Northern Star Resources Limited

you for standing by and welcome to the Northern Star March 2026 quarterly 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 Compton, 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 Jess. As previously announced, in the March quarter, gold sold totaled 381,000 ounces. And today we announce the delivery of those ounces at an all-in sustaining cost of Australian dollars, $2,709 per ounce. This improved operational performance exiting the quarter has delivered high-margin ounces to generate group underlying free cash flow of $301 million. More specifically, we are prioritising cash flow at KCGM by accelerating volumes from the high-grade Golden Pike zone during current mill constraints. At Dundee, the operational review is underway, and across Thunderbolts and Pogo, we've seen gold grades improve. With this improved performance and high-grade ROM stockpiles at KCGM, the company is forecast to deliver its revised FY26 production guidance of above 1.5 billion ounces. As previously disclosed, this outlook remains particularly dependent on melt throughput at KCGM, with both downside and upside potential. Total growth capital expenditure for FY26 remains unchanged. with revisions to the KCGM Mill Expansion Project and Operational Readiness CAPEX. The KCGM Mill Expansion Project remains on track for commissioning in early FY27, and pleasingly the project started transitioning from construction to the completions and commissioning during the March quarter, which is marking the next stage of project delivery. Due to ongoing poor productivity levels for construction activity, we prioritised the importance to keep the project on track and $160 million in FY27. The increased capital expenditure during FY26 for the mill expansion has been offset by a reduction in the forecast spend for operational readiness related to delay in the spend of the thermal power plant and transmission infrastructure. You'll see in the quarterly report we've also introduced some extra detail regarding Stage 1 and Stage 2 for onsite construction. to the construction of the 27 million tonne per annum plant. Stage 2 refers to the consolidation of a digi-facility which simplifies the processing footprint to a single location efficiency, which supports longer term operating efficiency and cost structure benefits. At Hemi our team continues to optimise the engineering and design of the project while advancing approvals. So our balance sheet remains in a net cash position and our hedge book increase in cash flows going forward. I'd now like to hand over Simon Jessup, our Chief Operating Officer, to discuss our operational highlights.

Thank you, Stu, and good morning. This quarter we delivered a solid operational and financial performance with improving production, stronger cost control and continued investment in the long-term growth across our portfolio. At the Kalgoorlie Production Centre, we sold 210,000 ounces of gold at an all-in sustaining cost of $2,550 an ounce, improving on the December quarter. This was driven by stronger cost efficiency at Casey Gem and a return to normalised performance at the Kalgoorlie operations. Mine operating cash flow was $588 million, generating a net mine cash flow of $156 million after $432 million of growth capital. reflecting both asset strength and continued investment. KC Gem sold 117,000 ounces at an all-in sustaining cost of $2,485 an ounce, supported by higher grades and optimising the available mill feed. Importantly, mining volumes continue to trend towards our annual targets. Open pit material movement is tracking towards 90 million tonnes, and underground production towards 3 million tonnes per hour. Ongoing waste stripping is supporting this progress. At the same time, productivity gains are allowing us to accelerate mining in the higher-grade zones, prioritising margin and cash flow, particularly while the mill throughput remains constrained. At Karasu Dam, open pit mining is expected to conclude in the June quarter, with production transitioning to underground sources and stockpiles. At the Kalgoorlie operations, performance improved with higher grades and the normalisation of underground mining following the earlier H1 disruptions. Turning to our Yandall Production Centre, performance also strengthened. Gold sales increased to 105,000 ounces at an all-in sustaining cost of $3,347 an ounce. with a mine operating cash flow of $177 million and net mine cash flow of $91 million after growth capital. At Jundi, an operational review is underway to reduce costs and improve consistency. During the quarter, we return to conventional oil processing following the remediation works, while a completed power upgrade is expected to support improved mining volumes and grades in the June quarter. At Thunderbox, production was particularly strong, with gold sales plus 26% quarter-on-quarter to 59,000 ounces, driven by higher-grade ore, initial open-pit contributions and improved mill recovery. Turning to Pogo, we saw a step change in performance. Gold sales increased to 66,000 ounces at an all-in-sustaining cost of US$1,529 an ounce. driven by higher grades from optimised stoking in the mining areas. This translated into a mine operating cash flow of US$136 million and a net mine cash flow of US$124 million, highlighting the strength of this asset as a cash generator. Operations continue to perform strongly, with the mine and mill running at an annualised rate of 1.4 million tonnes per annum. Development activity remains robust, establishing new mining fronts and advancing infrastructure to unlock future production, including access to the star ore body, supporting both growth and potential mine life extension. In summary, the March quarter reflects a business delivering improved operational performance, disciplined cost management and positioning itself for stronger, more sustainable returns. I would now like to pass over to Ryan, our Chief Financial Officer, to discuss the financials.