Northern Star Resources Ltd Annual Shareholders Meeting Transcript

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

Question: David Brooke - Australian Shareholders' Association - Analyst : David Brooke, representing the Australian Shareholders' Association with 72 shareholders and I think about 381,000 votes. Further questions, can I take that one as read or not to -- not repeat that?

Question: David Brooke - Australian Shareholders' Association - Analyst : Thank you, Michael. Congratulations, first of all, on a successful year. There's a worrying trend, which I have though, and that is that for two years running, the production has only just been achieved within guidance. And I notice that the incentives are balanced towards production but all-in sustaining costs had to be revised in April of this year. What is the company doing to address this trend in the future? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 20, 2024 / 4:30AM, NST.AX - Northern Star Resources Ltd Annual Shareholders Meeting

Question: David Brooke - Australian Shareholders' Association - Analyst : David Brooke, ASA. I had three questions, but I think you answered one of them, Michael, so I won't ask that one. But I know now that you've moved to the TSX, which is a third-party peer group, which we welcome because it's outside of your control to do that parameter, so that's good. But, you achieved 47.7% this last year against the old peer group, couple of peer groups.

Question: David Brooke - Australian Shareholders' Association - Analyst : One half, it was on the TSX, correct. But the other half has now been dropped. And you got 47.7% against that, which was broadcast there. I'm worried, I think you are between the potential duplication, but we're going -- we're moving on from where we are. But in absolute shareholder returns, you only achieved 10.3%. Do you not feel that there's a prospect of having that within --? I'm not saying you should decline that, but we would like to see somewhat of a component for absolute shareholder returns.

Question: David Brooke - Australian Shareholders' Association - Analyst : Okay. My second question was, in 2022, you had a water component within the environment issue. I hope that now you're focusing entirely on emissions within that category. I'm not saying that emissions aren't important, but I like to see that water component come back. I wonder if there are any plans to do that or whether you think the problem has been fixed.

Question: David Brooke - Australian Shareholders' Association - Analyst : Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 20, 2024 / 4:30AM, NST.AX - Northern Star Resources Ltd Annual Shareholders Meeting

Question: David Brooke - Australian Shareholders' Association - Analyst : Michael, I'm a regular. With John, John has now come into the company and the other John left the company in end of the year, financial year. And John Fitzgerald served well with the company but has indicated previously that this might be his last term. I noticed that John is on -- is allocated now to two committees.

Question: David Brooke - Australian Shareholders' Association - Analyst : This Michael here is now allocated to two committees, which is the People and Culture, and Nominations committee. Are there any roles which you think that Michael may actually be fulfilling later or is that not identified right now?

Question: David Brooke - Australian Shareholders' Association - Analyst : Thank you, Michael.

Question: David Brooke - Australian Shareholders' Association - Analyst : So Sharon seems to be extremely well qualified for the Board and is obviously a very valuable member on the Board. However, she does carry a very heavy workload, not three directorships outside of the Board, and I believe four or five committees, I think. How do you propose to manage that heavy workload? You must be really efficient.

Question: David Brooke - Australian Shareholders' Association - Analyst : David Brooke again, you had some impressive increases in resources and reserves after -- sorry, is that all right? After depletion, there's some impressive results. There were three components to that result. And one of them, of course, is exploration, which is what we want to see. Another part is M&A, and the more worrying part to us is reduction in cut-off rates because of the reduction in because of the increase of the gold price. Is it possible to get some sort of break out of this? Because from assessing what the company is doing performance-wise, it's quite important to know how effective your exploration team is, and those other components have little to do with that. Would it be -- to request that in the future?

Question: David Brooke - Australian Shareholders' Association - Analyst : With respect to you, I don't think you've answered my question.

Question: David Brooke - Australian Shareholders' Association - Analyst : Maybe you're not going to answer my question.

Question: David Brooke - Australian Shareholders' Association - Analyst : The question, essentially, is I don't deny the legacy of all you've just said. It's just, I want to know, I'd like to know the effectiveness of your exploration team. The other components, whilst being very valid, and I don't deny them, don't really reflect the skills of your team.