and will occur no later than September 12, 2025. Duyuru • May 26
Suitors Reportedly Consider to Buy Bellevue Gold Evolution Mining Limited (ASX:EVN), Northern Star Resources Limited (ASX:NST) and Regis Resources Limited (ASX:RRL) are three of the groups believed to be in a data room considering a deal to buy Bellevue Gold Limited (ASX:BGL), sources say. Exactly how serious the parties are remains to be seen, with sources suggesting most would look at the business to assess what was on offer as an educational -exercise at the very least. However, of those, Northern Star was thought to be the most likely buyer. Offshore groups were also taking a look. Given that Bellevue Gold was out of the money on its hedge book, it made a deal difficult to stack up, market experts say. Already, Bellevue, advised by UBS, has said it has had informal approaches, and rather than running a formal sale process, it is offering certain parties access to a data room. The $1 billion gold company that has the Bellevue Gold Project in Western Australia is considering a sale after downgrading its production guidance, closing out part of its goldmining hedge book, raising equity and flagging changes to the group's board and executive team. Australian peers are now interested in buying Bellevue to secure more production at a time when gold's price increases show no sign of abating, rather than for synergies. The management of Regis Resources is conservative and is bidding for the EMR Capital-backed Ravenswood goldmine near-by. It would have capacity to buy one or the other, but not both. Northern Star would be one of the only Australian groups with synergies, because it could shut down the Bellevue Gold mill and feed ore into its WA Thunderbox gold facility, which is under--utilised, say experts. Northern Star's challenge is that it has just purchased De Grey Mining. Duyuru • May 05
Northern Star Resources Limited (ASX:NST) completed the acquisition of De Grey Mining Limited (ASX:DEG). Northern Star Resources Limited (ASX:NST) agreed to acquire De Grey Mining Limited (ASX:DEG) for AUD 5 billion on December 1, 2024. The consideration consists of common equity of Northern Star Resources Limited at a ratio of 0.119 per common equity, options and rights of De Grey Mining Limited.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders and approval of offer by target shareholders. The Board of Directors of De Grey Mining Limited formed a special committee for the transaction. The deal has been unanimously approved by the board. As of April 16, 2025, S&P Dow Jones Indices announced today that it will remove De Grey Mining Limited (XASX: DEG) from the S&P/ASX 200 Index, subject to shareholder approval and final court approval whereby the company will be acquired by Northern Star Resources Limited (XASX: NST). As of April 16, 2025, shareholders of De Grey Mining have approved the transaction. The transaction is expected to close in Late April or Early May 2025. If the Federal Court approves the Scheme, the Effective Date of the Scheme and the last trading day for De Grey Shares is expected to be 23 April 2025. As per the announcement on April 23, 2025, the transaction is now legally effective. Implementation of the Scheme is then expected to occur on May 5, 2025.
Macquarie Capital Limited acted as financial advisor for Northern Star Resources Limited. Antonella Pacitti, Roger Davies, Jacob Carmody, Toby Newnes, Chris Barry, Chelsey Schroeter, Sally Audeyev, Dan Flanagan, Greg Protektor and David Blight of King & Wood Mallesons, Australia Branch acted as legal advisor for Northern Star Resources Limited. Azure Capital Pty Ltd. acted as financial advisor for De Grey Mining Limited. Barrenjoey Capital Partners acted as financial advisor for De Grey Mining Limited. Barclays Bank PLC acted as financial advisor for De Grey Mining Limited. Sarah Turner, Justin Mannolini, and Janelle Sputore of Gilbert and Tobin acted as legal advisor for De Grey Mining Limited. Steinepreis Paganin acted as legal advisor for De Grey Mining Limited. Automic Share Registry acted as registrar to De Grey Mining Limited.
