Northern Star Resources: MROR: outlook still (De)Grey. FY27 guidance next de-risk.

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Northern Star Resources: MROR: outlook still (De)Grey. FY27 guidance next de-risk.

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Northern Star Resources

MROR: outlook still (De)Grey. FY27

guidance next de-risk.

Reiterate Rating: BUY | PO: 26.70 AUD | Price: 21.71 AUD

Grades nudge down across but disclosures are up 04 June 2026

Ex-Hemi gold resources are up 5Moz (7%) while reserves lift +0.5Moz (5%) yoy. Hemi i) Equity

FID now expected in 2HFY27 and ii) reserve grade now 1.2g/t Au from 1.54g/t Au. Gold

prices: resources +A$700/z to A$3700/oz, reserves +A$650/oz to A$2900/oz noting

Key ChangesNST has also pushed through higher costs. See Exhibit 1 and Exhibit 2 for ASX peer

group. Pogo posts 5th annual grade trim; trade-off between mining efficiency and (A$) Previous Current

grades=needs to push 1.3Mtpa mill. Other: Improved disclosures by deposit=positive. Price Obj. 27.50 26.70

Hemi ‘interim’ reserve: our production is down 2027E EPS 2.23 2.20

2028E EPS 2.19 2.17

The key revision was Hemi with grades now 0.3g/t Au lower at 1.2g/t Au vs the prior

2027E EBITDA (m) 6,418.7 6,362.0

DEG reserve. NST has included dilution of 3-23% vs prior owners at 0%. Resources

2028E EBITDA (m) 6,412.0 6,364.6

move from Measured under DEG to Indicated. NST has called out ‘more work to do’ on

the +5yr timeframe with technical work underway to optimise the mine plan and

Kate McCutcheon >>

mitigate dilution impacts i.e. NST expects subsequent updates to claw back on grade. Research Analyst

For now, we model 80% of indicated with higher grades in years 1-5 but our NAV is Merrill Lynch (Australia) +61 2 9226 5728

down ~35% to A$2.3bn (US$3000/oz real) or A$6.4bn on spot; and production moves to kate.mccutcheon@bofa.com

~350kozpa. Underground (inferred resources only) upside to our estimates. Elaine Faddis >>