Slides
Page 1
August 2025 Northern Star _ Business first For personal use only
Page 2
2 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. The information in this announcement that relates to current Group Ore Reserves and Mineral Resources, and exploration result s, has been extracted from Northern Star’s ASX release entitled “Resources, Reserves and Exploration Update” dated 15 May 2025 available at www.nsrltd.com and www.asx.com (“Announcement”), and in relation to Hemi Project Mineral Resource estimates as at November 2024, and exploration results, has been extracted from De Grey Mining Ltd’s ASX announcements titled “Hemi Gold Project Mineral Resource Estimate 2024” dated 14 November 2024, “Hemi Gold Project Resource Update” dated 21 November 2023 and “Resource Definition and Extensional Drilling at Brolga” dated 16 March 2023. Northern Star confirms that it is not aware of any new information or data that materially affects the information included in t he Announcement other than: changes due to normal mining depletion during the four month period to 5 August 2025; and, material changes in Northern Star's Mineral Resources and Ore Reserves holdings in the period between 31 March 2025 and 30 June 2025 due to Northern Star's acquisition of De Grey Mining Limited by Scheme of Arrangement implemented on 5 May 2025, resulting in the acquisition of Mineral Resources and Ore Reserves for the Hemi development project, and confirms in relation to the estimates of Northern Star Group Ore Reserves and Mineral Resources, that all material assump tions 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 materially modified from the Announcement. The information in this announcement that relates to KCGM production targets 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. Northern Star confirms that all the material assumptions made in relation to the Ore Reserves and Mineral Resources underpinning 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 referred to in ASX Listing Rule 5.19 disclosures, and 5-year gold production profiles are based on 100% current JORC compliant Ore Reserves. These figures represent JORC 2012 Mineral Resources and Ore Reserves for the combined assets owned by Northern Star. 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
Page 3
3 100% Gold Exposure Northern Star _ a global gold leader 1,634koz FY25 Gold Sold A$2,163/oz FY25 AISC For personal use only
Page 4
4 Kalgoorlie Yandal Pogo GMD VAU RMS WGX RRL CMM CYL SPR BGL OBM Northern Star ASX Gold (WA only) positioned for the next decade Northern Star _ Kalgoorlie Yandal Pogo CMM GMD VAU WGX RRL BGL RMSCYL OBM Northern Star ASX Gold (WA only) KCGM 22.3Moz Ore Reserves 70.7Moz Mineral Resources For personal use only
Page 5
5 strong cash generation Northern Star _ 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$227M A$261M A$351M A$574M A$3.2B A$1.4B Cumulative Net mine cashflow Cumulative Dividends A$2.4B Cumulative Capital Management FY12-1H FY25 Cumulative capital management includes dividends declared and paid plus shares purchased through the Company’s A$300 million share buy -back program, which completed in FY25. For personal use only
Page 6
6 KCGM _ our growth engine Unlocking its full potential For personal use only
Page 7
7 KCGM _ meeting complexity with clarity East Wall Slip – May 2018 Safely executed over 55 months of mining Mining of Failure Zone presented multiple challenges Mining productivity people and equipment East Wall Remediation For personal use only
Page 8
8 Mineral Resources 104% increase since acquisition* Ore Reserves 48% increase since acquisition* Discovery Success $2/oz $17/oz $29/oz $8/oz $6/oz Discovery Success $12/oz average cost since acquisition* 19.0 26.3 27.3 28.3 31.6 38.9 9.7 11.6 11.9 12.2 13.2 14.4 2020 2021 2022 2023 2024 2025 Resources (Moz) Reserves (Moz) KCGM _ a dominant and growing asset The breakdown of KCGM Mineral Resources and Ore Reserves for each of the years 2020 to 2025 (inclusive) as illustrated above is detailed in Appendix A on pages 21-22. For personal use only
Page 9
9 850 to 900 574 530 466 432 419 KCGM (Post Mill Expansion) Boddington Hemi (first 10 years) Tropicana Cadia KCGM 419koz FY25 Gold Sold 550-600koz FY26 Production Guidance KCGM 100% ownership Note: Production based on the 12-month period ended 30 June 2025. KCGM Mill Expansion is forecast to deliver ~ 900kozpa from FY29 (10 years) at steady state. Hemi is a Development Project expected to produce an average 530kozpa for the first 10 years of operation. KCGM _ Australia’s leading gold mines FY29e Subject to approvals FY25 Gold production (koz) For personal use only
Page 10
10 Execute Our Operating Plans Commence Tailings Storage Facility build Advance Underground Growth, NSMS advantage Unlock value through quality ore extraction Pursuing Value For All Stakeholders KCGM _ short term focus areas Implement multiple ore source strategy For personal use only
Page 11
11 13Mtpa 27Mtpa KCGM Mill Expansion Project Location: Western Australia Supports +20 year mine life Construction on track and within budget – FY27 commissioning For personal use only
Page 12
12 Yandal _ hub strategy optimisation Maximising value For personal use only
Page 13
13 0 200 400 600 800 1,000 1,200 2,000 2,500 3,000 Kalgoorlie Yandal Pogo Yandal _ strategic focus on cost reduction AISC A$/oz Gold Sold (koz) Yandal Production Centre FY25 AISC: A$2,317/oz Jundee AISC: A$2,064/oz Thunderbox AISC: A$2,629/oz FY26 AISC guidance: A$2,600- 2,900/oz Yandal targets 500–550koz to control future cost base FY25 FY26 FY25 FY26 FY25 FY26 Bubble size represents Mineral Resources as at 31 March 2024 (for FY25), and as at 31 March 2025 (for FY26). For details refer to ASX releases entitled “Resources, Reserves and Exploration Update” dated 2 May 2024 & 15 May 2025. For personal use only
