Northern Star Resources Ltd · ASX:NST
Northern Star Resources — BMO Global Metals, Mining & Critical Minerals Conference 2025
24 slides from Northern Star Resources's conference presentation, Feb 24, 2025
Slide 1: BMO Global Metals, Mining & Critical Minerals Conference
For personal use only Business First BMO Global Metals, Mining & Critical Minerals Conference February 2025
Slide 2: Disclaimers
Disclaimers For personal use only Disclaimer and Forward-Looking Statements ASX Listing Rule 5.23 Statement Northern Star Resources Ltd has prepared this announcement based on information available to it. No The information in this announcement that relates to the current Ore Reserves and Mineral Re
Slide 3: A global gold leader
A global gold leader For personal use only STRENGTH FROM SIMPLICITY 100% GOLD ALASKA Pogo LARGE AUSTRALIA 1.65-1.80Moz +7,000 Yandal FY25 GOLD SOLD GUIDANCE PEOPLE Kalgoorlie LIQUID ASX 50 A$21B A$73M MARKET INDEX MARKET CAP DAILY TURNOVER* Executing a clear, low-risk strategy = superior returns 3 *
Slide 4: 1H FY25 Financial Overview
1H FY25 Financial Overview For personal use only A$ 1.4B A$ 1.1B A$ 512M Underlying EBITDA Cash Earnings Underlying NPAT A$ 124M A$ 257M / $300M A 25.0cps Underlying FCF Share buy-back Declared interim dividend 4 Refer to Note 1 on page 2.
Slide 5: 1H FY25 Balance Sheet Overview
1H FY25 Balance Sheet Overview For personal use only Net cash position Investment grade Disciplined approach supports growth credit rating maintained strategy (Moody’s, S&P, Fitch) throughout the cycle Credit Facilities (at 31 Dec 2024) A$ 265M A$ 2.7B US$600M A$750M A$750M (drawn) (undrawn) (undraw
Slide 6: 1H FY25 Production Overview
1H FY25 Production Overview For personal use only 804koz Gold Sold A$ 2,105/oz All-in Sustaining Cost On track to meet FY25 guidance Production: 1,650 - 1,800koz AISC: A$1,850 - A$2,100/oz 6
Slide 7: Improved financial performance
Improved financial performance For personal use only 1H FY25 Group Level Underlying 1H FY25 EBITDA Contribution 49% A$ 1,744/oz Pogo EBITDA margin EBITDA/oz 15 % Production centre (excl. exploration) Segment EBITDA per ounce 53 % 52 % A$1,855/oz 48 % 44 % 43 % 33 % A$1,200/oz Yandal Kalgoorlie 32 %
Slide 8: Improving return on capital employed
Improving return on capital employed For personal use only Return on Capital Employed (ROCE) (%) Profitable Growth Strategy Our Purpose To generate superior returns for our x 3.5 ROCE shareholders, while providing positive 6.1% uplift 5.9% benefits for our stakeholders, through operational effective
Slide 9: Profitable growth strategy rebasing cash generation higher
Profitable growth strategy rebasing cash generation higher For personal use only KALGOORLIE YANDAL POGO FY22 - 1H25 A$ 743M A$ 941M A$ 375M A$ 2.1B Operational Free cash flow Cumulative FY22 + FY23 + FY24 + 1H25 Operational free cash flow excludes cumulative corporate and technical services costs FY
Slide 10: Delivering superior returns to our shareholders
Delivering superior returns to our shareholders For personal use only 50.0 A$2.3B returned to shareholders 2,315 2250 45.0 Cumulative capital management from FY12 to 1H FY251 4.0 40.0 1,944 1750 25.0c per share 11.0 35.0 Declared FY25 interim dividend (unfranked) 1,439 30.025% of Cash Earnings vs Di
Slide 11: Our framework to generate superior shareholder returns
Our framework to generate superior shareholder returns For personal use only OPERATIONAL DISCIPLINED CAPITAL EXCELLENCE ALLOCATION World-class assets Strong balance sheet Responsible producer Profitable growth with a strong safety culture Agile decision making Strong cash flow and strategic flexibil
Slide 12: Creating value through asset optimisation
Creating value through asset optimisation For personal use only 2.00Moz 1.8-2.2Moz SUSTAINABLE BUSINESS KALGOORLIE 1.1Moz 3–5 1.80Moz of which PRODUCTION CENTRES to KCGM 650koz KCGM 900koz* 1.65Moz Grade increase at KCGM Mill Expansion 1.8–2.2Moz GOLD SOLD YANDAL 600koz 1st Half Realising full poten
