Northern Star Resources : 2025 Tax Transparency Statement (fy25 tax transparency statement)

2025 Tax

Transparency Statement

Letter from the

Chief Financial Officer

Dear Stakeholder

At Northern Star Resources Ltd (Northern Star or the Company), we recognise that responsible tax behaviour is a fundamental part of good corporate governance and sustainable business practices. We are committed to operating with integrity, transparency, and accountability in all areas of our business, including our approach to taxation.

As part of this commitment, I am pleased to present the Company's Voluntary Tax Transparency Statement for the financial year ended 30

June 2025. This statement has been prepared in accordance with the recommendations of the Voluntary Tax Transparency Code issued by the Australian Board of Taxation. It provides clear insights into our tax

strategy, governance framework, and the economic contribution we make in the jurisdictions in which we operate.

This statement reflects our ongoing efforts to be transparent with our stakeholders about our tax affairs.

It outlines our approach to managing tax risk, engaging with tax authorities, and fulfilling our tax obligations in a fair and responsible manner.

We believe that tax transparency not only builds trust with our stakeholders but also supports the broader objective of strengthening public confidence in the corporate sector.

Should you require further information or clarification on any aspect of

this report, we welcome your engagement.

Sincerely

Ryan Gurner

Chief Financial Officer

Northern Star Resources Ltd 2

2025 Tax Transparency Statement

Introduction

Northern Star Resources Ltd (Northern Star or the Company) (ASX: NST) is a global-scale Australian gold producer with world-class projects located in highly prospective and low sovereign risk regions of Australia and North America.

As an ASX-listed Company, Northern Star is subject to, and conducts our business in accordance with the ASX Listing Rules and the laws and regulatory requirements of Australia. The Board and management are committed to the highest standards including compliance with the ASX Corporate Governance Council's "Corporate Governance Principles and Recommendations". Northern Star's sustainability framework aims to promote transparency and responsible behaviour. To ensure transparency with our stakeholders, Northern Star publishes this Tax Transparency Statement (the Statement). The Statement includes information recommended to be disclosed under Australia's Voluntary Tax Transparency Code (VTTC).

Voluntary Tax Transparency Code (VTTC)

The VTTC is a set of principles and minimum standards developed by the Board of Taxation to guide businesses in relation to the public disclosure of tax information.

The VTTC was designed to encourage transparency and enhance the community's understanding of the corporate sector's compliance with Australia's taxation laws. Northern Star proudly publishes this Statement in seeking to comply with the VTTC. This Statement is to be read in conjunction with the tax disclosures in the Company's 2025 Annual Report. As recommended by the VTTC, this Statement also provides:

• a reconciliation of accounting profit to tax expense and to income tax payable;

• material temporary and non-temporary differences;

• effective tax rates for our Australian and foreign operations;

• a summary of tax contributions for Australian taxes paid;

• our approach to tax strategy and governance; and

• information about our international related party dealings.

  Financial and Tax Reporting

  For accounting purposes, Northern Star prepares consolidated Financial Statements which include the Company's global operations. For the year ended 30 June 2025, Northern Star reported a global accounting profit after tax of A$1,339.7M (2024: A$638.5M). Income tax expense attributable to the Company's global profit was A$612.5M (2024: A$288.9M).

  For tax purposes, Northern Star separately reports and pays:

• Australian income tax for the Company's Australian operations; and

• US income taxes for the Company's US operations (Pogo).

  As the VTTC relates to Australian taxation, this Statement largely refers to the Company's Australian obligations. For the year ended 30 June 2025, the Company's Australian operations contributed an accounting profit after tax of A$1,061.4M (2024: A$513.2M) towards the Company's global profit. Income tax expense attributable to the Company's Australian profit was A$458.4M (2024: A$220.9M).

