High Gold Prices Drive Northern Star Shares' Overvaluation vs. Unchanged AUD 13 Fair Value Estimate

Northern Star is a midtier global gold miner with mines in Western Australia and Alaska. Its portfolio is a result of significant corporate activity, including 14 acquisitions and four asset sales since 2010. Notable transactions include the purchase of Pogo in Alaska in 2018 and half of the Kalgoorlie Super Pit mine, or Super Pit, in Western Australia, from Newmont in 2020. Northern Star subsequently merged with Saracen in 2021, adding the other half of the Super Pit, as well as the Carosue Dam and Thunderbox assets in Western Australia. It bought developer De Grey Mining, owner of the attractive Hemi gold project in Western Australia, in May 2025.