Good morning and thank you for joining us on the call today. With me on the call is Chief Financial Officer Ryan Gurner, Chief Technical Officer Steve McClare, and Acting Chief Operating Officer Jim Coxon, whilst Simon Jessop is out of country.

I'd like to begin with the most significant highlight for the company in the recent period. The Fimiston expansion project is complete.

Commissioning is underway. We plan tie-in and ramp-up to follow in the coming months.

I can't understate how important this milestone is to the business at this time, and I'd like to acknowledge and thank our people and contracting partners who have completed this project on time and to a very high quality over the past 3 years. At KCGM, as the cornerstone asset of Northern Star, now set with production increasing, capital spend decreasing, coupled with a reducing hedge book, all point to significant cash generation in the near term driving increased shareholder returns.

During the June quarter, we sold 433,000 ounces of gold at an all-in sustaining cost of $2,651/oz, contributing to annual gold sales of 1.543 million ounces at an all-in sustaining cost of $2,698/oz. All three production centers generated positive net mine cash flow, delivering more than $1.1 billion for the year.

Pleasingly, operational improvements were evident across the portfolio, with record mining rates at KCGM, stronger milling performance at Jundee, record quarterly sales at Thunderbox, and another outstanding cash flow performance from Pogo. At KCGM, we achieved record mining volumes, with open pit material movement of 88 million tonnes per annum and underground mining of 3.2 million tonnes per annum, both demonstrating the caliber of our owner teams and the intensity of activity growing this premium asset.

We're looking forward to showcasing this operation this Sunday, prior to the Diggers & Dealers conference next week. The June quarter marked an important milestone for Northern Star, with KCGM mill expansion completed and entering commissioning on schedule.

This represents the transition from project delivery to operations, and is a defining step in positioning the business for the next phase of growth. This is a tremendous achievement by our project team over the last 3 years.

Importantly, our operations team have also safely maintained the aged plant to deliver 10.3 million tonnes in FY26, and will be as pleased as anyone to migrate from this aged and unreliable infrastructure to the new processing facility established for future decades of efficient gold production. Reaching the commissioning phase for stage 1 at KCGM is a significant achievement, and stage 2 remains on track for completion in the first half of FY27, creating an integrated processing hub with improved gold recovery and a simpler and cheaper operating model there.

At the remaining Kalgoorlie operations, Carosue Dam transitions to underground mining and processing of stockpiles as open pit activity concludes at Wallbrook. South Kalgoorlie and Kanowna Belle operations consistently deliver and continue to contribute strong cash flow to the group.

The Yandal delivered stronger production at both Jundee and Thunderbox in the quarter, with Jundee now operating at a more optimized mining schedule focused on near-term cash flow generation. I credit both Northern Star team and Byrnecut on the pace at which they have implemented these changes for the benefit of the operation.

At TBI, improved milling throughput at a rate of 6.5 million tonnes per annum and great uplift from Aurelia and Bannockburn delivered 67,000 ounces of gold sold. Pogo operation closed out the year very strong, with June quarter sales of 82,000 ounces, generating mine operating cash flow of US$177 million in the quarter.

Our Alaskan team continues to improve the consistency and quality of this operation, and now with decades of life ahead, Pogo offers significant opportunities to self-fund growth. At Hemi, the project also continues to progress as planned, with managed aquifer recharge trials commencing during the September quarter and final investment decision remaining targeted for late FY27.

During the quarter, the company released its annual mineral resource and ore reserve update as at 31st of March. We delivered 26% growth in resources to 88.9 million ounces at an impressive discovery cost of $23/oz, and delivered a 27% increase in reserves to 28.4 million ounces, underpinning significant mine life.

Importantly, our most significant discovery growth is centered on the large-scale, low-cost assets of KCGM, Pogo, and Hemi. As we've outlined this morning, we intend to provide FY27 group guidance together with our FY26 financial results in August.