Northern Star Resources Limited (ASX:NST) completed the acquisition of De Grey Mining Limited (ASX:DEG) on May 5, 2025. As of Closing of the transaction, De Grey shares have now been transferred to Northern Star and eligible De Grey shareholders have been issued the Scheme consideration of 0.119 new Northern Star shares for each De Grey share held on the Scheme record date, being 5:00 pm (AWST) on April 28, 2025. The new Northern Star shares are expected to commence trading on the ASX on a normal settlement basis from May 6, 2025. Duyuru • Apr 01
Northern Star Resources Limited to Report Q3, 2025 Results on Apr 29, 2025 Northern Star Resources Limited announced that they will report Q3, 2025 results Pre-Market on Apr 29, 2025 Duyuru • Feb 15
Northern Star Resources Limited Announces Dividend for the Six Months Ended December 31, 2024, Payable on March 27, 2025 Northern Star Resources Limited announced dividend of AUD 0.25000000 for the six months ended December 31, 2024. Ex Date is March 5, 2025. Record Date is March 6, 2025 and Payment Date is March 27, 2025. Duyuru • Feb 03
Northern Star Resources Limited to Report First Half, 2025 Results on Feb 13, 2025 Northern Star Resources Limited announced that they will report first half, 2025 results on Feb 13, 2025 Duyuru • Jan 21
Northern Star Resources Limited Reaffirms Gold Sales Guidance for the Fiscal Year 2025 Northern Star Resources Limited reaffirmed gold sales guidance for the fiscal year 2025. Fiscal year 2025 guidance at 1,650 koz- 1,800 koz gold sold and AISC of AUD 1,850/oz-2,100/oz and fiscal year 2025 exploration guidance at AUD 180 million. Duyuru • Jan 06
Northern Star Resources Limited to Report Q2, 2025 Results on Jan 21, 2025 Northern Star Resources Limited announced that they will report Q2, 2025 results Pre-Market on Jan 21, 2025 Duyuru • Dec 15
Northern Star Resources Reportedly May Sell Carosue Dam to Ramelius Resources Following Northern Star Resources Limited (ASX:NST)’s $5 billion buyout of De Grey Mining Limited, speculation is mounting that it may move to sell its Carosue Dam Operations to Ramelius Resources Limited (ASX:RMS). Market sources estimate a price tag of about $800 million. Sources believe it would be a valuable addition for Ramelius Resources and strategic for its Rebecca-Roe project, 150km east of Kalgoorlie. Sources believe that Northern Star would probably be willing to part with Carosue Dam if offered the right price for the asset. Duyuru • Dec 03
Northern Star Resources Limited (ASX:NST) agreed to acquire De Grey Mining Limited (ASX:DEG) for AUD 4.9 billion. Northern Star Resources Limited (ASX:NST) agreed to acquire De Grey Mining Limited (ASX:DEG) for AUD 4.9 billion on December 2, 2024. The consideration consists of common equity of Northern Star Resources Limited at a ratio of 0.119 per common equity, options and rights of De Grey Mining Limited.
The transaction is subject to approval by regulatory board / committee, approval of merger agreement by target board, approval of offer by acquirer shareholders and approval of offer by target shareholders. The Board of Directors of De Grey Mining Limited formed a special committee for the transaction. The deal has been unanimously approved by the board.
Macquarie Capital Limited acted as financial advisor for Northern Star Resources Limited. King & Wood Mallesons, Australia Branch acted as legal advisor for Northern Star Resources Limited. Azure Capital Pty Ltd. acted as financial advisor for De Grey Mining Limited. Barrenjoey Capital Partners acted as financial advisor for De Grey Mining Limited. Barclays Bank PLC acted as financial advisor for De Grey Mining Limited. Gilbert and Tobin acted as legal advisor for De Grey Mining Limited. Steinepreis Paganin acted as legal advisor for De Grey Mining Limited. Automic Share Registry acted as registrar to De Grey Mining Limited. Duyuru • Oct 23
Harmony Gold Reportedly Eyes $2 Billion Ravenswood Gold Mine Harmony Gold Mining Company Limited (JSE:HAR) is understood to have expressed interest in an acquisition of the $2 billion Ravenswood Gold Mine that being sold by EMR Capital Pty. Ltd. and Golden Energy and Resources Pte. Ltd. DataRoom understands that the $11 billion South African-listed gold miner is keen to buy the Queensland asset that Azure Capital and UBS have been appointed to sell. Market sources say that a deal would make sense for Harmony, given that its share price has been on a tear on the back of the record gold price and it has the cash to pay for the gold mine. Harmony is likely to come up against Australian-listed gold miners like Regis Resources Limited (ASX:RRL), Gold Road Resources Limited (ASX:GOR) and Capricorn Metals Ltd. (ASX:CMM), while Emerald Resources NL (ASX:EMR) may be interested. Northern Star Resources Limited (ASX:NST) and Evolution Mining Limited (ASX:EVN) may also take a look. Duyuru • Oct 01
