NORTHERN STAR RESOURCES LTD — Major Shareholding Notification 2018

Mar 8, 2018

Form 604 Corporations Act 2001
Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme		Northern Star Resources Ltd
ACN/ARSN	092 832 892
Details of substantial holder (1) 1. Name		Van Eck Associates Corporation (and its associates referred to in paragraph 6).
ACN/ARSN (if applicable)	N/A
There was a change in the interests of the
substantial holder on		06/03/2018
The previous notice was given to the company on		21/06/2017
The previous notice was dated		20/06/2017

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary shares	65,024 151	10.83%	71,567,017	1.87%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
	[Van Eck Associates] See Annexure A Corporation (VEAC)

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
VEAC	lBank of New York lMellon as custodian lfor VanEck Vectors IGold Miners ETF	Miners ETF (GDX)	IVanEck Vectors Gold IVEAC holds its relevant linterest by having the power to exercise, control lthe exercise of, or linfluence the exercise of. the voting powers or disposal of the securities Ito which the relevant linterest relates in the ordinary course of investment management Panizudi	Ordinary shares 29,734,373	4.93%

VEAC	Bank of New York Mellon as custodian for VanEck Vectors Junior Gold Miners ETF	VanEck Vectors Junior Gold Miners ETF (GDXJ)	Same as above.	Ordinary shares 36,260,371	6.01%
VEAC	State Street Bank as custodian for VanEck International Investors Gold Fund	VanEck International Investors Gold Fund (IIG)	Same as above.	Ordinary shares 3,201,000	0.53%
VEAC	JPMorgan as custodian for Jackson National	Jackson National/Van Same as above. Eck International Fund (JLGOLD)		Ordinary shares 260,000	0.04%
VEAC	Northern Trust as custodian for Lockheed Martin Corporation Master Retirement Trust	Lockheed Martin Junior Gold (LM)	Same as above.	Ordinary shares 171,000	0.03%
VEAC	Credit Agricole as custodian for LODH Invest - The World Gold Expertise Fund	LODH Invest - The World Gold Expertise Fund (LODH)	Same as above.	Ordinary shares 401,000	0.07%
VEAC	Bank of New York Mellon as custodian for VanEck Vectors S&P/ASX Midcap ETF	VanEck Vectors S&P/ASX Midcap ETF (MVE.AU)	Same as above.	Ordinary shares 207,935	0.03%
VEAC	Bank of New York Mellon as custodian for VanEck Vectors Australian Resources ETF	VanEck Vectors Australian Resources ETF (MVR.AU)	Same as above.	Ordinary shares 196.638	0.03%
VEAC	Bank of New York Mellon as custodian for VanEck Vectors Gold Miners UCITS ETF	VanEck Vectors Gold Same as above. Miners UCITS ETF (UCTGDX)		Ordinary shares 439,201	0.07%
VEAC	Bank of New York Mellon as custodian for VanEck Vectors Junior Gold Miners UCITS ETF	VanEck Vectors Junior Gold Miners UCITS ETF (UCTGDXJ)	Same as above.	Ordinary shares 598,899	0.10%
VEAC	State Street Bank as custodian for Van Eck VIP Global Gold VIP Trust - VIP Global ((VGOLD) Gold	Van Eck VIP Trust-	Same as above.	Ordinary shares 96,600	0.02%

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
IVEAC	666 Third Avenue, New York, NY 10017
Van Eck Securities Corporation	666 Third Avenue, New York, NY 10017
Van Eck Absolute Return Advisers, Inc.	666 Third Avenue, New York, NY 10017
VanEck Australia Pty Ltd	Level 4 Aurora Place, 88 Phillip Street, Sydney NSW 2000
VanEck Investments Limited	Level 4 Aurora Place, 88 Phillip Street, Sydney NSW 2000

Signature

DIRECTIONS

If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and $(1)$ trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

$(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.

• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• $(5)$ The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy $(a)$ of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the $(b)$ securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, $(7)$ become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included on any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

$(8)$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

$(9)$ Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDX	06/19/2017 S			In-Kind	30,752
GDX	06/21/2017 B			In-Kind	211,420
GDX	06/26/2017 S			In-Kind	153,760
GDX	06/27/2017 S			In-Kind	741,699
GDX	06/29/2017 S			In-Kind	76,880
GDX	07/03/2017 S			In-Kind	230,580
GDX	07/11/2017 S			In-Kind	230,640
GDX	07/13/2017 S			In-Kind	192,200
GDX	07/14/2017 S			In-Kind	115,320
GDX	07/17/2017 S			In-Kind	384,400
GDX	07/18/2017 S			In-Kind	484,344
GDX	07/19/2017 S			In-Kind	153,760
GDX	07/20/2017 S			In-Kind	222,952
GDX	07/21/2017 S			In-Kind	345,960
GDX	07/24/2017 S			In-Kind	315,208
GDX	07/25/2017 S			In-Kind	126,852
GDX	07/27/2017 S			In-Kind	269,080
GDX	08/01/2017 S			In-Kind	15,372
GDX	08/02/2017 S			In-Kind	288,225
GDX	08/03/2017 S			In-Kind	3,843
GDX	08/07/2017 S			In-Kind	153,720
GDX	08/08/2017 S			In-Kind	507,276
GDX	08/10/2017B			In-Kind	153,720
GDX	08/14/2017B			In-Kind	76,860
GDX	08/15/2017B			In-Kind	253,638
GDX	08/16/2017B			In-Kind	30,736
GDX	08/23/2017 S			In-Kind	15,368
GDX	08/24/2017 B			In-Kind	269,010
GDX	08/25/2017 B			In-Kind	499,590
GDX	08/29/2017 S			In-Kind	76,880
GDX	08/30/2017 B			In-Kind	84,590
GDX	09/07/2017 S			In-Kind	96,150
GDX	09/11/2017 S			In-Kind	307,680
GDX	09/14/2017 S			In-Kind	615,680
GDX	09/15/2017 S		2,742,723.82		539,223
GDX	09/21/2017B			In-Kind	676,800
GDX	10/03/2017 S			In-Kind	225,600
GDX	10/06/2017 S			In-Kind	75,200
GDX	10/11/2017B			In-Kind	969,822
GDX	10/12/2017 B			In-Kind	744,282
GDX	10/13/2017 S			In-Kind	225,600
GDX	10/25/2017 B			In-Kind	259,371
GDX	10/26/2017 B			In-Kind	90,216

This is Annexure A of 3 pages referred to in Form 604 - Notice of change of interests of substantial holder.

$AT$

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDX	10/27/2017B			In-Kind	293,202
GDX	11/14/2017 B			In-Kind	37,580
GDX	11/16/2017 B			In-Kind	75,160
GDX	11/21/2017 B			In-Kind	93,950
GDX	11/22/2017 S			In-Kind	300,640
GDX	11/28/2017 S			In-Kind	150,320
GDX	11/29/2017 S			In-Kind	93,950
GDX	12/06/2017 B			In-Kind	112,740
GDX	12/11/2017 S			In-Kind	48,880
GDX	12/12/2017 S			In-Kind	150,400
GDX	12/14/2017 S			In-Kind	90,240
GDX	12/15/2017 B		17,225,170.83		3,009,287
GDX	12/18/2017 S			In-Kind	135,296
GDX	12/22/2017 S			In-Kind	805,056
GDX	12/27/2017 S			In-Kind	733,775
GDX	12/29/2017 S			In-Kind	155,141
GDX	01/03/2018S			In-Kind	125,790
GDX	01/04/2018S			In-Kind	251,580
GDX	01/05/2018S			In-Kind	167,720
GDX	01/09/2018S			In-Kind	125,790
GDX	01/10/2018S			In-Kind	234,808
GDX	01/11/2018S			In-Kind In-Kind	4,193 88,053
GDX	01/12/2018B			In-Kind	25,158
GDX	01/15/2018 S				83,840
GDX	01/17/2018S			In-Kind In-Kind	92,224
GDX	01/18/2018S			In-Kind	96,416
GDX	01/22/2018 S
GDX	01/24/2018B 01/26/2018B			In-Kind In-Kind	104,800 12,576
GDX GDX	01/29/2018 S			In-Kind	272,480
GDX	01/30/2018S			In-Kind	108,992
GDX	02/07/2018B			In-Kind	196,977
GDX	02/08/2018 B			In-Kind	352,044
GDX	02/09/2018B			In-Kind	419,100
GDX	02/12/2018B			In-Kind	536,448
GDX	02/13/2018 B			In-Kind	469,392
GDX	02/14/2018B			In-Kind	544,830
GDX	02/21/2018B			In-Kind	83,800
GDX	02/28/2018B			In-Kind	377,190
GDX	03/01/2018B			In-Kind	398,240
GDX	03/02/2018 B			In-Kind	125,760
GDX	03/06/2018B			In-Kind	293,440
GDX	03/07/2018B			In-Kind	83,840

