Earnings release
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One-off operational events impact quarterly sales and annual guidance Operating performance § SLTIFR1 at 0.6 injuries per million hours worked § Group underlying free cash flow of A$(328) million and net mine cash of A$129 million § Gold sold totalled 348koz at an AISC of A$2,937/oz (US$1,938/oz) o KCGM open pit and underground productivity in line with original annual guidance; gold sales affected by lower throughput from primary crusher failure with normal operations resuming early January o Jundee recovery works longer than planned; Thunderbox impacted by unplanned mill downtime o Pogo mined grades lower from new mining areas but improved late in the quarter FY26 outlook - revised § FY26 revised guidance of 1,600-1,700koz gold sold and AISC of A$2,600-2,800/oz2 § Group Operational Growth Capital of A$1,140-1,220 million remains unchanged § KCGM Mill Expansion Project remains on schedule for early FY27 commissioning, FY26 capex revised to A$640-660 million from A$530-550 million § FY26 Mill Operational Readiness capex increases to A$370-390 million from A$315-370 million, with tailings dam project ahead of schedule Investment-grade balance sheet; declining hedge book § 1H FY26 Cash Earnings3 estimate of A$1,060-$1,110 million (1H25: A$1,146 million) § Net cash4 of A$293 million; cash and bullion of A$1,176 million after A$370 million in corporate tax instalments during the quarter § Hedge commitments continue to unwind with 158Koz delivered in the quarter Commenting on the December quarter performance, Northern Star Managing Director Stuart Tonkin said: “As previously announced, a number of one-off operational events across our assets resulted in a softer December quarter and prompted us to revise FY26 production and cost guidance. Looking ahead, our team remains firmly focused on driving productivity improvements and strengthening cost discipline. "The December quarter delivered positive advances at our two key growth projects that will structurally reshape our cost base and support delivery of higher-margin ounces. The KCGM Mill Expansion remains on track for commissioning in early FY27. At the same time, our team continues to optimise the engineering and design of the Hemi Development Project whilst progressing approvals. “Northern Star's balance sheet remains in a net cash position and we expect future free cash generation to increase materially as production lifts and our hedge book unwinds into this elevated gold price environment." Northern Star’s December quarterly conference call will be held today at 9:00am AEDT (6:00am AWST). The call can be accessed at: https://loghic.eventsair.com/961541/234987/Site/Register ASX: NST ASX Announcement 22 January 2026 QUARTERLY REPORT DECEMBER 2025 1 1 SLTIFR (12-month moving average) is defined as Serious Lost Time Injury Frequency Rate. 2 FY26 Group production guidance revised 2 January 2026 (ASX release titled Operational Update) and AISC guidance revised 20 January 2026 (ASX release titled Cost Guidance Update). 3 Cash Earnings defined as Underlying EBITDA less net interest, less tax paid and less sustaining capital. 4 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.
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OVERVIEW Northern Star Resources Ltd (ASX: NST) is pleased to report its operational and financial results for the December 2025 quarter, with gold sold of 348,061oz at an all-in sustaining cost (AISC) of A$2,937/oz. December quarter performance by production centre: § Kalgoorlie: 203,479oz gold sold at an AISC of A$2,703/oz § Yandal: 91,487oz gold sold at an AISC of A$3,510/oz § Pogo: 53,095oz gold sold at an AISC of US$1,871/oz All-in costs (AIC) of A$4,534/oz5 were higher than a year ago as capital growth projects continued across the Group, led by the KCGM Mill Expansion Project. Figure 1: Group Gold Sales and AISC koz A$/oz 197 222 203 203 121 137 113 91 68 85 65 53 2,246 2,197 2,521 2,937 Kalgoorlie Yandal Pogo AISC(A$/oz) Mar Q 2025 Jun Q 2025 Sep Q 2025 Dec Q 2025 0 100 200 300 400 500 600 0 400 800 1,200 1,600 2,000 2,400 2,800 3,200 Figure 2: FY26 Group guidance (Group production revised 2 January 2026; Group AISC revised 20 January 2026; all other figures revised 22 January 2026) FY26 GUIDANCE UNITS KALGOORLIE YANDAL POGO TOTAL Gold Sold koz 900-950 Decrease from 930-1,000 445-485 Decrease from 500-550 255-265 Decrease from 270-300 1,600-1,700 Decrease from 1,700-1,850 AISC A$/oz 2,450-2,650 Increase from 2,200-2,500 3,000-3,350 Increase from 2,600-2,900 US$1,600-1,700(1) Increase from US$1,500-1,650 2,600-2,800 Increase from 2,300-2,700 Growth Capital Expenditure: Operational Growth Capital A$M 695-725 Decrease from 710-745 340-360 Increase from 300-310 US$60-65(1) Decrease from US$70-80 1,140-1,200(2) Maintain plus KCGM Mill Expansion Project A$M 640-660 Increase from 530-550 640-660 Increase from 530-550 plus KCGM Mill Operational Readiness(3) A$M 370-390 Increase from 315-370 370-390 Increase from 315-370 plus Hemi Development Project A$M 165-175 Increase from 140-150 Exploration A$M - - - ~225 Maintain (1) Pogo AISC and Capital Expenditure outlook converted at a currency using AUD:USD = 0.66. (2) Total includes ~A$15M of corporate growth capital expenditure. (3) KCGM Mill Operational Readiness includes capital expenditure in relation to new tailing 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. 2 5 Excludes Hemi development capital (A$61M), corporate growth capital (A$7M), Hemi exploration spend (A$15M) and exploration at other non-producing projects and regional sites (A$5M).
