Slides
Page 1
Corporate Presentation September 2026
Page 2
2 ASX Listing Rule 5.19 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 the current Ore Reserves and Mineral Resources, and exploration results, has been extracted from Northern Star’s ASX release entitled “Resources and Reserves Update” dated 3 June 2026 available at www.nsrltd.com and www.asx.com (“Announcement”). Northern Star confirms that it is not aware of any new information or data that materially affects the information included in the Announcement other than changes due to normal mining depletion during the five month period to 21 September 2026, and, in relation to the estimates of Northern Star Group and KCGM Operations’ Ore Reserves and Mineral Resources, that all material assumptions 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. These figures represent JORC 2012 Mineral Resources and Ore Reserves for the combined assets owned by Northern Star. 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 for release to the ASX by the Board of Directors. Disclaimers MINERAL RESOURCES as at 31 March 2026 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) NORTHERN STAR TOTAL 177,151 1.0 5,629 854,443 1.7 47,560 585,877 1.9 35,683 1,617,472 1.7 88,872 TOTAL RESOURCESMEASURED INDICATED INFERRED ORE RESERVES as at 31 March 2026 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) NORTHERN STAR TOTAL 160,186 0.8 4,280 467,024 1.6 24,139 627,210 1.4 28,419 PROVED PROBABLE TOTAL RESERVE
Page 3
3 We are a global gold leader LEVERAGE SCALE LIQUIDITY =Executing a clear, low-risk strategy Superior Returns 100% gold exposure 1.5Moz FY26 gold sold ASX 50 Market Index A$32B Market Cap A$189M Daily Turnover* *Source: Bloomberg. Average daily trade value in A$ over the last 12 months as at 18 September 2026. The breakdown of Group Mineral Resources as at 31 March 2026 is detailed on page 2. 89Moz Mineral Resources
Page 4
4 A$ 4.3B Underlying EBITDA A$ 1.8B Underlying NPAT A$ 190M Underlying FCF A$ 1.24ps Underlying EPS A 55.0cps Dividends A$ 129M of A$500M share buy-back FY26 financial highlights Underlying EBITDA is Revenue ($7,623M), less cost of sales excluding D&A ($3,158M),less corporate overheads excluding D&A ($182M), less other expenses ($19M), plus foreign exchange gains ($23M); less foreign exchange on net unhedged USD Senior Unsecured Notes ($15M), less Insurance proceeds ($1M). Underlying NPAT is Net Profit After Tax ($1,664M) plus Abnormal items (post-tax) ($125M). Underlying Free Cash Flow defined as operating cashflow ($3,183M), less capital expenditure ($2,494M), less equipment finance and leases ($273M), less exploration expenditure ($219M),less movement in bullion ($7M). Underlying earnings per share is Underlying Net Profit After Tax ($1,789M) divided by the weighted average number of shares (diluted) at 30 June 2026 (1,439M shares). The Company announced a A$500 million on-market share buy-back on 2 April 2026. During FY26, 6.3M shares were bought on-market and cancelled, for a cost of $128.9M. 4
Page 5
55 Earnings per share growthIncreasing returns on capital Underlying Return on Capital Employed (ROCE) (%) 4.1% 8.6% 11.4% 13.4% FY23 FY24 FY25 FY26 Underlying Earnings per share (Acps) 26 59 118 124 FY23 FY24 FY25 FY26 ROCE defined as Underlying EBIT divided by Total Assets minus Current Liabilities EPS defined as Underlying Net Profit After Tax divided by the weighted average number of shares (diluted basis) 18% ROCE growth FY26 vs FY25 5% EPS growth FY26 vs FY25
Page 6
