Northern Star Resources Ltd.

Northern Star Resources Ltd. is a senior gold producer headquartered in Subiaco, Australia, operating primarily in Australia. The company's portfolio consists of 8 projects, comprising 6 operating mines, 1 development, and 1 advanced exploration project. Key assets include KCGM, Pogo, Carosue Dam, and Jundee. The business model centers on being a global-scale producer, generating returns through operational effectiveness, exploration, and active portfolio management. A key competitive advantage is the internal underground mining services division, Northern Star Mining Services (NSMS), which manages complex operations and drives industry-leading development rates. This internal expertise provides a foundation for operational consistency and efficiency across the organization's production centers. The operational approach emphasizes organic growth by maximizing efficiencies and unlocking value from a large, prospective ground endowment. The enterprise maintains a strong focus on safety and critical risk controls, with performance measures consistently well below industry averages. The core business is supported by a disciplined capital management framework that prioritizes projects delivering superior returns, ensuring a financially strong position to fund growth and shareholder returns.

The organization's profitable growth strategy centers on continued investment in exploration to unlock value from its extensive and highly prospective ground holdings. A core objective is to deliver on a five-year plan through disciplined and transparent capital allocation, with investments directed toward projects that generate superior returns. Management priorities emphasize enhancing operational efficiency and reducing production costs to navigate inflationary pressures and maximize margins. The strategy is fully funded and aligns with a disciplined capital management framework, ensuring financial strength supports organic growth initiatives. This approach is designed to extend the operating lives of existing operations and deliver higher free cash flow and returns for shareholders. The enterprise also actively reviews and optimizes its portfolio to align with its stated purpose of creating sustainable value.

Executive leadership is headed by a Managing Director & CEO with over 25 years of experience as a mining engineer in the hard-rock mining industry. The Board of Directors as of June 30, 2024, was composed of 8 members, with 88% being independent non-executive directors, ensuring robust oversight. Governance is structured through 5 standing Board committees: Audit & Risk; Environmental, Social & Safety; Exploration & Growth; People & Culture; and Nomination. The governance framework includes a formal annual board evaluation process, which involves a 360-degree review of individual directors and a comprehensive assessment of the Board's overall effectiveness by both directors and executive key management personnel. A detailed board skills matrix is reviewed annually with the support of external governance specialists to ensure an optimal balance of expertise. Overall attendance at Board and committee meetings in FY24 was 99.5%, reflecting strong engagement.

The sustainability strategy is anchored by a Net Zero Ambition by 2050, with a targeted 35% reduction in absolute Scope 1 and 2 emissions by 2030, supported by tangible clean energy transition projects including solar and wind farms. Executive long-term incentives are directly linked to achieving absolute carbon emissions reduction key performance indicators. The organization's Environmental Management System is aligned with ISO14001, and a dedicated Cyanide Management Standard guides the safe handling of materials. Indigenous relations are managed through agreement-making processes based on Free, Prior and Informed Consent (FPIC) principles, with a commitment to building Indigenous business capacity through procurement targets. Workplace safety is governed by a comprehensive Mine Health and Safety Management System and 10 Critical Risk Standards, resulting in injury frequency rates significantly below industry averages. Social initiatives include a parental leave policy that achieved a 96% return-to-work rate in FY24.

The current corporate structure was significantly shaped by the merger with Saracen Mineral Holdings Limited, which was implemented in February 2021. In FY24, the company completed the acquisition of the Manayaparn Project from Strickland Metals Limited. A key operational entity is the wholly-owned subsidiary, Northern Star Mining Services Pty Ltd, which provides expert internal underground mining services. The organization maintains a 50% joint venture interest in the Central Tanami Project with Tanami Gold NL, where both parties jointly fund all exploration and development activities. As of July 2024, substantial shareholders with holdings over 5% include BlackRock Inc., State Street Corporation, VanEck Inc., and The Vanguard Group, Inc. The company continues an on-market share buy-back program, which was extended in August 2024 for a further 12 months.