Northern Star Resources Ltd · ASX:NST
Northern Star Resources — FY2025 Earnings Presentation
19 slides from Northern Star Resources's earnings presentation, Jul 25, 2024
Slide 1: Results Presentation for Year Ended 30 June 2025
Results Presentation for Year Ended 30 June 2025 21 August 2025
Slide 2: Disclaimers
Disclaimers Disclaimer and Forward-Looking Statements ASX Listing Rule 5.19, 5.21.3 and 5.23 Statement Northern Star Resources Ltd has prepared this announcement based on This information in this announcement that relates to current Group Ore Reserves and Mineral Resources, and exploration informati
Slide 3: We are a global gold leader
We are a global gold leader STRENGTH FROM SIMPLICITY 100% GOLD ALASKA Pogo SCALE AUSTRALIA Hemi 1.6Moz ~8,700 Yandal FY25 GOLD SOLD PEOPLE Kalgoorlie LIQUID ASX 50 $25B $119M MARKET INDEX MARKET CAP DAILY TURNOVER* Executing a clear, low-risk strategy = superior returns 3 *Source: Bloomberg. Average
Slide 4: FY25 Financial Overview
FY25 Financial Overview A$ 536M YoY A$ 3.5B YoY Underlying FCF Underlying EBITDA A$ 2.9B YoY A 55.0cps YoY Cash Earnings Dividends A$ 300M A$ 1.0B Buy-back complete Net Cash Underlying Free Cash Flow defined as operating cashflow ($2,954M) less capital expenditure ($2,031M) less equipment finance an
Slide 5: Strong investment grade balance sheet
Strong investment grade balance sheet Net cash position Reinvesting for Disciplined approach supports organic growth to de-risk cost maintained growth profile throughout the cycle Credit Facilities (at 30 June 2025) 1.0B 3.4B US$600M A$ A$ A$750M A$750M (drawn) (undrawn) (undrawn) Net Cash* Liquidit
Slide 6: Delivering superior shareholder returns
Delivering superior shareholder returns Capital Management – Aligned to our Purpose FY25 Dividend ▪ 1H25: 25cps (unfranked); 25% of Cash Earnings Buy-back $300M share buy-back completed, average price $11.04ps ▪ 2H25: 30cps (fully franked); 25% of Cash Earnings A$300M share buy-back program complete
Slide 7: Positive step-change in EBITDA margin
Positive step-change in EBITDA margin FY25 Group Level Underlying 55% A$ 2,143/oz FY25 EBITDA Contribution EBITDA margin EBITDA/oz A$ 1.9B Kalgoorlie EBITDA margin by site A$ 1.1B Yandal 59% A$ 0.6B Pogo 53% 55% 54% 50% Production Centre EBITDA 45% contribution (excluding 42% 37% exploration expendi
Slide 8: Increasing returns on capital and free cash flow
Increasing returns on capital and free cash flow Return on Capital Employed (ROCE) (%) Underlying FCF (A$M) Our Purpose 536 To generate superior returns for our shareholders, while providing positive 462 benefits for our stakeholders, through operational effectiveness, exploration and active portfol
Slide 9: A solid platform to drive future earnings
A solid platform to drive future earnings Profitable Growth Strategy FY22 FY23 FY24 FY25 Net mine A$ 674M A$ 667M A$ 686M A$ 1,189M A$ 3.2B cashflow Cumulative Net mine cashflow Dividends A$ 250M A$ 305M A$ 460M A$ 715M A$ 1.7B Cumulative Dividends KCGM Fleet TBO Mill KCGM UG KCGM East Wall Remediat
Slide 10: Our framework to generate superior shareholder returns
Our framework to generate superior shareholder returns OPERATIONAL DISCIPLINED CAPITAL EXCELLENCE ALLOCATION World-class assets Strong balance sheet Responsible producer Profitable growth with a strong safety culture Agile decision making Strong cash flow and strategic flexibility generation Superio
Slide 11: KCGM Mill Expansion: Build schedule and cost breakdown
KCGM Mill Expansion: Build schedule and cost breakdown Capital Cost Breakdown (%) On track A$1.5B FY24 $348M FY25 $552M FY26 ~$530-550M FY27 ~$100M for cut-over early FY27 Inclusive of 10% inflation & contingency 23% 36% ~35% ~6% 11
Slide 12: FY26 Group guidance
FY26 Group guidance FY26 GUIDANCE UNITS KALGOORLIE YANDAL POGO TOTAL Gold Sold koz 930-1,000 500-550 270-300 1,700-1,850 AISC A$/oz 2,200-2,500 2,600-2,900 US$1,500-1,650(1) 2,300-2,700 Growth Capital Expenditure: Operational Growth Capital A$M 710-745 300-310 US$70-80 1,140-1,200(2) plus KCGM Mill
Slide 13: Exploration underpins further organic growth opportunities
Exploration underpins further organic growth opportunities ▪ Advancement of operational, development and discovery projects provide long-term organic growth optionality across our three Production Centres ▪ Our exploration program remains a highly attractive approach to value creation 22.3Moz 70.7Mo
Slide 14: FY25 sustainable performance highlights
Sustainable development publications FY25 sustainable performance highlights 0.5 SLTIFR FY25 Annual Reporting Suite below industry average Safety performance Zero Materially adverse incidents Nil Environmental, community or heritage incidents, nil fatalities FY25 Annual Report FY25 Environment & Soc
Slide 15: Northern Star: Our commitment to create value
Northern Star: Our commitment to create value Our Purpose To generate superior returns for our shareholders while providing positive benefits for our stakeholders through operational effectiveness, exploration and www.nsrltd.com active portfolio management 15
Slide 16: Appendix: Key Financials
Appendix: Key Financials % Abnormal items FY25 FY24 Units FY25 FY24 Variance Key financials Impairment of assets 135.9 68.5 Revenue A$M 6,415 4,921 30% Loss / (gain) on financial (34.9) 10.1 Underlying EBITDA A$M 3,502 2,192 60% instruments Depreciation & Amortisation A$M 1,365 1,132 21% Loss / (gai
Slide 17: Appendix: FY25 NPAT to Cash Earnings
Appendix: FY25 NPAT to Cash Earnings (A$M) 8 (35) 136 (156) (472) 1,365 688 3,393 3,502 2,873 1,340 Net Profit Tax & Net D&A EBITDA Fair value gains Impairment Other Underlying EBITDA Tax & Net Sustaining Cash Earnings After Tax Finance Costs on financial charges Interest Paid Capital instruments Ta
Slide 18: Appendix: FY25 cash movement
Appendix: FY25 cash movement (A$M) (1,138) 2,954 (892) (131) 558 (230) 205 (255) (559) (47) 1,585 1,120 Cash Jun-24 Operating PPE Mine Properties Exploration Cash acquired Share Equipment Proceeds Dividends Other Cash Jun-25 cashflow (De Grey) Buy-backs Finance/Leases OSK sale All figures above are
Slide 19: Appendix: FY25 AISC to cost of sales reconciliation
Appendix: FY25 AISC to cost of sales reconciliation From June-25 Quarterly Activities Report A$M (38) Revenue 14 (153) 1,356 (100) (472) add minus 4,141 minus minus 3,534 AISC AISC By-Products Inventory Corporate Sustaining D&A Rehabilitation Cost of Sales add Movement Capital add P&L Calculations:
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