  Northern Star Resources Ltd 3

  
  
  

  Reconciliation of Accounting Profit to Tax Expense

  Income tax expense, reported on the Company's income statement, is calculated by multiplying accounting profit, adjusted for non-temporary differences, by the Australian corporate tax rate (2025: 30%). A reconciliation of Northern Star's Australian accounting profit to Australian income tax expense is provided below:

  Income Tax Expense	2025 A$M	2024 A$M
  Accounting Profit Before Tax	1,519.8	734.1
  Income Tax at the statutory rate of 30%	(455.9)	(220.2)
  Non-temporary differences (current period)	1.0	(0.7)
  Non-temporary differences (prior period)	1.5	-
  Income Tax Expense	(458.4)	(220.9)

  Reconciliation of Accounting Profit to Tax Payable

  Income tax payable, represents the income tax paid (or payable) to the Australian Tax Office (ATO) for the income year. Income tax payable is reported by the Company in the:

• Balance sheet, as a provision for income tax to be paid after the financial year end. This balancing payment (or refund) represents the difference between income tax payable for the year, less any payments made during the year; and

• Income statement, to the extent income tax expense relates to tax payable for the current year.

A reconciliation of Northern Star's Australian accounting profit to income tax payable is provided below:

Australian Income Tax Payable		2025 A$M	2024 A$M
Opening (Provision for Income Tax)		(19.0)	-
Prior Periods	Cash Tax Payments	7.7	-
	Current Tax Expense Adjustment	16.5	-
	(Provision for Income Tax) / Receivable	5.2	-
Current Period	Accounting Profit Before Tax	1,519.8	734.1
	Income Tax Expense	(458.4)	(220.9)
	Deferred Tax Expense	140.9	201.8
	(Current Tax Expense)	(317.5)	(19.0)
	Cash Tax Payments	29.3	-
(Income Tax Payable)		(283.0)	(19.0)

4

Northern Star Resources Ltd

Identification of Temporary and Non-temporary Differences

A summary of temporary and non-temporary differences for the year are provided below:

Difference	Description	Difference A$M	Tax A$M	Tax Effect
Accounting Profit Before Tax		1,519.8	(455.9)	Income Tax Expense
Non-temporary	Non-deductible expenses	1.0	(0.3)	Increase Taxable Income & Tax Expense
Temporary	Other	25.7	(7.7)	Increase Taxable Income (increase DTA)
	Provisions & Accruals	28.8	(8.6)	Increase Taxable Income (increase DTA)
	Property, Plant & Equipment	60.2	(18.0)	Increase Taxable Income (reduce DTL)
	Inventory	(9.0)	2.7	Reduce Taxable Income (increase DTL)
	Share-based Payments	(12.5)	3.8	Reduce Taxable Income (reduce DTA)
	Tax Losses	(37.4)	11.2	Reduce Taxable Income (reduce DTA)
	Exploration Expenditure	(218.8)	65.6	Reduce Taxable Income (increase DTL)
	Mine Properties	(299.0)	89.7	Reduce Taxable Income (increase DTL)
Taxable Income & Current Tax Expense		1,058.8	(317.5)	Provision For Income Tax

The amounts in the tables above are subject to the preparation and lodgment of the Company's 30 June 2025 Income Tax Return.

Figure 1 Temporary and Non-temporary Differences

A$2,000M

Key: Taxable Income

Adjustment

A$1,520.8M

A$1,546.5M

A$1,575.3M

A$1,635.5M

A$1,626.5M A$1,614.0M

A$1,576.6M

A$1,357.8M

A$1,500M

A$1,000M

A$1,058.8M

A$500M

A$0

(A$500M)

A$1.0M A$25.7M A$28.8M A$60.2M

(A$9.0M) (A$12.5M) (A$37.4M)

(A$218.8M)

(A$299.0M)

Non-deductible Expenses

Other

Provisions & Accruals

PPE

Inventory

Share-based Payments

Tax Losses

Exploration Expenditure

Mine Properties

Effective Tax Rates for Australian and Foreign Operations

The Company's effective tax rate is calculated as income tax expense (for accounting purposes which includes current and deferred taxes) divided by accounting profit before tax. Australia's corporate tax rate is 30% of taxable income and the effective tax rate will differ to the extent of non-temporary differences.

Effective Tax Rate	Australian	Foreign	Group
Accounting Profit Before Tax	1,519.8	432.5	1,952.4
Income Tax Expense	458.4	153.1	612.5
Net Profit After Tax	1,061.4	279.5	1,339.8
Effective Tax Rate	30.16%	35.39%	31.37%

5

Northern Star Resources Ltd