Northern Star Resources Limited to Report Q1, 2025 Results on Oct 24, 2024 Northern Star Resources Limited announced that they will report Q1, 2025 results Pre-Market on Oct 24, 2024 Duyuru • Sep 13
Northern Star Resources Limited, Annual General Meeting, Nov 20, 2024 Northern Star Resources Limited, Annual General Meeting, Nov 20, 2024. Location: level 4, 500 hay street, subiaco wa 6008 Australia Duyuru • Aug 24
Northern Star Resources Limited Announces Unfranked Final Ordinary Dividend for the Six Months June 30, 2024, Payable on 26 September 2024 Northern Star Resources Limited announced an unfranked final ordinary dividend of AUD 0.25000000 for the six months June 30, 2024, to be paid on 26 September 2024. Record date of final dividend is 4 September 2024. Ex date is 3 September 2024. Declared Dividend • Aug 24
Final dividend of AU$0.25 announced Shareholders will receive a dividend of AU$0.25. Ex-date: 3rd September 2024 Payment date: 26th September 2024 Dividend yield will be 3.7%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 28% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 23
Full year 2024 earnings released: EPS: AU$0.56 (vs AU$0.51 in FY 2023) Full year 2024 results: EPS: AU$0.56 (up from AU$0.51 in FY 2023). Revenue: AU$4.92b (up 19% from FY 2023). Net income: AU$638.5m (up 9.1% from FY 2023). Profit margin: 13% (down from 14% in FY 2023). The decrease in margin was driven by higher expenses. Production and reserves: Gold Production: 1,644.5 troy koz Proved and probable reserves (ore): 430.6 Mt (383 Mt in FY 2023) Number of mines: 6 (6 in FY 2023) Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Duyuru • Aug 12
Northern Star Resources Limited to Report Fiscal Year 2024 Results on Aug 22, 2024 Northern Star Resources Limited announced that they will report fiscal year 2024 results on Aug 22, 2024 Duyuru • Jul 02
Northern Star Resources Limited Appoints Michael Filan Ashforth as Director Northern Star Resources Limited announced appointment of Michael Filan Ashforth as director. Date of appointment is 1 July 2024. Duyuru • Jul 01
Northern Star Resources Limited to Report Q4, 2024 Results on Jul 25, 2024 Northern Star Resources Limited announced that they will report Q4, 2024 results on Jul 25, 2024 Buy Or Sell Opportunity • Jun 12
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €8.39. The fair value is estimated to be €10.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 24%. For the next 3 years, revenue is forecast to grow by 9.5% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Duyuru • Apr 02
Northern Star Resources Limited to Report Q3, 2024 Results on Apr 23, 2024 Northern Star Resources Limited announced that they will report Q3, 2024 results Pre-Market on Apr 23, 2024 Upcoming Dividend • Feb 28
Upcoming dividend of AU$0.15 per share Eligible shareholders must have bought the stock before 06 March 2024. Payment date: 28 March 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (6.0%). Declared Dividend • Feb 25
First half dividend of AU$0.15 announced Shareholders will receive a dividend of AU$0.15. Ex-date: 6th March 2024 Payment date: 28th March 2024 Dividend yield will be 3.2%, which is lower than the industry average of 4.8%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 23
First half 2024 earnings released: EPS: AU$0.17 (vs AU$0.041 in 1H 2023) First half 2024 results: EPS: AU$0.17 (up from AU$0.041 in 1H 2023). Revenue: AU$2.25b (up 15% from 1H 2023). Net income: AU$198.5m (up 316% from 1H 2023). Profit margin: 8.8% (up from 2.4% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Duyuru • Feb 12
Northern Star Resources Limited to Report First Half, 2024 Results on Feb 22, 2024 Northern Star Resources Limited announced that they will report first half, 2024 results on Feb 22, 2024 Recent Insider Transactions • Nov 10
CEO, MD & Director recently sold €2.2m worth of stock On the 6th of November, Stuart Tonkin sold around 300k shares on-market at roughly €7.23 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Stuart has been a net seller over the last 12 months, reducing personal holdings by €3.7m. Duyuru • Oct 05
Northern Star Resources Limited to Report Q1, 2024 Results on Oct 19, 2023 Northern Star Resources Limited announced that they will report Q1, 2024 results on Oct 19, 2023 Duyuru • Sep 13