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FY26 Outlook – revised Production On 2 January 2026, the Company revised its FY26 Group production guidance to 1,600-1,700koz, from 1,700-1,850koz, as a result of lower gold sales across each of the three production centres in the December quarter. At KCGM, milling performance and milled grade is expected to lift significantly in the second half to deliver gold sales in the range of 520-550koz (vs previous 550-600koz). All-in Sustaining Costs On 20 January 2026, the Company revised its FY26 Group AISC guidance to A$2,600-2,800/oz, up from A$2,300-2,700/oz, driven predominantly by lower gold sales and higher royalties from elevated gold prices (additional ~A$40/oz higher vs initial forecast). FY26 sustaining capital guidance of ~A$750 million remains unchanged, corresponding to ~A$450/oz (vs previous A$420/oz). Growth capital expenditure Northern Star continues to advance major growth projects to achieve its goal of being a long-life, high margin, returns-focused global gold producer (bottom half of the global cost curve). The KCGM Mill Expansion and Hemi Development Project are forecast to be the key enablers to achieving this goal. FY26 Group Growth Capital Expenditure includes Operational Growth Capital, KCGM Mill Expansion Project, KCGM Mill Operational Readiness and the Hemi Development Project - as shown in Figure 2. FY26 Operational Growth Capital guidance remains unchanged at A$1,140-1,200 million. Discretionary spend at Kalgoorlie and Pogo has been moderated to enable increased capital deployment at Yandal, supporting the delivery of Yandal’s regional hub strategy. KCGM's growth capital expenditure in FY26 consists of several projects designed to prepare the operation for commissioning of the newly expanded mill from FY27. A breakdown of KCGM's growth capital is: § KCGM Mill Expansion Project: FY26 capital expenditure is now expected to be in the range of A$640-660 million, up from A$530-550 million. This reflects targeted increases in labour and associated indirect costs to mitigate lower-than-planned productivity to ensure commissioning early FY27. Growth capex in FY27 has been revised to A$120-140 million, up from ~A$100 million, due to similar forecast assumptions around labour productivity. § KCGM Operational Development: A$500-550 million for open pit material movement (Fimiston South cutback) and underground development activities (Fimiston Underground and Mt Charlotte) remains unchanged. § KCGM Mill Operational Readiness has been revised to A$370-390 million (vs previous A$315-370 million) including: o KCGM tailings dam facilities: Forecast spend to project completion across FY26-27 has decreased by approximately 10% to ~A$360 million (vs previous ~A$400 million), reflecting strong execution and productivity outlook. The spend profile has accelerated with FY26 spend now expected to be A$240-260 million (vs previous A$180-220 million) while FY27 forecast spend is A$100-120 million (vs previous A$180-220 million). o KCGM thermal power plant and transmission infrastructure: Capital expenditure remains unchanged at A$85 million in FY26 and A$70 million in FY27. o KCGM accommodation camp: ~A$35 million in FY26, at the upper end of the prior guidance range. o KCGM operational growth capital has lowered to ~A$10 million in FY26 (vs previous A$20-30 million) for commissioning and initial stores consumables. FY26 growth capital expenditure at Yandal is forecast to be in the range of A$340-360 million (vs previous A$300-310 million), primarily reflecting increased underground development at Griffin, along with higher open pit development at the Orelia Stage 2 cutback and processing capital at TBO. FY26 growth capital expenditure forecast at Pogo has been lowered to US$60-65 million (vs previous US$70-80 million). At the Hemi Development Project, forecast spend is A$165-175 million (vs previous A$140-150 million), reflecting a more detailed review of engineering and design works. Northern Star continues to work closely with State and Federal regulators, key stakeholders and the broader Pilbara community. Exploration Exploration expenditure remains unchanged at ~A$225 million for FY26. 3
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KCGM Mill Expansion Project - Kalgoorlie, Western Australia The KCGM Mill Expansion Project, centred on the Fimiston Processing Plant, will replace 85% of the 13Mtpa plant, increasing the overall processing capacity to 27Mtpa and then consolidate the Gidji facility. KCGM is expected to operate at ~900kozpa from FY29 (steady state), following a two-year ramp-up (FY27-28) upon completion of the Mill Expansion. Financial Overview: Cash flow generation from the existing operation will continue during FY26 with cut-over remaining on track for early FY27 ramp-up. Capital expenditure during the December quarter was A$180 million, bringing total project spend to date (from 1Q FY24) to A$1,267 million. Forecast FY26 capital expenditure has increased