Corporate Presentation - September 2026

Extracted Document Text

This is a readable excerpt of the EGM normalized Markdown text. It helps search engines and researchers understand PDF, filing, or company-document content while the original source remains authoritative.

# Corporate Presentation - September 2026

Source: https://www.nsrltd.com/media/fksmjbn5/corporate-presentation-september-2026.pdf
Fetched: 2026-09-23T00:38:05.345+00:00
Source artifact: e68adc11-0b12-404a-b690-a0facb0fe54c
Normalizer input: text

## Content

# Corporate Presentation - September 2026
Corporate Presentation
September 2026
Disclaimers
ASX Listing Rule 5.19 and 5.23 Statement Disclaimer and Forward-Looking Statements
This announcement contains current estimates of Northern Star Group and KCGM Operations’ Ore Northern Star Resources Ltd has prepared this announcement based on information available to
Reserves and Mineral Resources. The information in this announcement that relates to the current Ore it. No representation or warranty, express or implied, is made as to the fairness, accuracy,
Reserves and Mineral Resources, and exploration results, has been extracted from Northern Star’s completeness or correctness of the information, opinions and conclusions contained in this
ASX release entitled “Resources and Reserves Update” dated 3 June 2026 available at announcement. To the maximum extent permitted by law, none of Northern Star Resources
www.nsrltd.com and www.asx.com (“Announcement”). Limited, its directors, employees or agents, advisers, nor any other person accepts any liability,
including, without limitation, any liability arising from fault or negligence on the part of any of
Northern Star confirms that it is not aware of any new information or data that materially affects the them or any other person, for any loss arising from the use of this announcement or its contents or
information included in the Announcement other than changes due to normal mining depletion otherwise arising in connection with it.
during the five month period to 21 September 2026, and, in relation to the estimates of Northern Star
Group and KCGM Operations’ Ore Reserves and Mineral Resources, that all material assumptions and This announcement is not an offer, invitation, solicitation or other recommendation with respect to
technical parameters underpinning the estimates in the Announcement continue to apply and have the subscription for, purchase or sale of any security, and neither this announcement nor anything
not materially changed. Northern Star confirms that the form and context in which the Competent in it shall form the basis of any contract or commitment whatsoever.
Person's findings are presented have not been materially modified from the Announcement.
This announcement may contain forward looking statements that are subject to risk factors
These figures represent JORC 2012 Mineral Resources and Ore Reserves for the combined assets associated with gold exploration, mining and production businesses. It is believed that the
owned by Northern Star. expectations reflected in these statements are reasonable but they may be affected by a variety of
variables and changes in underlying assumptions which could cause actual results or trends to
MINERAL RESOURCES as at 31 March 2026 differ materially, including but not limited to price fluctuations, actual demand, currency
MEASURED INDICATED INFERRED TOTAL RESOURCES
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
fluctuations, drilling and production results, Resource or Reserve estimations, loss of market,
NST ATTRIBUTABLE INCLUSIVE OF RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes,
NORTHERN STAR TOTAL 177,151 1.0 5,629 854,443 1.7 47,560 585,877 1.9 35,683 1,617,472 1.7 88,872 economic and financial market conditions in various countries and regions, political risks, project
ORE RESERVES as at 31 March 2026 delay or advancement, approvals and cost estimates.
PROVED PROBABLE TOTAL RESERVE
