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AGM Presentation Stuart Tonkin Managing Director & CEO November 2025 For personal use only
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2 ASX Listing Rules Disclosures This announcement contains current estimates of Northern Star KCGM and Pogo Operations’ Ore Reserves and Mineral Resources. The information in this announcement that relates to current Ore Reserves and Mineral Resources, and exploration results, is presented as at 31 March 2025 (unless otherwise specified) and has been extracted from Northern Star’s ASX release entitled “Resources, Reser ves and Exploration Update” dated 15 May 2025 available at www.nsrltd.com and www.asx.com.au (“Announcement”). Northern Star confirms that it is not aware of any new information or data that materially affects the information included i n the Announcement (other than changes due to normal mining depletion during the seven month period to 17 November 2025) and confirms in relation to the estimates of Northern Star Group Ore Reserves and Mineral Resources, that all material assumption s and technical parameters underpinning the estimates in the Announcement continue to apply and have not materially changed. Northern Star confirms that the form and context in which the Competent Person's findings are presented have not been materia lly modified from the Announcement. The information in this announcement that relates to KCGM production target to FY29 was first reported in the ASX release by Northern Star entitled “KCGM Mill Expansion – FID Presentation” dated 22 June 2023 available at www.nsrltd.com and www.asx.com.au. Northern Star confirms that all the material assumptions made in relation to the Ore Reserves and Mineral Resources underpinn ing those production targets continue to apply and have not materially changed, which are (in summary): ▪ Current operational capital and operating cost structures, ▪ Current mining and metallurgical performance, ▪ The gold price, exchange rate, dilution allowance and mining recovery rates are as set out in each prior public report referr ed to in ASX Listing Rule 5.19 disclosures, and ▪ 5-year gold production profiles are based on 100% current JORC compliant Ore Reserves. The Group Mineral Resources or Ore Reserves presented as at 31 March 2025 in this announcement do not include the Mineral Resources or Ore Reserves for the Hemi Development Project acquired by Northern Star as a result of the acquisition of De Grey. Northern Star is undertaking a comprehensive review of data and evaluating the Mineral Resources and Ore Reserves estimates f or the Hemi Development Project and intends to report estimates for the Hemi Development Project in due course, by no later than Nor thern Star’s Annual Mineral Resources and Ore Reserves Statement for the 12 months ending 31 March 2026 to be released to ASX in Ma y 2026. These figures represent JORC 2012 Mineral Resources and Ore Reserves for the assets owned by Northern Star as at 31 March 2025. Disclaimers Disclaimer and Forward-Looking Statements Northern Star Resources Ltd has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Northern Star Resources Limited, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it. This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, Resource or Reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. Rounding is applied in this presentation for the percentage comparisons and for all Ore Reserves and Mineral Resources figures. Mineral Resources are inclusive of Ore Reserves; and numbers are 100% NST attributable. Authorised to release to the ASX by Stuart Tonkin, Managing Director & CEO. For personal use only
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3 Northern Star: Strength from simplicity Pogo Kalgoorlie Yandal ALASKA AUSTRALIA Hemi 1 Commodity - 100% Gold 2 Premier Jurisdictions 3 Production Centres plus Organic Growth FY25 Gold Sold Western Australia 83% Alaska 17% 1.6 Moz For personal use only