to A$640-660 million, from A$530-550 million. FY27 capital expenditure has increased to A$120-140 million, from ~A$100 million. Construction Update: During the December quarter, the project neared completion of structural and mechanical installation, while electrical and piping installation advanced significantly. Key achievements include: § 90% of structural steel erected and 80% of mechanical installation completed § 60% of electrical cabling installed and 70% of piping works completed § Initial handover of associated infrastructure For the remainder of FY26, the project will finalise construction, and transition into commissioning activities and ramp up planning. Figure 3: Installation of Cleaner Circuit (image left) and Trash Screen Deck (image right) Figure 4: KCGM Mill Expansion Project Progress 4
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Table 1: December quarter 2025 performance summary - by production centre 3 MONTHS ENDING DEC 2025 Units Kalgoorlie Yandal Pogo (6) Total Underground Mining Ore Mined Tonnes 1,774,758 1,307,611 345,541 3,427,910 Mined Grade g/t Au 2.2 2.2 5.5 2.5 Ounces Mined oz 123,165 90,623 61,252 275,040 Open Pit Mining Open Pit Material Moved BCM 9,276,361 4,355,766 — 13,632,127 Open Pit Ore Mined Tonnes 3,505,271 1,057,637 — 4,562,908 Mined Grade g/t Au 1.5 0.9 — 1.4 Ounces Mined oz 168,562 29,892 — 198,454 Milled Tonnes Tonnes 3,993,715 2,074,025 347,710 6,415,450 Head Grade g/t Au 1.8 1.6 5.5 2.0 Recovery % 85 85 86 85 Gold Recovered oz 201,033 91,710 52,832 345,575 Gold Sold oz 203,479 91,487 53,095 348,061 Average Price A$/oz 4,929 4,881 4,876 4,908 Revenue - Gold A$M 1,003 447 259 1,709 Total Stockpiles Contained Gold oz 3,728,062 241,284 695 3,970,041 Gold in Circuit (GIC) oz 34,247 10,523 4,336 49,106 Gold in Transit oz 300 — — 300 Total Gold Inventories oz 3,762,609 251,807 5,031 4,019,447 Underground Mining A$M 140 138 80 358 Open Pit Mining A$M 105 37 — 142 Processing A$M 165 72 37 274 Site Services A$M 20 16 13 49 Ore Stock & GIC Movements A$M (52) (33) (1) (86) Royalties A$M 42 21 — 63 By-Product Credits A$M (5) (1) (1) (7) Cash Operating Cost A$M 415 250 128 793 Rehabilitation A$M 6 3 1 10 Corporate Overheads (2) A$M 22 10 4 36 Sustaining Capital (4) A$M 105 58 19 182 All-in Sustaining Cost A$M 548 321 152 1,021 Exploration (3) A$M 19 8 10 37 Growth Capital (4)(5) A$M 401 94 24 519 All-in Costs A$M 968 423 186 1,577 Mine Operating Cash Flow (1) A$M 431 106 111 648 Net Mine Cash Flow (1) A$M 30 12 87 129 Cash Operating Cost A$/oz 2,044 2,730 2,409 2,280 All-in Sustaining Cost A$/oz 2,703 3,510 2,849 2,937 All-in Costs(4)(5) A$/oz 4,766 4,624 3,490 4,534 Depreciation & Amortisation A$/oz 1,201 1,128 643 1,097 Non - Cash Inventory Movements A$/oz (355) (225) 6 (266) (1) Mine Operating Cash Flow is calculated as Revenue, less Cash Operating Costs (excluding inventory movements) and Sustaining Capital. Net Mine Cash Flow is calculated as Mine Operating Cash Flow less Growth Capital. (2) Includes the non-cash share-based payments expenses in corporate overheads. (3) Excludes Hemi exploration spend (A$10M) and other non-producing projects and regional sites (A$2M). (4) A$54M of lease repayments are included in Sustaining Capex (A$182M) and A$20M in Growth Capex (A$519M). Lease repayments are included in cash flows from financing activities in the Consolidated Statement of Cash Flows included in the Company’s financial statements. (5) Excludes Hemi development capital (A$20M) and corporate growth capital (A$4M). (6) Pogo Operations costs are presented in AUD which is the Group’s reporting currency. USD cost disclosure is presented in Table 11. December quarter AUD:USD exchange rate is 0.66. 5
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Table 2: FY26 performance summary - by production centre 6 MONTHS ENDING DEC 2025 Units Kalgoorlie Yandal Pogo (6) Total Underground Mining Ore Mined Tonnes 3,502,763 2,799,637 698,846 7,001,246 Mined Grade g/t Au 2.2 2.2 6.0 2.6 Ounces Mined oz 249,599 195,893 135,003 580,495 Open Pit Mining Open Pit Material Moved BCM 19,081,526 9,048,281 — 28,129,807 Open Pit Ore Mined Tonnes 6,338,093 1,979,386 — 8,317,479 Mined Grade g/t Au 1.4 0.9 — 1.3 Ounces Mined oz 280,833 55,118 — 335,951 Milled Tonnes Tonnes 8,345,241 4,544,695 707,534 13,597,470 Head Grade g/t Au 1.8 1.6 6.0 1.9 Recovery % 86 86 86 86 Gold Recovered oz 405,452 204,756 118,039 728,247 Gold Sold oz 406,291 204,909 117,916 729,116 Average Price A$/oz 4,687 4,658 4,630 4,670 Revenue - Gold A$M 1,904 955 546 3,405 Total Stockpiles Contained Gold oz 3,728,062 241,284 695 3,970,041 Gold in Circuit (GIC) oz 34,247 10,523 4,336 49,106 Gold in Transit oz 300 — — 300 Total Gold Inventories oz 3,762,609 251,807 5,031 4,019,447 Underground Mining A$M 286 280 156 722 Open Pit Mining A$M 208 65 — 273 Processing A$M 316 141 75 532 Site Services A$M 40 31 28 99 Ore Stock & GIC Movements A$M (122) (47) (4) (173) Royalties A$M 79 41 — 120 By-Product Credits A$M (8) (3) (1) (12) Cash Operating Cost A$M 799 