Northern Star Resources Ltd · ASX:NST
Northern Star Resources — Investor Presentation (September 2025)
30 slides from Northern Star Resources's investor presentation, Sep 15, 2025
Slide 1: Business First – Mining Forum Americas
Business First Mining Forum Americas September 2025
Slide 2: Disclaimers
Disclaimers Disclaimer and Forward-Looking Statements ASX Listing Rules Disclosures Northern Star Resources Ltd has prepared this announcement based This announcement contains estimates of Northern Star Group, Pogo and KCGM Operations’ Ore Reserves and Mineral Resources. The on information available
Slide 3: Northern Star: Strength from simplicity
Northern Star: Strength from simplicity 1 Commodity - 100% Gold 2 Premier Jurisdictions ALASKA Pogo 3 Production Centres AUSTRALIA Hemi Yandal Kalgoorlie plus Organic Growth Alaska 1.6 Western 17% Australia Moz 83% FY25 Gold Sold 3
Slide 4: Capital Efficiency: Maximising returns on capital employed
Capital Efficiency: Maximising returns on capital employed Return on Capital Employed (ROCE) (%) Our Purpose To generate superior returns for our shareholders, while providing positive benefits for our stakeholders, through operational effectiveness, exploration and active portfolio management KCGM
Slide 5: Financial Strength: Growing per share metrics
Financial Strength: Growing per share metrics FY25 Financial Results _ Overview Underlying Earnings Underlying Free Cash Flow per share (Acps) Focused on per share (Acps) value creation 119c 45c 40c Gold price 31c 60c leverage 26c KCGM to drive growth from FY27 FY23 FY24 FY25 FY23 FY24 FY25 Underlyi
Slide 6: Balance Sheet: Investment grade, net cash, strong liquidity
Balance Sheet: Investment grade, net cash, strong liquidity Net cash position Reinvesting for Disciplined approach supports organic growth to de-risk cost maintained growth profile throughout the cycle Credit Facilities (at 30 June 2025) 1.0B 3.4B US$600M A$ A$ A$750M A$750M (drawn) (undrawn) (undra
Slide 7: Capital Allocation: Driving profitability, delivering returns
Capital Allocation: Driving profitability, delivering returns Reinvestment in the Business Capital Management – Aligned to our Purpose ▪ KCGM Mill Expansion Project Buy-back ▪ Hemi Development Project $300M share buy-back completed, average price $11.04ps Strong Balance Sheet ▪ Net cash position of
Slide 8: Major Projects: Capital investment drives portfolio uplift
Major Projects: Capital investment drives portfolio uplift Future low-cost pathway long life | low cost | scale | exploration potential KCGM POGO HEMI (Western Australia) (Alaska) (Western Australia) Mineral Resources 39Moz 6.2Moz Development project in an Global cost curve 1st Half 1st Half emergin
Slide 9: Global Gold Cost Curve: Structural shift in future cost base
Global Gold Cost Curve: Structural shift in future cost base FY25 Global Gold Cost Curve 2,500 STRATEGIC GOAL 1st Half 2nd Half 1st Half COST CURVE 2,000 FY25 4/6 assets AISC (US$/oz) 1,500 1st Half COST CURVE ~70% of FY25 1,000 NST’s FY25 Production 3/6 assets Future low-cost FY24 500 production 2/
Slide 10: Gold price leverage: Increasing spot price exposure
Gold price leverage: Increasing spot price exposure 2,000 Organic production growth 1,500 Increasing spot price Gold Sold (koz) 1,000 exposure YoY 500 100% spot gold price exposure FY29 0 FY26 FY27 FY28 FY29 Committed (koz) Spot Price Exposed (koz) Gold sold forecasts: FY26 = mid-point of guidance;
Slide 11: Exploration: Long term value creation
Exploration: 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 Cost of Resource Additions +10Yr Reserve-backed Moz production profile Mar-22 Mar-23 Mar-24 Mar-25 Divestments Total 11 The breakdown of Gr
Slide 12: Investment Case: Elevating portfolio quality
Investment Case: Elevating portfolio quality Next 3 years FCF Generation Cash Earnings Uplift from production growth, Expected to significantly increase increased spot price exposure (sustaining FCF) and lower costs Portfolio Quality Capital Management Investing in long-life, low-cost assets to Driv
Slide 13: KCGM: our growth engine