Page 14
14 Pogo _ one system, one strategy 283koz FY25 Gold Sold US$1,341/oz FY25 AISC For personal use only
Page 15
15 FY23 FY24 FY25 Pogo _ positioned for strong returns US$52M US$156M US$297M Annualised run-rate of 1.6Mtpa achieved in 4Q25 Optimisation phase ongoing Consistent and reliable operational delivery Integrated strategy from discovery to delivery Net mine cash flow US$260M Purchase US$260M +10 yrs Net Mine Cash Flow is calculated as Mine Operating Cash Flow less Growth Capital. Mine Operating Cash Flow is calculated as Revenue, less Cash Operating Costs ( excl inventory movements) and Sustaining Capital. For personal use only
Page 16
16 6.2Moz Mineral Resources 2.1Moz Ore Reserves +10Years Mine Life Pogo _ preparing for the next decade 5.5Moz gold produced over 20 years Two new portals to access Central Vein and Goodpaster systems High-grade Resources at 10.1g/t Reserves at 7.2g/t In-mine and near regional opportunity The breakdown of Pogo Mineral Resources and Ore Reserves as at 31 March 2025 is detailed in Appendix A on pages 22. For personal use only
Page 17
17 Hemi Development Project _ our newest growth engine Strategic acquisition For personal use only
Page 18
18 Hemi Development Project _ a strong strategic fit Tier-1 jurisdiction Enhances overall portfolio Material scale Geological upside ESG Shareholder returns 1 2 6 5 4 3 For details regarding the Mineral Resources estimates for the Hemi Project as at November 2024, refer to De Grey’s ASX announcements titled “Hemi Gold Project Mineral Resource Estimate 2024” dated 14 November 2024 and “Hemi Gold Project Resource Update” dated 21 November 2023. For personal use only
Page 19
19 Hemi Development Project _ refining key design inputs Awaiting project approvals Optimising design parameters Updating pricing and FID decision Transfer of skills from KCGM Mill expansion and Northern Star Operations For details regarding Brolga exploration results and Hemi Project Mineral Resources estimates as at November 2024, refer to De Grey Mining Ltd’s ASX announcements titled “Resource Definition and Extensional Drilling at Brolga” dated 16 March 2023, “Hemi Gold Project Resource Update” dated 21 November 2023 and “Hemi Gold Project Mineral Resource Estimate 2024” dated 14 November 2024. For personal use only
Page 20
20 Northern Star _ our commitment to create value Major projects target cost reduction Geology unlocks future portfolio value Free cash flow transition in final stageswww.nsrltd.com For personal use only
Page 21
21 Ore Reserves Summary – KCGM Operations – 2020 to 2025 (inclusive) Appendix A Mineral Resources Summary – KCGM Operations – 2020 to 2025 (inclusive) MINERAL RESOURCES as at 30 June 2020* 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 - - - 160,000 1.9 9,700 42,000 1.6 2,200 202,000 1.7 11,900 Underground 0 0 0 21,000 2.0 1,300 32,200 2.7 2,750 53,200 2.1 4,050 Stockpiles 130,000 0.7 3,100 - - - - - - 130,000 0.7 3,100 Gold in Circuit - - - - - - - - - - - Total KCGM 130,000 0.7 3,100 181,000 1.9 11,000 74,200 2.1 4,950 385,200 1.5 19,050 *KCGM Reserves, Resources and Guidance Update dated 18 August 2020 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 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 30 June 2020* 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 - - - 100,000 1.8 6,100 100,000 1.8 6,100 Underground 290 2.4 23 7,200 2.1 490 7,500 2.1 510 Stockpiles 130,000 0.7 3,100 - - - 130000 0.7 3100 Gold in Circuit - - - - - - - - - Total KCGM 130,000 0.7 3,100 110,000 1.8 6,600 240,000 1.3 9,700 *KCGM Reserves, Resources and Guidance Update dated 18 August 2020 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 TOTAL RESERVEPROVED PROBABLE TOTAL RESERVE PROVED PROBABLE TOTAL RESERVE PROVED PROBABLE TOTAL RESERVE PROVED PROBABLE TOTAL RESERVE PROVED PROBABLE For personal use only
Page 22
22 Ore Reserves Summary – KCGM Operations – 2020 to 2025 (inclusive) Appendix A Mineral Resources Summary – KCGM Operations – 2020 to 2025 (inclusive) 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 2,915 0 0 0 0 0 0 143,975 0.6 2,915 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 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 2914 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 PROVED PROBABLE TOTAL RESERVE For more information regarding the Mineral Resources and Ore Reserves estimate for the KCGM Operations (including competent persons statements): as at 30 June 2020, refer to the Company’s ASX announcement titled ‘Resources and Reserves, Production and Cost Guidance Update (including KCGM)’ dated 18 August 2020; as at 30 March 2021, refer to the Company’s ASX announcement titled ‘Resources, Reserves and Exploration Update’ dated 3 May 2021; as at 30 March 2022, refer to the Company’s ASX announcement titled ‘Resources, Reserves and Exploration Update’ dated 3 May 2022; as at 30 March 2023, refer to the Company’s ASX announcement titled ‘Resources, Reserves and Exploration Update’ dated 4 May 2023; as at 31 March 2024, refer to the Company’s ASX announcement titled ‘Resources, Reserves and Exploration Update’ dated 2 May 2024; and 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). Pogo Mineral Resources and Ore Reserves Summary as at 31 March 2025 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 For more information regarding the Mineral Resources and Ore Reserves estimate for the 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). For personal use only