For KCGM, ore commissioning during August will provide meaningful operating data from the expanded processing plant. That information will allow us to better assess throughput, recovery, and plant availability, which will be incorporated into establishing FY27 guidance.

Overall, we're entering FY27 from a position of strength. The portfolio continues to generate strong cash flow.

We've successfully transitioned KCGM expansion project into commissioning, and we're focused on delivering a safe and disciplined ramp-up of what will become cornerstone processing hub within our portfolio. I'd like to thank our 10,000 employees and contractors, who, despite the operational challenges faced in FY26, delivered sector-leading safety performance and further underpinned the quality platform that Northern Star is today.

You are the true contributors to value creation. Keep your sense of humor, and thanks very much.

I'll now hand over to Ryan.

Thanks, Stew. Good morning, everyone.

As demonstrated in today's results, Northern Star remains in a strong financial position as we enter FY27. Our portfolio continues to generate significant cash flow while we invest in the next phase of growth across the business.

At 30 June, the company held cash and bullion of $1.2 billion, and importantly we achieved this while continuing to invest in our growth projects and returning capital to shareholders through our on-market share buyback program, with 129 million of shares purchased during the quarter. In addition, we had $1.75 billion of undrawn corporate facilities available at year-end, providing liquidity and flexibility to support our growth objectives.

Our operating assets continued to perform strongly from a cash generation perspective. For FY26, all three production centers generated positive net mine cash flow, contributing approximately $1.2 billion for the year.

As Stew mentioned, Pogo again delivered an outstanding result, generating a record annual net mine cash flow of AUD 609 million, demonstrating the value created through the transformation of the asset over the recent years. The company generated significant cash earnings also during FY26, and we expect the final figure to be in the range of $2.86 to $2.9 billion.

Turning now to the June quarterly cash movements shown on Figure 8, the business generated underlying free cash flow of $206 million during the quarter, supported by improved operational performance across the portfolio. As Stew discussed earlier, the key milestone during the quarter was the commencement of the commissioning of stage 1 at KCGM mill expansion project.

Stage 1 of the project entered commissioning on schedule, marking a significant achievement after more than 3 years of engineering, construction, and execution. During FY26, capital expenditure on the project totaled $713 million, while operational readiness expenditure totaled $322 million, as we prepared the operation for expanded throughput rates.

As we move into FY27, our focus is firmly on safe, disciplined commissioning and ramp-up. The existing processing plant will continue operating through July and August, with tie-in to the expanded processing facilities scheduled for September.

Commissioning will follow a measured approach designed to ensure safe, reliable, and consistent operating performance before progressively ramping up throughput. While our immediate priority is the successful commissioning and ramp-up of KCGM, we continue to progress the next stage of growth at Hemi, where we are focused on advancing permitting, engineering, and project development activities.

During FY26, expenditure totaled $104 million, with final investment decision anticipated late in FY27. The project remains an important component of Northern Star's long-term growth strategy.

Exploration also remained a priority, with FY26 expenditure of $217 million supporting resource growth, as Stew mentioned, and mine life extensions across the portfolio. More broadly, we enter FY27 with a strong balance sheet, a portfolio generating significant cash flow, and a clear pathway to future growth through both KCGM and Hemi.

Thank you. I'll hand back now to Harmony for Q&A.

hi, Stew. Huge milestone with the plant beginning its commissioning.

I guess my question is just how does the following few months sort of track conceptually? Gold production, it sounds like it's from the old plant for July, August.

Then you tie in the new plant. Presumed that's going to be a minimal interruption period or planned to be.

Then you would ramp up using low-grade ores through the first few months to make sure gold doesn't end up in the tailings dam. Is that a fair summation of what you'd expect in the months ahead?

Thanks, Dan. I'll just let Steve McClare give you a picture of that.

Thanks.

Thanks, Daniel. Where we're at at the moment is basically we're ore commissioning from the primary crusher through to the coarse ore stockpile.