508 254 1,561 Rehabilitation A$M 13 7 2 22 Corporate Overheads (2) A$M 45 22 7 74 Sustaining Capital (4) A$M 195 98 33 326 All-in Sustaining Cost A$M 1,052 635 296 1,983 Exploration (3) A$M 37 21 24 82 Growth Capital (4)(5) A$M 794 189 49 1,032 All-in Costs A$M 1,883 845 369 3,097 Mine Operating Cash Flow (1) A$M 788 302 255 1,345 Net Mine Cash Flow (1) A$M (6) 113 206 313 Cash Operating Cost A$/oz 1,967 2,487 2,150 2,142 All-in Sustaining Cost A$/oz 2,589 3,105 2,504 2,720 All-in Costs (4)(5) A$/oz 4,635 4,131 3,126 4,249 Depreciation & Amortisation A$/oz 1,094 987 632 989 Non - Cash Inventory Movements A$/oz (244) (135) 4 (173) (1) Mine Operating Cash Flow is calculated as Revenue, less Cash Operating Costs (excluding inventory movements) and Sustaining Capital. Net Mine Cash Flow is calculated as Mine Operating Cash Flow less Growth Capital. (2) Includes the non-cash share based payment expenses in corporate overheads. (3) Excludes Hemi exploration spend (A$15M), non-producing projects and regional sites (A$5M). (4) A$100M of lease repayments are included in Sustaining Capex (A$326M) and A$41M in Growth Capex (A$1,032M). Lease repayments are included in cash flows from financing activities in the Consolidated Statement of Cash Flows included in the Company’s financial statements. (5) Excludes Hemi development capital (A$61M) and corporate growth capital (A$7M). (6) Pogo Operations costs are presented in AUD which is the Group’s reporting currency. USD cost disclosure is presented in Table 11. FYTD AUD:USD exchange rate is 0.66. 6
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OPERATIONS Safety Performance Northern Star prioritises the safety and wellbeing of our people. Safety is a Core Value and our commitment is consistently reflected in our strong safety performance. The end-of-quarter Serious Lost Time Injury Frequency Rate (SLTIFR) was 0.6 injuries per million hours worked. Table 3: December 2025 Group safety performance (12-month moving average) Term Kalgoorlie Yandal Pogo Group SIFR 3.5 2.5 0.0 2.7 SLTIFR 0.7 0.5 0.0 0.6 Kalgoorlie Production Centre (KCGM, Carosue Dam, Kalgoorlie Operations) Kalgoorlie sold 203koz at an AISC of A$2,703/oz, compared with the performance in the September quarter of 203koz at an AISC of A$2,474/oz. Mine operating cash flow was A$431 million. Net mine cash flow was an inflow of A$30 million after growth capital of A$401 million. KCGM sold 111koz at an AISC of A$2,603/oz, compared with the September quarter of 103koz at an AISC of A$2,503/oz. Mine operating cash flow was A$211 million. Net mine cash flow was an outflow of A$172 million after growth capital of A$383 million. At KCGM, mining in the high-grade Golden Pike North area progressed well with ore stockpiled for processing in the second half. Total open pit material movement was 21.9Mt during the quarter, tracking towards its annual guidance target of 80-90Mtpa. Underground ore mined volumes were 819kt, corresponding to an annualised run rate of 3.3Mtpa, although grades remain below normalised levels. Northern Star Mining Services (NSMS) maintained development metres at 8.7km for the quarter (vs September quarter: 8.7km). KCGM gold sales were affected by reduced milled throughput following the primary crusher failure, as outlined in the Operational Update released to the ASX on 2 January 2026. The processing plant returned to normal operations in early January. Throughput is expected to remain variable during the second half as the Company transitions from the existing plant to the new expanded mill, which remains on schedule for commissioning in early FY27. At Carosue Dam, open pit mining volumes were lower as the Wallbrook open pit nears exhaustion. Milling throughput, milled graded and recovery performed in line with expectations. At Kalgoorlie Operations, South Kalgoorlie resumed normalised underground mining in December, following the wall slip event in early October. Kanowna Belle delivered solid results, with mining and processing physicals performing to plan. Figure 5: Kalgoorlie Production Centre - Gold Sales and AISC koz A$/oz Gold Sales (koz) AISC (A$/oz) Mar Q 2025 Jun Q 2025 Sep Q 2025 Dec Q 2025 0 50 100 150 200 250 0 400 800 1,200 1,600 2,000 2,400 2,800 3,200 7
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Yandal Production Centre (Jundee, Thunderbox, Bronzewing) Yandal sold 91koz at an AISC of A$3,510/oz, compared with the performance in the September quarter of 113koz at an AISC of A$2,778/oz. Mine operating cash flow was A$106 million. Net mine cash flow was an outflow of A$12 million after growth capital of A$94 million. At Jundee, recovery works have taken longer than planned (up to 20koz impact) with a return to normal operations now expected during the March quarter, following the previously flagged localised structural failure in the crushing circuit in early October. As a result, mined and milled volumes were impacted during the quarter. Commercial production was declared at the newly-developed Griffin