Northern Star Resources Ltd · ASX:NST
Northern Star Resources — Investor Presentation (August 2025)
22 slides from Northern Star Resources's investor presentation, Aug 5, 2025
Slide 1: Business first
Northern Star _ Business first August 2025
Slide 2: Disclaimers
Disclaimers Disclaimer and Forward-Looking Statements ASX Listing Rule 5.19, 5.21.3 and 5.23 Statement This announcement contains current estimates of Northern Star Group and KCGM Operations’ Ore Reserves and Mineral Resources. Northern Star Resources Ltd has prepared this announcement based The inf
Slide 3: a global gold leader
Northern Star _ a global gold leader 100% Gold Exposure 1,634koz FY25 Gold Sold A$2,163/oz FY25 AISC 3
Slide 4: positioned for the next decade
Northern Star _ positioned for the next decade 70.7Moz Mineral Resources OBM Pogo BGL SPR CYL 22.3Moz Ore Reserves Yandal CMM Pogo RRL OBM Yandal CYL WGX RMS BGL RRL RMS WGX Kalgoorlie VAU KCGM VAU Kalgoorlie GMD GMD CMM 4 Northern Star ASX Gold (WA only) Northern Star ASX Gold (WA only)
Slide 5: strong cash generation
Northern Star _ strong cash generation Profitable Growth Strategy FY22 FY23 FY24 FY25 Net mine A$ 674M A$ 667M A$ 686M A$ 1,189M A$ 3.2B cashflow Cumulative Net mine cashflow Dividends A$ 227M A$ 261M A$ 351M A$ 574M A$ 1.4B Cumulative Dividends KCGM Fleet TBO Mill KCGM UG KCGM East Wall Remediation
Slide 6: our growth engine
KCGM _ our growth engine Unlocking its full potential 6
Slide 7: meeting complexity with clarity
KCGM _ meeting complexity with clarity Safely executed Mining of Failure Zone Mining productivity over 55 months of mining presented multiple challenges people and equipment East Wall Slip – May 2018 East Wall Remediation 7
Slide 8: a dominant and growing asset
KCGM _ a dominant and growing asset 38.9 Mineral 104% increase 26.3 27.3 28.3 31.6 Resources since acquisition* 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
Slide 9: Australia’s leading gold mines
KCGM _ Australia’s leading gold mines KCGM 100% ownership 419koz FY25 Gold production (koz) 850 to FY25 Gold Sold 900 574 550-600koz 530 466 432 419 Subject to FY29e approvals KCGM (Post Mill Boddington Hemi (first 10 Tropicana Cadia KCGM FY26 Production Guidance Expansion) years) 9 Note: Production
Slide 10: short term focus areas
KCGM _ short term focus areas Execute Our Commence Advance Unlock value Implement Operating Tailings Underground through multiple ore Plans Storage Growth, NSMS quality ore source Facility build advantage extraction strategy Pursuing Value For All Stakeholders 10
Slide 11: KCGM Mill Expansion Project
13Mtpa 27Mtpa KCGM Mill Expansion Project Location: Western Australia Supports +20 year mine life Construction on track and within budget – FY27 commissioning 11
Slide 12: hub strategy optimisation
Yandal _ hub strategy optimisation Maximising value 12
Slide 13: strategic focus on cost reduction
Yandal _ strategic focus on cost reduction Yandal Production Centre 1,200 Gold Sold (koz) FY25 AISC: A$2,317/oz 1,000 FY26 FY25 Jundee AISC: A$2,064/oz 800 Thunderbox AISC: A$2,629/oz 600 FY25 FY26 FY26 AISC guidance: A$2,600- 400 FY25 FY26 2,900/oz 200 AISC A$/oz 0 Yandal targets 500–550koz
Slide 14: one system, one strategy
Pogo _ one system, one strategy 283koz FY25 Gold Sold US$1,341/oz FY25 AISC 14
Slide 15: positioned for strong returns
Pogo _ positioned for strong returns Net mine cash flow Annualised run-rate of 1.6Mtpa US$297M achieved in 4Q25 Purchase US$260M +10 yrs Optimisation phase ongoing US$156M US$260M Consistent and reliable operational delivery US$52M Integrated strategy from discovery to delivery FY23 FY24 FY2
Slide 16: preparing for the next decade
Pogo _ preparing for the next decade 6.2Moz Mineral Resources 2.1Moz Ore Reserves 5.5Moz gold produced +10Years over 20 years Mine Life Two new portals to access High-grade In-mine and near Central Vein and Resources at 10.1g/t regional opportunity Goodpaster systems Reserves at 7.2g/t 16 The breakd
Slide 17: our newest growth engine
Hemi Development Project _ our newest growth engine Strategic acquisition 17
Slide 18: a strong strategic fit
Hemi Development Project _ a strong strategic fit 1 Tier-1 jurisdiction 2 Enhances overall portfolio 3 Material scale 4 Geological upside 5 ESG 6 Shareholder returns 18 For details regarding the Mineral Resources estimates for the Hemi Project as at November 2024, refer to De Grey’s ASX announcement
Slide 19: refining key design inputs
Hemi Development Project _ refining key design inputs Awaiting project Optimising design Updating pricing and approvals parameters FID decision Transfer of skills from KCGM Mill expansion and Northern Star Operations 19 For details regarding Brolga exploration results and Hemi Project Mineral Resour
Slide 20: our commitment to create value
Northern Star _ our commitment to create value Major projects target cost reduction Geology unlocks future portfolio value www.nsrltd.com Free cash flow transition in final stages 20
Slide 21: 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
Slide 22: 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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