Northern Star Resources Limited

FY26 headline results (good): strong earnings + cash despite peak capex at KCGM - Underlying EBITDA: $4.3bn (+22% YoY) - Cash earnings: $2.9bn - Underlying free cash flow: $190m even though FY26 was the peak investment/transition phase for the KCGM mill expansion - Dividend / shareholder return: Fully franked final dividend $0.30/share → total FY26 dividends $0.55/share (about $785m returned via dividends; ~27% payout of cash earnings)

Capital allocation (good; plus shareholder support): buyback + disciplined balance sheet - On-market buyback: completed $129m of a $500m program during FY26 - Balance sheet strength: $1.2bn cash & bullion; gearing/leverage/liquidity within targets - Credit ratings: 3 investment-grade ratings - Capital management stance: shift from heavy investment into operational execution/value realisation as expansion commissioning continues

FY27 guidance & forecasts (key investor focus): production up later in year; costs/investment roadmap - Production: 1.50–1.65Moz in FY27, but weighted to 2H due to planned major shutdowns (Sep quarter) and KCGM commissioning ramp - AISC guidance: AUD 3,050–3,450/oz; expected to improve through the year - Drivers cited: ~5% inflation, royalties higher with gold price, higher oil assumptions, stockpile drawdowns; $850m–$915m sustaining capital - Group capital investment: $2.6–$2.9bn in FY27 - Growth capital: $1.5–$1.77bn (Kalgoorlie/Yandal/Pogo growth + KCGM mill expansion & readiness) - Hemi project spend: $200m–$250m (engineering/NPI/long-lead commitments) - Exploration: $230m–$250m