• Targeting 20% ROCE in medium term through organic growth projects
• Strengthening balance sheet with net cash position of A$1B
• Investing in major projects like KCGM expansion and Hemi development
• Increasing spot gold price exposure to 100% by FY29

Northern Star Resources Ltd presented an investor update at the Mining Forum Americas, outlining its strategic priorities and key growth initiatives. The company is targeting a 20% return on capital employed (ROCE) in the medium term, driven by organic growth projects such as the KCGM mill expansion and optimization at the Pogo operation. Northern Star has a strong balance sheet with a net cash position of A$1 billion, supporting its investment in major projects to enhance the quality of its portfolio. The company is also focused on increasing its spot gold price exposure, aiming to reach 100% by FY29. Key growth projects include the KCGM mill expansion, which is expected to increase production to 850-900koz per annum by FY29, and the Hemi development project, which is currently undergoing the approvals process. Northern Star is committed to disciplined capital management, having completed a A$300 million share buyback program and maintaining a consistent dividend policy. The company's exploration efforts have also added significant Mineral Resources, providing a long-term production pipeline. Overall, Northern Star is positioning itself as a leading global gold producer through strategic investments, operational excellence, and a focus on shareholder returns.

Northern Star is targeting KCGM production of 850-900koz per annum by FY29 and Pogo to deliver an average of ~300koz per annum in the near term.

Northern Star is focused on driving profitability and delivering superior returns for shareholders through operational effectiveness, exploration, and active portfolio management. The company is investing in long-life, low-cost assets to sustain its ~2Moz high-margin production profile.