Northern Star Resources Ltd ADR Stock (OTC: NSTYY)

Latest news for Northern Star Resources Ltd ADR (OTC:NSTYY) Stock

Gold bars

News

Commodities

DGMLF

NSTYY

Northern Star Resources announced $3.3B acquisition of De Grey Mining&#39;s Hemi gold project, boosting overall production to 2.5M ounces annually by 2029.

Northern Star Acquires De Grey For $3.3 Billion, Secures Promising Tier 1 Asset

Northern Star Resources Ltd ADR

Meeting Minimum Bid Price And Stockholders' Equity Requirements; Common Stock To Continue Trading On Nasdaq Capital Market

ENSC

Ensysce Biosciences Regains Full Nasdaq Compliance

Canaccord Genuity analyst Austin Moeller maintains Vertical Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVTL#NYSE">EVTL</a>) with a Buy and maintains $16 price target.

Price Target

Analyst Ratings

EVTL

Canaccord Genuity Maintains Buy on Vertical Aerospace, Maintains $16 Price Target

WISA

WiSA Technologies Stockholders Approve Acquisition Of Data Vault Assets Valued At $266M-$501M; Deal Includes 40M Shares And $10M Note, Transforming Into Datavault Inc. With Blockchain, AI, And Web 3.0 Solutions Across Multiple Industries

WIIM

New Fortress Energy shares are trading higher after Stifel maintained a Buy rating and raised its price target from $16 to $17.

iHeartMedia, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IHRT#NASDAQ">IHRT</a>) ("iHeartMedia" or the "Company") today announced the successful completion of its previously announced comprehensive exchange transactions of iHeartCommunications, Inc.'s ("iHeartCommunications") outstanding 6.375% Senior Secured Notes due 2026 (the "2026 Secured Notes"), 5.25% Senior Secured Notes due 2027 (the "2027 Secured Notes"), 4.75% Senior Secured Notes due 2028 (the "2028 Secured Notes"), 8.375% Senior Notes due 2027 (the "Unsecured Notes") and senior secured term loans due 2026 (the "Existing Term Loans") (collectively, the "Existing Debt") for new 9.125% Senior Secured First Lien Notes due 2029, 7.750% Senior Secured First Lien Notes due 2030, 7.000% Senior Secured First Lien Notes due 2031, 10.875% Senior Secured Second Lien Notes due 2030 and senior secured first lien term loans due 2029, respectively, in each case issued by iHeartCommunications (collectively, the "Exchange Offers").
Approximately $4.8 billion (or 92.2%) of the aggregate principal amount of the Existing Debt participated in the Exchange Offers, which expired at 9:00 a.m., New York City time, on December 18, 2024 (the "Expiration Time").

IHRT

iHeartMedia Completes Debt Exchange Offers, Reduces Debt by $440M, Extends Maturities by 3 Years, $4.8B (92.2%) of Existing Debt Participated, Strengthens Capital Structure with New Senior Secured Notes and Loans Due 2029-2031

<a href="https://www.bloomberg.com/news/articles/2024-12-23/metlife-is-said-to-near-deal-to-buy-hk-tycoon-li-s-pinebridge?embedded-checkout=true" title="https://www.bloomberg.com/news/articles/2024-12-23/metlife-is-said-to-near-deal-to-buy-hk-tycoon-li-s-pinebridge?embedded-checkout=true">https://www.bloomberg.com/news/articles/2024-12-23/metlife-is-said-to-near-deal-to-buy-hk-tycoon-li-s-pinebridge?embedded-checkout=true</a>

MetLife Nearing $1.4B Deal To Acquire PineBridge Excluding China Assets; Announcement Expected Monday, Valuing $100B AUM Outside China At $1.3B-$1.4B

Sky Harbour Group Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKYH#NYSE">SKYH</a>, SKYH WS))) (&quot;SHG&quot; or the &quot;Company&quot;), an aviation infrastructure company building the first nationwide network of Home-Basing campuses for business aircraft, announced it has completed the second closing of its previously announced equity raise. The Company issued an additional 3,955,790 PIPE shares of its Class A Common Stock in connection with the exercise of all the rights to purchase additional shares provided to PIPE investors who participated in the first closing for net proceeds of approximately $37.6 million, at a sale price of $9.50 per share. Aggregate proceeds from both closings were approximately $75.2 million, representing the full capacity of the equity raise.

