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Results Presentation for Half Year Ended 31 Dec 2025 12 February 2026 For personal use only
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2 ASX Listing Rule 5.19, 5.21.3 and 5.23 Statement This information in this announcement that relates to current Group Ore Reserves and Mineral Resources, and exploration results, 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”). For the purposes of ASX Listing Rule 5.21.3, Northern Star advises that as the 2025 Resources & Reserves Update was (in accordance with Northern Star’s annual review processes and corporate planning cycle) for the 12 -month period ended 31 March 2025 (i.e. prior to implementation of the De Grey Mining Ltd takeover on 5 May 2025), neither the 2025 Resources & Reserves Update, nor the Group Mineral Resources or Ore Reserves presented as at 31 March 2025 in this announcement, include the Mineral Resources or Ore Reserves for the Hemi Project acquired by Northern Star as a result of the De Grey takeover. 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 ten-month period to 11 February 2026; 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 Ltd 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 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. 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. Financial Notes EBITDA, Underlying EBITDA, Underlying Free Cashflow, Underlying EBIT, Underlying NPAT and Cash Earnings are non-GAAP measures. Reconciliation of statutory NPAT to Underlying NPAT, and Underlying EBITDA to Underlying EBIT has been included on page 15. Reconciliation of statutory NPAT to EBITDA, Underlying EBITDA, and Cash Earnings has been included on page 16. Rounding is applied in this presentation including 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 We are a global gold leader STRENGTH FROM SIMPLICITY SCALE LIQUID $40B MARKET CAP 100% GOLD ASX 50 MARKET INDEX $179M DAILY TURNOVER* *Source: Bloomberg. Average daily trade value in A$ over the last 12 months as at 11 February 2025. Executing a clear, low-risk strategy = superior returns Pogo Kalgoorlie Yandal ALASKA AUSTRALIA Hemi 1.60-1.70Moz FY26 GOLD SOLD GUIDANCE +8,700 PEOPLE For personal use only
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4 1H FY26 Financial Overview A$ 1,876M Underlying EBITDA A$ (320)M Underlying FCF A$ 1,100M Cash Earnings A 53.2cps Underlying EPS A 25.0cps Interim Dividend A$ 293M Net Cash Underlying EBITDA is Revenue ($3,414M); less cost of sales excluding D&A ($1,456M); less corporate overheads excluding D&A ($89M) plus other income ($4M), plus foreign exchange gains ($13M), less insurance proceeds received ($1M), less foreign exchange on net unhedged USD Senior Unsecured Notes ($9M). Underlying Free Cash Flow defined as operating cashflow ($1,031M) less capital expenditure ($1,192M) less equipment finance and leases ($136M), less exploration expenditure ($113M), plus movement in bullion ($87M), plus proceeds from disposal of property, plant and equipment ($3M). Cash Earnings is defined as Underlying EBITDA ($1,876M) less net interest paid($13M) less corporate tax paid ($437M) less sustaining capital ($326M from AISC tables in Dec 2025 Quarter Report, which includes $100M of lease repayments). Underlying EPS is Net Profit After Tax ($714M), plus abnormals ($46M) divided by weighted average number of shares during the period (1,428M shares). 1H FY26 Interim Dividend: 25.0cps,payable 26 March 2026. Net cash is defined as cash and bullion (A$1,176M) less corporate bank debt (A$0M) less Notes (A$883M = US$600M at AUD:USD rate of 0.67, less capitalised transactions costs). Cash is defined as cash and cash equivalents and term deposits. For personal use only
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5 Revolving Bank Facility (matures Dec 27) Revolving Bank Facility (matures Dec 28) Senior Guaranteed Notes (matures Apr 33) Strong investment grade balance sheet Credit Facilities (at 31 December 2025) Financial Target Measure Target Leverage Ratio (Net Debt / EBITDA) Leverage ratio less than 1.5x Gearing Ratio (Debt / Debt + Equity) Gearing below 20% Liquidity At least A$1 billion – A$1.5 billion A$ 1.2B Cash and Bullion A$ 1.5B Revolving Facilities UNDRAWN A$750M (undrawn) A$750M (undrawn) US$600M (drawn)A$ 293M Net Cash* A$ 2.7B Liquidity Disciplined approach maintained throughout the cycle Net cash position supports organic growth Reinvesting for growth to de-risk cost profile *Net cash is defined as cash and bullion ($1,176M) less corporate bank debt ($0M) less Notes ($883M = US$600M at AUD:USD rate of 0.67, less capitalised transactions costs). Cash is defined as cash and cash equivalents and short-term deposits. Bullion of $311M. A$ 1.2B Cash and Bullion US$ 600M Senior Notes DRAWN For personal use only