This is Annexure A of 3 pages referred to in Form 604 - Notice of change of interests of substantial holder,

Page 2 of 7

$AT$

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDXJ	06/19/2017B		1,962,635.12		405,196
GDXJ	06/21/2017B			In-Kind	1,311,920
GDXJ	06/22/2017 B			In-Kind	712,950
GDXJ	06/26/2017 B			In-Kind	285,140
GDXJ	06/30/2017 B			In-Kind	427,800
GDXJ	08/01/2017 B			In-Kind	285,160
GDXJ	08/08/2017 S			In-Kind	256,644
GDXJ	08/25/2017 S		344,582.44		68,147
GDXJ	09/06/2017 B			In-Kind	112,888
GDXJ	09/13/2017 B			In-Kind	225,984
GDXJ	09/15/2017B			In-Kind	211,920
GDXJ	09/15/2017S		9,999,884.28		1,965,990
GDXJ	09/19/2017 B			In-Kind	134,020
GDXJ	09/22/2017 B			In-Kind	133,990
GDXJ	09/25/2017 B			In-Kind	93,905
GDXJ	09/26/2017B			In-Kind	777,084
GDXJ	09/27/2017 B			In-Kind	348,348
GDXJ	10/03/2017B			In-Kind	107,200
GDXJ	10/05/2017 B			In-Kind	348,374
GDXJ	10/06/2017 B			In-Kind	267,980
GDXJ	10/10/2017B			In-Kind	133,980
GDXJ GDXJ	10/11/2017 B			In-Kind	241,164
GDXJ	10/18/2017 B 10/25/2017 B			In-Kind In-Kind	107,200
GDXJ	10/27/2017 B			In-Kind	321,600 267,980
GDXJ	10/30/2017 B			In-Kind	214,384
GDXJ	10/31/2017 B			In-Kind	133,980
GDXJ	11/06/2017B			In-Kind	133,980
GDXJ	11/09/2017 B			In-Kind	267,960
GDXJ	11/13/2017 S			In-Kind	803,880
GDXJ	11/14/2017B			In-Kind	133,980
GDXJ	11/15/2017B			In-Kind	133,980
GDXJ	11/17/2017 B			In-Kind	187,558
GDXJ	11/21/2017B			In-Kind	133,970
GDXJ	12/06/2017 B			In-Kind	267,920
GDXJ	12/13/2017 S			In-Kind	187,530
GDXJ	12/15/2017 S		4,957,329.00		867,273
GDXJ	12/21/2017B			In-Kind	130,710
GDXJ	12/22/2017 B			In-Kind	104,560
GDXJ	12/26/2017 B			In-Kind	104,560
GDXJ	01/03/2018 S			In-Kind	182,966
GDXJ	01/04/2018S			In-Kind	130,690
GDXJ	01/05/2018 S			In-Kind	130,690

This is Annexure A of 2 pages referred to in Form 604 - Notice of change of interests of substantial holder.

