Ann: Application for quotation of securities - HRZ, page-6

Northern Star with billion-euro takeover - what is Gold Road planning?
https://www.gold-magazin.com/northern-star-mit-milliardenuebernahme-was-plant-gold-road/

The Australian gold giant Northern Star Resources Limited (ISIN: AU000000NST8) is on the verge of finalising its takeover of De Grey Mining! A billion-euro merger that is likely to reshape the gold market Down Under. Back in December 2024, Northern Star Resources announced a takeover of De Grey Mining worth around 6 billion Australian dollars (approx. 3.9 billion euros).
The deal centres on the Hemi gold project in the Pilbara region. This is considered one of the most promising untapped gold deposits in Australia.
For a long time, it was unclear how De Grey's largest shareholder, Gold Road Resources, would position itself.
With a stake of 17.26%, the company played a key role. Gold Road has now announced that it has agreed to the takeover bid - a decisive step in the realisation of the deal. Analysts expect Gold Road to sell the Northern Star shares received in return at a later date in order to pursue its own takeover plans.
Shareholder approval and court decision pending More than 99% of De Grey shareholders have already approved the merger. Final approval by the Australian Federal Court is due on 23 April and the official transaction is expected to be completed on 5 May. De Grey shares will be suspended from trading the day after the court decision.
Shareholders will benefit from an attractive premium: at the time of the announcement, the offer represented an increase of 37.1% on the share price at that time. Hemi project promises strong returns The Hemi deposit contains around 13.6 million ounces of gold and is initially expected to produce 530,000 ounces annually - at estimated all-in sustaining costs (AISC) of A$1,200-1,300 per ounce. A feasibility study from 2023 estimated the net value of the project at A$2.9 billion at a gold price of A$2,700 - the gold price is now over A$5,000.
Gold price development 15/04/2025 With potential expansions, production could even rise to 700,000 ounces per year. Federal and state approvals are expected in the third quarter of 2025. Financing is almost secured: Northern Star has cash and cash equivalents of A$743 million and has credit lines of over A$1.1 billion in prospect.
The company now plans to review and, if necessary, optimise the development plan for Hemi. Strategic direction for Northern Star With the acquisition, Northern Star intends to further expand its market position. The company currently operates production centres in Western Australia and Alaska and is aiming to increase its annual production from the current 1.65-1.8 million ounces to 2 million ounces by 2027 - not including Hemi. Northern Star CEO Stuart Tonkin emphasised that the acquisition fits perfectly with the strategy: "Hemi is a large-scale, cost-effective and long-life project in a world-class mining district."

Conclusion: New momentum in the Australian gold market The De Grey takeover is part of a larger trend: gold companies are looking for growth through mergers in view of the historic price level. Gold Road's decision to approve the deal is likely to shape the Australian gold market in the long term - not least through potential follow-on acquisitions.