Evolution Mining Limited (ASX:EVN) agreed to acquire Kundana Assets Of Northern Star Resources Limited from Northern Star Resources Limited (ASX:NST) for approximately AUD 400 million on July 22, 2021. The Acquisition Assets include 100% interest in the Kundana Operations, 100% interest in certain tenements comprising the Carbine Project, 75% interest in the West Kundana Joint Venture and 51% interest in the East Kundana Joint Venture. The consideration will be paid in cash.

The transaction will be funded by an AUD 400 million fully underwritten institutional placement and is accompanied by a non-underwritten share purchase plan. Evolution will provide employment contracts to Northern Star's employees and also assume liabilities for all transferring employees. The deal is subject to Ministerial consent to the transfer of six mining tenements.

As on July 23, 2021, the transaction received approval under the WA Mining Act to transfer legal title of certain of the Acquisition Assets to Evolution. Thus the transaction becomes unconditional. The transaction is expected to be completed in late August 2021.

As of July 23, 2021, completion will occur in approximately 20 business days, on a date to be agreed by Northern Star and Evolution. Proceeds from the sale will be invested in advancing Northern Star's pipeline of growth projects. Sternship Advisers Pty Ltd. acted as financial advisor to Northern Star Resources Limited and Ashurst Australia acted as legal advisor.

Treadstone Resource Partners Pty Ltd acted as financial advisor to Evolution Mining Limited and Allens acted as legal advisor.