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6 Interim dividend signals confidence in cashflow outlook 1H FY26 1H FY26 Interim Dividend A25.0cps (fully franked) Declared: A$358M Record Date 5 March 2026 Payment Date 26 March 2026 Dividend policy remains 20-30% of Full Year Cash Earnings 1H FY25 A25.0cps (unfranked) Paid: A$286M For personal use only
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7 Positive step-change in EBITDA margin EBITDA Margin is Group Underlying EBITDA ($1,876M) as defined on page 4, divided by Group Revenue ($3,414M). EBITDA/oz is defined as Group Underlying EBITDA ($1,876M) divided by Gold Sold (729,116 ounces). EBITDA margin per site is calculated as Segment EBITDA, as per the segment note in the Financial Report note 3, divided by Segment Revenue, as per the revenue note in the 1H FY26 Financial Report note 4. 1H FY26 EBITDA Contribution is obtained from the Segment note (note 3) of the 1H FY26 Financial Report. 1H FY26 EBITDA Contribution Production Centre EBITDA contribution (excluding exploration & corporate expenditure) 55% EBITDA margin A$ 2,572/oz EBITDA/oz 1H FY26 Group Level Underlying A$1.2B Kalgoorlie A$0.5B Yandal A$0.3B Pogo 63% 49% 53% Kalgoorlie Yandal Pogo EBITDA margin by site 1H FY23 1H FY24 1H FY25 1H FY26 For personal use only
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8 Return on Capital Employed is defined as Group Underlying EBIT / (Total Assets minus Current Liabilities). Northern Star merged with Saracen Mineral Holdings Ltd in February 2021. Due to accounting standards, Saracen assets were recognised onto the Group’s balance sheet at fair value, significantly increasing the denominator within the ROCE calculation. Our Purpose To generate superior returns for our shareholders, while providing positive benefits for our stakeholders, through operational effectiveness, exploration and active portfolio management Return on Capital Employed (ROCE) 12-month rolling (%) Improving return on capital employed 6.2% 11.7% 12.9% Dec-23 Dec-24 Dec-25 For personal use only
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9 KCGM Mill Expansion nearing completion Growth Capital (Revised 22 January 2026) FY26 FY27 Mill Expansion Project A$640-660M A$120-140M Mill Operational Readiness A$370-390M A$170-190M Operational Development - Fimiston South (LOM extension past 2034) - Underground activity at MTC and Fimiston A$500-550M Ongoing activity Strong free cashflow supports growth program ▪ Improved operational performance: - Pre-expansion (13Mtpa capacity): FY26: 520-550koz - Post-expansion (27Mtpa capacity): FY27e: 750-800koz; FY28e: 800-850koz; FY29e: 850-900koz Processing higher grade mill feed sources ▪ Balanced with draw down of historic stockpiled ore, bringing forward value Achieving required rate of progress to enable 1Q cut-over ▪ Build at 86% complete as at 31 January, on schedule ▪ 1Q FY27: Commence first gold production with new processing plant Mill Expansion Project Capital Cost Breakdown (%) A$1.65-1.69B Inclusive of 10% inflation & contingency FY24 $338M 23% FY25 $553M 36% FY26 $640-660M ~35% FY27 $120-140M ~6% For personal use only
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10 Hemi Project update Hemi Development Project ▪ A high-quality gold project in a tier-1 jurisdiction ▪ State and Federal permits progressing then secondary approvals required prior to early works commencing ▪ FID timing during FY27, subject to approvals ▪ Estimated ~2.5 year build post FID ▪ Engineering and design advancing ▪ Process flowsheet well progressed; engineering to commence ▪ Optimisation of mining sequence ▪ Hemi Mineral Resources and Ore Reserves to be included in Group’s Annual Statement for release in May 2026 For personal use only
