IMPORTANT UPDATE

The Claims Administrator has now completed their review of all claims submitted and decision letters were sent by e-mail or regular mail to all claimants on May 9, 2025.

Approved claimants must provide the payment information requested in their decision letter by June 8, 2025.

Distribution of settlement payments is currently expected to occur in the second quarter of 2025.

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

Jon 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 Administrator has completed their review of all claims submitted and decision letters were sent by e-mail or regular mail to all claimants on May 9, 2025.

If you provided an e-mail address when you submitted your claim and have not received your decision letter, we recommend that you check your e-mail junk folder prior to contacting the Claims Administrator. Claims submitted without an e-mail address will be receiving their decision letter through regular mail. Please allow time for the decision letter to arrive by mail before contacting the Claims Administrator.

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

Approved claimants must provide the payment information requested in their decision letter by June 8, 2025 in order to receive their settlement payment.

Distribution of settlement payments is currently expected to occur in the second quarter of 2025.

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 include 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 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.