Earnings release
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ASX Announcement: NST 29 July 2026 Quarterly Report June 2026 KCGM Mill Expansion Project reaches major milestone with commissioning underway Operating performance • SLTIFR1 at 0.5 injuries per million hours worked • Group underlying free cash flow of A$206 million and net mine cash of A$443 million • FY26 gold sold of 1,543koz at AISC of A$2,698/oz, with costs within original guidance range • All three production centres generated positive net mine cashflow of A$1,179 million • June quarter gold sold totalled 433koz at an AISC of A$2,651/oz (US$1,821/oz) ◦ KCGM mining volumes achieved targeted annualised rates (open pit: 88Mtpa, underground: 3.2Mtpa), both representing records under Northern Star ownership ◦ Jundee improved milling and grade performance as planned; Thunderbox achieved record quarterly gold sales driven by higher grades ◦ Pogo delivered strong operational performance achieving a fifth consecutive annual record net mine cash flow of A$609 million KCGM Mill Expansion Project update • Stage 1 (increasing processing capacity to 27Mtpa) commissioning underway and on schedule, with ramp-up to follow a measured approach utilising lower-grade feed during 1H FY27 • Existing KCGM processing plant to operate through July and August, with tie-in to the expanded 27Mtpa processing facility planned for September • Stage 2 (consolidating processing into a single hub) remains on track for completion late 1H FY27, expecting to deliver a 1–2% recovery uplift while eliminating concentrate haulage between KCGM and Gidji Financial and corporate update • New Managing Director and CEO, Suresh Vadnagra, to commence 5 October 2026 • Cash and bullion of A$1,235 million, after A$129 million shares purchased under the $500 million on-market share buy-back program • FY26e Cash Earnings2 of A$2,860-2,950 million (vs FY25: A$2,873 million) • Hemi Project FID targeted for late FY27 • FY27 Group annual guidance to be released with FY26 Financial Results on 20 August 2026 Commenting on the June quarter performance, Northern Star Managing Director Stuart Tonkin said: “The June quarter delivered improved operational performance and positive net mine cashflow of A$443 million demonstrating the quality of our portfolio and reinforcing the long-term value potential of the business. "With the commissioning of the KCGM Mill Expansion Project now underway, Northern Star is well positioned to deliver significant shareholder returns." Northern Star’s June quarterly conference call will be held today at 9:00am AEST (7:00am AWST). The call can be accessed at: https://loghic.eventsair.com/326115/328921/Site/Register 1 1 SLTIFR (12-month moving average) is defined as Serious Lost Time Injury Frequency Rate. 2 Cash Earnings defined as Underlying EBITDA less net interest, corporate tax paid and sustaining capital. This represents an estimated range for FY26 and is unaudited.
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Overview Northern Star Resources Ltd (ASX: NST) is pleased to report its operational and financial results for the June 2026 quarter, with gold sold of 433,482oz at an all-in sustaining cost (AISC) of A$2,651/oz. June quarter performance by production centre: • Kalgoorlie: 227,730oz gold sold at an AISC of A$2,589/oz • Yandal: 123,937oz gold sold at an AISC of A$3,228/oz • Pogo: 81,815oz gold sold at an AISC of US$1,384/oz For the June quarter, All-in costs (AIC) of A$4,098/oz3 were higher than a year ago as capital growth projects continued across the Group, led by the KCGM Mill Expansion Project. Figure 1: Group Gold Sales and AISC koz A$/oz 203 203 210 228 113 91 105 124 65 53 66 82 2,521 2,937 2,709 2,651 Kalgoorlie Yandal Pogo AISC(A$/oz) Sep Q 2025 Dec Q 2025 Mar Q 2026 Jun Q 2026 0 100 200 300 400 500 600 700 0 400 800 1,200 1,600 2,000 2,400 2,800 3,200 Figure 2: FY26 Group performance vs revised guidance FY26 Actuals UNITS KALGOORLIE vs guidance YANDAL vs guidance POGO(7) vs guidance TOTAL vs guidance Gold Sold(4) koz 844 > 830 434 > 420 265 > 250 1,543 Above 1,500 AISC(5) A$/oz 2,579 2,450-2,650 3,198 3,000-3,350 US$1,534 US$1,600-1700 2,698 2,600-2,800 Growth Capital Expenditure:(6) Operational Growth Capital A$M 664 695-725 352 340-360 US$64 US$60-65 1,117(8) 1,140-1,200 plus KCGM Mill Expansion Project A$M 713 680-700 713 680-700 plus KCGM Mill Operational Readiness A$M 322 330-350 322 330-350 plus Hemi Development Project A$M 104 165-175 Exploration A$M 217 225 NST: June 2026 Quarterly Activities Report 2 3 Excludes Hemi development capital (A$22M), corporate growth capital (A$1M) and Hemi exploration spend (A$8M). 4 Group production guidance revised 13 Mar 2026 (ASX release: Operational Update); Kalgoorlie, Yandal and Pogo production guidance revised 22 Apr 2026 (ASX release: March 2026 Quarterly Report). 5 Group AISC guidance revised 20 Jan 2026 (ASX release: Cost Guidance Update). 6 Growth Capital Expenditure guidance revised 22 Jan 2026 (ASX release: December 2025 Quarterly Report), with KCGM Mill Expansion Project and Mill Operational Readiness revised 22 Apr 2026. KCGM Mill Operational Readiness incl capex 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. 7 Pogo AISC and capital expenditure outlook converted at a currency using AUD:USD = 0.66. 8 Total includes corporate growth capital expenditure (FY26 actual A$7M vs FY26 guidance ~A$15M).
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Outlook FY27 Group guidance Northern Star intends to provide FY27 Group guidance, together with the FY26 Financial Results, on 20 August 2026. Given the KCGM Mill Expansion has recently entered first-phase commissioning, the Company considers it prudent to allow a short, further period of time to assess initial performance and incorporate early operating data before forming its view on FY27 Group guidance. Ore commissioning during August provides an opportunity to identify and address latent constraints that could affect throughput, recovery and plant availability as the expanded mill ramps up. The Company's previously disclosed FY27–FY29 KCGM production outlook was based on the information and assumptions available at the time it was provided in August 2025. As commissioning and ramp-up activities progress, the expanded processing plant will begin generating operating data that will allow Northern Star to more accurately assess future production, recovery and throughput assumptions. Any future KCGM outlook disclosures will be informed by this operating experience. Consistent with this approach, the Company does not expect to provide FY28-FY29 Group medium-term guidance in calendar year 2026. During the September quarter, planned major shutdown activities will be undertaken across all three production centres in line with the Company's operational schedule. Hemi Project update The Hemi Project continues to progress as planned. Managed Aquifer Recharge trials to commence during the September quarter following agreement with Traditional Owners, with results expected to support the Western Australian EPA secondary approval process, engineering design and project scheduling. Final Investment Decision is targeted for late FY27. Appointment of Managing Director and CEO On 2 July, Northern Star announced the appointment of Suresh Vadnagra to succeed Stuart Tonkin as Managing Director and CEO, effective 5 October 2026. Mr Vadnagra is a highly accomplished global mining executive with more than 25 years of experience spanning strategy, operations, major projects, transactions, business transformation and enterprise leadership across large, complex, multi commodity portfolios. KCGM Mill Expansion Project - Kalgoorlie, Western Australia The KCGM Mill Expansion Project, centred on the Fimiston Processing Plant, is being delivered in two distinct stages. Stage I replaces approximately 85% of the existing 13Mtpa processing capacity and increases total processing capacity to 27Mtpa. Stage II completes the strategic consolidation of KCGM processing by integrating the Gidji facility into the expanded Fimiston Processing Plant, creating a single processing hub at the KCGM site. Northern Star continues to expect the KCGM Mill Expansion to ramp up over approximately two years to steady-state operations achieving an annualised run-rate of 27Mtpa in FY29. Stage I commissioning commenced on schedule Stage I has entered commissioning, marking a significant milestone following more than three years of engineering and construction. The existing Fimiston Processing Plant will continue to operate through July and August, with tie-in to the expanded processing facility planned for September. Commissioning and ramp-up will follow a measured approach focused on progressively optimising plant performance. Initial commissioning will utilise lower-grade feed sources during 1H FY27 as operating parameters are established. During the transition period, Gidji concentrate processing will continue with additional concentrate being sold to support near-term cash flow ahead of full integration. Commenting on the project, Northern Star Chief Technical Officer, Steve McClare said: "Commencing commissioning on schedule, more than three years after construction began, is a significant achievement for our team. Our priority now turns to a safe, disciplined ramp-up and establishing a reliable, efficient operation that will maximise the long-term value of this multi-decade asset." NST: June 2026 Quarterly Activities Report 3
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Stage II remains on track Stage II remains on track for completion in late 1H FY27 and will complete the transformation of the KCGM processing circuit by consolidating all gold processing activities into a single processing hub at the KCGM site. Integration of the Gidji facility into the Fimiston Processing Plant is expected to simplify the operating footprint, eliminate concentrate haulage between facilities and deliver a forecast 1-2% recovery uplift. Remaining FY27 works include completion of the tailings storage facilities, and commencement of thermal power plant and renewable energy infrastructure. Project capital expenditure KCGM Mill Expansion Project capital expenditure was A$162 million in the June quarter, bringing FY26 capital expenditure to A$713 million (vs revised guidance of A$680–700 million). The total project spend to date (from 1Q FY24) is A$1,605 million. Operational Readiness capital expenditure was A$322 million in FY26 (vs revised guidance of A$330-350 million), including the tailings storage facilities, thermal power plant, transmission infrastructure, accommodation camp and commissioning stores. Figure 3: Aerial view of the Stage I expanded processing plant (foreground) and stockpiles (background). NST: June 2026 Quarterly Activities Report 4
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Table 1: June quarter 2026 performance summary - by production centre 3 MONTHS ENDING JUN 2026 Units Kalgoorlie Yandal Pogo (7) Total Underground Mining Ore Mined Tonnes 1,859,972 1,456,189 375,804 3,691,965 Mined Grade g/t Au 2.3 2.2 7.8 2.8 Ounces Mined oz 135,163 105,085 94,245 334,493 Open Pit Mining Open Pit Material Moved BCM 9,539,405 3,397,120 — 12,936,525 Open Pit Ore Mined Tonnes 2,935,970 1,255,686 — 4,191,656 Mined Grade g/t Au 1.5 1.1 — 1.4 Ounces Mined oz 138,363 46,148 — 184,511 Processing Milled Tonnes Tonnes 3,745,960 2,412,820 381,693 6,540,473 Head Grade g/t Au 2.2 1.9 7.8 2.4 Recovery % 85 88 88 86 Gold Recovered oz 224,622 127,505 84,059 436,186 Gold Sold (1) oz 227,730 123,937 81,815 433,482 Average Price A$/oz 5,140 4,929 4,937 5,041 Revenue - Gold A$M 1,170 611 404 2,185 Gold Inventories Total Stockpiles Contained Gold oz 3,795,490 261,121 902 4,057,513 Gold in Circuit (GIC) oz 22,556 12,539 6,379 41,474 Gold in Transit oz 500 — — 500 Total Gold Inventories oz 3,818,546 273,660 7,281 4,099,487 Costs Underground Mining A$M 168 157 81 406 Open Pit Mining A$M 102 57 — 159 Processing A$M 176 77 39 292 Site Services A$M 23 18 14 55 Ore Stock & GIC Movements A$M (53) (14) 2 (65) Royalties A$M 49 30 — 79 By-Product Credits A$M (5) (3) (1) (9) Cash Operating Cost A$M 460 322 135 917 Rehabilitation A$M 6 3 1 10 Corporate Overheads (2) A$M 21 12 4 37 Sustaining Capital (4) A$M 101 62 20 183 All-in Sustaining Cost A$M 588 399 160 1,147 Exploration (3) A$M 22 13 15 50 Growth Capital (4)(5) A$M 474 77 26 577 All-in Costs A$M 1,084 489 201 1,774 Mine Operating Cash Flow (6) A$M 556 213 251 1,020 Net Mine Cash Flow (6) A$M 82 136 225 443 Cash Operating Cost A$/oz 2,022 2,603 1,657 2,119 All-in Sustaining Cost A$/oz 2,589 3,228 1,952 2,651 All-in Costs(4)(5) A$/oz 4,767 3,949 2,463 4,098 Depreciation & Amortisation A$/oz 1,196 1,059 566 1,038 Non - Cash Inventory Movements A$/oz (183) 190 1 (42) (1) During the quarter 35koz of gold concentrate was sold from KCGM. (2) Includes the non-cash share-based payments expenses in corporate overheads. (3) Excludes Hemi exploration spend (A$8M). (4) A$51M of lease repayments are included in Sustaining Capex (A$183M) and A$25M in Growth Capex (A$577M). 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$22M) and corporate growth capital (A$1M) (6) Mine Operating Cash Flow is calculated as Revenue, less Cash Operating Costs (excluding inventory movements) and Sustaining Capital. Net Mine Cash Flow is calculated as Mine Operating Cash Flow less Growth Capital. (7) Pogo Operations costs are presented in AUD which is the Group’s reporting currency. USD cost disclosure is presented in Table 11. June quarter AUD:USD exchange rate is 0.71. NST: June 2026 Quarterly Activities Report 5
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Table 2: FY26 performance summary - by production centre 12 MONTHS ENDING JUN 2026 Units Kalgoorlie Yandal Pogo (7) Total Underground Mining Ore Mined Tonnes 7,187,943 5,613,514 1,422,201 14,223,658 Mined Grade g/t Au 2.2 2.2 6.7 2.7 Ounces Mined oz 517,231 397,079 306,672 1,220,982 Open Pit Mining Open Pit Material Moved BCM 38,716,907 15,916,727 — 54,633,634 Open Pit Ore Mined Tonnes 12,523,027 4,410,917 — 16,933,944 Mined Grade g/t Au 1.4 1.0 — 1.3 Ounces Mined oz 583,230 140,300 — 723,530 Processing Milled Tonnes Tonnes 15,843,557 9,130,488 1,430,071 26,404,116 Head Grade g/t Au 1.9 1.7 6.7 2.1 Recovery % 85 87 87 86 Gold Recovered oz 848,013 436,110 267,760 1,551,883 Gold Sold (1) oz 844,333 433,768 265,304 1,543,405 Average Price A$/oz 4,991 4,843 4,850 4,925 Revenue - Gold A$M 4,214 2,101 1,287 7,602 Gold Inventories Total Stockpiles Contained Gold oz 3,795,490 261,121 902 4,057,513 Gold in Circuit (GIC) oz 22,556 12,539 6,379 41,474 Gold in Transit oz 500 — — 500 Total Gold Inventories oz 3,818,546 273,660 7,281 4,099,487 Costs Underground Mining A$M 605 586 315 1,506 Open Pit Mining A$M 405 163 — 568 Processing A$M 652 292 153 1,097 Site Services A$M 84 66 56 206 Ore Stock & GIC Movements A$M (218) (82) (3) (303) Royalties A$M 177 99 — 276 By-Product Credits A$M (23) (7) (3) (33) Cash Operating Cost A$M 1,682 1,117 518 3,317 Rehabilitation A$M 26 13 3 42 Corporate Overheads (2) A$M 87 45 15 147 Sustaining Capital (4) A$M 382 212 63 657 All-in Sustaining Cost A$M 2,177 1,387 599 4,163 Exploration (3) A$M 78 44 51 173 Growth Capital (4)(5) A$M 1,700 352 94 2,146 All-in Costs A$M 3,955 1,783 744 6,482 Mine Operating Cash Flow (6) A$M 1,932 690 703 3,325 Net Mine Cash Flow (6) A$M 232 338 609 1,179 Cash Operating Cost A$/oz 1,992 2,575 1,956 2,150 All-in Sustaining Cost A$/oz 2,579 3,198 2,259 2,698 All-in Costs (4)(5) A$/oz 4,685 4,111 2,806 4,200 Depreciation & Amortisation A$/oz 1,154 1,020 601 1,021 Non - Cash Inventory Movements A$/oz (222) (6) (2) (123) (1) During the year 74koz of gold concentrate has been sold from KCGM. (2) Includes the non-cash share based payment expenses in corporate overheads. (3) Excludes Hemi exploration spend (A$39M), non-producing projects and regional sites (A$5M). (4) A$196M of lease repayments are included in Sustaining Capex (A$657M) and A$98M in Growth Capex (A$2,146M). 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$104M) and corporate growth capital (A$7M). (6) 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. (7) 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 0.68. NST: June 2026 Quarterly Activities Report 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 0.5 injuries per million hours worked. Table 3: June 2026 Group safety performance (12-month moving average) Term Kalgoorlie Yandal Pogo Group SIFR 2.3 2.4 0.0 1.9 SLTIFR 0.8 0.8 0.0 0.5 Kalgoorlie Production Centre (KCGM, Carosue Dam, Kalgoorlie Operations) Kalgoorlie sold 228koz at an AISC of A$2,589/oz, improving from 210koz at an AISC of A$2,550/oz in the March quarter, reflecting improved performance at KCGM and continued normalised levels at Kalgoorlie Operations. Mine operating cash flow was A$556 million, generating net mine cash flow of A$82 million after A$474 million of growth capital. KCGM Operations: KCGM sold 136koz at an AISC of A$2,411/oz, compared with 117koz at an AISC of A$2,485/oz in the prior quarter, driven by higher grades. KCGM mine operating cash flow was A$369 million, with net mine cash outflow of (A$81 million) after A$450 million in growth capital, reflecting continued investment in the KCGM Mill Expansion Project. Mining volumes achieved targeted annualised rates with open pit material movement of 88Mtpa and underground mining of 3.2Mtpa, both representing records under Northern Star ownership. Waste stripping continued in Fimiston South, consisting of the Ivanhoe and Great Boulder cutbacks. Golden Pike North continued to provide a strong source of high-margin ore. Carosue Dam Operations: Wallbrook open pit mining was completed as planned during the June quarter, marking the transition to underground mining and stockpile processing. Underground mining continues at the operation with lower grade stockpiles supplementing mill feed. Kalgoorlie Operations: The South Kalgoorlie and Kanowna Belle mines continued to execute consistently with higher grades and sustained mill performance supporting reliable production outcomes. Figure 4: Kalgoorlie Production Centre - Gold Sales and AISC koz A$/oz Gold Sales (koz) AISC (A$/oz) Sep Q 2025 Dec Q 2025 Mar Q 2026 Jun Q 2026 0 50 100 150 200 250 0 400 800 1,200 1,600 2,000 2,400 2,800 3,200 NST: June 2026 Quarterly Activities Report 7
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Yandal Production Centre (Jundee, Thunderbox, Bronzewing) Yandal sold 124koz at an AISC of A$3,228/oz, compared with 105koz at an AISC of A$3,347/oz in the March quarter, reflecting stronger production from both Jundee and Thunderbox. Mine operating cash flow was A$213 million, delivering a net mine cash flow of A$136 million after A$77 million of growth capital. Jundee Operations: Jundee sold 57koz, up 24% compared to the March quarter, driven by higher mill throughput and improved grades. During the quarter the Company commenced an operational review, with early outcomes informing an updated medium-term mine plan focused on optimising mining sequences and enhancing delivery consistency. Thunderbox Operations: Thunderbox delivered a record quarterly performance with gold sold of 67koz, up 14% compared to the March quarter. The result was underpinned by improved mill throughput, higher-grade ore from Orelia and an increasing contribution from Bannockburn open pit ore, replacing lower-grade stockpile feed. These improvements reflect continued progress in optimising the operation and strengthening the quality of the mill feed profile. Figure 5: Yandal Production Centre - Gold Sales and AISC koz A$/oz Gold Sales (koz) AISC (A$/oz) Sep Q 2025 Dec Q 2025 Mar Q 2026 Jun Q 2026 0 30 60 90 120 150 0 600 1,200 1,800 2,400 3,000 3,600 Pogo Production Centre Pogo continued to build operational momentum, delivering gold sales of 82koz at an AISC of US$1,384/oz, compared with 66koz at an AISC of US$1,529/oz in the March quarter. Mine operating cash flow was US$177 million, delivering a net mine cash flow of US$159 million after US$19 million of growth capital. The improved performance was driven by increased stoping volumes and higher-grade ore from newly established mining areas in East Deeps and Liese 3, reflecting continued progress in the underground mine transition. During the quarter, underground mining and processing operated at an annualised run rate of 1.5Mtpa, with stoping ore contributing 72% of mill feed, demonstrating the continued improvement in the quality and consistency of the ore feed profile. Mine development advanced at an average rate of 1,560 metres per month, supporting ongoing access to future production areas. A major planned shutdown is scheduled for the September quarter, with works focused on both the processing plant and underground infrastructure, including rehabilitation of the underground ore bin. NST: June 2026 Quarterly Activities Report 8
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Figure 6: Pogo Production Centre - Gold Sales and AISC Koz US$/oz Gold Sales (koz) AISC (US$/oz) Sep Q 2025 Dec Q 2025 Mar Q 2026 Jun Q 2026 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 June quarter, A$58 million was invested in exploration (FY26 actual: A$217 million; vs guidance: A$225 million) as focus continues on significant life-of-mine extensions and in-mine growth. During the quarter, the Company released its Annual Mineral Resources and Ore Reserves update for the 12 months ended 31 March 2026, which included the Hemi Project for the first-time following its acquisition. For further details, refer to the ASX announcement “Resources and Reserves Update” dated 3 June 2026. Finance For the June quarter, the average gold sales price realised by Northern Star was A$5,041/oz to generate gold sales revenue of A$2,185 million. The June quarter non-cash inventory movement was a credit of A$18 million. For FY26 non-cash inventory movement was a credit of A$190 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 30 June, cash(1) and bullion totalled A$1,235 million. Table 4: Cash(1) and bullion Sep Q 2025 Dec Q 2025 Mar Q 2026 Jun Q 2026 Cash(1) A$M $1,258 $865 $878 $1,018 Bullion(2) A$M $253 $311 $305 $217 Total A$M $1,511 $1,176 $1,183 $1,235 (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. On 2 April, the Company announced a A$500 million on-market share buyback. A$129 million in shares were purchased during the quarter at an average price of A$20.39 per share. The waterfall chart (Figure 8) highlights the June quarter movements in cash(1) and bullion (A$M). Underlying free cash flow from operations was A$206 million. This includes A$71 million of equipment finance/leases and A$188 million in corporate tax instalments. NST: June 2026 Quarterly Activities Report 9
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Figure 7: June quarter 2026 cash and bullion movements 1,183 1,212 (188) (684) (63) 1,460 (71) (129) (21) (4) 1,235 OpeningOperating cashflow Income tax paid PP&E + Mine Properties ExplorationClosing before M&A and Financing Equipment Finance/Leases Share buy back Equity Others (inc: FX) Closing Banking Facilities Northern Star holds corporate bank facilities with maturity dates of March 2030 and March 2031 across two equal tranches totalling A$1,750 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 continues to wind down its hedge book, with no hedge commitments added since August 2024. During the quarter, 165koz of hedges were delivered at A$3,195/oz. Total hedging commitments as at 30 June comprised 788koz at an average price of A$3,397/oz. Table 5: Hedging commitments at 30 June 2026 Term Dec H 26 Jun H 27 Dec H 27 Jun H 28 Total Ounces (oz) 280,000 237,500 180,000 90,000 787,500 Gold Price (A$/oz) 3,292 3,340 3,532 3,603 3,397 Hemi Project Integration Northern Star provides the following update and financial information relating to the Hemi Project. Permitting: The Hemi Project continues to progress as planned. Managed Aquifer Recharge trials to commence during the September quarter following agreement with Traditional Owners, with results expected to support the Western Australian EPA secondary approval process, engineering design and project scheduling. Final Investment Decision is targeted for late FY27. Tax: Tax depreciation commenced from the Implementation Date, and Northern Star expects to amortise approximately 50% of the tax depreciable value within five years. This corresponds to approximately A$200 million in cash tax savings for the Group in FY27 and A$150-200 million in FY28. 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 A$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. NST: June 2026 Quarterly Activities Report 10
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Corporate On 2 April, Northern Star released a Production Update providing preliminary March quarter production results and announced an on-market share buy-back program of up to A$500 million. On 21 May, the Company announced that Managing Director, Stuart Tonkin would step down during the first quarter of FY27. Subsequent to the quarter end on 2 July, the Company released a Production Update providing preliminary June quarter production results and announced the appointment of Suresh Vadnagra as Managing Director & CEO, effective 5 October 2026, Michael Ashforth as Chairman, effective from the conclusion of the 2026 Annual General Meeting, and Ryan Gurner as Deputy CEO, effective immediately. Mr Gurner will act as Interim CEO following Stuart Tonkin's departure until Mr Vadnagra commences in the role. On 9 July, the Company announced the appointment of Jeffrey Quartermaine as an independent Non-Executive Director, effective immediately. The issued capital of the Company at the date of this Report comprises: • Ordinary Fully Paid Shares (NST): 1,424,805,062 • Performance & Conditional Retention Rights (NSTAA): 10,243,792 • NED Share Rights (NSTAC): 8,488 This announcement is authorised for release to the ASX by the Board of Directors. 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 and Reserves Update” dated 3 June 2026 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 four month period to 28 July 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 June quarter have been converted at a currency of AUD:USD exchange rate of 0.71. NST: June 2026 Quarterly Activities Report 11
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Appendix 1 Additional Information - Operations KCGM Operations Table 6: Summary Details - KCGM Operations Ore Mined - Underground Tonnes 734,729 818,559 794,024 818,415 3,165,727 Mined Grade g/t Au 1.6 1.7 1.7 1.7 1.6 Ounces Mined - Underground Oz 37,608 43,848 42,396 43,610 167,462 Open Pit Material Moved BCM 8,528,577 8,118,893 9,256,897 8,875,895 34,780,262 Ore Mined - Open Pit Tonnes 2,337,394 3,334,543 2,940,354 2,415,993 11,028,284 Mined Grade g/t Au 1.2 1.5 1.6 1.5 1.5 Ounces Mined - Open Pit Oz 93,098 163,284 153,364 119,590 529,336 Total Mined Ounces Oz 130,706 207,132 195,760 163,200 696,798 Milled Tonnes Tonnes 2,902,614 2,634,884 2,387,478 2,348,876 10,273,852 Head Grade g/t Au 1.4 1.6 2.0 2.2 1.8 Recovery % 83 82 83 82 83 Gold Recovered Oz 107,118 113,411 125,928 133,972 480,429 Gold Sold Oz 103,139 111,135 116,944 136,424 467,642 Cost per Ounce Underground Mining A$/oz 399 396 391 365 386 Open Pit Mining A$/oz 788 846 671 628 726 Processing A$/oz 1,009 1,084 984 889 985 Site Services A$/oz 84 79 77 77 79 Ore Stock & GIC Movements A$/oz (594) (634) (351) (290) (454) Royalties A$/oz 193 198 233 201 206 By-Product Credits A$/oz (19) (25) (58) (23) (31) Cash Operating Costs A$/oz 1,860 1,944 1,947 1,847 1,897 Rehabilitation - Accretion & Amortisation A$/oz 41 38 35 30 36 Corporate Overheads A$/oz 111 110 102 93 103 Mine Development / Sustaining CAPEX A$/oz 491 511 401 441 459 All-in Sustaining Costs A$/oz 2,503 2,603 2,485 2,411 2,495 Exploration A$/oz 119 88 91 85 95 Growth Capital A$/oz 3,686 3,448 3,342 3,300 3,431 All-in Costs A$/oz 6,308 6,139 5,918 5,796 6,021 Depreciation & Amortisation A$/oz 856 1,528 1,366 1,214 1,248 Non-Cash Ore Stock & GIC Movements A$/oz (215) (807) (453) (270) (431) Production Summary Units Sep-25 Qtr Dec-25 Qtr Mar-26 Qtr Jun-26 Qtr FYTD NST: June 2026 Quarterly Activities Report 12
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Carosue Dam Operations Table 7: Summary Details - Carosue Dam Operations Production Summary Units Sep-25 Qtr Dec-25 Qtr Mar-26 Qtr Jun-26 Qtr FYTD Ore Mined - Underground Tonnes 537,469 597,400 557,632 526,133 2,218,634 Mined Grade g/t Au 2.5 2.6 2.5 2.4 2.5 Ounces Mined - Underground Oz 42,911 49,181 44,361 40,916 177,369 Open Pit Material Moved BCM 886,245 588,030 316,793 305,494 2,096,562 Ore Mined - Open Pit Tonnes 495,428 170,728 308,610 374,011 1,348,777 Mined Grade g/t Au 1.2 1.0 1.1 1.0 1.1 Ounces Mined - Open Pit Oz 19,173 5,278 10,669 12,576 47,696 Total Mined Ounces Oz 62,084 54,459 55,030 53,492 225,065 Milled Tonnes Tonnes 994,240 956,289 880,515 925,683 3,756,727 Head Grade g/t Au 1.9 2.1 2.0 1.8 1.9 Recovery % 92 91 90 90 91 Gold Recovered Oz 56,505 57,753 50,843 47,283 212,384 Gold Sold Oz 56,934 58,331 52,068 49,675 217,008 Cost per Ounce Underground Mining A$/oz 995 921 1,064 1,204 1,040 Open Pit Mining A$/oz 374 189 327 287 293 Processing A$/oz 445 424 497 619 492 Site Services A$/oz 117 117 119 144 123 Ore Stock & GIC Movements A$/oz (110) 122 (142) (6) (32) Royalties A$/oz 210 254 319 345 279 By-Product Credits A$/oz (18) (21) (27) (26) (23) Cash Operating Costs A$/oz 2,013 2,006 2,157 2,567 2,172 Rehabilitation - Accretion & Amortisation A$/oz 18 17 18 19 18 Corporate Overheads A$/oz 112 109 99 96 104 Mine Development / Sustaining CAPEX A$/oz 394 513 439 400 438 All-in Sustaining Costs A$/oz 2,537 2,645 2,713 3,082 2,732 Exploration A$/oz 22 19 10 21 18 Growth Capital A$/oz 35 49 10 83 44 All-in Costs A$/oz 2,594 2,713 2,733 3,186 2,794 Depreciation & Amortisation A$/oz 1,546 921 1,362 1,386 1,297 Non-Cash Ore Stock & GIC Movements A$/oz (85) 245 93 117 93 NST: June 2026 Quarterly Activities Report 13
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Kalgoorlie Operations Table 8: Summary Details - Kalgoorlie Operations Production Summary Units Sep-25 Qtr Dec-25 Qtr Mar-26 Qtr Jun-26 Qtr FYTD Ore Mined Tonnes 455,807 358,800 473,552 515,424 1,803,583 Mined Grade g/t Au 3.1 2.6 3.0 3.1 3.0 Ounces Mined Oz 45,915 30,136 45,713 50,637 172,401 Open Pit Material Moved BCM 390,343 569,438 522,286 358,016 1,840,083 Ore Mined - Open Pit Tonnes — — — 145,966 145,966 Mined Grade g/t Au — — — 1 1 Ounces Mined - Open Pit Oz — — — 6,197 6,197 Total Mined Ounces Oz 45,915 30,136 45,713 56,834 178,598 Milled Tonnes Tonnes 454,672 402,543 484,363 471,401 1,812,979 Head Grade g/t Au 3.2 2.7 3.0 3.3 3.1 Recovery % 87 86 87 88 87 Gold Recovered Oz 40,796 29,869 41,167 43,368 155,200 Gold Sold Oz 42,739 34,013 41,301 41,631 159,684 Cost per Ounce Underground Mining A$/oz 1,119 1,246 1,210 1,408 1,245 Open Pit Mining A$/oz — — — 46 12 Processing A$/oz 521 576 447 588 531 Site Services A$/oz 113 141 127 121 125 Ore Stock & GIC Movements A$/oz (58) 338 110 (307) 5 Royalties A$/oz 119 155 133 109 128 By-Product Credits A$/oz (13) (22) (27) (21) (21) Cash Operating Costs A$/oz 1,801 2,434 2,000 1,944 2,025 Rehabilitation - Accretion & Amortisation A$/oz 32 36 31 33 32 Corporate Overheads A$/oz 105 114 104 90 103 Mine Development / Sustaining CAPEX A$/oz 391 546 394 513 457 All-in Sustaining Costs A$/oz 2,329 3,130 2,529 2,580 2,617 Exploration A$/oz 114 230 188 230 188 Growth Capital A$/oz 261 438 374 242 323 All-in Costs A$/oz 2,704 3,798 3,091 3,052 3,128 Depreciation & Amortisation A$/oz 453 480 540 803 572 Non-Cash Ore Stock & GIC Movements A$/oz 7 88 43 (256) (35) NST: June 2026 Quarterly Activities Report 14
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Jundee Operations Table 9: Summary Details - Jundee Operations Production Summary Units Sep-25 Qtr Dec-25 Qtr Mar-26 Qtr Jun-26 Qtr FYTD Ore Mined - Underground Tonnes 787,545 656,076 618,371 696,033 2,758,025 Mined Grade g/t Au 2.5 2.6 2.7 2.8 2.6 Ounces Mined - Underground Oz 64,054 55,186 52,976 61,724 233,940 Open Pit Material Moved BCM — — — — — Ore Mined - Open Pit Tonnes — — — — — Mined Grade g/t Au — — — — — Ounces Mined - Open Pit Oz — — — — — Total Mined Ounces Oz 64,054 55,186 52,976 61,724 233,940 Milled Tonnes Tonnes 785,866 603,751 742,111 791,599 2,923,327 Head Grade g/t Au 2.6 2.7 2.3 2.5 2.5 Recovery % 84 86 86 86 85 Gold Recovered Oz 54,735 44,163 47,658 55,799 202,355 Gold Sold Oz 54,537 44,464 45,807 56,792 201,600 Cost per Ounce Underground Mining A$/oz 1,524 1,856 1,995 1,665 1,744 Processing A$/oz 554 673 658 434 570 Site Services A$/oz 124 185 175 142 154 Ore Stock & GIC Movements A$/oz (221) (299) (304) 160 (150) Royalties A$/oz 171 212 237 223 210 By-Product Credits A$/oz (7) (10) (17) (14) (12) Cash Operating Costs A$/oz 2,145 2,617 2,744 2,610 2,516 Rehabilitation - Accretion & Amortisation A$/oz 28 34 33 26 30 Corporate Overheads A$/oz 107 105 111 93 104 Mine Development / Sustaining CAPEX A$/oz 407 696 619 559 562 All-in Sustaining Costs A$/oz 2,687 3,452 3,507 3,288 3,212 Exploration A$/oz 126 138 150 136 137 Growth Capital A$/oz 433 765 599 302 507 All-in Costs A$/oz 3,246 4,355 4,256 3,726 3,856 Depreciation & Amortisation A$/oz 412 574 879 832 672 Non-Cash Ore Stock & GIC Movements A$/oz 71 (136) (172) (25) (57) NST: June 2026 Quarterly Activities Report 15
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Thunderbox & Bronzewing Operations Table 10: Summary Details - Thunderbox & Bronzewing Operations Production Summary Units Sep-25 Qtr Dec-25 Qtr Mar-26 Qtr Jun-26 Qtr FYTD Ore Mined - Underground Tonnes 704,481 651,535 739,317 760,156 2,855,489 Mined Grade g/t Au 1.8 1.7 1.8 1.8 1.8 Ounces Mined - Underground Oz 41,216 35,437 43,125 43,361 163,139 Open Pit Material Moved BCM 4,692,515 4,355,766 3,471,326 3,397,120 15,916,727 Ore Mined - Open Pit Tonnes 921,749 1,057,637 1,175,845 1,255,686 4,410,917 Mined Grade g/t Au 0.9 0.9 1.0 1.1 1.0 Ounces Mined - Open Pit Oz 25,226 29,892 39,034 46,148 140,300 Total Mined Ounces Oz 66,442 65,329 82,159 89,509 303,439 Milled Tonnes Tonnes 1,684,804 1,470,273 1,430,862 1,621,222 6,207,161 Head Grade g/t Au 1.2 1.2 1.4 1.5 1.3 Recovery % 88 84 90 90 88 Gold Recovered Oz 58,311 47,547 56,191 71,706 233,755 Gold Sold Oz 58,885 47,023 59,115 67,145 232,168 Cost per Ounce Underground Mining A$/oz 1,003 1,186 975 925 1,010 Open Pit Mining A$/oz 471 795 685 850 701 Processing A$/oz 669 889 738 778 763 Site Services A$/oz 134 173 160 148 152 Ore Stock & GIC Movements A$/oz (21) (429) (134) (337) (224) Royalties A$/oz 185 243 291 260 246 By-Product Credits A$/oz (16) (17) (24) (28) (22) Cash Operating Cost A$/oz 2,425 2,840 2,691 2,596 2,626 Rehabilitation - Accretion & Amortisation A$/oz 33 38 30 28 32 Corporate Overheads A$/oz 107 111 103 95 103 Mine Development / Sustaining CAPEX A$/oz 297 578 398 457 426 All-in Sustaining Costs A$/oz 2,862 3,567 3,222 3,176 3,187 Exploration A$/oz 108 37 48 77 69 Growth Capital A$/oz 1,213 1,277 999 884 1,076 All-in Costs A$/oz 4,183 4,881 4,269 4,137 4,332 Depreciation & Amortisation A$/oz 1,301 1,651 1,163 1,252 1,323 Non-Cash Ore Stock & GIC Movements A$/oz (186) (309) 159 372 38 NST: June 2026 Quarterly Activities Report 16
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Pogo Operations Table 11: Summary Details - Pogo Operations (US$)(1) Production Summary Units Sep-25 Qtr Dec-25 Qtr Mar-26 Qtr Jun-26 Qtr FYTD Ore Mined Tonnes 353,305 345,541 347,552 375,804 1,422,202 Mined Grade g/t Au 6.5 5.5 6.9 7.8 6.7 Ounces Mined Oz 73,752 61,252 77,423 94,245 306,672 Milled Tonnes Tonnes 359,823 347,710 340,844 381,693 1,430,070 Head Grade g/t Au 6.5 5.5 6.9 7.8 6.7 Recovery % 87 86 87 88 87 Gold Recovered Oz 65,208 52,832 65,662 84,059 267,761 Gold Sold Oz 64,821 53,095 65,573 81,815 265,304 Cost per Ounce Mining US$/oz 765 991 827 701 806 Processing US$/oz 382 456 416 342 393 Site Services US$/oz 155 158 151 119 143 Ore Stock & GIC Movements US$/oz (32) (15) (8) 19 (7) By-Product Credits US$/oz (4) (7) (10) (6) (7) Cash Operating Costs US$/oz 1,266 1,583 1,376 1,175 1,328 Rehabilitation - Accretion & Amortisation US$/oz 8 9 8 6 8 Corporate Overheads(2) US$/oz 39 45 38 32 38 Mine Development / Sustaining CAPEX US$/oz 140 234 107 171 160 All-in Sustaining Costs US$/oz 1,453 1,871 1,529 1,384 1,534 Exploration US$/oz 141 126 125 134 132 Growth Capital US$/oz 256 295 194 228 240 All-in Costs US$/oz 1,850 2,292 1,848 1,746 1,906 Depreciation & Amortisation US$/oz 407 422 411 401 409 Non-Cash Ore Stock & GIC Movements US$/oz 2 4 (12) — (2) (1) 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 June quarter AUD:USD exchange rate is 0.71 and FYTD AUD:USD exchange rate is 0.68 respectively. (2) 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). NST: June 2026 Quarterly Activities Report 17