We have that coarse ore stockpile with crushed rock on it, and we've been very pleased with the front end of the plant. We're in wet commissioning for the remainder of the plant from the mills right through the tailings thickeners in wet commissioning, and then the tails line post that has already been commissioned and is in full operation.

As we progress, we will work through that wet commissioning. We switch to ore commissioning early next month when we're comfortable, and once we're on ore commissioning of the low-grade material, we will start to produce gold from that area.

Thank you. Whilst prior to Gidji coming on, you're selling gold concentrate, or it'll be a larger proportion of the sales, can you just explain to us what impact that has, if anything, on the financials?

Obviously, you'd have lower realized revenue. Is that significant or not?

Hey, Dan, it's Ryan. Good question.

No, so as you would have seen, we've been selling concentrate material this financial year. I think in the end it was totaling that 75,000 ounces in the financial year, about 30 in this quarter.

Those sales will continue. We've built out that capacity in our business to do that.

The intention is additional concentrate material once the plant, the new circuit is running well, that additional concentrate material, the excess, if you like, will be sold similar to how we're doing it now. Obviously, equally, concentrate will still be going to Gidji, and we'll still be pouring gold bars.

It's more of the same, really. It's just that we'll have more concentrate between the time that Gidji comes back to the footprint at Fim.

We will be selling some additional concentrate on the market. That's right.

Just in terms of your question on revenue and payability, payability is excellent, I'll say. We don't anticipate any derating in revenue or performance on cash flows because we're selling concentrate.

They're good commercial terms. Yeah.

There's no derate of revenue, if you like, on that front.

Thank you. Maybe just a conceptual question on the mine, the feed, expanded capacity at the Super Pit mill.

Is there anything you'd call out on how productivity and ramp-up is going? Is there any frustrations, any unforeseen, any issues accessing Golden Pike?

Thank you.

No, not at all, Dan. You can see by the volumes of the year, 88 million tonne rate for the year of the pit and over 3 million, 3.2 million for the underground growth.

Those are ramping very well. I remind us that the mill expansion was primarily based on the incremental throughput was based on that 140 million tonne stockpile that's there.

Primary ore will be half of the feed of the new plant, from pits and undergrounds, and then the remaining part of the throughput will come from that low-grade stockpile to get that ounce profile. Very pleased with the ramp-ups, very pleased with the commencement of our Northern Star surface mining team with the new excavator, another one coming in in November.

The productivities they're getting out of that fleet in the Ivanhoe cutback is outstanding. Again, great to demonstrate the caliber of the team and the efficiency and productivity they're getting at Super Pit.

We'll showcase some of that on Sunday, a lot of the team will see that firsthand.

Stuart and team, thank you for your perspectives.

Thanks, Dan.

Sorry. Good morning, Stew.

Done on the commissioning. I just wanted to check, you've noted no medium-term guidance is calendar year for KCGM.

Does this mean that we shouldn't rely on the previous targets that were kind of given in August last year, and how do we think about what the mine plan assumes in terms of through the mill this coming FY? I appreciate that you just gave us some comments around the feed grade, but any information would be great.

Thanks, Kate. Look, it's important to wait for that complete picture, and I think we've explained we will provide that with the full year accounts in August.

I'd say just watch this space, and you'll be provided all of those details you require in the next few weeks. Further to Sunday and next week's presentation will be focused as well on KCGM.

There'll be important messages from the group on how the ramp-up, how we see it, and where all those feeds and the grades and all that are coming from to deliver that ounce profile over the coming years.

One-year outlook in August and then medium-term a bit later?

We've spoken in the quarterly to reiterate that medium-term guidance won't be this calendar year. Expect that broader outlook will be ready when we've got that broader picture and support with forwards outlook over a multi-year, near-term guidance for the group.

Thank you. Then we haven't spoken about Hemi since the resource update that we had in May.

