Northern Star Resources (NST) Investor presentation summary

Strategic vision and operational platform

• Targeting multi-decade gold production with 42Moz Mineral Resources and 15Moz Ore Reserves, supported by a 27Mtpa processing hub and integrated mining operations.

• Focused on building a lower-cost operation through processing, operating, and energy efficiency, including renewables and a new thermal power station.

• Simplified open pit and underground mining strategies, leveraging multiple ore sources and significant stockpiles for operational flexibility and feed security.

• Disciplined mill commissioning and operational readiness initiatives to ensure safe, reliable, and efficient ramp-up to steady-state production by FY29.

Resource and reserve growth

• As of March 2026, total Mineral Resources stand at 905Mt at 1.4g/t for 42.2Moz, and Ore Reserves at 386Mt at 1.2g/t for 15Moz.

• Ongoing exploration and resource conversion have steadily increased both resources and reserves since 2022, extending mine life and supporting future growth.

• Stockpiles contribute 135Mt at 0.7g/t for 3.2Moz, enhancing mill feed resilience and flexibility.

• Fimiston Underground is expected to drive higher-grade production as it ramps up, with 35Mt at 2.2g/t for 2.5Moz in reserves.

Cost structure and efficiency

• Structural cost resets are designed to break the industry cost cycle, reducing exposure to future inflation and creating a sustainable cost advantage.

• Processing efficiency is achieved through fewer, larger units and tech-enabled systematic operations, targeting lower processing costs per tonne.

• Operating efficiency is enhanced by integrating ore sources, handling material once, and improving equipment productivity.

• Energy efficiency initiatives include renewables and improved power infrastructure, reducing costs and emissions.