Northern Star Resources completed its scheme of arrangement to acquire De Grey Mining in 2025, bringing the Hemi gold project in Western Australia's Pilbara region into its development pipeline. Company disclosures set Hemi up as the next major Australian growth asset alongside Kalgoorlie.
Executive summary
The deal is done. The question the market is now asking is whether Hemi delivers on the reserve narrative that justified the price.
- Desk
- M&A
- Stance
- Constructive
- Sources
- 2 cited
- Reading
- 5 min
Section 01
Why the deal happened
Section 02
What to watch in 2026
The integration questions are the usual ones: capital cost inflation on a large Australian build, retention of the technical team that made the discovery, and how aggressively Northern Star pushes for early production versus a fully engineered ramp.
Company disclosures set Hemi up as the next major Australian growth asset alongside Kalgoorlie.
Data visualiser
All-in sustaining cost distribution, producer sample
- Q1 low1,180
- Median1,465
- Q3 high1,720
- Marginal1,985
| Stage | Value (US$/oz) |
|---|---|
| Q1 low | 1180 |
| Median | 1465 |
| Q3 high | 1720 |
| Marginal | 1985 |
Reported AISC for the producers covered by the markets desk this quarter.
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Sources and further reading
Access private briefings
Desk alerts for the precious metals sector
Reserve evaluations, licensing changes and market notes, sent when the file moves. No promotional mail.