We had that grade go from 1.5 to 1.2, and it looks like you've changed the kriging methodology there plus the dilution assumptions. I get that there's more tonnes, but you've got less contained gold, net-net less production, I guess, average.

Just how do we think about that going forward and upside opportunities?

Thanks, Kate. Look, it's one piece of the story, and resource remained sound with good rigor and review of what that resource was going to be, same sort of scale and quality.

We absolutely put some stronger mining factors on the reserve, but fundamentally that's not the final plan either. It's consideration of a published reserve to bring it onto Northern Star's books.

Ultimately, we did the full feasibility inputs into this asset of everything, including the flow sheet, obviously capex, opex, and the ounce profile as we ramp that up. Work is underway with the team to advance that.

I appreciate you saw one piece of information with the resource reserve update. It was important we brought that off the De Grey declared R&R onto Northern Star's books, which underpins our overall R&R.

More details with the FID before the end of next FY or this FY?

Which we've said late FY27 is the target at this stage.

Cool. Thank you, Stew.

Morning, Stew and team. Thanks for your time.

Looking forward to the site visit on Sunday. Can you just remind us, maybe Steve, how long do you expect the tie-in to take?

Then just in terms of when you pull out low-grade feed, where I assume that means just the 0.6 from the stockpiles or a little bit lower for the first few months. Am I in the wrong train there?

No, you're right, Levi. Thanks for the question.

While we go through that ore commissioning early on, there's a number of checks we have to do. These are big mills.

We have warranties, we have guarantees, etc. We go through a stage on-off, stepping up and making sure we're comfortable before we proceed.

We don't want to be putting through that choppy period. We don't want to be putting higher grade material through, because recoveries and everything will be a bit up and down through that period, as you would normally expect in a commissioning of this scale.

The intent is to stabilize the plant before we start to move off of that low-grade material and feed. It's really about testing the reagents and everything else and a live system and tuning it and getting it stable.

The beauty is at the moment is we continue to make gold through the existing circuit. When we are comfortable running the new circuit, we can actually then switch in the Fimiston SAG.

That's the front end, primary crusher, Fimiston SAG mill, and basically it's a pipe connection into the new plant. We do that over a number of days when we're comfortable.

Normally, in that period, that will be sometime in early September.

Right. Thanks for the extra color, Steve.

Yep. Just moving to Jundee, it sounds like you're a bit happier with the way things are going.

Is there still an operational-type review ongoing? Is there a timeline for that?

What's the sort of milestone, I guess, for us? Is it August?

No, so that'll be incorporated and articulated in the group guidance that we provide at the full year accounts, but as I said in my opening remarks, we're very pleased with the actions and the rapid speed at which Northern Star and Byrnecut adjusted to that in the June quarter. They're now working under that plan.

Pleased with how Jundee is positioned, and that'll be provided with the full year outlook.

Great. Thanks, Stew.

Thank you.

Oh, morning, Stew and team. Maybe just picking up on that question on the outlook.

Obviously, appreciate not wanting to give KCGM just given scale of that project and some of the near-term uncertainties, but are you able to provide directional commentary at least across the broader portfolio in terms of production and maybe the moving pieces into next year?

No, I'm not, Hugo. We'll provide all that together with the full year accounts.

It's important that decisions related to KCGM do knock on to decisions with the other operations. Yes, you've isolated and said, "Look, knowledge around KCGM and ramp-up and performance is one element."

How we allocate our resources across the group, focus, start new stuff, there is a contagion kind of knock-on effect in our overall risk profile in that regard. The two do go hand-in-hand.

We can't just isolate the non-KCGM assets and give you some color on that today. Thank you.

Yep, fair enough. Thought I'd try anyway.

Maybe just on Hemi, then. Obviously, the FID targeted late FY27.

Can you just talk us through what, say, critical path is looking like at the moment and the driver of that timeline? Is it still federal permitting, Native Title, is engineering maybe taking a little bit longer, or maybe it's sort of timing around the procurement pieces and the timelines you've been given there?

