Full Year 2025 Northern Star Resources Ltd Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Mitch Ryan - Jefferies LLC - Analyst : Morning, Stu and team. Thanks for taking my call. During the period, you completed a $300 million buyback. Just can you talk to the Board's decision not to renew that at this point in time? And how does that interact with the fact that you're the franking on the dividend over last the next 12 months?

Question: Mitch Ryan - Jefferies LLC - Analyst : Okay. That's it for me. Thank you.

Question: Kate McCutcheon - Citi Infrastructure Investments LLC - Analyst : Hi, good morning, Stu and Ryan. If I can start with the production question, and then I do have a financial question for Ryan. So thank you for the updated Yandal medium-term outlook earlier in the month. I guess, in February, we still had the 600,000 ounce expectation for that hub versus the 500,000 to 550,000 now. What were the key catalysts for that change or what is different now? Thank you.

Question: Kate McCutcheon - Citi Infrastructure Investments LLC - Analyst : Okay. That is crystal clear. Thank you, Stu. And then for Ryan, you've guided the cash tax of $700 million to $835 million in the quarterly, you noted that you may be eligible to use De Grey's tax losses, which I think were about $440 million but growth, but correct me if I'm wrong, but that needed to be confirmed post implementation. The deal is being implemented. So when do you expect to have clarity over those tax losses? And then secondly, can I just confirm when you expect to be able to start to amortize that 50% of the tax depreciable value for De Grey?

Question: Kate McCutcheon - Citi Infrastructure Investments LLC - Analyst : Okay. Cool. And sorry, those De Grey tax losses, you can use them this year or not?

Question: Kate McCutcheon - Citi Infrastructure Investments LLC - Analyst : Okay, that's clear. Thank you, Stu. Thank you, Ryan.

Question: Daniel Morgan - Barrenjoey Markets Pty Ltd - Analyst : Hi, Stu and Ryan and team. I guess the question is more directed to Ryan as it's a financial one. Just on the cash tax guidance you've paid, I mean there's a range that's been given. Can you just talk about some of those assumptions that might be embedded in that range? And I presume that it's going to be at roughly current gold and currency assumptions?

Question: Daniel Morgan - Barrenjoey Markets Pty Ltd - Analyst : Yeah. Thank you so much. That's all my questions. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 20, 2025 / 11:00PM, NST.AX - Full Year 2025 Northern Star Resources Ltd Earnings Call

Question: Matthew Frydman - MST Financial - Analyst : Sure. Thanks. Good morning, Stu and Ryan. A couple from me. Firstly, Stu, apologies if you probably get asked this on every call, but can you give us an update on your expectations around Hemi, the process there, in particular, any kind of dates or expectations around the state and federal approval process that you're expecting over FY26? And also any dates we should be thinking about in terms of your next study update. Thanks.

Question: Matthew Frydman - MST Financial - Analyst : Okay. I understand. Thanks for that, Stu. And then maybe pivoting over to KCGM and obviously, some great detail provided in the site visit presentation earlier this month. I'm interested in the regional and, I suppose, satellite deposit opportunities, in particular, you called out Red Hill and Hercules. Can I just understand the four-year production profile that you've given at KCGM, the 10 years at 900,000 ounces, is any of that dependent on bringing some of those regional and satellite opportunities into the mix? And if so, how do you think about sort of timing of capital and quite some of capital on those projects and where they fit in. Thanks.

Question: Matthew Frydman - MST Financial - Analyst : Yeah. Okay. Understood. So hypothetically, potentially something like a Red Hill or a Hercules could come in at a higher grade than the stockpiles, then it would obviously displace lower-grade material and potentially provide upside to that 900,000 ounce production profile. But obviously, at a capital cost and an operating cost. Is that how you think about it?

Question: Matthew Frydman - MST Financial - Analyst : Got it. Thank you, Stu.