$GFI · GOLD FIELDS LTD

Gold Fields (GFI) confirmed it submitted a non-binding, indicative proposal to acquire 100% of Northern Star Resources (NST) via scheme of arrangement. The offer — 0.3125 GFI shares plus A$7.25 cash per NST share, implying A$27.00/share — was rejected by the Northern Star Board on 24 September 2026. GFI disclosed the terms publicly after NST's ASX announcement responding to media speculation. The combined group would produce ~4.1 Moz/year with estimated US$4–5 billion in synergies from adjacent Western Australian operations. GFI intends to pursue at least US$4 billion in asset disposals post-

GFI extended-hours trading at $33.88, down 16.10% from the $40.38 regular close — markets are punishing the stock as the market digests both the rejected overture and the implied dilution and cash outlay of the proposed structure.

A rejected mega-merger made public is a pressure tactic — GFI is forcing NST shareholders to see the 22% premium their board declined, setting up a potential hostile campaign.

Consolidation wave in global gold mining continues — this would create the second-largest gold producer globally, following Newmont-Newcrest and other recent mega-deals. Western Australia's Kalgoorlie region is a focal point for operational synergy-driven M&A.

Northern Star Board has already declined to engage; no certainty any transaction materializes. The proposal is preliminary, based solely on public information without due diligence. A$10.4B maximum cash consideration and 447M new GFI shares represent substantial dilution and leverage risk.