SKYH

Sky Harbour Completes Second Closing Of Equity Raise, Issuing 3.96M PIPE Shares At $9.50 Each For $37.6M; Total Proceeds From Both Closings Reach $75.2M

Elon Musk&#8217;s artificial intelligence company, xAI, is testing a standalone Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) iOS app&nbsp;for its chatbot, Grok.
Grok was now available only to users of Musk-owned X (formerly Twitter Inc).
The app can access real-time data from the web and X and offers generative AI features like rewriting text&nbsp;and generating images&nbsp;<a target="_blank" href="https://apps.apple.com/au/app/grok/id6670324846" rel="noreferrer noopener">from text prompts</a>.
Also Read: <a target="_blank" href="https://www.benzinga.com/trading-ideas/movers/24/12/42613368/broadcom-expects-decade-long-ai-chip-boom-as-big-tech-invest-billions" rel="noreferrer noopener">Broadcom Expects Decade-Long AI Chip Boom as Big Tech Invest Billions</a>
xAI is also preparing a site, Grok.com, to make the chatbot accessible on the web, TechCrunch <a target="_blank" href="https://techcrunch.com/2024/12/22/xai-is-testing-a-standalone-ios-app-for-its-grok-chatbot/" rel="noreferrer noopener">reports</a>.
Grok was previously available only to X&#8217;s paying subscribers. In November, the company&nbsp;started testing a free chatbot version and rolled it out to&nbsp;all users earlier this month.
The company&#8217;s chatbot image generator model allows users to create images using pictures of public figures and copyrighted material.
xAI has reportedly reached a <a target="_blank" href="https://www.benzinga.com/startups/24/11/42235738/in-just-16-months-elon-musk-achieved-with-xai-what-took-openai-nearly-nine-years-to-accomplish" rel="noreferrer noopener">$50 billion valuation</a> just 16 months after its July 2023 founding, surpassing the billionaire&#8217;s spending on acquiring Twitter.
OpenAI, one of the most recognized names in artificial intelligence, took over nine years to reach its current valuation of $157 billion.
Reportedly, xAI is rapidly gaining momentum in the competitive AI market, now valued higher than rivals like Anthropic, worth $19 billion, and Perplexity, valued at $2.8 billion.
xAI achieved significant milestones by securing $5 billion in its latest funding round to acquire 100,000 Nvidia chips.
These chips will drive the Memphis supercomputer, a facility built to advance the company&#8217;s AI capabilities and bolster Tesla&#8217;s Full Self-Driving (FSD) technology.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/24/12/42561240/salesforces-ai-powered-agentforce-20-spurs-analyst-upgrades-and-growth-optimism" target="_blank" rel="noreferrer noopener">Wall Street Analysts Are Bullish On Salesforce&#8217;s AI Vision &#8211; Here&#8217;s Why</a></li>
</ul>
Photo courtesy: Shutterstock

Tech

Media

AAPL

AMZN

MSFT

NVDA

Elon Musk's xAI To Expand With New Chatbot App

Fly-E Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLYE#NASDAQ">FLYE</a>) ("Fly-E" or the "Company"), an electric vehicle company engaged in designing, installing, selling, and renting smart electric motorcycles, electric bikes, electric scooters, and related accessories, today announced that its flagship e-bike model, the Fly-11 PRO, has been officially selected by the New York City Department of Transportation ("NYC DOT") as the official e-bike for the E-Bike Trade-In Program (the "Program"). NYC DOT expects to distribute approximately 400 e-bikes during the pilot period.

