Northern Star Resources Ltd · ASX:NST
Northern Star Resources — Investor Presentation (September 2026)
20 slides from Northern Star Resources's investor presentation, Sep 21, 2026
Slide 1: Corporate Presentation September 2026
al use only Corporate Presentation September 2026
Slide 2: Disclaimers
Disclaimers ASX Listing Rule 5.19 and 5.23 Statement Disclaimer and Forward-Looking Statements This announcement contains current estimates of Northern Star Group and KCGM Operations’ Ore Northern Star Resources Ltd has prepared this announcement based on information available to Reserves and Minera
Slide 3: We are a global gold leader
We are a global gold leader LEVERAGE SCALE LIQUIDITY 100% 1.5Moz ASX 50 al use only gold exposure FY26 gold sold Market Index 89Moz A$32B Mineral Resources Market Cap A$189M Daily Turnover* Executing a clear, low-risk strategy = Superior Returns *Source: Bloomberg. Average daily trade value in A$ ov
Slide 4: FY26 financial highlights
FY26 financial highlights A$ 4.3B A$ 1.8B Underlying EBITDA Underlying NPAT al use only A$ 190M A$ 1.24ps Underlying FCF Underlying EPS A 55.0cps A$ 129M Dividends of A$500M share buy-back Underlying EBITDA is Revenue ($7,623M), less cost of sales excluding D&A ($3,158M), less corporate overheads ex
Slide 5: Increasing returns on capital; earnings per share growth
Increasing returns on capital Earnings per share growth Underlying Return on Capital Employed Underlying Earnings per share (ROCE) (%) (Acps) 124 18% ROCE al use only 13.4% 118 11.4% growth FY26 vs FY25 8.6% 59 5% EPS 4.1% growth 26 FY26 vs FY25 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 ROCE defined a
Slide 6: Investment grade balance sheet
Investment grade balance sheet 0.1X Credit Facilities (at 30 June 2026) A$875M A$875M US$600M FY26 A$B Leverage (undrawn) (undrawn) (drawn) Cash and Bullion 1.24 al use only Financial Target: <1.5x Corporate debt Nil Revolving Bank Revolving Bank Senior Guaranteed Facility Facility Notes Senior Note
Slide 7: Delivering superior shareholder returns
Delivering superior shareholder returns FY26 Cash Earnings: A$2.9 Billion Capital Management – Aligned to our Purpose FY26 Dividend: 55cps; 27% of Cash Earnings Buy-back $500M share • 1H26: 25cps (fully franked); 32% of Cash Earnings al use only buy-back announced • 2H26: 30cps (fully franked); 24%
Slide 8: Major Projects: Capital investment improves portfolio quality
Major Projects: Capital investment improves portfolio quality Future growth pathway long life | scale | exploration potential al use only KCGM POGO HEMI (Western Australia) (Alaska) (Western Australia) Mineral Resources 42.2Moz 9.3Moz 13.2Moz Mineral Reserves 15.0Moz 2.4Moz 5.5Moz Exploration Potent
Slide 9: Hemi Project update
Hemi Project update • A high-quality gold project in tier-1 jurisdiction • State and Federal permits progressing then secondary approvals required prior to early works commencing al use only • Managed Aquifer Recharge trials commenced • FID targeted for late FY27, subject to permitting • Estimated ~
Slide 10: Exploration provides long term value creation
Exploration provides long term value creation 88.9Moz Group Mineral Resources (Moz) 13.2 88.9 3.6 3.1 70.7 (0.4) (1.3) Mineral Resources al use only 28.4Moz Ore Reserves Mar-25 Kalgoorlie Yandal Pogo CTP JV Hemi Mar-26 +10Yr (Divestment) Group Ore Reserves (Moz) 5.5 28.4 22.3 0.7 0.3 Reserve-backed
Slide 11: FY27 Group guidance
FY27 Group guidance FY27 GUIDANCE UNITS KALGOORLIE YANDAL POGO1 TOTAL Gold Sold koz 850-970 400-420 250-260 1,500-1,650 AISC A$/oz 2,800-3,300 3,900-4,200 US$1,850-1,950 3,050-3,450 al use only Sustaining Capital A$M 850-9152 Growth Capital: (i) Operational Growth Capital A$M 985-1,075 70-100 US$60-
Slide 12: Investment Case: Elevating portfolio quality
Investment Case: Elevating portfolio quality Next 3 years FCF Generation Operational Efficiency al use only Uplift from production growth, Improving stability and reliability increased spot price exposure of asset portfolio delivering higher margins Disciplined Capital Portfolio Quality Allocation I
Slide 13: KCGM: Delivering the Next Generation
al use only KCGM: Delivering the Next Generation Ready for production. Positioned for growth. 13
Slide 14: FY27 KCGM guidance
FY27 KCGM guidance • KCGM gold sold forecast to be 550-650koz • Forecast underground ore tonnes at 3.5-4.0Mtpa al use only Growth Capital FY26 FY27 Operational Growth Capital $603M $895-945M - Fimiston South (LOM extension past 2034) - Underground activity at MTC and Fimiston Ongoing activity - Othe
Slide 15: KCGM Expansion progress
KCGM Expansion progress Stage I - 27Mtpa processing capacity • Commissioning progressing through tie-in and integration • Tie-in activities commenced al use only • Redundant Fimiston and Mt Charlotte components now offline • Commissioning continues through October • Measured ramp-up, with higher-gra
Slide 16: KCGM: Building a lower-cost operation
KCGM: Building a lower-cost operation Designed to simplify the operation and reduce costs al use only Processing Operating Energy Efficiency Efficiency Efficiency Simple to operate More flexibility Lower use Simple to maintain More value Lower cost Structurally breaking the cost cycle 16
Slide 17: KCGM: Scale and inventory underpins future open pit production
KCGM: Scale and inventory underpins future open pit production 18Moz al use only Mineral Resources 429Mt at 1.3g/t 8Moz Ore Reserves 182Mt at 1.4g/t 17
Slide 18: KCGM: A two-mine underground strategy
KCGM: A two-mine underground strategy A mature foundation. A growing future. al use only Mt Charlotte Foundation Fimiston Underground Growth • Established production • Expanding production • Proven mining system • Next generation • Reliable mill feed • Future growth engine 18
Slide 19: Our commitment to generate superior returns for our shareholders
al use only Our commitment to generate superior returns for our shareholders www.nsrltd.com
Slide 20: Appendix: Mineral Resources & Ore Reserves
Appendix: Mineral Resources & Ore Reserves Mineral Resources Summary as at 31 March 2026 al use only Ore Reserves Summary as at 31 March 2026 20
Northern Star Resources — Investor Presentation (September 2026) on 6ix