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4 FY25 Overview 1,634koz Gold Sold A$ 2,163/oz AISC A$ 2.9B Cash Earnings A$ 1.0B Net Cash A$ 300M Buy-back complete A 55.0cps Dividends Cash Earnings is defined as Underlying EBITDA ($3,502M) less sustaining capital ($472M from AISC tables in June 2025 Quarter Report, which includes $168M of lease repayments) less net interest paid($27M), less corporate tax paid ($130M). Net cash is defined as cash, bullion and short-term deposits ($1,914M), less USD Notes ($901M). Share buy-back program includes FY23 ($127M), FY24 ($45M) and FY25 ($128M) funds returned to shareholders. FY25 Dividends - Interim 25cps, Final 30cps paid 25 September 2025. For personal use only
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5 Net mine cashflow A$674M A$667M A$686M A$1,189M KCGM Fleet Delivery TBO Mill Expansion TBO Mill Commissioning Pogo Mine Optimisation KCGM UG Growth Pogo delivered +300koz run rate KCGM East Wall Remediation Complete Pogo achieves financial payback FY22 FY23 FY24 FY25 Profitable Growth Strategy Dividends A$250M A$305M A$460M A$715M A$3.2B A$1.7B Cumulative Net mine cashflow Cumulative Dividends A solid platform to drive future earnings Net Mine Cash Flow is calculated as Revenue, less Cash Operating Costs (excluding inventory movements) less Sustaining Capital and Growth Capital. Dividends defined as the total of interim and final dividend declared of each financial year. For personal use only
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6 Major Projects: Capital investment drives portfolio uplift Mineral Resources Global cost curve Production Pathway Exploration Potential 39Moz 1st Half ~900koz In-situ and regional 6.2Moz 1st Half ~300koz In-situ and regional Development project in an emerging gold district; designed for productivity and cost efficiency Future low-cost pathway long life | low cost | scale | exploration potential HEMI (Western Australia) KCGM (Western Australia) POGO (Alaska) The breakdown of KCGM and Pogo Mineral Resources as at 31 March 2025 is detailed in Appendix on pages 8. Global cost curve positioning is an estimate based on internal forecasts and does not account for non-Northern Star future asset cost positioning. For personal use only
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7 Major projects target cost reduction Geology unlocks future portfolio value Free cash flow transition in final stageswww.nsrltd.com Northern Star: Our commitment to create value For personal use only
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8 KCGM Operations Ore Reserves Summary as at 31 March 2025 Pogo Operations Ore Reserves Summary as at 31 March 2025 Appendix KCGM Operations Mineral Resources Summary as at 31 March 2025 Pogo Operations Mineral Resources Summary as at 31 March 2025 For more information regarding the Mineral Resources and Ore Reserves estimate for the KCGM Operations and Pogo Operations (including competent persons statements) as at 31 March 2025, refer to the Company’s ASX announcement titled ‘Resources, Reserves and Exploration Update’ dated 15 May 2025 available on the Company’s website (at www.nsrltd.com) and the ASX website (at www.asx.com.au). MINERAL RESOURCES as at 31 March 2025 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE INCLUSIVE OF RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) POGO Surface - - - - - - 1,048 9.7 325 1,048 9.7 325 Underground 112 10.7 39 9,532 10.3 3,152 8,407 9.8 2,639 18,051 10.0 5,830 Stockpiles 13 8 3 - - - - - - 13 8 3 Gold in Circuit - - 5 - - - - - - - - 5 TOTAL POGO 125 12 47 9,532 10.3 3,152 9,454 9.8 2,965 19,111 10.0 6,163 MEASURED INDICATED INFERRED TOTAL RESOURCES ORE RESERVES as at 31 March 2025 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) POGO Surface - - - - - - - - - Underground 351 8.3 94 8,766 7.2 2,024 9,118 7.2 2,118 Stockpiles 13 7.6 3 - - - 13 7.6 3 Gold in Circuit - - 5 - - - - - 5 TOTAL POGO 364 8.7 102 8,766 7.2 2,024 9,130 7.2 2,126 PROVED PROBABLE TOTAL RESERVE MINERAL RESOURCES as at 31 March 2021 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE INCLUSIVE OF RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) KCGM Surface - - - 206,004 1.8 12,110 103,458 1.4 4,715 309,462 1.7 16,825 Underground - - - 40,757 2 2,603 51,316 2.4 3,878 92,073 2.2 6,481 Stockpiles 125,166 0.7 2,964 - - - - - - 125,166 0.7 2,964 Gold in Circuit - - 29 - - - - - - - - 29 Total KCGM 125,166 0.7 2,993 246,762 1.9 14,713 