Australian gold miner Norseman Gold (LON:NGL, ASX:NGL) was notified that shareholder Au Mining Ltd last Friday bought 10 million shares in the group, thus taking its stake beyond the 3 percent mark to 3.8 percent.
Au Mining now holds 13,611,989 Norseman shares.
In a separate statement, the company told investors that non-executive director Peter Bilbe has resigned with effect from December 13 due to personal circumstances. The board thanks Bilbe for his contribution to the company since he joined the board in July 2009.
Ocean Research issued a note last week, saying the next major catalyst for Norseman will be the December quarter's activities report.
The three months report is due before the end of January next year and will show the company's production profile and operating cash flow following a sustained period of poor production performance and significant cash burn, said Ocean.
The key to returning Norseman to profitability remains the North Royal open pit, it said, and this has continued to ramp up, producing broadly in line with schedule.