Significant Gold Resource Upgrade and Maiden Reserves Declared at Red Hill - Seite 2

• 58% mineral resource increase in total ounces to an Inferred mineral resource ⁽³⁾ of 1.9 Moz Au (49.9Mt @ 1.2g/t Au), which represents an overall increase in both tonnage and average grade over the March 2023 estimate of 1.2 Moz Au (32.4Mt @ 1.1g/t Au).
• A maiden reserve declared of 0.6 Moz Au (15.9Mt @ 1.1g/t Au) enabled by recent exploration drilling, which increased confidence in the geological and grade continuity.
• Northern Star stated that planned FY25 drilling will focus on the Inferred resource to further increase geological confidence across the mineral resource.
• Significant Red Hill drill results reported included:
  • RHDD23069 - 136.0m @ 1.8g/t Au
  • RHDD23072 - 83.0m @ 2.3g/t Au
  • RHDD23076 - 226.8m @ 0.9g/t Au
  • RHDD23085 - 33.0m @ 2.5g/t Au and 135.9m @ 1.1g/t Au

In the same announcement, the following commentary and detailed mining assumptions were included in Appendix C Table 1:

• Reporting of Exploration Results and Estimation of Mineral Resources :
  • "Further drilling will continue to test the current resource area for bulk potential below the Red Hill pit during FY2024 and F2025."
  • "The mineral resource estimate has been reported at a 0.5g/t cut-off grade within a pit shell optimised at an AUD$2,500/oz gold price."
    • Lower than current gold prices of AUD$3,570/oz as of May 1, 2024
• Estimation and Reporting of Ore Reserves :
  • "A minimum Pre-Feasibility level study is completed prior to converting an ore zone into ore Reserve."
  • "The selected mining method for the Red Hill deposit is a bench mining open pit method, mined using conventional open pit mining methods (drill, blast, load and haul) utilising 250t class excavators and 180t trucks."
  • "Ore from the project will be processed through the Fimiston Processing Plant at the KCGM operation, hence no processing infrastructure is required."
  • "Agreements are in place and are current with all key stakeholders including traditional landowner claimants."
  • "All required Environmental Studies and Statutory Government Approvals including works approvals and clearing permit are ongoing. A Mining Proposal and Mine Closure Plan will be submitted at later stage in appropriate manner for the operation to recommence."
  • "Reserves were estimated using a gold price of AUD$2,000/oz per Northern Star corporate guidance."

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