Elliott Associates and Elliott International Acquire 76.2 Million Share Cash-Settled Equity Derivative in Northern Star Resources

Northern Star Resources: A Leading ASX-Listed Mining Enterprise

Northern Star Resources Ltd operates as a major entity on the Australian Securities Exchange, focusing on gold and copper mining. Headquartered at Level 4, 500 Hay Street, Subiaco, Western Australia, the company holds a significant position in the mining industry. As an ASX-listed company, Northern Star adheres to continuous disclosure and transparency obligations mandated by the exchange and the Australian Takeovers Panel.

The company's capital structure and shareholder composition attract strong investor attention, especially given its scale and asset base typical of prominent mining firms. Disclosure of derivative positions by major investors offers the market enhanced insight into shareholding intentions and potential strategic moves. Northern Star’s status as a key mining company makes it a focal point for both domestic and international investors.

Elliott Associates and Elliott International's 76.2 Million Share Derivative Stake

Elliott Associates, L.P. and Elliott International, L.P. have established a combined long equity derivative position tied to 76,194,999 fully paid ordinary shares in Northern Star Resources. Disclosed on 24 July 2026, this substantial holding involves cash-settled equity swaps entered by the Elliott entities. This position represents significant notional exposure to Northern Star's share price and underscores notable investor interest.

The derivative exposure is structured through cash-settled equity swaps, enabling economic participation in share price movements without direct ownership of shares. Reference prices for these swaps range from AU$17.37 to AU$31.66, defining the pricing framework for the contracts. The variation in reference prices reflects differing valuations during the position’s establishment and management.

Timing and Establishment of the Derivative Position

The Elliott entities initiated their long equity derivative position on 12 February 2026, as indicated in the Takeovers Panel notice. This timeline clarifies when the investment was executed and the derivative contracts began. The approximately five-month gap between establishment and disclosure aligns with typical regulatory reporting lags under Australian rules.

The February 2026 entry offers insight into Elliott’s investment strategy and market conditions at that time. The sizeable position signals a significant capital commitment and strategic intent. Market observers may interpret this timing as indicative of Elliott’s positive outlook on Northern Star’s future performance through to July 2026.

Cash-Settled Equity Swaps as Preferred Derivative Instruments

Rather than acquiring shares outright or using alternative derivatives, Elliott entities utilized cash-settled equity swaps to gain exposure to Northern Star shares. These financial contracts provide economic exposure to share price fluctuations without physical settlement of shares, with cash exchanged based on price differences at settlement dates.

This approach offers benefits such as flexible position sizing, potentially lower capital requirements compared to direct ownership, and reduced disclosure obligations. By employing cash-settled swaps, Elliott Associates and Elliott International obtain full economic exposure to Northern Star’s share price movements without triggering the disclosure thresholds applicable to direct shareholdings. The reference price range from AU$17.37 to AU$31.66 frames the economic exposure.

Compliance with Australian Takeovers Panel Guidance Note 20

The disclosure by Elliott Associates and Elliott International adheres to Australian Takeovers Panel Guidance Note 20, which mandates reporting of substantial equity derivative positions. This framework ensures transparency and prevents circumvention of substantial shareholding disclosure rules through derivatives.

The notice confirms no offsetting short equity derivative positions or short positions exceeding 1% acquired after the long derivative was disclosed. This absence of hedging indicates a genuine long exposure to Northern Star’s shares, reflecting an investment thesis based on anticipated share price gains or positive company developments.

Assurance of No Additional Positions or Associate Interests

The disclosure explicitly states Elliott Associates and Elliott International hold no other long equity derivative positions in Northern Star beyond those reported. This clarity assures the market that the 76,194,999 shares represent the full derivative exposure. It dispels speculation about undisclosed or hidden interests via other entities.

Additionally, neither Elliott entity has associates holding relevant interests or long equity derivatives in Northern Star shares. This comprehensive disclosure provides full market visibility into the Elliott investment group’s aggregate position, confirming centralized holdings without material satellite positions.

Reference Price Range and Valuation Insights

The cash-settled equity swaps operate within reference prices from AU$17.37 to AU$31.66 per share, a AU$14.29 range that defines the valuation band for the derivative positions. The lower price likely reflects earlier valuation points or initial tranches, while the higher price may correspond to later adjustments or market movements.

These reference prices offer investors context on the valuation levels at which Elliott established exposure. The broad range suggests a phased accumulation or adjustment strategy, consistent with prudent portfolio management involving multiple price points rather than a single transaction.

No Material Changes to Prior Disclosures

The notice confirms no material amendments to previously disclosed information regarding Elliott’s positions in Northern Star. This indicates either a new position subject to disclosure or confirmation of accuracy in prior disclosures. The consistency suggests stable shareholding or derivative intentions since February 2026.

Market participants can rely on this disclosure as an accurate snapshot of Elliott’s position as of 24 July 2026. Any future significant changes in notional share count, reference prices, or derivative structures will require updated disclosures under the Takeovers Panel rules.

Investment Management and Entity Structure

Elliott Investment Management L.P. (EIM) manages the investments for Elliott Associates, L.P. and Elliott International, L.P. Elliott Investment Management GP LLC (EIM GP) is the sole general partner of EIM, with Paul E. Singer as the sole managing member, overseeing investment decisions.

This multi-layered structure is common among sophisticated investment vehicles and hedge funds, providing legal separation and operational flexibility. Elliott Investment Management L.P. submitted the disclosure to Northern Star on 24 July 2026, facilitating public dissemination via the ASX and ensuring market transparency.

Investor Relations and Media Contacts Post-Disclosure

Northern Star Resources offers investor relations support through Sophie Spartalis, reachable at +61 8 6489 2488 or [email protected], serving as the main contact for inquiries about the Elliott derivative disclosure or other shareholder matters. This dedicated channel underscores Northern Star’s commitment to transparent investor communication.

Media inquiries are directed to Peter Klinger at Purple Communications, available at +61 411 251 540 or [email protected]. This dual approach ensures tailored communication for investors and media. The disclosure was authorized for release to the ASX by Northern Star’s Board of Directors, confirming company leadership’s approval of this material market information.