Northern Star Resources Ltd · ASX:NST
Northern Star Resources — H1 FY2026 Earnings Presentation
19 slides from Northern Star Resources's earnings presentation, Feb 12, 2026
Slide 1: Results Presentation for Half Year Ended 31 Dec 2025
Results Presentation for Half Year Ended 31 Dec 2025 12 February 2026
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 1.60-1.70Moz +8,700 Yandal FY26 GOLD SOLD GUIDANCE PEOPLE Kalgoorlie LIQUID ASX 50 $40B $179M MARKET INDEX MARKET CAP DAILY TURNOVER* Executing a clear, low-risk strategy = superior returns 3 *Source: Blo
Slide 4: 1H FY26 Financial Overview
1H FY26 Financial Overview A$ A$ 1,876M (320)M Underlying EBITDA Underlying FCF A$ A 1,100M 53.2cps Cash Earnings Underlying EPS A A$ 25.0cps 293M Interim Dividend Net Cash Underlying EBITDA is Revenue ($3,414M); less cost of sales excluding D&A ($1,456M); less corporate overheads excluding D&A ($89
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 31 December 2025) 293M 2.7B US$600M A$ A$ A$750M A$750M (drawn) (undrawn) (undrawn) Net Cash* Liqu
Slide 6: Interim dividend signals confidence in cashflow outlook
Interim dividend signals confidence in cashflow outlook 1H FY26 Interim Dividend Record Date A25.0cps 5 March 2026 1H FY26 (fully franked) Payment Date Dividend policy Declared: A$358M 26 March 2026 remains 20-30% of Full Year Cash Earnings A25.0cps 1H FY25 (unfranked) Paid: A$286M 6
Slide 7: Positive step-change in EBITDA margin
Positive step-change in EBITDA margin 1H FY26 Group Level Underlying 55% A$ 2,572/oz 1H FY26 EBITDA Contribution EBITDA margin EBITDA/oz A$ 1.2B Kalgoorlie EBITDA margin by site A$ 0.5B Yandal A$ 0.3B Pogo Production Centre EBITDA contribution (excluding exploration & corporate expenditure) 63% 49%
Slide 8: Improving return on capital employed
Improving return on capital employed Return on Capital Employed (ROCE) 12-month rolling (%) 12.9% 11.7% Our Purpose To generate superior returns for our shareholders, while providing positive benefits for our stakeholders, through operational effectiveness, exploration and 6.2% active portfolio mana
Slide 9: KCGM Mill Expansion nearing completion
KCGM Mill Expansion nearing completion Strong free cashflow supports growth program Growth Capital FY26 FY27 (Revised 22 January 2026) ▪ Improved operational performance: - Pre-expansion (13Mtpa capacity): FY26: 520-550koz Mill Expansion Project A$640-660M A$120-140M - Post-expansion (27Mtpa capacit
Slide 10: Hemi Project update
Hemi Project update ▪ A high-quality gold project in a tier-1 jurisdiction ▪ State and Federal permits progressing then secondary approvals required prior to early works commencing ▪ FID timing during FY27, subject to approvals ▪ Estimated ~2.5 year build post FID ▪ Engineering and design advancing
Slide 11: FY26 Group guidance
FY26 Group guidance FY26 GUIDANCE - REVISED(1) UNITS KALGOORLIE YANDAL POGO TOTAL Gold Sold koz 900-950 445-485 255-265 1,600-1,700 AISC A$/oz 2,450-2,650 3,000-3,350 US$1,600-1,700(2) 2,600-2,800 Growth Capital Expenditure: Operational Growth Capital A$M 695-725 340-360 US$60-65(2) 1,140-1,200(3) p
Slide 12: Exploration provides long term value creation
Exploration provides long term value creation Mineral Resources (Moz) (2022 to 2025) 9.4 70.7 70.7Moz -0.8 Mineral Resources 3.9 1.8 56.4 22.3Moz A$ 37 /oz Ore Reserves Development Project Cost of Resource +10Yr Excludes Hemi Additions Reserve-backed Moz production profile Mar-22 Mar-23 Mar-24 Mar-2
Slide 13: Investment Case: Elevating portfolio quality
Investment Case: Elevating portfolio quality Next 3 years FCF Generation Operational Excellence Uplift from production growth, Improving stability and reliability increased spot price exposure of asset portfolio and lower costs Portfolio Quality Capital Management Investing in long-life, low-cost as
Slide 14: 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 14
Slide 15: Appendix: Key Financials
Appendix: Key Financials % Units 1H FY26 1H FY25 Variance Key financials Abnormal items 1H FY26 1H FY25 Revenue A$M 3,414 2,869 19% Impairment of assets 78 25 Underlying EBITDA A$M 1,876 1,402 34% Loss / (gain) on financial Depreciation & Amortisation A$M 733 624 17% - (35) instruments Underlying EB
Slide 16: Appendix: 1H FY26 NPAT to Cash Earnings
Appendix: 1H FY26 NPAT to Cash Earnings (A$M) (12) 78 (450) 733 (326) 1,810 1,876 363 1,100 714 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 expense
Slide 17: Appendix: 1H FY26 cash movement
Appendix: 1H FY26 cash movement (A$M) (672) 1,031 (520) (113) 105 (136) (415) 1,585 865 Cash Jun-25 Operating PPE Mine Exploration Proceeds from Equipment Dividends Cash Dec-25 cashflow Properties term deposits Finance/Leases All figures above are extracted from the 1H FY26 cashflow statement includ
Slide 18: Appendix: 1H FY26 AISC to cost of sales reconciliation
Appendix: 1H FY26 AISC to cost of sales reconciliation From Dec-25 Quarterly Activities Report A$M Revenue (22) 2 12 (119) (74) 726 (326) add minus minus 2,182 minus 1,983 AISC AISC By-Products Inventory Corporate Sustaining D&A Rehabilitation Other COS add Movement Capital per quarterly add P&L Cal
Slide 19: Appendix: Mineral Resources & Ore Reserves Summary
Appendix: Mineral Resources & Ore Reserves Summary Group Mineral Resources Summary - 2022 to 2025 (inclusive) Group Ore Reserves Summary - 2022 to 2025 (inclusive) MINERAL RESOURCES as at 31 March 2022 ORE RESERVES as at 31 March 2022 MEASURED INDICATED INFERRED TOTAL RESOURCES Proved Probable Total
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