IMPORTANT UPDATE

The Claims Administrator began issuing settlement payments on September 15, 2025 to approved claimants whose payment information was submitted by June 8, 2025.

Approved claimants who have not received their settlement payment have until October 7, 2025 to provide their payment information to the Claims Administrator using the details set out in their decision letter. Failure to provide payment information will result in the settlement funds being forfeited and re-allocated pursuant to the Court-approved Plan of Distribution.

Please visit the official settlement website for more information.

Northland Resources S.A. Securities Class Action

Court:
Ontario Superior Court of Justice

Class Members:
If you acquired Northland Resources S.A. Securities between April 1, 2012 and January 23, 2013, you may be a member of the proposed class.

The content of this page has not been approved by the Court nor does it constitute legal advice. It is for the purpose of providing general information only.

Case Contacts

Jonathan Foreman

Anni Barry

Sarah Bowden

On January 23, 2013, Northland Resources S.A. announced a $425 million dollar cost overrun in the development of its Kaunisvaara mine project. What followed was a substantial reduction in the value of Northland’s publicly traded stock price, a delisting from the TSX and the Oslo Boerse, and a significant loss of investment value to holders of Northland securities.

This action was commenced on August 1, 2013 to recover losses suffered by shareholders. The case alleged that the company and certain of its officers and directors breached the Ontario Securities Act by making misrepresentations and/or by failing to make timely disclosure of those significant cost overruns.

Important Update

Status of the Claims Process

The claims deadline was December 15, 2023 and the final date to submit a late claim was April 25, 2025. It is no longer possible to submit a late claim to seek payment from the settlement.

Decision letters were sent to all claimants on May 9, 2025. Settlement payments were issued beginning on September 15, 2025 to approved claimants that provided their payment information on or before June 8, 2025.

Claimants who provided a valid email address will have received an email notifying them that their payment was issued pursuant to the payment method they elected when they provided their payment information.

Approved claimants who have not received their settlement payment have until October 7, 2025 to provide their payment information to the Claims Administrator using the details set out in their decision letter. Failure to provide payment information will cause approved claimants to forfeit their settlement payment. Forfeited settlement payments will be re-allocated pursuant to the Court-approved Plan of Distribution.

If you have questions or concerns regarding your settlement payment, please review the settlement website’s FAQ page. If upon reviewing the FAQ page you still have questions, please contact the Claims Administrator.

Case History

The Settlement

A settlement of €7,550,000 was reached for the benefit of Class Members in the Northland Resources S.A. class action.

The Court approved the settlement, the plan for distributing the settlement funds, and the payment of Class Counsel’s legal fees and other related costs on January 5, 2023. A copy of the Court’s orders, the settlement agreement, and the plan for distributing the settlement funds can be found below.

Who is Included in the Settlement?

Eligible Class Members included all persons or entities who acquired Northland Resources Securities on a public exchange such as the TSX and the Oslo Bors between April 1, 2012 and January 23, 2013 and held some of all of those securities as of January 23, 2013.

How to Participate in the Settlement

Eligible Class Members must have filed a claim prior to December 15, 2023 in order to participate in the settlement. The final date to submit a late claim was April 25, 2025. Decision letters and settlement payments have been issued and it is no longer possible to submit a late claim.

For all other case-related information, please visit the FAQ page on the dedicated settlement website.