6 Investment grade balance sheet FY26Credit Facilities (at 30 June 2026) Disciplined approach maintained throughout the cycle 10% Gearing Financial Target: <20% 0.1X Leverage Financial Target: <1.5x Revolving Bank Facility (matures Mar 30) Revolving Bank Facility (matures Mar 31) Senior Guaranteed Notes (matures Apr 33) A$875M (undrawn) A$875M (undrawn) US$600M (drawn) Cash and Bullion 1.24 Corporate debt Nil Senior Notes (0.86) Net Cash 0.38 Equipment financing (0.54) Lease liabilities* (0.33) Net Debt 0.49 A$ 3.0B Liquidity Financial Target: >A$1.5B Leverage defined as Net Debt ($489M) / EBITDA ($4,092M). Gearing defined as Debt ($1,725M) / Debt ($1,725M) + Equity ($15,682M). Debt defined as Notes ($861M), plus Equipment financing ($535M), plus Lease liabilities ($329M). *Lease liabilities are in relation to AASB 16 Leases which requires the recognition of a right of use asset representing the Group’s right to use the underlying asset and a lease liability representing the Group’s obligation to make leases payments. A$B Rating agency Long term rating Moody’s Baa3 Standard & Poor’s (S&P) BBB- Fitch BBB-
Page 7
7 Delivering superior shareholder returns FY26 Cash Earnings: A$2.9 Billion FY26 Dividend: 55cps; 27% of Cash Earnings • 1H26: 25cps (fully franked); 32% of Cash Earnings • 2H26: 30cps (fully franked); 24% of Cash Earnings A$500M share buy-back program announced in FY26 Over $0.9 billion returned to shareholders in FY26 Investing to deliver positive step- change in free cash flow • KCGM Mill Expansion • Hemi Project Investments targeted to deliver higher financial returns Buy-back $300M share buy-back completed, average price $11.04ps cents per share Buy-back $500M share buy-back announced Capital Management – Aligned to our Purpose 9.5 10.0 11.0 15.0 25.0 25.09.5 11.5 15.5 25.0 30 30 FY21 FY22 FY23 FY24 FY25 FY26 Interim Final A$914 million capital management includes dividends declared and paid of $785 million (including FY26 final dividend of A30cps) and A$129 million purchased through the Company’s A$500 million share buy-back program (announced in FY26).
Page 8
8 Major Projects: Capital investment improves portfolio quality Mineral Resources Mineral Reserves Exploration Potential 42.2Moz 15.0Moz In-situ and regional 9.3Moz 2.4Moz In-situ and regional 13.2Moz 5.5Moz In-situ and regional Future growth pathway long life | scale | exploration potential HEMI (Western Australia) KCGM (Western Australia) POGO (Alaska) The breakdown of KCGM, Pogo and Hemi Mineral Resources and Ore Reserves as at 31 March 2026 is detailed in the Appendix on page 20
Page 9
99 Hemi Project update • A high-quality gold project in tier-1 jurisdiction • State and Federal permits progressing then secondary approvals required prior to early works commencing • Managed Aquifer Recharge trials commenced • FID targeted for late FY27, subject to permitting • Estimated ~2.5year build post FID • FY27 focus: • Processing plant - Ongoing engineering and design • Ore body - Assessment of mine sequencing and costings to update feasibility assumptions 13.2Moz Mineral Resources 5.5Moz Ore Reserves Drilling operations, Hemi
Page 10
10 Exploration provides long term value creation 88.9Moz Mineral Resources 28.4Moz Ore Reserves +10Yr Reserve-backed production profile A$ 23/oz Cost of Resource Additions 22.3 0.7 (0.4) 0.3 5.5 28.4 Mar-25 Kalgoorlie Yandal Pogo Hemi Mar-26 70.7 3.6 (0.4) 3.1 (1.3) 13.2 88.9 Mar-25 Kalgoorlie Yandal Pogo CTP JV (Divestment) Hemi Mar-26 The breakdown of Group Mineral Resources and Ore Reserves as at 31 March 2026 is detailed on page 2. Cost of Resource additions is calculated as Exploration Expenditure ($M) divided by the number of Mineral Resource ounces added organically (e.g. excluding Hemi Project & Central Tanami JV Mineral Resources) during 1 April 2025 to 31 March 2026. Group Ore Reserves (Moz) Group Mineral Resources (Moz)
