Northern Star Resources Ltd · ASX:NST
Northern Star Resources — FY2026 Earnings Presentation
21 slides from Northern Star Resources's earnings presentation, Aug 20, 2026
Slide 1: FY26 Financial Results
FY26 Financial Results August 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 gold exposure FY26 gold sold Market Index 89Moz A$32B Mineral Resources Market Cap A$187M Daily Turnover* Executing a clear, low-risk strategy = Superior Returns *Source: Bloomberg. Average daily trade value in A$ over the last
Slide 4: Key financial highlights
Key financial highlights A$ 4.3B A$ 1.8B Underlying EBITDA Underlying NPAT 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 excluding D&A (
Slide 5: 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 Financial Target: <1.5x Corporate debt Nil Revolving Bank Revolving Bank Senior Guaranteed Facility Facility Notes Senior Notes (0.86) 10%
Slide 6: 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 $500M share • 1H26: 25cps (fully franked); 32% of Cash Earnings buy-back announced • 2H26: 30cps (fully franked); 24% of Cash Earn
Slide 7: Positive step-change in EBITDA margin
Positive step-change in EBITDA margin FY26 Group Level Underlying 56% A$ 2,767/oz FY26 EBITDA Contribution EBITDA margin EBITDA/oz 2.7B Kalgoorlie A$ EBITDA margin by site A$ 1.0B Yandal 64% A$ 0.8B Pogo 60% Production Centre EBITDA contribution (excluding 47% exploration & corporate expenditure) Ka
Slide 8: Increasing returns on capital
Increasing returns on capital Earnings per share growth Underlying Return on Capital Employed Underlying Earnings per share (ROCE) (%) (Acps) 124 13.4% 18% ROCE 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 as Underlying
Slide 9: Sustainable development publications
Sustainable development publications FY26 sustainable performance highlights FY26 Annual Reporting Suite 0.5 SLTIFR below industry average Safety performance Zero FY26 Annual Report FY26 Corporate FY26 Modern Slavery Materially adverse incidents Governance Statement Statement Nil Environmental, comm
Slide 10: 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$1,850-1,950 3,050-3,450 Sustaining Capital A$M 850-9152 Growth Capital: (i) Operational Growth Capital A$M 985-1,075 70-100 US$60-80 1,150-1,3
Slide 11: FY27 KCGM guidance
FY27 KCGM guidance • KCGM gold sold forecast to be 550-650koz • Forecast underground ore tonnes at 3.5-4.0Mtpa Growth Capital FY26 FY27 Operational Growth Capital $603M $895-945M - Fimiston South (LOM extension past 2034) - Underground activity at MTC and Fimiston Ongoing activity - Other infrastruc
Slide 12: KCGM 27Mtpa processing hub
KCGM 27Mtpa processing hub • Stage I (increasing processing capacity to 27Mtpa) • Commissioning underway with recent transition from water to ore • Ramp-up to follow a measured approach utilising lower-grade feed during 1H FY27 • Existing KCGM processing plant to operate through August, with tie-in
Slide 13: Hemi Project update
Hemi Project update • A high-quality gold project in tier-1 jurisdiction • State and Federal permits progressing then secondary approvals required prior to early works commencing • Managed Aquifer Recharge trials commenced • FID targeted for late FY27, subject to permitting • Estimated ~2.5year buil
Slide 14: Exploration provides long term value creation
Exploration provides long term value creation 88.9Moz Group Mineral Resources (Moz) 13.2 88.9 3.6 3.1 70.7 (0.4) (1.3) Mineral Resources 28.4Moz Ore Reserves Mar-25 Kalgoorlie Yandal Pogo CTP JV Hemi Mar-26 +10Yr (Divestment) Group Ore Reserves (Moz) 5.5 28.4 22.3 0.7 0.3 Reserve-backed (0.4) produc
Slide 15: Investment Case: Elevating portfolio quality
Investment Case: Elevating portfolio quality Next 3 years FCF Generation Operational Efficiency Uplift from production growth, Improving stability and reliability increased spot price exposure of asset portfolio delivering higher margins Disciplined Capital Portfolio Quality Allocation Investing in
Slide 16: Our commitment to generate superior returns for our shareholders
Our commitment to generate superior returns for our shareholders www.nsrltd.com
Slide 17: Appendix: Key Financials
Appendix: Key Financials Variance Units FY26 FY25 Abnormal items FY26 FY25 % Key financials Impairment of assets 196 136 Revenue A$M 7,623 6,415 19% Loss / (gain) on financial - (35) instruments Underlying EBITDA A$M 4,271 3,502 22% Loss / (gain) on sale of plant & Depreciation & Amortisation A$M 1,
Slide 18: Appendix: FY26 NPAT to Cash Earnings
Appendix: FY26 NPAT to Cash Earnings (A$M) 196 (17) (699) 1,596 (657) 832 4,092 4,271 2,914 1,664 Net Profit Tax & Net D&A EBITDA Impairment Other Underlying Tax & Net Sustaining Cash Earnings After Tax Finance Costs charges EBITDA Interest Paid Capital Tax and Net Finance Costs is Income Tax expens
Slide 19: Appendix: FY26 cash movement
Appendix: FY26 cash movement (A$M) (1,442) 3,183 (1,052) (219) 105 50 (129) (273) (763) (28) 1,585 1,018 Cash Jun-25 Operating cashflow PPE Mine Properties Exploration Proceeds from Proceeds from Share Buy Backs Equipment Finance/ Dividends Other Cash Jun-26 term deposits disposal of business Leases
Slide 20: Appendix: FY26 AISC to cost of sales reconciliation
Appendix: FY26 AISC to cost of sales reconciliation From June 2026 Quarterly Activities Report A$M Revenue 5 (42) 33 1,586 (196) (147) (657) add minus minus 4,744 minus 4,163 AISC AISC By-Products Inventory Corporate Sustaining D&A Rehabilitation Other Cost of Sales Movement Capital add add P&L Calc
Slide 21: Appendix: Mineral Resources & Ore Reserves
Appendix: Mineral Resources & Ore Reserves Hemi Project Mineral Resources Summary as at 31 March 2026 MINERAL MINERALRESOURCES RESOURCESasasatat 3131 March 2026 March 2026 MEASURED MEASURED INDICATED INDICATED INFERRED INFERRED TOTAL RESOURCES TOTAL RESOURCES Tonnes Grade Ounces Tonnes Grade Ounces
Northern Star Resources — FY2026 Earnings Presentation on 6ix