Just any extra color would be helpful. Thanks.

Thanks, Hugo. I'll just let Jim give you a progress update on Hemi.

Thanks.

Hugo, morning. The project's developing really well.

We're still continuing with the permitting, both federal and state. That's progressing very well.

We're working really well with the Kariyarra RNTC, to work with them about getting on Country and working with them around the managed aquifer recharge trials. That's going to happen in the September quarter.

Things really progressing as planned for now, and obviously, as we talked about, the FID is in late FY27, all progressing pretty well at this stage.

Got it. That's helpful.

Then maybe just last one for Ryan on the hedging piece. Look, you've obviously historically talked to letting the hedge book run its course, but gold prices has pulled back.

Does that potentially create an opportunity to maybe close out some of the smaller hedges in FY28 and bring forward that free cash flow inflection? If you closed out your FY28 hedges, yeah, you'd be less than 12 months away from that free cash flow inflection and the potential re-rate some of your smaller peers have seen.

Thanks, Hugo. Look, we have considered it, and I think the beauty is we can continually consider it.

I'd probably be more inclined to bring forward the nearer-term ones rather than the ones out, because the closer we are to understanding price discovery right now, the near-term ones, you can get some certainty that the price is going to hurt you up or down, obviously. Look, we do talk about it.

We've got our share buyback on, too. I think it's just a balance between those decisions on the additional free cash made, Hugo.

Yeah.

Great. Thanks for perspectives, guys.

Pass it on.

Hi, morning, guys. Thanks for taking the time.

Just one on the underground at KCGM. It's been running pretty consistently around that 3.2 million tonne per annum run rate.

It's clearly not a bottleneck now with the mill expansion, but I guess looking further afield into years for the 27 million tonne per annum run rate, right, you've got the 5 years of stockpiles worth of feed at 153 million tonnes. My question is, I guess, what are we looking at for the ramp-up for the underground here?

Have we still got an aspirational goal in mind to ramp that underground up and therefore provide the mill feed once we're at that 27 million tonne per annum run rate? Thank you.

Thanks, Adam. We've got historic sort of ramp-up to this is, half this 27 million tonne per annum plant is from stockpile, and we said foundation, 12 million, 13 million tonnes of the existing plant would have been primary ore.

That's why we've justified expanding the plant. The blend of whether that's open pit or underground, we've kind of always targeted a growth between 12 million tonnes or so from primary ore.

Whether that's 4 from underground and 8 from open pit or 8 from underground and 4 from open pit, trying to match those two ramp-ups, and as one winds down, and then the remainder of the feed comes from the low-grade stockpile. Year on year on year, we're growing that underground.

If you remember when we acquired KCGM, it only had 1 million tonnes coming from the underground, less than 1 million tonnes coming from Mt Charlotte. We've got that up over 3.2.

We're still developing significant meters there to open up these new production fronts, and ultimately it will be more underground feed than open pit feed in the next sort of 5 to 10 years. That's the approach and plan.

That'll come into the outlook, the broader outlook, but those volumes will grow, and that's what we're investing that front-end development to achieve at the moment.

Thank you. Just one for the timing on the stamp duty.

Thanks for the call-out on De Grey, 200, 250 million. Is there a timing on that?

Adam, it's hard because we don't set the clock and the progress on it. We still think this half, perhaps late this half.

Again, with no conviction, because it's out of our hands around the timing.

Thanks, guys. I'll hand it on.

Hi, Stuart and team. Thanks for taking my question.

Just digging in a little bit more from Levi's question. Just the tie-in, how should we think about that, the timing and the risk there?

Steve has just articulated it's days for the tie-in, and you've got the current plant operating throughout. Then it's days like a normal shutdown to swing the pipe across and tie it all in.

You're not having a massive hiatus of downtime across the whole operation. You've got two plants operating, and then you basically tie in and you're back to the primary plant.

