Northern Star Resources (NST) Investor update summary

Production and operational performance

• FY 2026 production is now expected to be above 1.5 million oz, but achieving the lower end of guidance is challenging due to weaker recent performance and ongoing operational issues, especially at KCGM and Jundee.

• March quarter-to-date gold sales were 220koz, impacted by weaker milling at KCGM and reduced mining productivity at Jundee.

• Fimiston plant throughput for FY 2026 is forecast at 10 million tons, below the original 12 million ton plan, due to unplanned outages and disruptions.

• High-grade ore stockpiles of 2 million tons at 1.6 g/t (about 100,000 oz) are available for future processing, with mining volumes at KCGM strong.

• Additional maintenance labor has been added at Fimiston, and preventative maintenance is ongoing until the new plant is commissioned in FY 2027.

Asset-specific updates and reviews

• Jundee is becoming more capital intensive, with an operational review underway to reduce costs, focus on higher-margin ounces, and redeploy surplus resources.

• The majority of the production shortfall is attributed to KCGM (about two-thirds), with Jundee accounting for the remaining third.

• Pogo's performance has improved after earlier underperformance, with recent months tracking to plan.

KCGM plant transition and future outlook

• The new Fimiston expanded plant is on schedule for commissioning in early FY 2027, with increased contractor workforce and over 800 people working on the project.

• The new plant is expected to ramp up during Q1 FY 2027, targeting 23 million tons throughput for the year, with a ramp-up curve to be provided.

• The old and new mills are operated by separate teams, with the new plant expected to deliver a step change in performance and reliability.

• Throughput issues at the old mill are primarily due to mechanical and electrical failures, with significant downtime impacting production.

• Management is prioritizing long-term operational setup for FY 2027 over short-term guidance achievement.