Northern Star Resources Ltd Investor Briefing Transcript

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

Question: Daniel Morgan - Barrenjoey Markets Pty Limited, Research Division - Analyst : Hi, Stuart and Tim. Now that you have confirmed you're definitely doing the mill, are you now going to undertake a resource optimization process on the current resources and restate reserves with the $7 a ton lower milling cost. Has that been enacted? Or is that to come?

Question: Daniel Morgan - Barrenjoey Markets Pty Limited, Research Division - Analyst : And conceptually, you talk about 4 million to 8 million tonnes per annum of ore sources coming from underground. Can you just expand on that a little bit more where that might come from? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 22, 2023 / 1:00AM, NST.AX - Northern Star Resources Ltd Investor Briefing

Question: Daniel Morgan - Barrenjoey Markets Pty Limited, Research Division - Analyst : Okay. And just on Slide 18, you've given some throughput run rates that you expect -- can I get some clarity on those the total throughputs on average through the year? Or does it build to that, i.e., the 23 million tons you've outlined for FY '27. Is that running by the end of FY '27, or do you expect to mill 23 million tonnes in 2027?

Question: Levi Spry - UBS Investment Bank, Research Division - Analyst : Thanks for the call, Stu and Steve. Maybe just expanding a little bit on the feed sources. Thanks for the spelling that out with the underground. But can you just sort of tie that into, I guess, the capital number and exactly would that pie chart there, exactly what it is in here. So it sounds like more capital for the underground is a long way away, but what else needs to be done, I guess, for the mining over that runway to '29. Steven McClare Levi, it's Steve here. The $1.5 billion is the project scope. And so it's basically the circle around the processing facility with the plant as it sits. There is associated open pit and underground costs. The financials you see here have incorporated those costs, and they are in that model that gives the 19% return and they have been based on conventional as is expansion, not step change, not new, not modern. And that's the next phase of our work.

Question: Levi Spry - UBS Investment Bank, Research Division - Analyst : Just last one, I'll squeeze one in. So you mentioned recovery. Is there anything you can call out there? What gives us a couple of percent or... Steven McClare It's 1.2% difference.

Question: Alexander Barkley - RBC Capital Markets, Research Division - Analyst : Just a question on that study input grade, 1.3 grams per tonne. I presume you've sort of just picked that because it's the current reserve. But everything outside the stockpiles would be in your reserve is higher than that. So do you see that as perhaps being conservative as you eventually convert a bit more of the resources. So that grade per annum could go up. And then I guess, conversely, if you're a little bit stockpile heavy early at 27 million tonnes per annum, you might be operating a little bit below that 900 rate. Is that a fair way to think about the production profile?

Question: Alexander Barkley - RBC Capital Markets, Research Division - Analyst : Yes. Sure. That is quite helpful and sort of speaks to where some of that more material might come from. Just one other question, a follow-on from something earlier. I think you mentioned that 1.5 million CapEx could well include all the mining required to fill the expansion. So is that including any Fimiston underground that you'd need because that's going to be a fairly large operation or is that additional?