Northern Star Resources (NST) Investor Presentation summary

Portfolio overview and production

• Focused exclusively on gold with operations in premier jurisdictions: Australia and Alaska.

• Three main production centers: Kalgoorlie (KCGM), Yandal, and Pogo, with organic growth projects underway.

• FY25 gold sold: 83% from Western Australia, 17% from Alaska.

• Group Mineral Resources as of March 2025: 70.7Moz; Ore Reserves: 22.3Moz.

Financial performance and capital efficiency

• Underlying earnings per share increased from 26c in FY23 to 119c in FY25.

• Underlying free cash flow per share rose from 31c in FY23 to 40c in FY25.

• Return on Capital Employed (ROCE) improved from 8.6% in FY23 to 11.4% in FY25, with a medium-term target of 20%.

• Net cash position of A$1.9B and total liquidity of A$3.4B as of June 2025.

Capital allocation and shareholder returns

• Completed A$300M share buy-back at an average price of A$11.04 per share.

• FY25 dividend of 55c per share, fully franked, with a history of dividend payments since FY12.

• Cumulative capital management of A$2.8B from FY12 to FY25, including dividends and buy-backs.