mining area during the quarter. High grade stope tonnes are expected to increase, supporting an uplift in milled grades in the second half. At Thunderbox, gold sales were impacted by continued lower mined grades from the Orelia open pit and unplanned processing downtime and reduced recoveries associated with carbon-in-leach tank failures. Underground volumes were also impacted by unplanned downtime on the primary ventilation fan at the Thunderbox underground mine, which also contributed to lower mill feed grades. At Bannockburn, open pit mining ramped up significantly, with first ore expected to feed the mill in 2H FY26. Figure 6: Yandal Production Centre - Gold Sales and AISC koz A$/oz Gold Sales (koz) AISC (A$/oz) Mar Q 2025 Jun Q 2025 Sep Q 2025 Dec Q 2025 0 30 60 90 120 150 0 400 800 1,200 1,600 2,000 2,400 2,800 3,200 3,600 Pogo Production Centre Pogo sold 53koz at an AISC of US$1,871/oz, compared with the performance in the September quarter of 65koz at an AISC of US$1,453/oz. Mine operating cash flow was US$73 million. Net mine cash flow was US$57 million after growth capital of US$16 million. The Pogo underground mine and mill operated at an annualised run rate of 1.4Mtpa during the December quarter, notwithstanding a planned major mill shutdown. While mined grades were impacted by the introduction of new mining areas and higher dilution rates, grades improved towards the end of the quarter as improvement initiatives took effect. The mill continued to prioritise recovery optimisation through targeted initiatives, delivering an 86% recovery rate despite the lower head grade. Consistent with recent cost trends, AISC averaged US$33 million per month. Lower gold sales during the quarter resulted in higher unit-based AISC. Mine development advanced at an average rate of 1,731 metres per month. Development of two new portals was completed during the quarter, providing access to the Central Veins and Goodpaster systems. Additional capital infrastructure was installed to enhance ventilation and haulage efficiency across the northern area of the mine. The mine delivered 214kt of stope ore, corresponding to 62% of the total ore mined. 8
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Figure 7: Pogo Production Centre - Gold Sales and AISC Koz US$/oz Gold Sales (koz) AISC (US$/oz) Mar Q 2025 Jun Q 2025 Sep Q 2025 Dec Q 2025 0 20 40 60 80 0 400 800 1,200 1,600 2,000 Refer to Appendix 1 for additional operating and costs statistics on the individual operations. DISCOVERY AND GROWTH For the December quarter, A$49 million was invested in exploration (FY26 guidance: A$225 million) as focus continues on significant life-of-mine extensions and in-mine growth. On 5 December, the Company released an Exploration Update (available to view HERE), which highlighted that drilling continues to deliver value creating organic growth opportunities across the portfolio of assets. The Hemi Mineral Resources and Ore Reserves will be included in the Group's Annual Statement scheduled for release in May 2026. Current work includes technical reviews of models and assumptions. FINANCE For the December quarter, the average gold sales price realised by Northern Star was A$4,908/oz to generate gold sales revenue of A$1,709 million. The December quarter non-cash inventory movement was a credit of A$93 million. Non-cash inventory movement is used for the reconciliation of AISC to EBITDA in the Profit and Loss statement. Cash(1) and Bullion At 31 December, cash(1) and bullion totalled A$1,176 million. Table 4: Cash(1) and bullion Mar Q 2025 Jun Q 2025 Sep Q 2025 Dec Q 2025 Cash(1) A$M $955 $1,690 $1,258 $865 Bullion(2) A$M $166 $224 $253 $311 Total A$M $1,121 $1,914 $1,511 $1,176 (1) Cash is defined as cash and cash equivalents and term deposits. (2) Bullion includes dore which has been received by the refiner or collected by a third-party transport provider in the quarter and sold and is awaiting settlement. The waterfall chart (Figure 8) highlights the December quarter movements in cash(1) and bullion (A$M). Underlying free cash flow from operations was A$(328) million. This includes A$72 million of equipment finance/leases and A$370 million in corporate tax instalments. 9
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Figure 8: December quarter 2026 cash and bullion movements 1,511 738 (370) (574) (50) 1,255 (72) (5) (2) 1,176 Opening Operating cashflow Income tax paid PP&E + Mine Properties Exploration Closing before M&A and Financing Equipment Finance/Leases InvestmentsOthers (inc: FX) Closing Banking Facilities Northern Star holds corporate bank facilities with maturity dates of December 2027 and December 2028 across two equal tranches totalling A$1,500 million. The facilities remain undrawn and available at quarter end. The Company also has US$600 million senior guaranteed notes (“Notes”). The Notes, due in April 2033, are guaranteed by certain wholly owned subsidiaries of Northern Star with interest payable semi-annually at a rate of 6.125% per