KCGM: our growth engine Unlocking its full potential 13
Slide 14: KCGM: A global asset
KCGM: A global asset Tier-1 location +900kozpa Muruntau Post Mill Grasberg Carlin Expansion FY29 Olimpiada +600kozpa 39Moz KCGM’s journey Ahafo Cortez Lihir Canadian Mineral Resources Kibali Malarctic +450kozpa Tasiast Loulo Gounkoto Detour 14Moz Ore Reserves Pueblo Viejo Turquoise Ridge Veladero Me
Slide 15: KCGM: Significant value creation in progress
KCGM: Significant value creation in progress Growth Capital FY26 FY27 FY28 (unchanged) Mill Expansion Project A$530-550M ~A$100M - Mill Operational Readiness A$315-370M A$250-270M - Operational Development - Fimiston South (LOM extension past 2034) A$500-550M Ongoing activity - Underground activity
Slide 16: KCGM: Positioned for Underground Ore Reserve growth
KCGM: Positioned for Underground Ore Reserve growth OPEN PIT 8.3Moz Ore Reserves 20.8Moz Mineral Resources STOCKPILES 2.9Moz Ore Reserves UNDERGROUND Mineral Resources Ore Reserves 6.5Moz FY21 +4,300 holes 15.1Moz FY25 0.9Moz FY21 3.2Moz Conversion FY25 +1,100km of Drilling focus 16 The breakdown of
Slide 17: KCGM: Golden Pike North mining sequence
KCGM: 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 17
Slide 18: Yandal: hub strategy optimisation
Yandal: hub strategy optimisation Maximising value 18
Slide 19: Yandal: Strategic focus on cost reduction
Yandal: Strategic focus on cost reduction 1,200 Yandal Production Centre Gold Sold (koz) 1,000 ▪ FY25 AISC: A$2,317/oz 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 20: Jundee: Delivering superior returns
Jundee: Delivering superior returns Reinvest Expand Optimise 121% Internal Rate of Return (pre-tax) A$ 2,562M Cumulative Operational Free Cash Flow Acquisition Consistent and reliable production 82.5M A$ Jul 2014 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 +FY27 Operational Free Cash
Slide 21: Pogo: the next chapter starts
Pogo: the next chapter starts 283koz FY25 Gold Sold US$1,341/oz FY25 AISC 21
Slide 22: Pogo: Positioned for strong returns
Pogo: Positioned for strong returns Reinvest Expand Optimise FY25 Operational Free Cash Flow US$ 427M Cumulative US$ 263M Operational Free Cash Flow 100% payback Acquisition achieved US$ 260M Increasing returns Sept 2018 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 Operational Free Cash Fl
Slide 23: Pogo: 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 23 The breakdo
Slide 24: Hemi Development Project: our newest growth engine
Hemi Development Project: our newest growth engine Strategic acquisition 24
Slide 25: Hemi: A strong strategic fit
Hemi: A strong strategic fit ▪ Located in the Pilbara, 1 Tier-1 jurisdiction 85km from Port Hedland 2 Enhances overall portfolio ▪ Established Port Hedland HEMI GOLD infrastructure Karratha PROJECT network (power, gas, 3 Material scale water, roads, airport, Pilbara Craton port) 4 Geological upside
Slide 26: Hemi: Approvals pending
Hemi: Approvals pending State approval – PENDING Federal approval – PENDING PENDING Next steps: Next steps: Secondary environmental approvals 1) Northern Star responds to public appeals 1) Public comment period (Round 2) (concurrent to primary environmental approvals) 2) Appeals convener process 2)
Slide 27: FY26 Group guidance
FY26 Group guidance FY26 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$1,500-1,650(1) 2,300-2,700 Growth Capital Expenditure: Operational Growth Capital A$M 710-745 300-310 US$70-80 1,140-1,200(2) plus KCGM Mill
Slide 28: Northern Star: 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 28
Slide 29: Appendix A
Appendix A 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 Reserves Tonnes Grade Ounces Tonnes Gra
Slide 30: Appendix A
Appendix A KCGM Operations Mineral Resources Summary – 2021 to 2025 (inclusive) KCGM Operations Ore Reserves Summary – 2021 to 2025 (inclusive) MINERAL RESOURCES as at 31 March 2021 ORE RESERVES as at 31 March 2021 MEASURED INDICATED INFERRED TOTAL RESOURCES PROVED PROBABLE TOTAL RESERVE Tonnes Grad
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