The important aspects there on gold production is that there's rock going through at the moment without gold. There'll be rock with limited gold, and then there'll be a ramp-up phase through September quarter.

Across the whole group, as we always do, September quarter is a soft quarter because of the planned shutdowns across all of our operations to do those relines, and then you've got the magnification of KCGM basically being fed on low grade and ramping through that commissioning phase. They all affect the throughput and the gold production for September quarter.

It'll be the softest quarter for the year, and fundamentally, people need to understand and prepare for that. It ramps up from that point.

The tie-in itself, it's not weeks and months. It's shifts and days.

Then that just moves away from the construction commissioning risk and starts to really allow us to refine and optimize the plant.

Thanks. Just maybe digging into the grade.

I don't know how much detail you can give us there. Sounds like 0.6, but will it ramp up, and will it be for the full first half?

Just maybe some more detail there would be great.

The detail will have to come with the full year guidance, but I guess what we're explaining to people is how we commission a plant, you don't want to be throwing gold out the back. While we're trying to get stability and mechanical things operating, we're throwing rock through and getting all those things, the flows and everything, the densities, all those things right without the concern of the metallurgical recovery of the most valuable product we're mining.

That's sensible. That's how everyone commissions a plant.

As we get comfort that those are stable, we start to introduce some of the lower grade feeds, and then fundamentally we start to move to the primary blend. In the meantime, the existing plant is operating.

The existing Fimiston and Charlotte circuits are operating, and last year they just achieved 10.2 million tonnes. That's operating.

In parallel, this ramp-up and commissioning is occurring, and at the right time, when Steve and the team are confident, they'll tie it in. You can always undo it later, but our intention is we're confident we tie it in.

Then we start to bring the primary feed and start to produce gold bars from that plant. It will be better than the old plant, and it will improve and improve and improve by weeks and months and quarters.

Okay. Thanks, Stew.

That's some good color. Pass it on.

Oh, thank you. Good morning, Stew and team.

Acknowledging once again that you haven't issued guidance for KCGM, but you'll have a number of people on site this Sunday, and I'm sure you've had a chance to prepare the materials ahead of the site visit, but obviously not everybody on the call will be able to make it out to Kal. I'm just interested in what are the key messages that you're intending to convey at site this weekend?

Thanks,

Steve. Friday Steve is going to do the presentation as well for Diggers.

Yeah. What we're going to see in Kal is a plant in active commissioning, Ben.

In terms of, you've just heard in terms of the underground feed and everything, the underground will work its way up to being one of four ore sources, and that ore sourcing derisks the site. We'll see the mill tour, you'll see the open pit, you'll see the underground and how it all fits together.

This is all part of a journey of a new, simpler, cheaper processing plant, has lower electricity inputs in time, and it basically has multiple sources of ore and derisking. Going away from any event in the open pit stopping us, we start to move into that future phase of far more robust production.

In terms of the infrastructure, what you actually see is our tailings dams have been part of this build as well, and something we don't often speak of, but that's fully permitted, licensed, ready to go at Fimiston 3, and that gives us a diversity of sources as well as the existing dams, etc. You won't see much on terms of other stuff in terms of the renewables, power stations, stuff like that, but they are in the very final stages, and we're going into that in this financial year.

From other areas, I think you'll be very surprised with the performance in the southern end of the pit. A lot of movement up there.

We're really starting to work that material, work those longer-term plans, very encouraging.

Thanks, Steve. I guess just tying back to Adam Baker's earlier question about the underground ramp-up, it sounds like we're probably stepping away from that aspirational 8 million tonne underground, which was always going to be a huge concept, and I think we've previously talked about a 500,000 tonne annual sort of step-up on the journey to get to that level of underground ore extraction.

No, if anything, I reinforce that that is the plan. It's 12 million primary tonnes, whether it's 4 from the underground and 8 from the pit in the near term.