FLYE

Fly-E Group Selected As The Official E-Bike Provider For NYC DOT's Trade-In Program

Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) show strong fundamentals, but the trader community remains hesitant about their potential to outperform <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42535162/hyperliquid-emerges-as-ethereum-solana-rival-heres-how-high-hype-could-go">other trending cryptocurrencies</a>.
What Happened: Shibburn data shows 6.02 million SHIB tokens burned in the past 24 hours, driving the burn rate up by 661.7%. 
Key transactions included burns of 3.5 million and 2.3 million SHIB, signaling increased on-chain activity.
Shibarium&#8217;s December 2024 update <a href="https://x.com/Shibizens/status/1870792229461074044">highlights</a> the network undergoing a mainnet upgrade.
Among the milestones achieved, it crossed 688 million transactions, peaked to all time high in new total value locked and a maintained 4 million daily transactions volume.
The recent integration with Chainlink is expected to enhance cross-chain functionality, boost on-chain activity and accelerate SHIB burns.
On the Dogecoin front, crypto analyst Ali Martinez highlighted historical patterns where DOGE experienced parabolic rallies after significant retracements. 
For example, DOGE surged thousands of percent following pullbacks in 2017 and 2021. 
In 2024, after a 440% rally and 46% retracement, another explosive move <a href="https://x.com/ali_charts/status/1871097660888813871">could</a> be on the horizon.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42626582/dogecoin-shiba-inu-absent-from-2024s-top-performing-meme-coins-heres-who-made-the-cut">Dogecoin, Shiba Inu Absent From 2024&#8217;s Top-Performing Meme Coins: Here&#8217;s Who Made The Cut</a>
Trader Notes: Altcoin Sherpa sees meme coins performing well but doubts their ability to outperform other crypto assets in the latter half of the market cycle. 
While Dogecoin's brand recognition and Elon Musk's involvement make it unique, Sherpa argues that smaller-cap meme tokens like Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>) and Dogwifhat (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">WIF</a>) might outpace larger-cap memes.
He also <a href="https://x.com/AltcoinSherpa/status/1870504266781302822">suggests</a> big-cap meme coins will likely remain dependent on broader market movements, with a significant rally in Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) potentially lifting memes.
Sherpa concluded that while recognizable tokens like Shiba Inu, Floki (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">FLOKI</a>), and Dogwifhat will perform decently, they're unlikely to outperform top utility tokens like Aave (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/aave/usd">AAVE</a>), Hyperliquid (CRYPTO: HYPE) and Ethena (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">ENA</a>), or trending crypto sectors such as AI-driven projects.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42514226/shiba-inu-burn-rate-surges-3609-as-dogecoin-whales-move-5-8-billion-doge-what-is-going-on">Shiba Inu Burn Rate Surges 3,609% As Dogecoin Whales Move 5.8 Billion DOGE: What Is Going On?</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$AAVE

$DOGE

$ENA

$ETH

$FLOKI

$PEPE

$SHIB

$WIF

Dogecoin, Shiba Inu Could Underperform Stronger Cryptos, Trader Warns: Here's Why

AILE

iLearningEngines Voluntarily Files For Chapter 11 Bankruptcy, Seeks Court Approval To Continue Operations And Support Customers; Plans To Maintain Employee Wages And Vendor Payments During Proceedings

Earnings

Optical Cable Q4 EPS $0.05 Up From $(0.17) YoY, Sales $19.48M Up From $17.33M YoY

Psyence Biomedical Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PBM#NASDAQ">PBM</a>) ("Psyence Biomed" or the "Company") today announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 1,000,000 common shares (or pre-funded warrant in lieu thereof), series A common warrants to purchase up to 1,000,000 common shares and short-term series B common warrants to purchase up to 1,000,000 common shares at a purchase price of $2.00 per common share (or per pre-funded warrant in lieu thereof) and accompanying series A common warrant and short-term series B common warrant in a private placement. The series A common warrants and short-term series B common warrants will have an exercise price of $2.00 per share and will be exercisable immediately upon issuance. The series A common warrants will expire five years from the date of issuance and the short-term series B common warrants will expire two years from the date of issuance. The private placement is expected to close on or about December 24, 2024, subject to the satisfaction of customary closing conditions.
H.C. Wainwright &amp; Co. is acting as the exclusive placement agent for the offering.
The gross proceeds from the offering are expected to be approximately $2.0 million, prior to deducting placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes.