annum. Hedging The Company has updated its hedging policy and has removed mandatory hedge commitments. This enables the continued wind down of the hedge book. No hedge commitments have been added over the last five quarters. During the quarter, no hedges were added while 158koz of hedges were delivered at A$3,132/oz. Total hedging commitments as at 31 December comprised 1.118Moz at an average price of A$3,333/oz. Table 5: Hedging commitments at 31 December 2025 Term Jun H 26 Dec H 26 Jun H 27 Dec H 27 Jun H 28 Total Ounces (oz) 330,000 280,000 237,500 180,000 90,000 1,117,500 Gold Price (A$/oz) 3,181 3,292 3,340 3,532 3,603 3,333 De Grey integration Northern Star provides the following financial information. Permitting: The final investment decision for Hemi is subject to securing final permitting and approvals. Northern Star will continue to advance the State and Federal permitting process as well as work closely with all the Traditional Owners in the management of Native Title and Aboriginal Heritage. Tax: Northern Star has ascribed tax values to De Grey’s assets based on the consideration value. Northern Star has also elected to transfer a portion of De Grey’s previously incurred tax losses. Collectively, tax depreciation and tax losses will reduce Northern Star’s future taxable income and therefore income tax payments. Tax depreciation commenced from the Implementation Date, and Northern Star expects to amortise approximately 50% of the tax depreciable value within five years. Transaction Costs (Including Duty): The current estimate of the transaction costs (including landholder duty) associated with the acquisition of De Grey is estimated to be in the range of $200-250 million, subject to asset value classification and determination for landholder duty purposes. Profit and Loss Depreciation: Depreciation and amortisation will commence once commercial production is achieved and ore extraction is underway. 10
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CORPORATE On 19 November, Northern Star held its Annual General Meeting for shareholders with all resolutions passed on a poll. During December 2025, Northern Star: § formed the Eastern Goldfields Power Project Joint Venture with Zenith Energy for the Kalgoorlie Thermal Power Project for the construction of a 140MW power station on Northern Star's mining tenements, subject to conditions and regulatory approvals, and § signed a 25-year Renewable Power Purchase Agreement with Zenith Energy for the sale of renewable electricity to the KCGM Operations, comprising 256MW wind, 138MW solar and 138MW battery energy storage system, subject to conditions and regulatory approvals. Subsequent to the quarter end on 2 January, the Company released an Operational Update providing preliminary December quarter production results and revised FY26 Group production guidance. On 8 January, Northern Star released a response to the ASX Aware Letter dated 6 January 2026 regarding the Operational Update. On 19 January, the Company appointed Joanne McDonald as Joint Company Secretary. On 20 January, Northern Star released a Cost Guidance Update providing December quarter AISC results and revised FY26 Group AISC guidance. The issued capital of the Company at the date of this Report comprises: § Ordinary Fully Paid Shares (NST): 1,430,735,312 § Performance & Conditional Retention Rights (NSTAA): 10,988,799 § NED Share Rights (NSTAC): 8,488 This announcement is authorised for release to the ASX by Stuart Tonkin, Managing Director & CEO. Investor Relations: Sophie Spartalis Northern Star Resources Ltd T: +61 8 6489 2488 E: investorrelations@nsrltd.com Media Enquiries: Peter Klinger Purple T: +61 411 251 540 E: pklinger@purple.au 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 Ltd, 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. ASX Listing Rules Disclosures The information in this announcement that relates to the current Ore Reserves and Mineral Resources of Northern Star has been extracted from the ASX release by Northern Star entitled “Resources, Reserves and Exploration Update” dated 15 May 2025 available at www.nsrltd.com and www.asx.com (“Northern Star Announcement”). Northern Star confirms that it is not aware of any new information or data that materially affects the information included in the Northern Star Announcement other than changes due to normal mining depletion during the ten month period to 21 January 2026, and, in relation to the estimates of Northern Star's Ore Reserves and Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the Northern Star 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 that announcement. Currency Conversion Rate Unless stated otherwise, all currency conversions for the December quarter have been converted at a currency of AUD:USD exchange rate of 0.66. 11
