Cost Guidance Update

• FY26 AISC guidance revised to A$2,600-2,800/oz, up from A$2,300-2,700/oz
• Driven by lower gold sales and higher royalties from elevated gold prices
• FY26 sustaining capital guidance of ~A$750 million remains unchanged

Northern Star Resources Ltd (ASX: NST) has provided an update on its FY26 AISC guidance, following the Operational Update released on 2 January 2026. The company had previously revised its FY26 Group production guidance to 1,600-1,700koz, from 1,700-1,850koz, as a result of lower gold sales across each of the three production centres in the December quarter. Northern Star now has more information available to form a reasonably certain view of the impact on its annual cost guidance and materiality. FY26 AISC guidance has been revised to A$2,600-2,800/oz, up from A$2,300-2,700/oz, driven predominantly by lower gold sales and higher royalties from elevated gold prices (additional ~A$40/oz higher vs initial forecast). FY26 sustaining capital guidance of ~A$750 million remains unchanged, corresponding to ~A$450/oz (vs previous A$420/oz). The company will release its December quarterly results on Thursday, 22 January 2026.

FY26 AISC guidance revised to A$2,600-2,800/oz, up from A$2,300-2,700/oz, driven by lower gold sales and higher royalties from elevated gold prices. FY26 sustaining capital guidance of ~A$750 million remains unchanged.