Offerings

Psyence Biomed Announces $2M Private Placement

Expecting 20% YOY Net Revenue Growth in early 2025, on Track for Ongoing Profitability by April 2025
Toronto, Canada--(Newsfile Corp. - December 23, 2024) - Pineapple Financial Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAPL#NYSE">PAPL</a>), a leading Canadian mortgage and insurance fintech, today reported its audited financial results for the fiscal year ended August 31, 2024. The company achieved a 7.5% increase in net revenue year-over-year, driven by growth in its subscription services and strong mortgage sales. Early reporting indicated Pineapple is expecting to experience a strong start to fiscal year 2025, with significant growth across key metrics, including 13.3% YOY volume growth, 13.9% YOY gross billing growth, and 20.8% YOY net revenue growth from September through November. These results reflect both the company's effective growth initiatives and a shifting market sentiment. With these strong figures and a clear path forward, Pineapple is on track to achieve ongoing profitability by April 2025.

Guidance

PAPL

Pineapple Financial Achieved Net Revenue Of $2.69M In FY24, Marking A 7.5% Increase Compared To $2.50M In Fiscal Year 2023; Expecting 20% YOY Net Revenue Growth In Early 2025, On Track For Ongoing Profitability By April 2025

FORD

Forward Industries' Largest Design Customer Terminates Patch Pump Program, Ending 25% Of FY 2024 Revenue; Company Expects Significant Revenue Drop In Q2 FY 2025 And Implements Cost-Cutting Measures, Including Workforce Reduction

LUCD

Lucid Diagnostics Granted 180-Day Extension By Nasdaq To Regain Compliance With $1 Minimum Bid Price Rule, Deadline Set For June 16, 2025

Sigma Lithium Corporation (NASDAQ:<a href="https://www.benzinga.com/stock/SGML#NASDAQ">SGML</a>, BVMF: S2GM34)) ("Sigma Lithium"&nbsp;or the "Company"), a leading global lithium producer dedicated to powering the next generation of electric vehicles with carbon-neutral, socially and environmentally sustainable lithium concentrate, is pleased to announce that it is currently loading 22,650 tonnes of its Quintuple Zero Green Lithium for shipment from the Port of Vitoria to IRH Global Trading LTD in Abu Dhabi (IRH), reflecting the Company's continued operational excellence.
Sigma Lithium has achieved a consistent monthly delivery schedule for large-scale shipments, having successfully met its target of producing Quintuple Zero Green Lithium at an annual rate of 270,000 tonnes. The execution of two large shipments within a short timeframe this quarter is a testament to the exceptional work of the Company's operational, commercial and logistics teams. The provisional price (6% Li2O, CIF China) for this shipment is set at 8.25% of the battery-grade lithium carbonate price quoted on the Guangzhou Futures Exchange (GFEX) as of the shipment date.

SGML

Sigma Lithium Announces Shipment This Week Of 22,650tonnes Of Quintuple Zero Green Lithium To Abu Dhabi's IRH

HCWB

HCW Biologics Receives Nasdaq Delisting Notice For Non-Compliance With MVLS Rule; Plans To Appeal And Request Hearing Following December 16 Deadline Missed For $50M Market Value Requirement