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APPENDIX 1 - ADDITIONAL INFORMATION - OPERATIONS KCGM Operations Table 6: Summary Details - KCGM Operations Ore Mined - Underground Tonnes 490,453 870,638 734,729 818,559 1,553,288 Mined Grade g/t Au 1.6 1.8 1.6 1.7 1.6 Ounces Mined - Underground Oz 26,007 49,437 37,608 43,848 81,456 Open Pit Material Moved BCM 5,937,877 8,895,993 8,528,577 8,118,893 16,647,470 Ore Mined - Open Pit Tonnes 2,174,396 3,207,070 2,337,394 3,334,543 5,671,937 Mined Grade g/t Au 1.2 1.1 1.2 1.5 1.4 Ounces Mined - Open Pit Oz 84,228 114,680 93,098 163,284 256,382 Total Mined Ounces Oz 110,235 164,117 130,706 207,132 337,838 Milled Tonnes Tonnes 2,843,374 3,178,050 2,902,614 2,634,884 5,537,498 Head Grade g/t Au 1.3 1.4 1.4 1.6 1.5 Recovery % 82 80 83 82 83 Gold Recovered Oz 99,998 117,367 107,118 113,411 220,529 Gold Sold Oz 96,122 118,097 103,139 111,135 214,274 Cost per Ounce Underground Mining A$/oz 179 321 399 396 397 Open Pit Mining A$/oz 684 742 788 846 818 Processing A$/oz 1,000 1,098 1,009 1,084 1,048 Site Services A$/oz 88 77 84 79 81 Ore Stock & GIC Movements A$/oz (607) (625) (594) (634) (615) Royalties A$/oz 149 155 193 198 196 By-Product Credits A$/oz (11) (12) (19) (25) (22) Cash Operating Costs A$/oz 1,482 1,756 1,860 1,944 1,903 Rehabilitation - Accretion & Amortisation A$/oz 33 26 41 38 39 Corporate Overheads A$/oz 68 52 111 110 111 Mine Development / Sustaining CAPEX A$/oz 580 403 491 511 501 All-in Sustaining Costs A$/oz 2,163 2,237 2,503 2,603 2,554 Exploration A$/oz 139 119 119 88 103 Growth Capital A$/oz 2,484 2,642 3,686 3,448 3,563 All-in Costs A$/oz 4,786 4,998 6,308 6,139 6,220 Depreciation & Amortisation A$/oz 873 914 856 1,528 1,205 Non-Cash Ore Stock & GIC Movements A$/oz (235) (236) (215) (807) (522) Production Summary Units Mar-25 Qtr Jun-25 Qtr Sep-25 Qtr Dec-25 Qtr FYTD 12
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Carosue Dam Operations Table 7: Summary Details - Carosue Dam Operations Production Summary Units Mar-25 Qtr Jun-25 Qtr Sep-25 Qtr Dec-25 Qtr FYTD Ore Mined - Underground Tonnes 556,189 556,095 537,469 597,400 1,134,869 Mined Grade g/t Au 2.5 2.6 2.5 2.6 2.5 Ounces Mined - Underground Oz 44,796 45,774 42,911 49,181 92,092 Open Pit Material Moved BCM 1,157,790 1,292,849 886,245 588,030 1,474,275 Ore Mined - Open Pit Tonnes 535,116 778,751 495,428 170,728 666,156 Mined Grade g/t Au 1.2 1.1 1.2 1.0 1.1 Ounces Mined - Open Pit Oz 20,243 27,856 19,173 5,278 24,451 Total Mined Ounces Oz 65,039 73,630 62,084 54,459 116,543 Milled Tonnes Tonnes 965,375 986,958 994,240 956,289 1,950,529 Head Grade g/t Au 2.0 2.0 1.9 2.1 2.0 Recovery % 91 92 92 91 91 Gold Recovered Oz 56,174 59,470 56,505 57,753 114,258 Gold Sold Oz 57,661 58,464 56,934 58,331 115,265 Cost per Ounce Underground Mining A$/oz 1,037 995 995 921 958 Open Pit Mining A$/oz 233 402 374 189 280 Processing A$/oz 440 456 445 424 435 Site Services A$/oz 101 113 117 117 117 Ore Stock & GIC Movements A$/oz (8) (164) (110) 122 7 Royalties A$/oz 183 202 210 254 232 By-Product Credits A$/oz (7) (11) (18) (21) (20) Cash Operating Costs A$/oz 1,979 1,993 2,013 2,006 2,009 Rehabilitation - Accretion & Amortisation A$/oz 22 22 18 17 17 Corporate Overheads A$/oz 67 50 112 109 110 Mine Development / Sustaining CAPEX A$/oz 217 282 394 513 454 All-in Sustaining Costs A$/oz 2,285 2,347 2,537 2,645 2,590 Exploration A$/oz 15 27 22 19 21 Growth Capital A$/oz 124 99 35 49 42 All-in Costs A$/oz 2,424 2,473 2,594 2,713 2,653 Depreciation & Amortisation A$/oz 1,340 1,539 1,546 921 1,230 Non-Cash Ore Stock & GIC Movements A$/oz (86) (269) (85) 245 82 13
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Kalgoorlie Operations Table 8: Summary Details - Kalgoorlie Operations Production Summary Units Mar-25 Qtr Jun-25 Qtr Sep-25 Qtr Dec-25 Qtr FYTD Ore Mined Tonnes 491,486 430,669 455,807 358,800 814,607 Mined Grade g/t Au 3.0 3.7 3.1 2.6 2.9 Ounces Mined Oz 46,900 51,819 45,915 30,136 76,051 Milled Tonnes Tonnes 496,116 465,380 454,672 402,543 857,215 Head Grade g/t Au 3.3 3.8 3.2 2.7 2.9 Recovery % 88 90 87 86 87 Gold Recovered Oz 46,092 51,788 40,796 29,869 70,665 Gold Sold Oz 42,840 45,675 42,739 34,013 76,752 Cost per Ounce Mining A$/oz 1,023 1,060 1,119 1,246 1,175 Processing A$/oz 426 555 521 576 546 Site Services A$/oz 112 120 113 141 126 Ore Stock & GIC Movements A$/oz (37) (214) (58) 338 117 Royalties A$/oz 75 119 119 155 135 By-Product Credits A$/oz (13) (11) (13) (22) (17) Cash Operating Costs A$/oz 1,586 1,629 1,801 2,434 2,082 Rehabilitation - Accretion & Amortisation A$/oz 37 36 32 36 33 Corporate Overheads A$/oz 68 43 105 114 109 Mine Development / Sustaining CAPEX A$/oz 201 371 391 546 460 All-in Sustaining Costs A$/oz 1,892 2,079 2,329 3,130 2,684 Exploration A$/oz 223 265 114 230 166 Growth Capital A$/oz 367 322 261 438 340 All-in Costs A$/oz 2,482 2,666 2,704 3,798 3,190 Depreciation & Amortisation A$/oz 440 454 453 480 465 Non-Cash Ore Stock & GIC Movements A$/oz (28) (46) 7 88 43 14
