Northern Star Consolidated Portfolio

Northern Star Resources is an ASX-listed gold-only producer operating three production centres (Kalgoorlie, Yandal in Western Australia; Pogo in Alaska) plus the recently acquired Hemi Development Project in the Pilbara. FY25 (12 months to 30 June 2025) delivered record group gold sales of 1.634 Moz at AISC A$2,163/oz, revenue of A$6.4 B, underlying EBITDA of A$3.5 B and underlying free cash flow of A$536 M. Group Mineral Resources rose 9.4 Moz to 70.7 Moz and Ore Reserves rose 1.4 Moz to 22.3 Moz after mining depletion (as at 31 March 2025; excludes Hemi acquired May 2025). FY26 guidance: 1,700-1,850 koz at AISC A$2,300-2,700/oz with growth capex of A$2,125-2,270 M including KCGM Mill Expansion (13->27 Mtpa, final build year) and Hemi development. Net cash A$1,013 M and cash + bullion A$1,914 M at 30 June 2025. A$300 M on-market share buy-back completed at avg A$11.04/share. Net-zero Scope 1+2 by 2050 ambition; 35% reduction by 2030 target.