Slide 13: KCGM: A key global gold asset
KCGM: A key global gold asset For personal use only 32Moz Mineral Resources 13Moz Ore Reserves +20Years Mine Life 65Moz gold mined over 130 years 13
Slide 14: KCGM Mill Expansion Project
13Mtpa 27Mtpa For personal use only KCGM Mill Expansion Project Location: Western Australia Supports +20 year mine life Construction on track and within budget – FY27 commissioning 14
Slide 15: KCGM Mill Expansion on track and progressing well
KCGM Mill Expansion on track and progressing well For personal use only Capital Cost Breakdown (%) 2H FY25 Planned Activities Last delivery of bulk structural steel and steel FY24 FY25 FY26 FY27 A$1.5B $348M $500-530M ~$530-550M ~$100M modules received at site expected June quarter Inclusive of 10
Slide 16: Yandal Production Centre: a hub strategy
Yandal Production Centre: a hub strategy For personal use only 14Moz YANDAL gold mined over 30 years 10.2Moz 3.4Moz 9Mtpa MILLING Mineral Resources Ore Reserves CAPACITY Jundee 3Mtpa Reserve grade 5.9Moz 1.3Moz 3.9g/t MILLING Mineral Resources Ore Reserves CAPACITY Thunderbox 4.2Moz 2.1Moz 6Mtpa Res
Slide 17: Jundee: delivering superior returns
Jundee: delivering superior returns For personal use only Reinvest Expand Optimise 121% Internal Rate of Return (pre-tax) A$ 2,361M Cumulative Operational Free Cash Flow Acquisition Consistent and reliable production 82.5M A$ Jul 2014 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1H FY25 FY26 +F
Slide 18: Pogo Production Centre: preparing for the next decade
Pogo Production Centre: preparing for the next decade For personal use only 6.7Moz High-grade Resources 10.1g/t; Reserves at Mineral Resources 8.0g/t Lowering costs through 1.5Moz Ore Reserves growth and optimisation In-mine and near regional +10Years Mine Life opportunity 5Moz gold mined over
Slide 19: Pogo: positioned for strong returns
Pogo: positioned for strong returns For personal use only Reinvest Expand Optimise Increasing returns Cumulative Free Acquisition Cash Flow US$ 260M US$ 249M Sept 2018 FY19 FY20 FY21 FY22 FY23 FY24 1H FY25 FY26 Operational Free Cash Flow Operational Free Cash Flow Operational free cash flow is pre-t
Slide 20: Northern Star Agrees to Acquire De Grey Mining
Prepared for next phase of growth For personal use only Northern Star Agrees to Acquire De Grey Mining (ASX: DEG) Transaction Overview All scrip acquisition of De Grey by Northern Star via Scheme of Arrangement Each De Grey Transaction Transaction Transaction is Post shareholder will unanimously sub
Slide 21: FY25 guidance
FY25 guidance For personal use only FY25 GUIDANCE UNITS KALGOORLIE YANDAL POGO TOTAL* Gold Sold koz 890 - 980 505 - 555 255 - 265 1,650 - 1,800 AISC A$/oz 1,740 - 2,000 1,930 - 2,210 US$1,395 - 1,460 1,850 - 2,100 Growth Capital Expenditure A$M 555 - 595 285 - 307 US$60 - 65 950 - 1,020 plus KCGM Mi
Slide 22: Exploration underpins further organic growth opportunities
Exploration underpins further organic growth opportunities For personal use only Advancement of operational, development and discovery projects provide long- term organic growth optionality across our three Production Centres Our exploration program remains a highly attractive approach to value
Slide 23: Sustainable mining
Sustainable mining For personal use only 0.5 SLTIFR Net Zero below industry average* ambition for Scope 1 & 2 Safety performance as at 31 Dec 2024 emissions by 2050 Relative to 1 July 2020 baseline (931kt CO2-e) Zero 35% materially adverse incidents targeted reduction in Scope 1 & 2 emissions by 203
Slide 24: Northern Star: Our commitment to create value
Northern Star: Our commitment to create value For personal use only Our Purpose To generate superior returns for our shareholders while providing positive benefits for our stakeholders through operational effectiveness, exploration and active portfolio management www.nsrltd.com 24
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