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11 (1) FY26 Group production guidance revised 2 January 2026 (ASX release titled Operational Update), AISC guidance revised 20 January 2026 (ASX release titled Cost Guidance Update), and all other figures revised 22 January 2026 (ASX release titled December 2025 Quarterly Activities Report). (2) Pogo AISC and Capital Expenditure converted at a currency using AUD:USD = 0.66. (3) Total includes ~A$15M of corporate growth capital expenditure. (4) KCGM Mill Operational Readiness includes capital expenditure in relation to new tailings dam facilities, new thermal power station, maintenance equipment, tooling and initial stores stock and new accommodation camp. All items are associated with operating at its expanded throughput capacity of 27Mtpa from FY27. FY26 Group guidance FY26 GUIDANCE - REVISED(1) UNITS KALGOORLIE YANDAL POGO TOTAL Gold Sold koz 900-950 445-485 255-265 1,600-1,700 AISC A$/oz 2,450-2,650 3,000-3,350 US$1,600-1,700(2) 2,600-2,800 Growth Capital Expenditure: Operational Growth Capital A$M 695-725 340-360 US$60-65(2) 1,140-1,200(3) plus KCGM Mill Expansion Project A$M 640-660 - - 640-660 plus KCGM Mill Operational Readiness(4) A$M 370-390 - - 370-390 plus Hemi Development Project A$M - - - 165-175 Exploration A$M - - - ~225 Depreciation & Amortisation Tax Expectations Dividends A$875 - $975/oz (1H: $989/oz) P&L: 30% - 32% tax rate FY26 Cash tax forecast: A$700-750 million (1H FY26: $437M) Board anticipates any future potential dividends to be fully franked for at least the next 12 months, subject to profitability and gold price For personal use only
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12 Exploration provides long term value creation 56.4 1.8 3.9 9.4 -0.8 70.7 Mar-22 Mar-23 Mar-24 Mar-25 Divestments Total A$ 37/oz Cost of Resource Additions Moz The breakdown of Group Mineral Resources and Ore Reserves for each of the years 2022 to 2025 (inclusive) is detailed in Appendix A on pages 19. Excludes Hemi Development Project. Cost of Resource additions is Exploration Expenditure ($M) divided by the number of Mineral Resource ounces added for the period 1 Apr 2024 to 31 Mar 2025. Mineral Resources (Moz) (2022 to 2025) 70.7Moz Mineral Resources 22.3Moz Ore Reserves +10Yr Reserve-backed production profile Excludes Hemi Development Project For personal use only
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13 Investment Case: Elevating portfolio quality Next 3 years FCF Generation Uplift from production growth, increased spot price exposure and lower costs Operational Excellence Improving stability and reliability of asset portfolio Capital Management Driven by higher Cash Earnings and surplus FCF Balance Sheet Investment grade quality Low Cost Future production pathway in 1st half of global cost curve Portfolio Quality Investing in long-life, low-cost assets to sustain high-margin production For personal use only
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14 Northern Star: Our commitment to create value www.nsrltd.com Our Purpose To generate superior returns for our shareholders while providing positive benefits for our stakeholders through operational effectiveness, exploration and active portfolio management For personal use only
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15 Appendix: Key Financials Units 1H FY26 1H FY25 % Variance Key financials Revenue A$M 3,414 2,869 19% Underlying EBITDA A$M 1,876 1,402 34% Depreciation & Amortisation A$M 733 624 17% Underlying EBIT A$M 1,143 778 47% Underlying NPAT A$M 760 512 49% Cash Earnings A$M 1,100 1,146 (4)% Operating Cash Flow A$M 1,031 1,254 (18)% Cash and Bullion A$M 1,176 1,215 (3)% Underlying Earnings Per Share cps 53.2 44.6 19% Margins Underlying EBITDA % 55% 49% 12% Production Gold Sold koz 729 804 (9)% All-in Sustaining Cost (AISC) A$/oz 2,720 2,105 29% Average Realised Gold Price A$/oz 4,670 3,562 31% Underlying NPAT is Net Profit After Tax ($714M) plus Abnormal items (post-tax) ($46M). 1H FY26 Underlying EPS is Underlying Net Profit After Tax ($760M) divided by weighted average number of shares during the period (1,428M shares). 1H FY25 Net Profit After Tax ($506M), plus abnormals ($6M) divided by weighted average number of shares during the period (1,148M shares). FX on net unhedged USD Senior Guaranteed Notes refers to FX impact of the unhedged component of the Bond (Natural and Net Investment hedges). Outside of impairment of exploration assets, all other Abnormals are included in Other income and expenses (Note 5) of the Financial Report. Abnormal items 1H FY26 1H FY25 Impairment of assets 78 25 Loss / (gain) on financial instruments - (35) Loss / (gain) on sale of plant & equipment (3) 2 Insurance proceeds received (1) - Merger and acquisition related costs - 1 FX on net unhedged USD Senior Guaranteed Notes (9) 15 Abnormal (pre-tax) 65 8 Tax on Abnormal (19) (2) Abnormal (post-tax) 46 6 For personal use only
