Hemi Development Project

Hemi is an undeveloped intrusion-hosted gold project in the Pilbara region of Western Australia, acquired 100% by Northern Star via the De Grey Mining Limited scheme of arrangement implemented 5 May 2025. The discovery comprises six main zones - Aquila, Brolga, Crow, Diucon, Eagle and Falcon - confirmed over +2,000 m N-S, +3,500 m E-W and depths up to 500 m, and remains open in multiple directions. Hemi is considered one of the largest undeveloped gold projects in a world-class jurisdiction, with the potential to be mined by large-scale, low strip-ratio, low-cost open pit mining. Final investment decision is subject to securing final State and Federal permitting and approvals plus engagement with Traditional Owners. Northern Star expects to report updated Mineral Resources and Ore Reserves estimates for Hemi in the next Annual MR&OR Statement (12 months to 31 March 2026, to be released May 2026). FY26 planned spend A$140-150 M for ongoing engineering, design and long-lead-time items; total acquisition transaction costs (incl landholder duty) estimated A$200-250 M.