Northern Star Resources Limited, Annual General Meeting, Nov 16, 2023 Northern Star Resources Limited, Annual General Meeting, Nov 16, 2023, at 14:00 W. Australia Standard Time. Location: Level 4, 500 Hay Street, Subiaco Western Australia Australia Upcoming Dividend • Aug 29
Upcoming dividend of AU$0.15 per share at 2.3% yield Eligible shareholders must have bought the stock before 05 September 2023. Payment date: 12 October 2023. Payout ratio is a comfortable 52% and the cash payout ratio is 87%. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (8.7%). Duyuru • Aug 24
Northern Star Resources Limited Announces Unfranked Final Ordinary Dividend for Fiscal Year Ended 30 June 2023, Payable on 12 October 2023 Northern Star Resources Limited announced an unfranked final ordinary dividend of $179 million (15.5 cents per fully paid Share), to be paid on 12 October 2023 out of retained earnings at 30 June 2023. Record date of final dividend is 6 September 2023. Ex date is 5 September 2023. Reported Earnings • Aug 24
Full year 2023 earnings released: EPS: AU$0.51 (vs AU$0.37 in FY 2022) Full year 2023 results: EPS: AU$0.51 (up from AU$0.37 in FY 2022). Revenue: AU$4.13b (up 11% from FY 2022). Net income: AU$585.2m (up 36% from FY 2022). Profit margin: 14% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Duyuru • Aug 04
Northern Star Resources Limited to Report Fiscal Year 2023 Results on Aug 24, 2023 Northern Star Resources Limited announced that they will report fiscal year 2023 results Pre-Market on Aug 24, 2023 Duyuru • Jul 26
Northern Star Resources Limited (ASX:NST) completed the acquisition of Tenements comprising the Millrose Project from Strickland Metals Limited (ASX:STK). Northern Star Resources Limited (ASX:NST) entered into a binding asset sale agreement to acquire Tenements comprising the Millrose Project from Strickland Metals Limited (ASX:STK) for AUD 59.5 million on June 26, 2023. Under the terms, AUD 2 million cash deposit shall be paid on execution of the agreement, cash consideration of AUD 39 million shall be paid on completion along with issuance of 1.5 million shares subject to 12 months escrow. In the event that the transaction does not complete, the deposit will convert into a loan which will be repayable by Strickland to Northern Star within 30 days from the date of termination of the agreement. Completion is subject to limited conditions, which are consistent for a transaction of this nature. Strickland will use the proceeds to undertake large scale RC and diamond drill programs, aggressively upgrade its portfolio of gold prospects to mineral resource status, undertake a 1,500m diamond and 5,000m RC program, continue base metal exploration and assess new opportunities. The transaction is expected to complete no later than 30 business days. Longreach Capital is acting as corporate advisor and Hamilton Locke as legal advisor to Strickland. Northern Star Resources Limited (ASX:NST) completed the acquisition of Tenements comprising the Millrose Project from Strickland Metals Limited (ASX:STK) on July 25, 2023. Under the transaction, Strickland received AUD 2 million cash deposit on execution of the agreement, cash consideration of AUD 39 million on completion and 1.5 million fully paid ordinary NST shares on completion of the transaction subject to 12 months escrow. Duyuru • Jul 04
Northern Star Resources Limited to Report Q4, 2023 Results on Jul 19, 2023 Northern Star Resources Limited announced that they will report Q4, 2023 results Pre-Market on Jul 19, 2023 Duyuru • Jun 26
Northern Star Resources Limited (ASX:NST) entered into a binding asset sale agreement to acquire interests in Tenements comprising the Millrose Project from Strickland Metals Limited (ASX:STK) for AUD 59.5 million. Northern Star Resources Limited (ASX:NST) entered into a binding asset sale agreement to acquire interests in Tenements comprising the Millrose Project from Strickland Metals Limited (ASX:STK) for AUD 59.5 million on June 26, 2023. Under the terms, AUD 2 million cash deposit shall be paid on execution of the agreement, cash consideration of AUD 39 million shall be paid on completion along with issuance of 1.5 million shares subject to 12 months escrow. In the event that the transaction does not complete, the deposit will convert into a loan which will be repayable by Strickland to Northern Star within 30 days from the date of termination of the agreement. Completion is subject to limited conditions, which are consistent for a transaction of this nature. Strickland will use the proceeds to undertake large scale RC and diamond drill programs, aggressively upgrade its portfolio of gold prospects to mineral resource status, undertake a 1,500m diamond and 5,000m RC program, continue base metal exploration and assess new opportunities. The transaction is expected to complete no later than 30 business days. Longreach Capital is acting as corporate advisor and Hamilton Locke as legal advisor to Strickland. Recent Insider Transactions • May 04