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Rounding is applied in this presentation for the percentage comparisons and for all Ore
NST ATTRIBUTABLE RESERVE (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) Reserves and Mineral Resources figures. Mineral Resources are inclusive of Ore Reserves; and
NORTHERN STAR TOTAL 160,186 0.8 4,280 467,024 1.6 24,139 627,210 1.4 28,419
numbers are 100% NST attributable.
Authorised for release to the ASX by the Board of Directors.
2
We are a global gold leader
LEVERAGE SCALE LIQUIDITY
100% 1.5Moz ASX 50
gold exposure FY26 gold sold Market Index
89Moz A$32B
Mineral Resources Market Cap
A$189M
Daily Turnover*
Executing a clear,
low-risk strategy = Superior Returns
*Source: Bloomberg. Average daily trade value in A$ over the last 12 months as at 18 September 2026.
3
The breakdown of Group Mineral Resources as at 31 March 2026 is detailed on page 2.
FY26 financial highlights
A$
4.3B A$
1.8B
Underlying EBITDA Underlying NPAT
A$
190M A$
1.24ps
Underlying FCF Underlying EPS
A
55.0cps A$
129M
Dividends of A$500M share buy-back
Underlying EBITDA is Revenue ($7,623M), less cost of sales excluding D&A ($3,158M), less corporate overheads
excluding D&A ($182M), less other expenses ($19M), plus foreign exchange gains ($23M); less foreign exchange on
net unhedged USD Senior Unsecured Notes ($15M), less Insurance proceeds ($1M).
Underlying NPAT is Net Profit After Tax ($1,664M) plus Abnormal items (post-tax) ($125M).
Underlying Free Cash Flow defined as operating cashflow ($3,183M), less capital expenditure ($2,494M), less
equipment finance and leases ($273M), less exploration expenditure ($219M), less movement in bullion ($7M).
Underlying earnings per share is Underlying Net Profit After Tax ($1,789M) divided by the weighted average number
of shares (diluted) at 30 June 2026 (1,439M shares).
The Company announced a A$500 million on-market share buy-back on 2 April 2026. During FY26, 6.3M shares
4
were bought on-market and cancelled, for a cost of $128.9M.
Increasing returns on capital Earnings per share growth
Underlying Return on Capital Employed Underlying Earnings per share
(ROCE) (%) (Acps)
124
13.4% 18% ROCE 118
11.4% growth
FY26 vs FY25
8.6%
59
5% EPS
4.1%
growth 26
FY26 vs FY25
FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26
ROCE defined as Underlying EBIT divided by Total Assets minus Current Liabilities 5
EPS defined as Underlying Net Profit After Tax divided by the weighted average number of shares (diluted basis)
Investment grade balance sheet
0.1X Credit Facilities (at 30 June 2026)
A$875M A$875M US$600M
FY26 A$B
Leverage (undrawn) (undrawn) (drawn) Cash and Bullion 1.24
Financial Target: <1.5x
Corporate debt Nil
Revolving Bank Revolving Bank Senior Guaranteed
Facility Facility Notes Senior Notes (0.86)
10%
(matures Mar 30) (matures Mar 31) (matures Apr 33)
Net Cash 0.38
Gearing Rating agency Long term rating
Equipment financing (0.54)
Financial Target: <20% Moody’s Baa3
Lease liabilities* (0.33)
Standard & Poor’s (S&P) BBB-
A$
3.0B Fitch BBB- Net Debt 0.49
Liquidity
Financial Target: >A$1.5B Disciplined approach maintained throughout the cycle
Leverage defined as Net Debt ($489M) / EBITDA ($4,092M). Gearing defined as Debt ($1,725M) / Debt ($1,725M) + Equity ($15,682M). Debt defined as
Notes ($861M), plus Equipment financing ($535M), plus Lease liabilities ($329M).
*Lease liabilities are in relation to AASB 16 Leases which requires the recognition of a right of use asset representing the Group’s right to use the
6
underlying asset and a lease liability representing the Group’s obligation to make leases payments.
Delivering superior shareholder returns
FY26 Cash Earnings: A$2.9 Billion Capital Management – Aligned to our Purpose
FY26 Dividend: 55cps; 27% of Cash Earnings Buy-back
$500M share
• 1H26: 25cps (fully franked); 32% of Cash Earnings buy-back
announced
• 2H26: 30cps (fully franked); 24% of Cash Earnings Buy-back
$300M share buy-back
completed, average price
A$500M share buy-back program announced in FY26 $11.04ps
Over $0.9 billion returned to shareholders in FY26 30 30
25.0