Jared Kushner, son-in-law of former President&nbsp;Donald Trump, has made it clear that he is not involved in Trump&#8217;s political endeavors. This statement comes amid ongoing scrutiny over his business dealings and political connections.
What Happened: Kushner, who is married to Trump&#8217;s daughter Ivanka, emphasized his detachment from Trump&#8217;s political activities during a podcast interview on Friday. During a podcast episode with &#8220;The Best with Patrick O'Shaughnessy,&#8221; he said he informed investors in February about raising additional capital, ensuring them that his role would remain unchanged regardless of Trump&#8217;s political future.
Kushner stated, &#8220;I&nbsp;made very clear to them&nbsp;that in the event that&nbsp;Trump was elected, that they&nbsp;should not expect anything from&nbsp;me.&#8221;
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The secret service affectionately called <a href="https://twitter.com/jaredkushner?ref_src=twsrc%5Etfw">@jaredkushner</a> "the Mechanic" because he was constantly fixing problems behind the scenes. That's the theme of our convo: &#8211; Affinity Partners &#8211; real estate &amp; business &#8211; government &#8211; the next 4 years &#8211; more Enjoy! <a href="https://t.co/V9YeuNrxG4">pic.twitter.com/V9YeuNrxG4</a>
&mdash; Patrick OShaughnessy (@patrick_oshag) <a href="https://twitter.com/patrick_oshag/status/1870097179253072202?ref_src=twsrc%5Etfw">December 20, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also:&nbsp;<a href="https://www.benzinga.com/24/12/42594797/trump-wants-to-get-rid-of-the-debt-ceiling-30-year-treasury-bonds-fall-to-2024-lows-stocks-cut-gains?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Would &#8216;Lead The Charge&#8217; To Scrap Debt Ceiling: 30-Year Treasury Bonds Slide To 2024 Lows, Stocks Cut Gains</a>
Kushner&#8217;s investment firm, Affinity Partners, has secured commitments from significant investors, including the Saudi Public Investment Fund and the Qatar Investment Authority, since 2021. He highlighted that these commitments were made when Trump&#8217;s political future was still uncertain. Kushner, who played a pivotal role in the Abraham Accords, founded Affinity after serving as a senior White House adviser. He assured that the firm has proactively avoided conflicts, eliminating the need to raise capital for the next four years.
Kushner and Affinity Partners have yet to respond to <a href="https://pro.benzinga.com">Benzinga</a>&#8216;s queries.
Why It Matters: Kushner&#8217;s distancing from Trump&#8217;s political sphere is noteworthy given his previous involvement in political fundraising activities. In May, Kushner was reportedly r<a href="https://www.benzinga.com/news/24/05/38750997/trumps-son-in-law-back-in-political-arena-jared-kushner-reportedly-making-calls-to-potential-donors">eaching out to donors</a> to support Trump&#8217;s 2024 campaign. This shift in stance comes amid scrutiny over Affinity Partners&#8217; foreign investments, which have raised concerns about potential conflicts of interest. 
In September, Senate Finance Committee Chair Sen. Ron Wyden (D-Ore.) <a href="https://www.benzinga.com/government/24/09/41043869/trump-son-in-laws-pe-firms-client-agreement-creates-unprecedented-conflicts-of-interest-involving-pr">questioned the firm&#8217;s dealings </a>with foreign investors, including the Saudi Arabian sovereign wealth fund. Wyden&#8217;s letter highlighted the firm&#8217;s collection of $157 million in management fees from foreign investors without generating returns, suggesting possible compensation schemes involving U.S. political figures. 
Kushner&#8217;s distancing from <a href="https://www.benzinga.com/real-estate/24/11/41898236/the-kushners-real-estate-empire-now-surpasses-trumps-heres-how-it-grew-from-1-8-billion-to-7-1-billion-since-2016">Trump&#8217;s political activities</a> may be an effort to mitigate these concerns and focus on his business ventures, which have seen significant growth. As of November, the Kushner family&#8217;s real estate empire has expanded from $1.8 billion to $7.1 billion since 2016.
Read Next:&nbsp;
<ul>
<li><a href="https://www.benzinga.com/news/24/12/42635765/mary-trumps-warning-donald-trumps-second-term-already-is-more-dangerous-than-the-first?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Mary Trump Issues Stark Warning On Donald Trump's Return To Power: &#8216;His Second Term Already Is More Dangerous Than the First&#8217;</a></li>
</ul>
Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Shutterstock

General

Jared Kushner Distances Himself From Father In Law's Political Influence: 'In The Event That Trump Was Elected...They Should Not Expect Anything From Me'

Loop Capital analyst Yun Kim maintains Klaviyo (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KVYO#NYSE">KVYO</a>) with a Buy and raises the price target from $45 to $60.

