Northern Star Resources Limited (ASX:NST) entered into a binding heads of agreement to acquire 25% stake in Central Tanami Project from Tanami Gold NL (ASX:TAM) for AUD 20.4 million in cash and stock on February 26, 2015. Under the terms, Northern Star Resources Limited is issuing 4.3 million shares and agreed to pay AUD 11 million in cash as consideration for the acquisition. Pursuant to completion, Northern Star Resources Limited will become the manager of joint venture Central Tanami Project and will then earn a further 35% by sole funding all expenditure and costs required to bring the project back into commercial production.

Northern Star Resources Limited will grant Tanami two put options to sell all its remaining interests in the Central Tanami Project. The agreement is subject to conditions including; termination of the joint venture heads of agreement between Tanami and Metals X Limited (MLX) in relation to CTP announced on 9 February 2015, Tanami obtaining the approval of its shareholders and there being no superior proposal received by Tanami prior to the Tanami shareholders meeting. The Tanami Board recommends the shareholders to vote in favor of the transaction, and considers it superior.

As of April 13, 2015, shareholders of Tanami Gold NL have approved the transaction. As part of the joint venture, Northern Star will progressively acquire from Tanami a 60% interest in the Central Tanami Project.