Northern Star Resources : Change in Substantial Holding – Van Eck Associates Corporation

604 GUIDE page 1/1 13 March 2000

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

1. Details of substantial holder (1)

Name

ACN/ARSN (if applicable)

Van Eck Associates Corporation (and its associates referred to in paragraph 6). N/A

There was a change in the interests of the

substantial holder on 19/03/2021

The previous notice was given to the company on 19/02/2021

The previous notice was dated 18/02/2021

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	125,657,812	10.80%	66,907,614	5.75%

Voting power (5)

Previous notice	Present notice
Person's votes	Voting power (5)	Person's votes

Ordinary shares

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 Corporation (VEAC)	See Annexure A

See Annexure A

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	State Street Bank and Trust Company as custodian for VanEck Vectors Gold Miners ETF	VanEck Vectors Gold Miners ETF (GDX)	VEAC holds its relevant interest by having the power to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates in the ordinary course of investment management business.	Ordinary shares 57,012,839	4.90%

Person's votes

VEAC	State Street Australia Limited as custodian for VanEck Vectors MSCI Australian Sustainable Equity ETF	VanEck Vectors MSCI Australian Sustainable Equity ETF (GRNV.AU)	Same as above.	Ordinary shares 165,157	0.01%
VEAC	State Street Bank and Trust Company as custodian for VanEck Vectors Natural Resources ETF	VanEck Vectors Natural Resources ETF (HAP)	Same as above.	Ordinary shares 16,157	0.00%
VEAC	State Street Bank and Trust Company as custodian for VanEck International Investors Gold Fund	VanEck International Investors Gold Fund (IIG)	Same as above.	Ordinary shares 3,502,600	0.30%
VEAC	Credit Agricole as custodian for Lombard Odier Funds - The World Gold Expertise Fund	Lombard Odier Funds - The World Gold Expertise Fund (LODH)	Same as above.	Ordinary shares 280,470	0.02%
VEAC	State Street Australia Limited as custodian for VanEck Vectors S&P/ASX Midcap ETF	VanEck Vectors S&P/ASX Midcap ETF (MVE.AU)	Same as above.	Ordinary shares 793,000	0.07%
VEAC	State Street Australia Limited as custodian for VanEck Vectors Australian Resources ETF	VanEck Vectors Australian Resources ETF (MVR.AU)	Same as above.	Ordinary shares 585,066	0.05%
VEAC	State Street Australia Limited as custodian for VanEck Vectors Australian Equal Weight ETF	VanEck Vectors Australian Equal Weight ETF (MVW.AU)	Same as above.	Ordinary shares 1,475,867	0.13%
VEAC	State Street Custodial Services (Ireland) Limited as custodian for VanEck Vectors Global Mining UCITS ETF	VanEck Vectors Global Mining UCITS ETF (UCTGDIG)	Same as above.	Ordinary shares 107,193	0.01%
VEAC	State Street Custodial Services (Ireland) Limited as custodian for VanEck Vectors Gold Miners UCITS ETF	VanEck Vectors Gold Miners UCITS ETF (UCTGDX)	Same as above.	Ordinary shares 2,779,414	0.24%
VEAC	State Street Custodial Services (Ireland) Limited as custodian for VanEck Vectors Natural Resources UCITS ETF	VanEck Vectors Natural Resources UCITS ETF (UCTHAP)	Same as above.	Ordinary shares 651	0.00%
VEAC	State Street Bank and Trust Company as custodian for Van Eck VIP Trust - VIP Global Gold	Van Eck VIP Trust - VIP Global Gold (VGOLD)	Same as above.	Ordinary shares 189,200	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

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

6. Addresses

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

Name	Address
VEAC	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

Name Address

VEAC 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

print nameAndrew Tilzer

capacityAVP

sign here

date

24/03/2021

DIRECTIONS

• (1) 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 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:

  • (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy 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

  • (b) 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 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.

• (7) 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, 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.

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

Holder of relevantinterest GDX GDX GDX GDX GDX GDX GDX GDX GDX GDX GDX GDX GDX GDX GDX GDX GDX GDXJ GDXJ GDXJ GDXJ GDXJ GDXJ GDXJ GDXJ

Date of AcquisitionB/S

02/17/2021S

02/18/2021B

02/23/2021S

02/24/2021S

02/25/2021S

02/26/2021S

03/01/2021S

03/02/2021S

03/03/2021S

03/05/2021B

03/09/2021B

03/11/2021S

03/15/2021S

03/16/2021S

03/18/2021S

03/19/2021S

Cash

03/19/2021S

02/22/2021B

02/23/2021B

03/03/2021S

03/04/2021B

03/05/2021B

03/17/2021S

03/18/2021S

03/19/2021SHAP HAP IIG LODH VGOLD VGOLD VGOLD MVRAU MVRAU MVRAU MVRAU MVRAU MVRAU MVRAU MVRAU MVRAU MVRAU

03/19/2021B

03/12/2021B

02/22/2021S

02/22/2021S

02/18/2021S

02/19/2021S

02/22/2021S

02/18/2021B

02/18/2021S

02/24/2021S

02/25/2021B

02/26/2021B

03/02/2021B

03/03/2021B

03/05/2021S

03/12/2021B

03/18/2021BConsiderationConsiderationNon-CashNumber of Securities

-	In-Kind	7,436
-	In-Kind	156,156
-	In-Kind	141,341
-	In-Kind	7,439
-	In-Kind	52,066
-	In-Kind	44,628
-	In-Kind	89,328
-	In-Kind	275,502
-	In-Kind	506,396
-	In-Kind	52,206
-	In-Kind	104,468
-	In-Kind	298,480
-	In-Kind	89,652
-	In-Kind	224,130
-	In-Kind	186,750
-	In-Kind	7,470
52,632,777.50	-	5,402,015
-	In-Kind	148,491
-	In-Kind	572,616
-	In-Kind	148,603
-	In-Kind	21,231
-	In-Kind	127,410
-	In-Kind	127,662
48,462,060.10	-	5,175,944
408,493,059.	-	41,972,565

61

-

109,910.63

1,571,564.38

261,752.20

11,675.72

31,140.39

194,474.52-

858.31

19,129.24-

56,953.70

10,589.74

39,968.75

7,255.24-

Page

9,896.241 of 3

In-Kind------In-Kind--In-Kind----In-Kind-

184

11,265

149,500

24,900

1,100

3,000

18,500

8,883

81

1,829

26,583

5,577

1,112

4,028

759

18,030

1,057