154,774 1.7 8,593 526,701 1.6 26,299 MINERAL RESOURCES as at 31 March 2022 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE INCLUSIVE OF RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) KCGM Surface - - - 219,505 1.8 12,385 99,288 1.3 4,309 318,792 1.6 16,694 Underground - - - 49,440 2.2 3,497 54,758 2.4 4,277 104,198 2.3 7,774 Stockpiles 122,976 0.7 2,864 - - - - - - 122,976 0.7 2,864 Gold in Circuit - - 25 - - - - - - - - 25 Total KCGM 122,976 0.7 2,889 268,945 1.8 15,882 154,046 1.7 8,586 545,967 1.6 27,357 MINERAL RESOURCES as at 31 March 2023 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE INCLUSIVE OF RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) KCGM Surface - - - 228,661 1.7 12,859 91,838 1.4 4,046 320,499 1.6 16,904 Underground - - - 54,860 2 3,535 69,485 2.3 5,144 124,345 2.2 8,679 Stockpiles 119,808 0.7 2,730 - - - - - - 119,808 0.7 2,730 Gold in Circuit - - 21 - - - - - - - - 21 Total KCGM 119,808 0.7 2,752 283,521 1.8 16,394 161,323 1.8 9,190 564,652 1.6 28,335 MINERAL RESOURCES as at 31 March 2024 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE INCLUSIVE OF RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) KCGM Surface 0 0 0 263,295 1.5 12,619 174,475 1.1 6,239 437,770 1.3 18,858 Underground 0 0 0 73,354 2.0 4,735 66,900 2.3 4,890 140,254 2.1 9,624 Stockpiles 136,855 0.7 3,127 0 0 0 0 0 0 136,855 0.7 3,127 Gold in Circuit 0 0 28 0 0 0 0 0 0 0 0 28 Total KCGM 136,855 0.7 3,156 336,649 1.6 17,353 241,375 1.4 11,129 714,879 1.4 31,638 MINERAL RESOURCES as at 31 March 2025 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE INCLUSIVE OF RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) KCGM Surface 0 0 0 326,773 1.4 15,151 163,233 1.1 5,670 490,006 1.3 20,821 Underground 0 0 0 71,517 2.0 4,699 130,784 2.5 10,409 202,301 2.3 15,108 Stockpiles 143,975 0.6 2,914 0 0 0 0 0 0 143,975 0.6 2,914 Gold in Circuit 0 0 23 0 0 0 0 0 0 0 0 23 Total KCGM 143,975 0.6 2,938 398,290 1.6 19,850 294,017 1.7 16,079 836,282 1.4 38,867 MEASURED INDICATED INFERRED TOTAL RESOURCES MEASURED INDICATED INFERRED TOTAL RESOURCES MEASURED INDICATED INFERRED TOTAL RESOURCES MEASURED INDICATED INFERRED TOTAL RESOURCES MEASURED INDICATED INFERRED TOTAL RESOURCES ORE RESERVES as at 31 March 2021 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) KCGM Surface - - - 131,932 1.8 7,697 131,932 1.8 7,697 Underground 106 2.1 7 13,561 2.1 912 13,667 2.1 919 Stockpiles 125,166 0.7 2,964 - - - 125166 0.7 2964 Gold in Circuit - - 29 - - - - - 29 Total KCGM 125,272 0.7 3,000 145,493 1.8 8,609 270,765 1.3 11,609 ORE RESERVES as at 31 March 2022 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) KCGM Surface - - - 140,035 1.7 7,863 140,035 1.7 7,863 Underground - - - 17,839 2.0 1,174 17,839 2.0 1,174 Stockpiles 122,976 0.7 2,864 - - - 122976 0.7 2864 Gold in Circuit - - 25 - - - - - 25 Total KCGM 122,976 0.7 2,889 157,874 1.8 9,037 280,850 1.3 11,926 ORE RESERVES as at 31 March 2023 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) KCGM Surface - - - 145,883 1.7 8,169 145,883 1.7 8,169 Underground - - - 20,650 2.0 1,296 20,650 2.0 1,296 Stockpiles 119,808 0.7 2,730 107 1.4 5 119915 0.7 2735 Gold in Circuit - - 21 - - - - - 21 Total KCGM 119,808 0.7 2,752 166,640 1.8 9,469 286,448 1.3 12,221 ORE RESERVES as at 31 March 2024 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) KCGM Surface 0 0 0 159,230 1.6 7,955 159,230 1.6 7,955 Underground 0 0 0 33,273 2.0 2,151 33,273 2.0 2,151 Stockpiles 136,855 0.7 3,127 107 1.4 5 136962 0.7 3132 Gold in Circuit 0 0 28.426 0 0 0 0 0 28.426 Total KCGM 136,855 0.7 3,156 192,610 1.6 10,110 329,465 1.3 13,266 ORE RESERVES as at 31 March 2025 Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces NST ATTRIBUTABLE RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) KCGM Surface 0 0 0 173,426 1.5 8,341 173,426 1.5 8,341 Underground 0 0 0 46,572 2.1 3,162 46,572 2.1 3,162 Stockpiles 143,975 0.6 2,914 0 0.0 0 143975 0.6 2,914 Gold in Circuit 0 0 23.206 0 0 0 0 0 23.206 Total KCGM 143,975 0.6 2,937 219,998 1.6 11,503 363,973 1.2 14,441 TOTAL RESERVE PROVED PROBABLE TOTAL RESERVE PROVED PROBABLE TOTAL RESERVE PROVED PROBABLE TOTAL RESERVE PROVED PROBABLE PROVED PROBABLE TOTAL RESERVE For personal use only