It'll move towards 8 from the underground and 4 from the pit, and the remaining fill for the mill will come from the large, low-grade stockpile that is over 3 million ounces in stockpile. Absolutely, the future of this asset for decades to come is multiple large underground sources.

No, we've not stepped away from that whatsoever.

Cool. Thanks for clarifying, Stew.

Maybe a second question's just on the approach from the high-profile activist investor. I guess you've had some time to reflect upon that campaign now, and I assume there's been some direct engagement there, but just wondering again at a high level whether it's had any material influence on the business strategy and your thoughts around portfolio optimization.

Thanks.

Thanks, Ben. Thanks for question.

Look, yeah, the board's engaged Elliott and continues to engage Elliott constructively, just like all of our shareholders. That's a matter for the board, not management.

We don't really have any further comments to make on the matter this morning.

Cool. Thanks, Ryan.

Thanks for taking my questions.

Hi. Good morning, Stew and team.

I just wanted to follow up on the Hemi comments, because I think we're still sort of scratching our heads a bit here. Especially the comment that it's progressing to schedule.

How does that square that it just keeps appear to be slipping? Perhaps to answer it another way, my understanding was that there was circa 6 months of engineering ahead of the project and then a 2.5-year build.

When we hope to get to FID late '27, how much of that engineering is likely to be left? On your current plans, do you still see it as a 2 to 2.5-year build?

Thanks, David. I guess there's parts that are out of our control, including the approvals.

They are progressing. There's no showstoppers in that, but it is the process we need to go through, and largely those things are out of our control.

Jim highlighted we're very pleased with engagements and progress we're making on this water injection trial and the relationship with Kariyarra and the corporation there. Really, this engineering period is to advance it to much higher accuracy to ensure that the board can make FID by the end of FY27 with really detailed accuracy on it.

All of that engineering carries ahead. You'll see the expenditure that's been occurring to date and will continue is for the aim of narrowing in what that flow sheet is, what the engineering costs are going to be, and the commitments to enable our board to make an educated, informed, returns-based decision on FID.

All of those things would normally happen. We're utilizing the time effectively to get that accuracy.

Some of this delay is really outside of the control of the company, and we're in the process of the approvals trying.

Most of the engineering will be complete, you expect, by FID? Then we should go back to that previous sort of rough guidance that at FID it should be circa 2 to 2.5 years.

Is that reasonable? Oh,

if it's the same build flow sheet, accurately, to gold bars from that point, we may actually be advanced on some of the timing of the 2.5 years that had some of the engineering continuing, but it should not be longer.

Okay. Brilliant.

Thank you, I'll pass it on.

Sorry, I'm on mute again. Thanks for taking my follow-up.

Maybe a question for Ryan. Just on the capex for June quarter, it was probably 100 mil below consensus expectations for the quarter.

Is there anything to call out there or anything that we should think about as being a catch-up for next year or anything like timing flicks?

Thanks, Kate. You're talking about sustaining capital just generally or— Oh,

sorry, the growth capex.

The growth capex?

Circa 577 mil

versus

consensus at 600.

Obviously it's related to probably the mill expansion and all the readiness stuff. There's probably a bit of activity there.

From a just capex perspective generally, if you took at sustaining, there's some additional capital done at Pogo, because it's summer and they can do the things they need to do, and there probably is a bit of a catch-up from a full year perspective, you could say. We're still obviously looking across on the tables there on page I think it's 3, you can see where we're under across the board on capex for the full year, both growth and sustaining, which if you can recall, we originally guided at that 750 million amount.

We have had discretion on capital this year. As you mentioned, we had been a challenging year, we've been, yeah, we've been discreet there.

There probably is a bit of catch-up in the final part of the year, Kate, is probably a good lens.

Okay. Thanks, Ryan.

Thank you, Harmony. We've been presenting Northern Star now for 50 quarters.

Thanks for joining us on the call. We look forward to speaking to you again when we reported our full year results next month.

Thanks for joining us. Cheers.