Northern Star Resources Limited

Thank you for standing by and welcome to the Northern Star FY25 Financial Results. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Stuart Tunkin, Managing Director and CEO. Please go ahead, sir.

Thank you and good morning and thanks for joining us to discuss our FY25 financial results today. We'll be referring to the presentation as published on the ASX this morning and with me on the call is our Chief Financial Officer, Ryan Kerner. The company has delivered another record-breaking financial performance on the back of a dedicated team effort in a favourable gold price environment. For FY25, we reported record group underlying free cash flow of $536 million, which equates to $328 per ounce, which demonstrates the value of our profitable growth path we've been on for the past four years to delivering sustaining superior returns for shareholders. What is very clear is that the FY25 results again just demonstrates the strength and value creation that we are embedding in our business. EBITDA and the ROCE metrics have shown consistent improvement over the last three years, while our investment-grade balance sheet remains strong and in a substantial net cash position, notwithstanding the capital investment in growth projects such as the Phimiston Mill expansion at Casegear. True to our company purpose of delivering superior returns to our shareholders, the Board has declared a record final fully franked dividend of $0.30 per share. resulting in a total FY25 dividend of 55 cents per share. Including the share buyback proceeds in FY25 to successfully conclude that $300 million program, this represents Northern Star returning over $840 million to shareholders for the year. During FY25, we successfully added the HEMI development project to our portfolio following the completion of the acquisition of DeGray Mining. The acquisition is strongly aligned with our business objectives, and we are excited to progress this significant project. And the final investment decision for HEMI is subject to securing final permitting and approvals, and all the staff continues to advance state and federal permitting processes, as well as working closely with all traditional owners in the management of heritage protection. Northern Star continues to gain strength from the simplicity of our gold-only portfolio, with globally significant scale in the low-risk jurisdictions of Western Australia and Alaska. I'm proud of our deliberate strategy to profitably and safely grow the company, from one mine and 200 staff when I joined in 2013, to now with over 8,000 sustaining jobs and growing international significance. capable of delivering substantial financial results published today, as well as the health and strength of our balance sheet going forward. With that context, I'd now like to hand over to Ryan Gurner, our Chief Financial Officer, who will discuss the FY25 results in more detail.

Thanks, Stu, and good morning, all. I'm pleased to present to you our financial results for the year end 30 June 2025. Firstly, to page four. which provides an overview of the key financial highlights achieved during the year, with the business generating $536 million in underlying free cash flow and $3.5 billion in underlying EBITDA, which is up 60% year-on-year. This EBITDA is translated into record full-year cash earnings of $2.9 billion. With the strength in our cash earnings, a fully frank dividend of $0.30 per share has been declared today, bringing the total payout to $0.55 for the full year. And during the financial year, the company completed its $300 million on market share buyback program. As illustrated on page 5... We remain well positioned to deliver our organic growth projects with our strong balance sheet, which is in a net cash position of 1 billion at 30 June. We have access to flexible long-term funding options with an investment-grade credit rating, reflecting the strength of our business and the positive long-term outlook underpinned by the company's significant reserve-backed production profile within Tier 1 jurisdictions. The strength of our balance sheet reflects the disciplined approach we maintain through the cycle. It provides flexibility to fund opportunities to enhance our portfolio of assets to deliver long-term returns. As illustrated on page 6, the company continues its demonstrated history of returning funds to shareholders. As I mentioned earlier, our final fully franked dividend of $0.30 per share declared today takes our total declared dividends to $0.55 per share for the full year. This represents a payout of 25% of full year cash earnings, equating to $715 million in dividends for the financial year. Following payment of the FY25 final dividend, the company will have returned $2.5 billion in dividends to shareholders and bought back $300 million of its shares. This total of $2.8 billion in capital returns over the history of the business, and we believe there is much more to come. Over to page 7, which highlights EBITDA margins achieved for the group and each production centre. All three production centres have performed strongly and achieved healthy EBITDA margins, with the group recording a 55% EBITDA margin for FY25. prior year. Pleasingly, and as illustrated, all production centres improved margins in FY25. I'd like to point out a reconciliation of statutory MPAT to underlying EBITDA and cash earnings has been provided in the appendix of this presentation on page 17, and page 16 outlines the abnormal items to reconcile from statutory profit to underlying MPAT. Over to page 8 now. It's pleasing to see our return on capital employed lifting since the merger with Saracen, increasing by 33% in FY25, which reflects progress in our profitable growth strategy and focus on allocating shareholder funds to generate returns. This also highlights the strength of our FY25 underlying earnings before interest and tax, which is up 102% from the prior year to $2.1 billion. Notwithstanding the important capital investments being undertaken across the portfolio to generate superior terms in the medium and long term, record underlying free cash flow was generated in FY25, which totaled $536 million. Over to page 9 now. The company is now four years into its five-year organic growth strategy. Over this period, we have completed major operational milestones to strengthen our future production profile. generated $3.2 billion in cumulative net mine cash flow and returned $1.7 billion to our shareholders following payment of our final dividend. This year, the major milestones was completion of the east wall remediation project at Casey Gem, which has been one of the most significant projects undertaken by the company. With this project now complete, coupled with the mill expansion, which remains on track for early commissioning in early FY27, Free cash flow is expected to significantly step up at KCGEM. Page 10 sets out the key elements of how we deliver value and manage our capital allocation, which is through owning world-class assets in Tier 1 locations and applying our DNA of operational excellence to deliver value to our stakeholders. We do this in a safe and responsible way with a demonstrated track record. Our portfolio of long-life assets and their locations provides us with flexibility and optionality to extract value. And as a foundation, we maintain a strong balance sheet which enables the execution of our strategic framework through the cycle. I'll hand back now to Stu to finish the presentation. Thank you.