Independent Non-Executive Director recently sold €72k worth of stock On the 3rd of May, Nicholas Cernotta sold around 9k shares on-market at roughly €8.46 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.2m more than they bought in the last 12 months. Buying Opportunity • Apr 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.7%. The fair value is estimated to be €10.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 4.2%. For the next 3 years, revenue is forecast to grow by 8.2% per annum. Earnings is also forecast to grow by 29% per annum over the same time period. Upcoming Dividend • Feb 28
Upcoming dividend of AU$0.11 per share at 2.3% yield Eligible shareholders must have bought the stock before 07 March 2023. Payment date: 29 March 2023. The company is paying out more than 100% of its profits and is paying out 76% of its cash flow. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (8.4%). Reported Earnings • Feb 21
First half 2023 earnings released: EPS: AU$0.041 (vs AU$0.24 in 1H 2022) First half 2023 results: EPS: AU$0.041 (down from AU$0.24 in 1H 2022). Revenue: AU$1.95b (up 4.5% from 1H 2022). Net income: AU$47.7m (down 83% from 1H 2022). Profit margin: 2.4% (down from 15% in 1H 2022). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 1.7% decline forecast for the Metals and Mining industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Duyuru • Feb 13
Northern Star Resources Limited to Report First Half, 2023 Final Results on Feb 20, 2023 Northern Star Resources Limited announced that they will report first half, 2023 final results on Feb 20, 2023 Duyuru • Jan 09
Northern Star Resources Limited to Report Q2, 2023 Results on Jan 19, 2023 Northern Star Resources Limited announced that they will report Q2, 2023 results Pre-Market on Jan 19, 2023 Recent Insider Transactions • Dec 19
CEO, MD & Director recently sold €1.5m worth of stock On the 16th of December, Stuart Tonkin sold around 223k shares on-market at roughly €6.78 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Stuart's only on-market trade for the last 12 months. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Marnie Finlayson was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 16% share price gain to €6.54, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 6x in the Metals and Mining industry in Europe. Total returns to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.11 per share. Buying Opportunity • Nov 04
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €7.05, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 37%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Recent Insider Transactions • Oct 04
Independent Non-Executive Director recently bought €54k worth of stock On the 28th of September, Nicholas Cernotta bought around 11k shares on-market at roughly €4.74 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €236k. Insiders have collectively bought €727k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 07
Non-Executive Chairman recently bought €236k worth of stock On the 1st of September, Michael Chaney bought around 45k shares on-market at roughly €5.25 per share. This transaction increased Michael's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Reported Earnings • Aug 30
Full year 2022 earnings released: EPS: AU$0.37 (vs AU$1.15 in FY 2021) Full year 2022 results: EPS: AU$0.37 (down from AU$1.15 in FY 2021). Revenue: AU$3.74b (up 35% from FY 2021). Net income: AU$429.8m (down 58% from FY 2021). Profit margin: 12% (down from 37% in FY 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 11%, compared to a 4.3% growth forecast for the Metals and Mining industry in Germany. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 8 new directors. No experienced directors. 1 highly experienced director. 4 independent directors (5 non-independent directors). Independent Non-Executive Director John Fitzgerald is the most experienced director on the board, commencing their role in 2012. Independent Non-Executive Director Sharon Warburton was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Upcoming Dividend • Feb 28
Upcoming dividend of AU$0.10 per share Eligible shareholders must have bought the stock before 07 March 2022. Payment date: 29 March 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (8.7%). Reported Earnings • Feb 11