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Jundee Operations Table 9: Summary Details - Jundee Operations Production Summary Units Mar-25 Qtr Jun-25 Qtr Sep-25 Qtr Dec-25 Qtr FYTD Ore Mined - Underground Tonnes 688,874 759,728 787,545 656,076 1,443,621 Mined Grade g/t Au 3.2 3.1 2.5 2.6 2.6 Ounces Mined - Underground Oz 71,293 75,550 64,054 55,186 119,240 Open Pit Material Moved BCM — — — — — Ore Mined - Open Pit Tonnes — — — — — Mined Grade g/t Au — — — — — Ounces Mined - Open Pit Oz — — — — — Total Mined Ounces Oz 71,293 75,550 64,054 55,186 119,240 Milled Tonnes Tonnes 743,965 838,004 785,866 603,751 1,389,617 Head Grade g/t Au 3.0 3.0 2.6 2.7 2.6 Recovery % 88 87 84 86 85 Gold Recovered Oz 64,373 70,849 54,735 44,163 98,898 Gold Sold Oz 64,530 75,490 54,537 44,464 99,001 Cost per Ounce Underground Mining A$/oz 1,040 1,014 1,524 1,856 1,673 Processing A$/oz 432 378 554 673 607 Site Services A$/oz 108 96 124 185 151 Ore Stock & GIC Movements A$/oz 1 90 (221) (299) (256) Royalties A$/oz 144 179 171 212 190 By-Product Credits A$/oz (8) (6) (7) (10) (9) Cash Operating Costs A$/oz 1,717 1,751 2,145 2,617 2,356 Rehabilitation - Accretion & Amortisation A$/oz 21 18 28 34 31 Corporate Overheads A$/oz 68 49 107 105 106 Mine Development / Sustaining CAPEX A$/oz 393 332 407 696 537 All-in Sustaining Costs A$/oz 2,199 2,150 2,687 3,452 3,030 Exploration A$/oz 193 152 126 138 131 Growth Capital A$/oz 559 468 433 765 582 All-in Costs A$/oz 2,951 2,770 3,246 4,355 3,743 Depreciation & Amortisation A$/oz 375 351 412 574 485 Non-Cash Ore Stock & GIC Movements A$/oz 26 40 71 (136) (22) 15
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Thunderbox & Bronzewing Operations Table 10: Summary Details - Thunderbox & Bronzewing Operations Production Summary Units Mar-25 Qtr Jun-25 Qtr Sep-25 Qtr Dec-25 Qtr FYTD Ore Mined - Underground Tonnes 580,317 808,040 704,481 651,535 1,356,016 Mined Grade g/t Au 1.7 1.8 1.8 1.7 1.8 Ounces Mined - Underground Oz 30,880 45,882 41,216 35,437 76,653 Open Pit Material Moved BCM 3,245,653 4,520,325 4,692,515 4,355,766 9,048,281 Ore Mined - Open Pit Tonnes 968,873 1,007,892 921,749 1,057,637 1,979,386 Mined Grade g/t Au 1.1 0.9 0.9 0.9 0.9 Ounces Mined - Open Pit Oz 34,094 30,711 25,226 29,892 55,118 Total Mined Ounces Oz 64,974 76,593 66,442 65,329 131,771 Milled Tonnes Tonnes 1,427,907 1,584,063 1,684,804 1,470,273 3,155,077 Head Grade g/t Au 1.4 1.4 1.2 1.2 1.2 Recovery % 86 89 88 84 87 Gold Recovered Oz 54,207 62,095 58,311 47,547 105,858 Gold Sold Oz 56,234 61,183 58,885 47,023 105,908 Cost per Ounce Underground Mining A$/oz 784 963 1,003 1,186 1,084 Open Pit Mining A$/oz 442 518 471 795 615 Processing A$/oz 657 716 669 889 766 Site Services A$/oz 138 108 134 173 151 Ore Stock & GIC Movements A$/oz 70 (99) (21) (429) (202) Royalties A$/oz 145 161 185 243 211 By-Product Credits A$/oz (9) (9) (16) (17) (16) Cash Operating Cost A$/oz 2,227 2,358 2,425 2,840 2,609 Rehabilitation - Accretion & Amortisation A$/oz 24 22 33 38 35 Corporate Overheads A$/oz 71 49 107 111 109 Mine Development / Sustaining CAPEX A$/oz 304 244 297 578 422 All-in Sustaining Costs A$/oz 2,626 2,673 2,862 3,567 3,175 Exploration A$/oz 106 115 108 37 77 Growth Capital A$/oz 982 1,001 1,213 1,277 1,241 All-in Costs A$/oz 3,714 3,789 4,183 4,881 4,493 Depreciation & Amortisation A$/oz 1,444 1,568 1,301 1,651 1,457 Non-Cash Ore Stock & GIC Movements A$/oz (311) (507) (186) (309) (241) 16
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Pogo Operations Table 11: Summary Details - Pogo Operations (US$)(2) Production Summary Units Mar-25 Qtr Jun-25 Qtr Sep-25 Qtr Dec-25 Qtr FYTD Ore Mined Tonnes 329,108 393,403 353,305 345,541 698,846 Mined Grade g/t Au 7.3 7.6 6.5 5.5 6.0 Ounces Mined Oz 77,134 96,530 73,752 61,252 135,004 Milled Tonnes Tonnes 338,579 394,407 359,823 347,710 707,533 Head Grade g/t Au 7.3 7.7 6.5 5.5 6.0 Recovery % 85 87 87 86 86 Gold Recovered Oz 67,516 84,339 65,208 52,832 118,040 Gold Sold Oz 68,054 85,125 64,821 53,095 117,916 Cost per Ounce Mining US$/oz 715 606 765 991 867 Processing US$/oz 379 300 382 456 415 Site Services US$/oz 113 106 155 158 156 Ore Stock & GIC Movements US$/oz 48 31 (32) (15) (24) By-Product Credits US$/oz (4) (2) (4) (7) (5) Cash Operating Costs US$/oz 1,251 1,041 1,266 1,583 1,409 Rehabilitation - Accretion & Amortisation US$/oz 7 6 8 9 9 Corporate Overheads(1) US$/oz 23 15 39 45 42 Mine Development / Sustaining CAPEX US$/oz 158 92 140 234 182 All-in Sustaining Costs US$/oz 1,439 1,154 1,453 1,871 1,642 Exploration US$/oz 121 112 141 126 134 Growth Capital US$/oz 185 170 256 295 273 All-in Costs US$/oz 1,745 1,436 1,850 2,292 2,049 Depreciation & Amortisation US$/oz 406 395 407 422 414 Non-Cash Ore Stock & GIC Movements US$/oz 3 9 2 4 3 (1) Corporate costs are allocated to Pogo based on services provided. The remaining amount is allocated to the Australian Operations based on gold sold (production ounces). (2) Pogo Operations costs are presented in USD which is the functional currency of the operation. The figures are presented in AUD in Table 1 above, which is the Group's presentational currency. The December quarter AUD:USD exchange rate is 0.66 and FYTD AUD:USD exchange rate is 0.66 respectively. 17