Who Are the Core Customers of Northern Star Company?

Major refineries such as the Perth Mint and North American specialized refiners are the most critical buyers of doré and dore-derived bars; they convert Northern Star's output into investment-grade bullion for markets worldwide, underpinning steady offtake agreements.

Bullion banks and market makers buy allocated and unallocated metal for trading and vaulting services; they value Northern Star's 2,000,000 ounce annual production target and low sovereign-risk supply profile for liquidity and hedging.

Northern Star primarily serves institutions and large businesses (B2B), not retail consumers; its product flow targets refineries, bullion banks, and institutional asset managers seeking physical or paper gold exposure within Tier-1 jurisdictions.

The commercially dominant buyer cohort is institutional asset managers and sovereign wealth funds favoring quality-growth miners in safe jurisdictions; these investors prioritize predictable output and low geopolitical risk over speculative exploration, driving demand in 2026.

Physical demand is centered on the Western Australian mining corridor, where KCGM (Kalgoorlie) supplies the Perth Mint's international distribution; this channel accounted for roughly ~55% of export tonnage in FY2025 for Northern Star Company and anchors core customers of Northern Star Company in Asia-Pacific bullion markets.

North American demand grew via the Pogo Alaskan hub, contributing an estimated ~18% of FY2025 production flows to US refiners and vault networks; institutional buyers-central banks and macro-hedgers-form the largest Northern Star Company customer segments by value.

Northern Star Company is strongest in providing a liquid, audit-ready supply chain used by central banks and large macro-hedgers; in 2025, reported realized prices and offtake contracts have supported a premium pricing capture for target customers Northern Star Company across bullion and equity products.

Demand is intensifying in the US in 2025/2026, driven by the Pogo footprint and rising allocation to physicals by macro-hedgers; expect growth rates above the company average in North American markets and among Northern Star buyer personas focused on reserve diversification.

By expanding KCGM throughput to reach Super Pit scale by 2026, Northern Star Company targets global off – takers and institutional investors who require high-volume gold supply delivered under Western legal frameworks; this lets the company compete with majors like Newmont and Barrick without moving into higher geopolitical risk markets. See Mission, Vision, and Values of Northern Star Company for context: Mission, Vision, and Values of Northern Star Company

Limiting operations to three world – class centres-Kalgoorlie, Yandal and Pogo-keeps operational complexity low and transparency high, which reassures primary customers of Northern Star Company such as off – takers and investors who prioritise regulatory certainty and reliable delivery.

Consistent large – scale production and Western governance drive repeat contracts and long – term offtake agreements; customers benefit from predictable volumes and transparent reporting, increasing ecosystem stickiness among Northern Star buyer personas in 2025-2026.

The AU1.5 billion KCGM mill upgrade is the principal growth lever: it raises throughput and lowers unit costs, enabling Northern Star Company to offer the production volume of a global major while retaining mid – tier agility-this is the key factor expanding target customers Northern Star Company can serve in 2026.