Page 11
111. Pogo AISC and Capital Expenditure converted at a currency using AUD:USD = 0.70 2. Sustaining capital is included in the AISC calculation 3. Total includes A$5-10M of corporate growth capital expenditure FY27 Group guidance FY27 GUIDANCE UNITS KALGOORLIE YANDAL POGO1 TOTAL Gold Sold koz 850-970 400-420 250-260 1,500-1,650 AISC A$/oz 2,800-3,300 3,900-4,200 US$1,850-1,950 3,050-3,450 Sustaining Capital A$M 850-9152 Growth Capital: (i) Operational Growth Capital A$M 985-1,075 70-100 US$60-80 1,150-1,3003 (ii) KCGM Mill Expansion and Readiness A$M 350-470 - - 350-470 (iii) Hemi Project A$M - - - 200-250 Total Growth Capital A$M 1,335-1,545 70-100 US$60-80 1,700-2,0203 Exploration A$M 230-250 Depreciation & Amortisation Tax Expectations A$1,000-1,200/oz P&L: 30% - 32% tax rate FY27 Cash tax forecast: A$450-550M (includes A$300-350M of cash tax benefits associated with the acquisition of the Hemi Project)
Page 12
12 Investment Case: Elevating portfolio quality Next 3 years FCF Generation Uplift from production growth, increased spot price exposure delivering higher margins Portfolio Quality Investing in long-life, low-cost assets to sustain high-margin production Cost Efficiency Future structural cost resets creating a sustainable cost advantage Operational Efficiency Improving stability and reliability of asset portfolio Disciplined Capital Allocation Higher cash generation supporting growth and shareholder returns Balance Sheet Investment grade quality
Page 13
13 KCGM: Delivering the Next Generation Ready for production. Positioned for growth.
Page 14
14 FY27 KCGM guidance Mill Expansion Project Capex Capital Cost Breakdown (%) A$1.75-1.81B vs initial estimate of A$1.53B FY24 $338M FY25 $552M FY26 $713M FY27 $150-210M Growth Capital FY26 FY27 Operational Growth Capital - Fimiston South (LOM extension past 2034) - Underground activity at MTC and Fimiston - Other infrastructure and capital $603M $895-945M Mill Expansion Project and Readiness $1,035M $350-470M Ongoing activity • KCGM gold sold forecast to be 550-650koz • Forecast underground ore tonnes at 3.5-4.0Mtpa We have built the platform. Now we unlock decades of value.
Page 15
15 KCGM Expansion progress Stage I - 27Mtpa processing capacity • Commissioning progressing through tie-in and integration • Tie-in activities commenced • Redundant Fimiston and Mt Charlotte components now offline • Commissioning continues through October • Measured ramp-up, with higher-grade ore introduced progressively Stage II - One processing hub • Completion expected late 1H FY27 • Processing consolidated into a single hub • Expected 1-2% recovery uplift • Concentrate haulage between KCGM and Gidji eliminated
Page 16
16 Energy Efficiency Lower use Lower cost Processing Efficiency Simple to operate Simple to maintain Operating Efficiency More flexibility More value KCGM: Building a lower-cost operation Designed to simplify the operation and reduce costs Structurally breaking the cost cycle
Page 17
17 KCGM: Scale and inventory underpins future open pit production 18Moz Mineral Resources 429Mt at 1.3g/t 8Moz Ore Reserves 182Mt at 1.4g/t
Page 18
18 KCGM: A two-mine underground strategy A mature foundation. A growing future. Mt Charlotte Foundation • Established production • Proven mining system • Reliable mill feed Fimiston Underground Growth • Expanding production • Next generation • Future growth engine
Page 19
Our commitment to generate superior returns for our shareholders www.nsrltd.com
Page 20
20 Appendix: Mineral Resources & Ore Reserves Mineral Resources Summary as at 31 March 2026 Ore Reserves Summary as at 31 March 2026