Northern Star Resources Limited

Strong FY26 financial performance despite KCGM transition/investment peak - Group underlying EBITDA of $4.3bn (+22% YoY) and cash earnings of $2.9bn. - Despite being the peak investment year for KCGM mill expansion, generated ~$190m underlying free cash flow. - Underlying EBITDA >$2,700/oz supported by the gold price environment. - Good: Solid profitability, cash generation maintained through heavy capex. - Negative/challenge: Operational challenges occurred during FY26 (but underlying portfolio strength held up).

Capital allocation: dividends + buyback remained active - Declared fully franked final dividend of $0.30/share, taking total FY26 dividends to $0.55/share. - Dividend payout cited as ~27% of cash earnings; ~$785m returned via fully franked dividends during FY26. - Completed $129m of a $500m on-market share buyback. - Good: Shareholder returns continued even in a commissioning peak year. - Investor takeaway: Capital discipline + ability to return cash signals confidence in the balance sheet and pipeline.

Balance sheet strength enabling FY27 execution + growth flexibility - Ended FY26 with $1.2bn cash and bullion. - Gearing/leverage/liquidity metrics within targets; 3 investment-grade credit ratings maintained. - Good: Financial flexibility to fund KCGM ramp, sustaining capex, and growth pipeline.