First half 2022 earnings: EPS in line with expectations, revenues disappoint First half 2022 results: EPS: AU$0.22 (down from AU$0.25 in 1H 2021). Revenue: AU$1.81b (up 63% from 1H 2021). Net income: AU$261.0m (up 43% from 1H 2021). Profit margin: 14% (down from 17% in 1H 2021). Revenue missed analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 16%, compared to a 15% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Dec 08
CEO, MD & Director recently bought €275k worth of stock On the 3rd of December, Stuart Tonkin bought around 50k shares on-market at roughly €5.51 per share. In the last 3 months, there was an even bigger purchase from another insider worth €599k. Stuart has been a buyer over the last 12 months, purchasing a net total of €858k worth in shares. Recent Insider Transactions • Sep 30
Non-Executive Director recently bought €62k worth of stock On the 27th of September, Sally Langer bought around 11k shares on-market at roughly €5.42 per share. In the last 3 months, there was an even bigger purchase from another insider worth €599k. Insiders have collectively bought €1.4m more in shares than they have sold in the last 12 months. Executive Departure • Sep 23
Executive Director Raleigh Finlayson has left the company On the 22nd of September, Raleigh Finlayson's tenure as Executive Director ended after less than a year in the role. As of June 2021, Raleigh still personally held 2.27m shares (€14m worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 4.92 years. Recent Insider Transactions • Sep 14
Executive Director recently bought €599k worth of stock On the 9th of September, Raleigh Finlayson bought around 100k shares on-market at roughly €5.99 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €1.3m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 02
CEO, MD & Director recently bought €290k worth of stock On the 31st of August, Stuart Tonkin bought around 50k shares on-market at roughly €5.81 per share. This was the largest purchase by an insider in the last 3 months. This was Stuart's only on-market trade for the last 12 months. Director Overboarding • Sep 01
Director Sharon Warburton has joined 5th company board Sharon Warburton has been appointed to the board of Northern Star Resources Limited (ASX:NST). Warburton now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 01
Director Sharon Warburton has joined 5th company board Sharon Warburton has been appointed to the board of Northern Star Resources Limited (ASX:NST). Warburton now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 01
Director Sharon Warburton has joined 5th company board Sharon Warburton has been appointed to the board of Northern Star Resources Limited (ASX:NST). Warburton now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 01
Director Sharon Warburton has joined 5th company board Sharon Warburton has been appointed to the board of Northern Star Resources Limited (ASX:NST). Warburton now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 01
Director Sharon Warburton has joined 5th company board Sharon Warburton has been appointed to the board of Northern Star Resources Limited (ASX:NST). Warburton now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 01
Director Sharon Warburton has joined 5th company board Sharon Warburton has been appointed to the board of Northern Star Resources Limited (ASX:NST). Warburton now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 01
Director Sharon Warburton has joined 5th company board Sharon Warburton has been appointed to the board of Northern Star Resources Limited (ASX:NST). Warburton now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 01
Director Sharon Warburton has joined 5th company board Sharon Warburton has been appointed to the board of Northern Star Resources Limited (ASX:NST). Warburton now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 01
Director Sharon Warburton has joined 5th company board Sharon Warburton has been appointed to the board of Northern Star Resources Limited (ASX:NST). Warburton now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 01
Director Sharon Warburton has joined 5th company board Sharon Warburton has been appointed to the board of Northern Star Resources Limited (ASX:NST). Warburton now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations. Director Overboarding • Sep 01
Director Sharon Warburton has joined 5th company board Sharon Warburton has been appointed to the board of Northern Star Resources Limited (ASX:NST). Warburton now sits on a total of 5 company boards. According to the Simply Wall St Risk Model, the director is at risk of having too many board obligations.