$A$

Page 3 of 7

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
GDXJ	01/08/2018 S			In-Kind	235,242
GDXJ	01/09/2018S			In-Kind	470,484
GDXJ	01/12/2018B			In-Kind	104,552
GDXJ	01/16/2018B			In-Kind	156,804
GDXJ	01/22/2018B			In-Kind	156,804
GDXJ	01/26/2018 S			In-Kind	222,122
GDXJ	01/29/2018 S			In-Kind	391,950
GDXJ	02/05/2018B			In-Kind	104,528
GDXJ	02/06/2018B			In-Kind	901,485
GDXJ	02/08/2018B			In-Kind	313,584
GDXJ	02/09/2018B			In-Kind	300,495
GDXJ	02/12/2018B			In-Kind	156,792
GDXJ	02/13/2018B			In-Kind	182,910
GDXJ	02/14/2018B			In-Kind	130,640
GDXJ	02/28/2018B			In-Kind	196,035
GDXJ	03/01/2018B			In-Kind	130,690
GDXJ	03/02/2018 S			In-Kind	156,780
GDXJ	03/07/2018 S			In-Kind	522,720
IIG	08/03/2017B		872,116.64		188,000
IIG	08/29/2017 S		911,961.09		177,000
IIG	11/08/2017 B		904,059.00		164,000
IIG	01/05/2018S		908,890.52		149,000
IIG	02/14/2018B		866,290.53		144,000
LM	11/24/2017 B		52,688.93		9,000
LODH	09/01/2017B		137,910.52		26,000
LODH	01/05/2018S		128,098.67		21,000
LODH	02/23/2018S		184,668.62		30,000
JLGOLD	01/05/2018S		79,299.18		13,000
VGOLD	11/28/2017 S		41,117.03		7,000
VGOLD	12/01/2017 B		23,323.66		4,000
MVRAU	06/30/2017 S		10,836.52		2,282
MVRAU	08/09/2017B		1,402.77		294
MVRAU	08/24/2017B		1,695.56		335
MVRAU	08/28/2017 B		1,834.17		366
MVRAU	08/31/2017B		3,152.92		605
MVRAU	09/06/2017 B		2,315.68		424
MVRAU	09/13/2017B		2,662.66		508
MVRAU	09/15/2017 S		105,654.61		20,763
MVRAU	09/29/2017 S		2,252.02		456
MVRAU	10/10/2017 S		2,076.09		417
MVRAU	11/08/2017 B			In-Kind	6,371
MVRAU	11/09/2017B		1,353.88		243
MVRAU	12/04/2017 B			In-Kind	19,158

This is Annexure A of 2 pages referred to in Form 604 - Notice of change of interests of substantial holder.

$AT$

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
MVRAU	12/15/2017 S		61,553.15		10,764
MVRAU	12/29/2017 S		20,716.00		3,397
MVRAU	01/04/2018B			In-Kind	5,907
MVRAU	01/11/2018S		25,639.12		4,399
MVRAU	01/15/2018B			In-Kind	11,530
MVRAU	01/24/2018B			In-Kind	11,530
MVRAU	02/07/2018S			In-Kind	11,528
MVRAU	02/16/2018 S		6,969.60		1,141
MVRAU	02/21/2018B		1,963.06		326
MVRAU	02/23/2018B		2,198.05		355
MVRAU	02/26/2018B		2,716.50		425
MVRAU	02/27/2018B			In-Kind	5,764
MVRAU	02/28/2018B		4,070.75		647
MVRAU	03/07/2018B		5,126.40		773
MVEAU	06/19/2017B			In-Kind	8,331
MVEAU	06/28/2017B			In-Kind	8,330
MVEAU	06/28/2017 S		2,614.16		554
MVEAU	06/30/2017 S		11,586.52		2,440
MVEAU	07/24/2017 S		443.58		102
MVEAU	08/09/2017B			In-Kind	40,505
MVEAU	08/18/2017B		1,254.74		256
MVEAU	08/28/2017 B		1,423.24		284
MVEAU	09/01/2017B		1,743.39		327
MVEAU	09/05/2017B		2,209.25		406
MVEAU	09/12/2017B		1,370.48		259
MVEAU	09/14/2017B			In-Kind	8,191
MVEAU	09/14/2017 S		1,684.34		324
MVEAU	09/15/2017 S		2,188.10		430
MVEAU	09/20/2017B		1,110.97		214
MVEAU	10/23/2017 S		1,890.64		379
MVEAU	11/02/2017B			In-Kind	8,148
MVEAU	11/02/2017B		923.65		171
MVEAU	11/21/2017B		4,904.99		844
MVEAU	12/05/2017B			In-Kind	8,193
MVEAU	12/13/2017B			In-Kind	7,987
MVEAU	12/13/2017 S		24,735.27		4,356
MVEAU	12/15/2017B		143.04		25
MVEAU MVEAU	12/29/2017 S 01/03/2018 S		16,099.57		2,640
MVEAU	01/15/2018B		1,993.20	In-Kind	319
MVEAU	01/16/2018 S		1,019.42		7,845 165
MVEAU	02/07/2018 S		2,612.08		460
MVEAU	02/13/2018B		1,492.91		250

This is Annexure A of 1 page referred to in Form 604 - Notice of change of interests of substantial holder.

