Northern Star Resources Limited

Thank you for standing by and welcome to the Northern Star December 2025 quarterly results call. 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 Tonkin, Managing Director and CEO. Please go ahead.

Good morning and thank you for joining us today. With me on the call is Chief Financial Officer Ryan Gurner and Chief Operating Officer Simon Jessup. As previously announced, in the December quarter, gold sold totalled 348,000 ounces at an all-in sustaining cost of AU$2,937 per ounce. A number of one-off operational events across our assets resulted in this softer performance and required us to revise FY26 production and cost guidance. With these events behind us, our team remains firmly focused on driving productivity improvements and strengthening cost discipline to deliver a stronger second half for our shareholders. Our FY26 outlook provides revised guidance of 1.6 to 1.7 million ounces of gold sold at an all-in-sustaining cost of $2,600 to $2,800 an ounce. Today, we also provide further detail for production and ASIC guidance by Production Centre. In addition, we have updated our capital expenditure forecasts across the portfolio. Operational growth capital guidance remains unchanged at $1.14 billion to $1.2 billion. ACGM's growth capital expenditure in FY26 consists of several projects designed to prepare the operation for commissioning of the newly expanded mill from FY27, and two aspects which I'd like to highlight are the KCGM Mill Expansion Project. FY26 capital expenditure is now expected to be in the range of $640 to $660 million, and this reflects targeted increases in labour to ensure the commissioning in early FY27. Also, the KCGM tailings dam activity is ahead of schedule, with FY26 spend now expected to be $240 to $260 million. while FY27 forecast spend is lighter at $100 to $120 million, which this represents approximately 10% reduced cost for the overall tailings dam project. And at HEMI, forecast spend is $165 to $175 million, reflecting more optimisation of engineering and design works there. Northern Star continues to work closely with state and federal regulators, key stakeholders and the broader Pilbara community. With gold price now exceeding $7,000 an ounce, it is an outstanding time to be producing and discovering gold in the stable low-risk jurisdictions of Western Australia and Alaska. Our balance sheet remains in a net cash position, and as our hedge book decreases, our growing exposure to spot gold, coupled with increasing production, positions us for very strong increasing cash flows going forward. I'd now like to hand over to Simon Jessup, our Chief Operating Officer, to discuss...

Thank you, Stu, and good morning. The Kalgoorlie Production Centre delivered a lower-than-expected quarter driven by two main issues. The first issue was the previously announced partial suspension of mining at our Kalgoorlie operation. A new escapeway was mined and installed over nine weeks. Mining at Kalops from mid-December has returned to normal operations. The second major issue was the lower-than-expected processing outcome at Casey Gem. The mill underperformed all quarter on throughput, volume, both rate and run time, with the primary crusher failing in December. Since the 5th of January, the crushing circuit has performed in line with normal expectations, and we've crushed over 700,000 tonne in 20 days, versus December's full month crushing performance of 600,000 tonne. Casey Gem's total mining performance was announced ounces mined in the quarter, a new record for the site under Northern Star Resources ownership. Open pit total material movement was 22 million for the December quarter and 45 million for the first half, at the top of the 80 to 90 million ton annual guidance range. The open pit for Q2 mined 163,000 ounces at 1.5 grams per ton. with Golden Pike's contribution of 117,000 ounces at 1.7 grams per tonne. The Casey Gem underground operation developed 8.7 kilometres for the quarter and mined 819,000 tonnes of ore. For the first half, the underground ore mine was 1.55 million tonnes above the annualised target of 3 million tonnes per annum. Due to the processing throughput issues, KC Gem finished the quarter end with 1.3 million tonnes at 1.9 grams per tonne and 81,000 ounces of high-grade ore on the ROM pad. Carousel Dam performed in line with expectations for the quarter and a half. Let me close on the Calgary Production Centre. continued well over the Christmas New Year period, with a workforce of around 350 people. The project has ramped back up to 800 plus personnel and for the remaining six months will finalise on construction and transition into commissioning and ramp up planning, with the project remaining on time for an early FY27 ramp up. Turning to our Yandall Production Centre, both Chum Dee and Thunderbox experienced a challenging quarter and first half. At Chum Dee, the previously announced localised structural failure of the crushing circuit works had progressed well, but it has taken longer than anticipated. The Coors Ore Stock Bowl Tunnel has been excavated, rebuilt and reburied. with ROM pad loaders feeding the bin again as normal. The full completion of the tunnel works is on track to be restored by mid-February. The Jundee team has actioned these works safely and professionally for an extremely large job. The Jundee airstrip is also less than two weeks away from its first flight and remains on track for flight savings and less rain interruptions going forward. At Thunderbox, two issues prevailed for the quarter. The first one, reduced throughput due to tank issues, which also impacted recovery by 5%. Less mined ore from Aurelia, and the haulage of the high-grade ore to the mill. On the processing impacts, all tanks were back in operation at the quarter end, with rectifications planned for H2, which will see us cycle through the seven tanks. Secondly, on Aurelia, the resource is not performing as modelled and mined in the high-grade areas of the ore body. We have already reduced the mining fleet from 17 trucks to 11 trucks in order to manage the required mining practice changes, improve mining and cost efficiencies. The Aurelia open pit strip ratio reduces from here on in. Aurelia has an estimated life of 21 months and will generate 215,000 ounces at 1.4% grams per tonne. Meanwhile, open pit mining at Bankburn ramped up significantly, with first ore being stockpiled ahead of milling in H2, providing another ore source close to the Thunderbox mill. Finally, turning our attention to the lower gold sales was impacted by lower head grade of approximately 0.5 to 1 gram per tonne. due to a combination of stoke dilution and ore loss. Volume of ore was also approximately 30,000 tonnes less due to East Deep's fan constraints on scheduled high-grade areas of the ore body. And we also lost about three days in December due to extremely cold temperatures below 40 degrees Celsius. Early in January, we have seen an improvement in mine grades above six grams per tonne and an increase in stope or firings. Processing performance for Q2 was very good, with availability averaging 92% year-to-date. The recovery was 86% during the quarter, 5% higher than expected. Development continued to improve at Pogo, with 5.2 kilometres achieved for the quarter, corresponding to a monthly average of 1,731 metres a month. The quarterly performance on gold sold was impacted by a number of significant events across the portfolio, which has resulted in lowering our annual gold guidance between 1.6 and 1.7 million ounces. We are in a much stronger position as we enter the second half of the year. Casey Gem and South Kalgoorlie operations have returned to normal. Jundi has some outstanding issues that are expected to be resolved during this quarter. And Thunderbox is in improved shape, And at Pogo, we are seeing the December improved head grade continue into January. I would now like to pass to Ryan, our Chief Financial Officer, to discuss the financials.