Northern Star sells Central Tanami stake to Mount Gibson

The news: Gold miner Northern Star Resources has agreed to sell its 50% stake in the Central Tanami gold project in the Northern Territory to iron ore small cap Mount Gibson for $50 million.

The numbers: The project comprises over 2,100 square kilometres of mining and exploration tenements in the Central Tanami region of the Northern Territory, with mineral resources totalling 13.8 million tonnes of gold at 3.6 grams per tonne for 1.6 million ounces of contained gold.

The context: The project is currently owned by a 50:50 joint venture comprising Northern Star and ASX minnow Tanami Gold. The partnership was initially established in 2015 as a farm-in arrangement and later restructured in 2021, requiring both Northern Star and Tanami to contribute its share of expenditure to the joint venture.

The acquisition is conditional on approval by the Foreign Investment Review Board, among other conditions, to be completed before 31 March 2026.