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Northern Star Exits Egina Gold Earn–In, Novo Takes Full Cost Risk
Northern Star abandons A$18m spend to earn 50% of Novo's Egina Gold Project. Novo plans H2 2026 exploration with own capital after regaining project data.
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Northern Star Resources has withdrawn from the earn-in and joint venture agreement for Novo Resources' Egina Gold Project in Western Australia's Pilbara region. The decision returns full ownership and all exploration data to Novo. It also leaves Novo without a funded partner that had already spent A$7 million on the project and had the right to earn a 50% stake with an additional A$18 million through June 2027.
Northern Star Exits Egina: A$7m Spent, A$18m Uncommitted
Under the June 2023 earn-in agreement, Northern Star was required to satisfy initial expenditure of A$7 million on Novo’s Becher Project and adjacent tenements within the Egina Gold Camp. It achieved that milestone in October 2024. That expenditure gave Northern Star the right to earn a 50% joint venture interest by spending a further A$18 million through June 30, 2027, at which point the Egina Joint Venture would have been formed.
Northern Star has now informed Novo that it is withdrawing from the earn-in and will not meet the additional spending requirement. The joint venture will not be formed. All geological data collected by Northern Star during the earn-in period has been returned to Novo.
Risk to watch: The simple read is that Novo recovers full control of a prospective gold belt with fresh technical data. The better read is that it loses a deep-pocketed partner with direct knowledge of the adjacent Hemi Gold Project (13.6 Moz Au). Novo now carries the full funding burden for exploration, which it plans to begin in the second half of 2026.
Becher to Hemi: The Geological Case for Novo's Self–Funding
The Egina Gold Project covers a regional gold belt in the Pilbara, hosted by rocks of the Mallina Basin in the north and mafic/ultramafic sequences to the south. The priority target is the Becher Prospect, which spans approximately 20 km² in the northern sector. Four other high-priority areas – Heckmair, Irvine, Whillans and Lowe – complete the project.
Becher lies along strike from Northern Star's Hemi Gold Project, about 28 km to the east-northeast. Hemi hosts over 13.6 Moz of gold, and the geological setting is directly analogous. The Mallina Basin under much of the Egina belt remains under-explored, with shallow cover masking the prospective stratigraphy.
Novo's geological team will now review the Northern Star data to prioritise targets. The company has stated it will work collaboratively with all stakeholders to commence exploration within the Egina tenements in H2 2026. That timeline puts first results at least 12–18 months away, assuming no permitting or heritage delays.
Drilling Schedule Through H2 2026: Wyloo, Cronus, Teichman
Novo has three active exploration programs outside Egina that will generate near-term data while the Egina review proceeds.
The Wyloo SE results are the next concrete catalyst. The first batch of samples has been dispatched to ALS laboratory in Wangara, Perth. Positive grades would strengthen the case for the broader Egina belt. Weak results would raise questions about the prospectivity of the corridor.