$AT$

Page 5 of 7

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
MVEAU	02/19/2018B		1,104.41		181
MVEAU	02/22/2018B		1,396.48		230
MVEAU	02/27/2018B		3,133.82		488
MVEAU	03/01/2018B		2,099.37		330
MVEAU	03/02/2018B			In-Kind	15,778
MVEAU	03/06/2018B		1,672.14		256
MVEAU	03/06/2018B			In-Kind	7,897
UCTGDX	09/15/2017 S		44,791.16		8,806
UCTGDX	12/11/2017 S		155,313.04		27,363
UCTGDX	12/15/2017 B		251,936.31		44,014
UCTGDX	01/05/2018 S		53,130.18		8,788
UCTGDX	01/17/2018B		53,895.88		8,786
UCTGDX	01/17/2018B		107,721.75		17,572
UCTGDX	01/29/2018B		77,660.96		13,176
UCTGDX	01/30/2018B		50,455.45		8,784
UCTGDX	02/06/2018 B		25,441.69		4,391
UCTGDXJ	06/19/2017 S		40,982.93		8,452
UCTGDXJ	06/27/2017 B		56,207.32		11,900
UCTGDXJ	07/14/2017B		53,702.06		11,899
UCTGDXJ	07/21/2017B		50,959.09		11,898
UCTGDXJ	07/26/2017B		52,625.97		11,898
UCTGDXJ	07/28/2017B		52,026.28		11,897
UCTGDXJ	08/10/2017 S		6,442.83		1,346
UCTGDXJ	08/25/2017 S		25,873.90		5,117
UCTGDXJ	09/07/2017B		64,491.86		11,768
UCTGDXJ	09/15/2017 S		141,082.50		27,737
UCTGDXJ	10/12/2017B		117,419.64		22,350
UCTGDXJ	11/07/2017 B		124,341.86		22,348
UCTGDXJ	12/15/2017 S		76,371.42		13,361
UCTGDXJ	01/29/2018B		125,945.62		21,368
UCTGDXJ	01/29/2018 B		62,972.81		10,684
UCTGDXJ	01/30/2018B		62,609.80		10,900
MVSAU	06/28/2017B		3,064.13		649
MVSAU	06/30/2017 S		21,986.45		4,630
MVSAU	07/11/2017 S		1,553.14		337
MVSAU	07/14/2017B			In-Kind	11,754
MVSAU	08/03/2017 S		2,675.17		573
MVSAU	08/24/2017 B		2,591.43		512
MVSAU	08/29/2017 B			In-Kind	11,741
MVSAU	09/05/2017 B		4,832.05		888 630
MVSAU	09/07/2017 B		3,453.35		675
MVSAU	09/11/2017 B		3,618.99
MVSAU	09/15/2017 S		62,996.87		12,380

This is Annexure A of 1 page referred to in Form 604 - Notice of change of interests of substantial holder.

Page 6 of 7

Holder of relevant			Consideration	Consideration
interest	Date of Acquisition	B/S	Cash	Non-Cash	Number of Securities
MVSAU	09/27/2017B		3,525.87		698
MVSAU	09/29/2017 S		4,108.95		832
MVSAU	10/11/2017 B		10,982.35		2,209
MVSAU	10/23/2017 S		1,277.09		256
MVSAU	10/26/2017 S		5,609.96		1,075
MVSAU	11/17/2017B		12,436.20		2,151
MVSAU	11/30/2017 B			In-Kind	11,498
MVSAU	12/12/2017 S		6,580.77		1,163
MVSAU	12/15/2017 S		1,900,044.59		332,267
FDIVAU	06/30/2017 S		379.89		80
FDIVAU	07/31/2017 S		38,682.96		8,794
	In-Kind transactions result from FDIVAU receiving a basket of securities (including NORTHERN STAR RESOURCES LTD) in exchange for securities in FDIVAU.

This is Annexure A of 1 page referred to in Form 604 - Notice of change of interests of substantial holder.

$AT$

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