Hemi Inclusion Highlighted in Annual Reserve and Resource Update

Research evidence excerpt

Hemi Inclusion Highlighted in Annual Reserve and Resource Update

assumption for reserves to CFPS 2.53 2.20↑ 4.35↓ 4.19↓

A$2,900/oz (previously A$2,250/oz) at its Australian Operations and $1,900/oz Gold Prod (koz) 1,618 1,521 1,742↓ 1,864↓

(previously $1,725/oz) at its US operations. Additionally, for M&I inventory, NST updated Consensus Estimates

their gold price assumption to A$3,700/oz (previously A$3,000/oz) at their Australian 2025A 2026E 2027E 2028E

Operations and $2,600/oz (previously $2,000/oz) at their US operations.

EPS 1.23 2.13 2.72

Hemi. Within the release, management provided its first Reserve and Resource

Valuation

estimate for the Hemi Operations. This estimate included updates such as aligning

2025A 2026E 2027E 2028Ethe project with NST's internal standards, new drilling, domain changes and revised

estimation methodology, resulting in reserves decreasing to 5.5Moz (previously 6Moz) P/E 19.5x 16.1x 8.6x 7.3x

and M&I inventory remaining consistent at ~8Moz. In addition to the updated estimates, P/CFPS 9.4x 9.0x 4.6x 4.7x

management has reiterated that an FID is subject to final permitting and approvals, but EV/EBITDA 9.9x 7.0x 3.8x 3.2x

is now anticipating the FID to occur in H2/FY27 (previously FY27).

Semi-Annual EPS H1 H2

Elliott Investment. Last week, Elliott disclosed that it had built a A$1Bn stake in NST, 2025A 0.45 0.73

noting significant upside due to recent underperformance. Elliott has proposed that NST

2026E 0.53a 0.70execute a strategic review and a turnaround strategy, including hiring a world class CEO,

conducting an operational review and improving investor communication. This aligns 2027E 0.98 1.32

with our investment thesis and Outperform rating. 2028E 1.40 1.33

Key Changes

Estimates 2H / 26E 2026E 2027E

Revenue 4,752 8,194 12,115