Northern Star Resources Ltd · ASX:NST

Northern Star Resources — Investor Presentation (August 2025)

39 slides from Northern Star Resources's investor presentation, Aug 4, 2025

  1. Slide 1: KCGM Site Visit Presentation

    KCGM Site Visit Presentation August 2025

  2. Slide 2: Disclaimers

    Disclaimers Disclaimer and Forward-Looking Statements ASX Listing Rule 5.19 and 5.23 Statement Northern Star Resources Ltd has prepared this announcement based on This announcement contains current estimates of Northern Star Group and KCGM Operations’ Ore Reserves and information available to it. No

  3. Slide 3: KCGM Operations

    KCGM OPERATIONS

  4. Slide 4: Our key global gold asset

    Our key global gold asset KCGM % NORTHERN STAR GROUP 100% ownership ALASKA Pogo 419koz KCGM 26% AUSTRALIA FY25 Gold Sold Hemi 39Moz Yandal Kalgoorlie KCGM 55% KALGOORLIE Mineral Resources PRODUCTION CENTRE KCGM Carosue Dam 14Moz KCGM 65% Kalgoorlie Ops Ore Reserves 4 The breakdown of Group, and KCGM

  5. Slide 5: KCGM asset overview

    KCGM asset overview ORE SOURCES OPEN PIT UNDERGROUND STOCKPILES Fimiston South Mt Charlotte 144Mt @ 0.6g/t Oroya Brownhill Fimiston UG Golden Pike North PROCESS PLANT Capacity Location Fimiston Plant EXISTING 12Mtpa Gidji Plant 23Mtpa FY27 EXPANSION 25Mtpa FY28 Fimiston Plant (UNDER CONSTRUCTION) 27

  6. Slide 6: KCGM: FY26 production and cost guidance

    KCGM: FY26 production and cost guidance Production Costs  Gold Sold: 550-600koz  Inflationary pressures of ~5%  Planned major mill shuts: 1Q and 3Q  Higher gold price related royalties  Fimiston Processing Plant: 12Mtpa  Sustaining capital of A$380-420/oz  Milled grades: 1Q = 1.2-1.4g/t;  Hi

  7. Slide 7: KCGM: FY26 growth capital guidance

    KCGM: FY26 growth capital guidance Mill Expansion Project KCGM Mill Operational Readiness KCGM Operational Development Build of 27Mtpa Fimiston Processing Plant Preparedness to operate at expanded capacity Enables future high-grade ore feed A$530-550M (unchanged) A$315-370M includes: A$500-550M incl

  8. Slide 8: KCGM: Tailings Storage Facilities

    KCGM: Tailings Storage Facilities  Growth capital expenditure for the expansion of Fimiston II Tailings Storage Facility (addition of Cell G) and new Fimiston III Tailings Storage Facility:  FY26: A$180-220M  FY27: A$180-220M  Expenditure brought forward by 3-5 years due to the increased through

  9. Slide 9: Processing: Positioning for tomorrow

    PROCESSING Positioning for tomorrow

  10. Slide 10: Fimiston Plant ramp up to steady state

    Fimiston Plant ramp up to steady state Produced Ounces Post Mill Expansion commissioning: Expanded Mill  FY27e: 750-800koz 900  FY28e: 800-850koz 800 700  FY29e: 850-900koz 600  First 10 years from steady state: 900kozpa Ounces (koz) (unchanged) 500 Mill Feed Sources: 400  Production from high-

  11. 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

  12. Slide 12: KCGM Mill Expansion: 12-month progress

    KCGM Mill Expansion: 12-month progress July 2024 July 2025 12

  13. Slide 13: KCGM Mill Expansion: Progress towards completion

    KCGM Mill Expansion: Progress towards completion 1 1. Primary 1 2 crusher 2. Coarse ore 2 stockpile 3. SAG and 3 3 Ball mills 4 5 4. Flotation 4 cells 5. Thickener 5 6 6. Leach tanks 6 13

  14. Slide 14: KCGM Mill Expansion: Risk management profile

    KCGM Mill Expansion: Risk management profile FY24 FY25 FY26 FY27 Engineering & Design Nearing completion Procurement All major components on site Supply Chain Offsite assembly, shipped to site Labour and Productivity Assembly Strong labour availability Critical spares procured Mechanical OEM Support

