Response to Media Speculation - Gold Fields Limited

Key points

• Northern Star received and rejected an unsolicited proposal from Gold Fields
• Proposal offered 0.3125 Gold Fields shares and A$7.25 in cash per share
• Board deemed proposal undervalued Northern Star and had significant conditions

Full summary

Northern Star Resources Ltd (ASX: NST) has confirmed that it received, considered, and rejected a confidential, non-binding indicative proposal from Gold Fields Limited. The proposal, received on 14 September 2026, suggested that Gold Fields would acquire 100% of Northern Star through a scheme of arrangement. The proposal offered 0.3125 Gold Fields shares and A$7.25 in cash per Northern Star share, representing an implied consideration price of A$27.00 per share based on Gold Fields' share price on 11 September 2026. The Board of Directors, after careful consideration, unanimously rejected the proposal, stating that it materially undervalues Northern Star, exposes shareholders to higher risks, and is highly opportunistic. Northern Star remains committed to its standalone strategy and will continue to inform the market of material developments.