Northern Star Resources (NST) Investor update summary

Production and operational performance

• FY 2026 production guidance revised to above 1.5 million oz, with achieving the lower end now seen as challenging due to weaker quarter-to-date performance and ongoing operational challenges, especially at the Fimiston (KCGM) plant.

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

• Fimiston plant throughput for FY 2026 expected at 10 million tons, below the planned 12 million tons, due to unplanned outages and disruptions.

• High-grade ore stockpiles are available for future processing, with mining activities tracking to plan and ~100koz of high-grade ore stockpiled for FY27.

• Jundee and Yandal operations are under operational review to reduce costs and prioritize higher-margin ounces, with Jundee facing high costs and intensive development.

Plant expansion and future outlook

• New Fimiston expanded plant is on schedule for commissioning in early FY 2027, with over 800 people and increased contractor workforce supporting the timeline.

• The new plant is expected to ramp up to 23 million tons throughput in FY 2027, with a gradual increase as commissioning progresses.

• Old and new Fimiston plants are operated by separate teams to avoid operational conflicts.

• The transition to the new plant is expected to be a significant step change for the business, with a focus on long-term value creation.

Cost and financial guidance

• All-in sustaining cost (AISC) is tracking within the AUD 2,600–2,800/oz range year-to-date.

• Free cash flow was positive for January and February, with expectations for continued positive cash flow in the coming months.

• No immediate plans to draw on debt facilities, and stamp duty payments are not expected this financial year.

• Dividend payment is scheduled for the end of June.