  15. Slide 15: KCGM stockpiles underpin Mill Expansion

    KCGM stockpiles underpin Mill Expansion Mill Feed Sources KCGM Stockpile Balance (Mt) 30 144 27Mtpa 137 125 125 123 120 25 STOCKPILES 20 144Mt @ 0.6g/t Ore (Mt) 15 12Mtpa 10 2020 2021 2022 2023 2024 2025 5 0 Significant value in stockpiles FY25A FY26 FY27 FY28 FY29 Inventory cost ~A$295/oz* Open Pit

  16. Slide 16: Open Pit: Unlocking future mining areas

    OPEN PIT Unlocking future mining areas

  17. Slide 17: Open pit contribution to mill feed

    Open pit contribution to mill feed Mill Feed Sources  Open Pit Reserve grade of 1.5g/t 30  12Mtpa: Open pit feed increases given 27Mtpa increased productivity at Golden Pike North 25  27Mtpa: Open pit feed lowers temporarily as trucks allocated to waste stripping 20  Life of Mine strip ratio to

  18. Slide 18: KCGM production areas

    KCGM production areas Key mining areas: Additional resources (people and equipment hire)  Oroya Brownhill (East Wall) to access future ore areas will remain in the  Golden Pike North open pit throughout FY26 as catch-up of required  Fimiston South (Great Boulder and Ivanhoe) material movement occ

  19. Slide 19: East Wall Remediation (cutback) completed

    East Wall Remediation (cutback) completed Safely executed Mining of Failure Zone Mining productivity over 55 months of mining presented multiple challenges people and equipment 4 years to remediate* May 2018 July 2025 19 * Under Northern Star ownership

  20. Slide 20: Unlocking future open pit working areas

    Unlocking future open pit working areas  Fimiston Open Pit 173Mt of Ore Reserves @ 1.5g/t for 8.3Moz  Increasing open pit ore volumes to feed mill expansion  FY23a: 5.0Mtpa  FY24a: 8.1Mtpa  FY25a: 7.7Mtpa  FY26e: 7.5-8.5Mtpa  Large benches provide flexibility and higher productivities  Total

  21. Slide 21: Golden Pike North mining sequence

    Golden Pike North mining sequence Improved mining efficiency FY26 FY26 FY27 Golden Pike North  Strip Ratio - 1.6 : 1 FY28 (Waste : Ore)  Productivity to increase as return to one mining horizon from 2H FY26 21

  22. Slide 22: Underground: Developing a world class underground

    UNDERGROUND Developing a world class underground

  23. Slide 23: Underground high-grade ore is priority mill feed

    Underground high-grade ore is priority mill feed Mill Feed Sources KCGM Underground Ore Tonnes 7.0 30 27Mtpa 6.0 5.0 Tonnes (Mt) 25 4.0 3.0 2.0 20 1.0 Ore (Mt) 0.0 15 FY25 FY26 FY27 FY28 FY29 12Mtpa Mt Charlotte Fimiston UG 10 KCGM Production Areas FY25 FY26 FY27 FY28 FY29 Underground Mt Charlotte -

  24. Slide 24: Mt Charlotte: Growing multiple underground mining fronts

    Mt Charlotte: Growing multiple underground mining fronts Multiple independent growth areas  Ore hauled via Sam Pearce and Croesus Declines  Mine infrastructure (ventilation, dewatering, power) with upgrades ongoing  Mining areas: NOB, COB, ROB, MOB, Duke, Little Wonder, Fairplay, Hidden Secret 

  25. Slide 25: Fimiston UG: Growing multiple underground mining fronts

    Fimiston UG: Growing multiple underground mining fronts  Mineral Resource: 119Mt at 2.6g/t for 10.1Moz  Ore Reserve: 25Mt at 2.3g/t for 1.9Moz  Several ongoing Resource drilling platforms  Multiple underground mines within 1 Operation –  United Consols  Union Jack  Golden Pike Stockworks  Cr

  26. Slide 26: Croesus underground development simplifies ore haulage

    Croesus underground development simplifies ore haulage  Underground portals developed Oct 2024  Sam Pearce & Croesus connected June 2025 to simplify ore haulage  Sam Pearce bypass enables independent access to Croesus and support initial 4 levels  Mt Charlotte haul road now direct to mill  Mult