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16 Appendix: 1H FY26 NPAT to Cash Earnings Tax and Net Finance Costs is Income Tax expense ($321M) plus Interest expense ($70M) less Interest income ($28M).D&A is Cost of Sales D&A ($726M) plus Corporate D&A ($7M). Impairment charges is Exploration and evaluation assets impairment ($78M). Tax & Net Interest Paid = Interest received ($35M) less Interest paid ($48M) less Cash Tax Paid ($437M).Sustaining Capital = $326M Dec 2025 Quarterly Report, AISC table, includes equipment lease repayments of $100M. 714 363 733 1,810 78 1,876 1,100 (12) (450) (326) Net Profit After Tax Tax & Net Finance Costs D&A EBITDA Impairment charges Other Underlying EBITDA Tax & Net Interest Paid Sustaining Capital Cash Earnings (A$M) For personal use only
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17 Appendix: 1H FY26 cash movement All figures above are extracted from the 1H FY26 cashflow statement included in the 1H FY26 Financial Statements. Equipment Finance/Leases comprises repayments on equipment fleet and lease liabilities. (A$M) 1,585 1,031 105 865 (672) (520) (113) (136) (415) Cash Jun-25 Operating cashflow PPE Mine Properties Exploration Proceeds from term deposits Equipment Finance/Leases Dividends Cash Dec-25 For personal use only
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18 Appendix: 1H FY26 AISC to cost of sales reconciliation P&L Calculations: Depreciation & Amortisation = A$989/oz x Gold Sold (production) = A$721M Depreciation variance is due to depreciation of rehabilitation assets (A$5M) = $726M Rehabilitation = A$22M per AISC table Non-cash inventory movements = A$173/oz x Gold Sold (production) = A$126Mcredit Inventory includes Inventory stores provisions (A$7M) = A$119M Revenue = Gold Revenue, plus By-Product, less other adjustments From Dec-25 Quarterly Activities Report Revenue AISC add minus add add minus minus A$M 1,983 726 2,182 12 (119) (74) (326) (22) 2 AISC By-Products Inventory Movement Corporate Sustaining Capital D&A Rehabilitation Other COS per quarterly For personal use only
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19 Group Ore Reserves Summary - 2022 to 2025 (inclusive) Appendix: Mineral Resources & Ore Reserves Summary Group Mineral Resources Summary - 2022 to 2025 (inclusive) 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 146,799 0.9 4,338 241,067 2.1 16,346 387,866 1.7 20,683 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 150,538 0.9 4,506 232,479 2.1 15,700 383,017 1.6 20,207 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 165,975 0.9 4,679 264,612 1.9 16,255 430,587 1.5 20,934 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 174,000 0.8 4,466 290,305 1.9 17,865 464,306 1.5 22,332 ORE RESERVES as at 31 March 2025 Proved Probable Total Reserves ORE RESERVES as at 31 March 2024 Proved Probable Total Reserves ORE RESERVES as at 31 March 2023 Proved Probable Total Reserves ORE RESERVES as at 31 March 2022 Proved Probable Total Reserves For more information regarding the Group Mineral Resources and Ore Reserves estimate (including competent persons statements): ▪ 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). 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 169,495 1.0 6,058 451,955 2.2 32,046 243,289 2.3 18,288 864,738 2.0 56,392 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 169,331 1.1 5,935 461,670 2.2 32,279 260,852 2.3 19,189 891,853 2.0 57,403 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 187,219 1.1 6,424 534,201 2.0 34,389 342,802 1.9 20,509 1,064,223 1.8 61,322 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 196,357 1.0 6,312 631,303 1.9 38,242 418,206 1.9 26,130 1,245,866 1.8 70,684 MINERAL RESOURCES as at 31 March 2025 MEASURED INDICATED INFERRED TOTAL RESOURCES MINERAL RESOURCES as at 31 March 2024 MEASURED INDICATED INFERRED TOTAL RESOURCES MINERAL RESOURCES as at 31 March 2023 MEASURED INDICATED INFERRED TOTAL RESOURCES MINERAL RESOURCES as at 31 March 2022 MEASURED INDICATED INFERRED TOTAL RESOURCES For personal use only