Investing to deliver positive step-
cents per share
15.5
change in free cash flow 9.5 11.5
25.0 25.0
• KCGM Mill Expansion 15.0
9.5 10.0 11.0
• Hemi Project
FY21 FY22 FY23 FY24 FY25 FY26
Investments targeted to deliver higher financial returns
Interim Final
A$914 million capital management includes dividends declared and paid of $785 million (including FY26 final dividend of A30cps) and A$129 million purchased through the Company’s 7
A$500 million share buy-back program (announced in FY26).
Major Projects: Capital investment improves portfolio quality
Future growth pathway
long life | scale | exploration potential
KCGM POGO HEMI
(Western Australia) (Alaska) (Western Australia)
Mineral Resources 42.2Moz 9.3Moz 13.2Moz
Mineral Reserves 15.0Moz 2.4Moz 5.5Moz
Exploration Potential In-situ and regional In-situ and regional In-situ and regional
8
The breakdown of KCGM, Pogo and Hemi Mineral Resources and Ore Reserves as at 31 March 2026 is detailed in the Appendix on page 20
Hemi Project update
• A high-quality gold project in tier-1 jurisdiction
• State and Federal permits progressing then secondary
approvals required prior to early works commencing
• Managed Aquifer Recharge trials commenced
• FID targeted for late FY27, subject to permitting
• Estimated ~2.5year build post FID
• FY27 focus:
• Processing plant - Ongoing engineering and design
• Ore body - Assessment of mine sequencing and
costings to update feasibility assumptions
13.2Moz 5.5Moz
Mineral Ore Drilling operations, Hemi
Resources Reserves
9
Exploration provides long term value creation
88.9Moz
Group Mineral Resources (Moz)
13.2 88.9
3.6 3.1
70.7
(0.4) (1.3) Mineral Resources
28.4Moz
Ore Reserves
Mar-25 Kalgoorlie Yandal Pogo CTP JV Hemi Mar-26
+10Yr
(Divestment)
Group Ore Reserves (Moz)
5.5 28.4
22.3 0.7 0.3 Reserve-backed
(0.4) production profile
A$
23/oz
Cost of Resource
Additions
Mar-25 Kalgoorlie Yandal Pogo Hemi Mar-26
The breakdown of Group Mineral Resources and Ore Reserves as at 31 March 2026 is detailed on page 2. Cost of Resource additions is calculated as Exploration Expenditure ($M)
10
divided by the number of Mineral Resource ounces added organically (e.g. excluding Hemi Project & Central Tanami JV Mineral Resources) during 1 April 2025 to 31 March 2026.
FY27 Group guidance
FY27 GUIDANCE UNITS KALGOORLIE YANDAL POGO1 TOTAL
Gold Sold koz 850-970 400-420 250-260 1,500-1,650
AISC A$/oz 2,800-3,300 3,900-4,200 US$1,850-1,950 3,050-3,450
Sustaining Capital A$M 850-9152
Growth Capital:
(i) Operational Growth Capital A$M 985-1,075 70-100 US$60-80 1,150-1,3003
(ii) KCGM Mill Expansion and Readiness A$M 350-470 - - 350-470
(iii) Hemi Project A$M - - - 200-250
Total Growth Capital A$M 1,335-1,545 70-100 US$60-80 1,700-2,0203
Exploration A$M 230-250
Depreciation & Amortisation Tax Expectations
A$1,000-1,200/oz P&L: 30% - 32% tax rate
FY27 Cash tax forecast: A$450-550M
(includes A$300-350M of cash tax benefits associated with the acquisition of the Hemi Project)
1. Pogo AISC and Capital Expenditure converted at a currency using AUD:USD = 0.70
2. Sustaining capital is included in the AISC calculation
11
3. Total includes A$5-10M of corporate growth capital expenditure
Investment Case: Elevating portfolio quality
Next 3 years
FCF Generation Operational Efficiency
Uplift from production growth,
Improving stability and reliability
increased spot price exposure
of asset portfolio
delivering higher margins
Disciplined Capital
Portfolio Quality
Allocation
Investing in long-life, low-cost assets
to sustain high-margin production Higher cash generation supporting
growth and shareholder returns
Cost Efficiency Balance Sheet
Future structural cost resets creating Investment grade
a sustainable cost advantage quality
12
KCGM: Delivering the Next Generation
Ready for production. Positioned for growth.
13
FY27 KCGM guidance
• KCGM gold sold forecast to be 550-650koz
• Forecast underground ore tonnes at 3.5-4.0Mtpa
Growth Capital FY26 FY27
Operational Growth Capital $603M $895-94

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]