  27. Slide 27: Drysdale Drill Platform

    Drysdale Drill Platform  Underground portal developed May 2025  Establishes:  Early access to drill platforms for Drysdale & Junction Resources & fast track mining studies  Link to Golden Pike Stockwork decline  Independent ventilation network enables future expansion  Significant exploration

  28. Slide 28: Northern Star Mining Services: A Strategic Advantage

    Northern Star Mining Services: A Strategic Advantage KCGM Development Metres  Our internal underground mining services 36,000-40,000 provider focused on execution 28,332  Commenced at KCGM in November 2020, with immediate productivity improvements 14,630 6,968 7,921  Consistent growth in developm

  29. Slide 29: Geology: Investment drives resource growth

    GEOLOGY Investment drives resource growth

  30. Slide 30: A dominant and growing asset

    A dominant and growing asset 38.9 Mineral 104% increase 27.3 28.3 31.6 Resources since acquisition 26.3 19.0 Ore 48% increase 13.2 14.4 11.6 11.9 12.2 9.7 Reserves since acquisition 2020 2021 2022 2023 2024 2025 Resources (Moz) Reserves (Moz) Discovery $12/oz Discovery Success $2/oz $17/oz $29/oz $8

  31. Slide 31: Positioned for UG Ore Reserve growth

    Positioned for UG Ore Reserve growth OPEN PIT 8.3Moz Ore Reserve 20.8Moz Mineral Resource STOCKPILES 2.9Moz Ore Reserves UNDERGROUND Mineral Resource Ore Reserve 6.5Moz FY21 +4,300 holes 15.1Moz FY25 0.9Moz FY21 Conversion 3.2Moz FY25 +1,100km of Drilling focus 31 The breakdown of KCGM Mineral Resou

  32. Slide 32: Preparation for underground ramp up

    Preparation for underground ramp up Multiple underground Nine UG diamond drills Drilling targets many lodes drill platforms currently operating concurrently 32

  33. Slide 33: FY26 exploration focus areas

    FY26 exploration focus areas  Strong focus on de-risking the short to medium term mining areas  Underground drill platforms well positioned to pursue near term growth opportunities  Ongoing development of new drill platforms to set up future drilling program  Increased resourcing to advance disc

  34. Slide 34: Strategic regional opportunities for KCGM

    Strategic regional opportunities for KCGM Red Hill Large Regional Opportunities  Large, consistent grade, low mining risk  Flexible processing route (free milling ore)  Historically mined  Mining studies underway Hercules, discovered 2023  Maiden Ore Reserve: 0.25Moz  Maiden Mineral Resource:

  35. Slide 35: In Summary

    In Summary  Continue to unlock full potential of KCGM  Open pit and underground mines with significant installed infrastructure  Multiple independent ore sources, lowers delivery risk  Continued outstanding long-term geological potential  Mill Expansion construction on track, no interruption to

  36. Slide 36: FY26 Group guidance

    FY26 Group guidance FY25 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$1,500-1,650(1) 2,300-2,700 Growth Capital Expenditure: A$M Operational Growth Capital A$M 710-745 300-310 US$70-80 1,140-1,200(2) plus KCGM M

  37. Slide 37: Northern Star: A global gold leader

    Northern Star: A global gold leader Our Purpose To generate superior returns for our shareholders while providing positive benefits for our stakeholders through operational effectiveness, exploration and active portfolio management www.nsrltd.com 37

  38. Slide 38: Appendix A

    Appendix A Mineral Resources Summary – KCGM Operations – 2020 to 2025 (inclusive) Ore Reserves Summary – KCGM Operations – 2020 to 2025 (inclusive) MINERAL RESOURCES as at 30 June 2020* ORE RESERVES as at 30 June 2020* MEASURED INDICATED INFERRED TOTAL RESOURCES PROVED PROBABLE TOTAL RESERVE Tonnes

  39. Slide 39: Appendix A

    Appendix A Mineral Resources Summary – KCGM Operations – 2020 to 2025 (inclusive) Ore Reserves Summary – KCGM Operations – 2020 to 2025 (inclusive) MINERAL RESOURCES as at 31 March 2025 ORE RESERVES as at 31 March 2025 MEASURED INDICATED INFERRED TOTAL RESOURCES PROVED PROBABLE TOTAL RESERVE Tonnes

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