KVYO

Loop Capital Maintains Buy on Klaviyo, Raises Price Target to $60

Franklin Gold And Precious Metals Fund Q2 2024 Commentary

Northern Star Resources Limited (NESRF) Q4 2024 Earnings Call Transcript

Precious Metals Royalty And Streaming Companies: The August Report

Northern Star Resources: Another Solid Year For This Growing Producer

Northern Star Resources Limited (NESRF) Q1 2025 Earnings Call Transcript

Invesco Gold & Special Minerals Fund Q3 2024 Commentary

Northern Star to buy Australian peer De Grey Mining in A$5B deal

Northern Star Resources: Opportunity, And Risk, With Purchase Of De Grey Mining

Columbia Overseas Value Fund Q3 2024 Commentary

The Gabelli Gold Fund Q3 2024 Commentary

AAAU

AAUCF

ADMLF

ADTLF

AOTVF

BELGF

BGLD

BRVMF

BYAGF

CAHPF

CHXMF

CRDOF

CRNLF

CTGO

DETRF

ELEMF

EMPYF

ENGIY

ENGQF

EOGSF

EVGDQ

GDMN

GDXD

GDXJ

GDXU

GFIOF

GLDI

GLDM

GLTR

GMINF

GOAU

GOEX

GOLD

GROY

HCHDF

HCHDY

IAUM

IGLD

IVPAF

JTGPF

LUCMF

LUGDF

MARUF

MARUY

NESRF

NEVDQ

NONOF

OCANF

OGNRF

OUNZ

PALL

PDIYF

PGMFF

PHYS

PICK

PLTM

PNTOF

PPLT

PROBF

PSLV

RGLD

RING

RSRBF

RYDAF

SAND

SBSW

SBYSF

SGDJ

SGDM

SGOL

SHEL

SILJ

SIVR

SKXJF

SLVO

SLVP

SNWAF

SROYF

SSUMF

SSUMY

STBMF

STRFF

SVLKF

TDTRF

TFPM

VITFF

VOXR

VZLA

WRDLY

WWLNF

Leading Australian gold miner Northern Star Resources (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NSTYY#OTC">NSTYY</a>) has announced a $3.3 billion acquisition of De Grey Mining (OTC:<a class="ticker" href="https://www.benzinga.com/stock/DGMLF#OTC">DGMLF</a>), taking over De Grey's prized Hemi <a target="_blank" href="https://www.benzinga.com/topic/gold" rel="noreferrer noopener">gold project</a>.



"This acquisition reinforces Northern Star's position as the leading ASX-listed gold company and a top-ten global gold producer," <a target="_blank" href="https://www.nsrltd.com/media/ocblnmic/northern-star-agrees-to-acquire-de-grey-02-12-2024.pdf" rel="noreferrer noopener">stated</a> Stuart Tonkin, CEO of Northern Star.



The Hemi project is a transformative addition to Northern Star's portfolio. It ranks among the largest undeveloped gold assets globally and is positioned in a Tier-1 mining jurisdiction.



According to last month's estimates, Northern Star has 11.2 million ounces of mineral resources and 6 million ounces of reserves. With a planned annual production of 530,000 ounces over its first decade, the project could boost Northern Star's overall production capacity to 2.5 million ounces annually by 2029.



The acquisition leverages Northern Star's expertise in mine development. The company worked on a $1 billion KCGM mill expansion—the largest Australian gold project in over a decade. Management underlined this fact as a strategic advantage in Hemi's development.



"This combination de-risks Hemi's development, enabling Northern Star to optimize the project pathway and capitalize on our extensive contractor and supplier networks," Tonkin added.



Northern Star structured the deal as an all-stock transaction, with De Grey shareholders receiving 0.119 Northern Star shares for each De Grey share, valuing De Grey at $3.3 billion (A$5 billion). This price represents a 43.9% premium to De Grey's 30-day volume-weighted average share price.&nbsp;



Northern Star shareholders will own 80.1% of the combined company upon completion, while De Grey shareholders will hold 19.9%.



Both boards have unanimously approved the deal, describing it as a win for shareholders of both entities. De Grey's CEO, Glenn Jardine, highlighted that the agreement provides De Grey shareholders with continued exposure to Hemi's potential while gaining access to Northern Star's diversified asset base and proven operational capabilities.



The acquisition is slated for finalization by May 2025, pending shareholder and regulatory approvals. If it goes through, the combined Northern Star Group will operate across two Tier-1 jurisdictions and four production centers, with 74.9 million ounces of resources and 26.9 million ounces of ore reserves.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/asset-sales/24/11/42202141/newmont-sells-mine-for-795-million-barrick-expands-reserves-top-miners-unfazed-by-underperformance" target="_blank" rel="noreferrer noopener">Newmont Sells Mine For $795 Million, Barrick Expands Reserves; Top Miners Unfazed By Underperformance</a></li>
</ul>



Photo courtesy: Michael Sutton via Flickr

Comments

Northern Star Resources Ltd ADR

News

Latest news for Northern Star Resources Ltd ADR (OTC:NSTYY) Stock

Monday, December 02, 2024

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga