Northern Star Resources (NST) investor relations material

Strategy and capital allocation

• Capital screening prioritizes low-risk jurisdictions; operations have remained in Western Australia and Alaska, with no strategy to add higher-risk jurisdictions.

• Investment-grade balance-sheet metrics remain a strategic priority, supporting resilience through commodity volatility, organic investment and accretive opportunities.

• Dividends have grown since FY 2012; the AUD 500 million buyback was about one-quarter complete, with future use dependent on valuation, cash flow and outlook.

• KCGM investment and other portfolio cash flows are expected to lift returns on capital over the medium term as KCGM production grows, CapEx declines and the hedge book unwinds.

KCGM expansion

• The mill is tied in and undergoing stabilization; after commissioning, operations will take over for ramp-up. The first quarter used the old mill to generate cash flow during the tie-in.

• Design emphasizes simpler operations, fewer and larger components, lower maintenance costs and gravity-assisted processing; the old plant’s five ball mills have been replaced by one.

• Nearby stockpiles are expected to be strongly free-cash-flow accretive; aggressively stripping Fimiston South is intended to displace stockpile feed, with 60 million tonnes of waste scheduled this year.

• Fimiston South contains 8 million ounces of resource; KCGM’s open-pit resource is 18 million ounces and underground resource 21 million ounces, supporting medium- to long-term mill feed.

• Near-term focus is demonstrating mill run rate over coming quarters; feed sequencing and regional satellite opportunities follow once the plant is settled.

Hemi development

• State environmental approval is secured; the federal permit is expected this quarter. A three-month dewatering trial is underway, with a dewatering license likely in the new calendar year after results go to regulators.

• Flow-sheet engineering and design will inform the project FID and capital cost; FID is expected later in the fiscal year.

• Equipment packages are being assessed for contingency and potential higher throughput where returns justify it.