NORTHERN STAR RESOURCES LTD - AGM Information 2017

An Australian gold miner – for global investors AGM Presentation - November 2017

Competent Persons Statements

The information in this announcement that relates to exploration results, data quality, geological interpretations and Mineral Resource estimations for the Company’s Project areas is based on information compiled by Darren Cooke, a Competent Person who is a Member of the Australian Institute of Geoscientists and a full-time employee of Northern Star Resources Limited. Mr Cooke has sufficient experience that is relevant to the styles of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" for the Company’s Project areas. Mr Cooke consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

The information in this announcement that relates to Ore Reserve estimations for the Company’s Project areas is based on information compiled by Jeff Brown, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Northern Star Resources Limited. Mr Brown has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Brown consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

The information in this announcement that relates to the Central Tanami Gold Project is extracted from the Tanami Gold NL ASX announcement entitled “Quarterly Report for the Period Ending 31 March 2014” released on 1 May 2014 and is available to view on www.tanami.com.au.

The information in this announcement that relates to mineral resource estimations, data quality, geological interpretations and potential for eventual economic extraction for the Groundrush deposit at the is Central Tanami Gold Project based on information compiled by Darren Cooke a Competent Person who is a Member of the Australian Institute of Geoscientists and a full-time employee of Northern Star Resources Limited. Mr Cooke has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" for the Group reporting. Mr Cooke consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcement entitled “Quarterly Report for the Period Ending 31 March 2014” released on 1 May 2014 and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Forward Looking Statements

Northern Star Resources Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Northern Star Resources Limited, its directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it.

This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, Reserve estimations, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

EBITDA is earnings before interest, depreciation, amortisation and impairment and is calculated as follows: Profit before Income tax plus depreciation, amortisation, impairment and finance costs less interest income. Free Cash Flow is calculated as operating cash flow minus investing cash flow.

Underlying Free Cash Flow is calculated as follows: 30 June 2017 - free cash flow ($154.3 million) plus bullion awaiting settlement ($12.1 million), plus stamp duty paid on prior acquisitions ($1.7 million), plus payments for available-for-sale investments ($1.0 million), plus FY16 tax ($33.6 million), plus working capital adjustments ($1.8 million), less proceeds from sale of Plutonic gold mine ($18.1 million) less Superior Gold investment sell down ($9.9 million). 30 June 2016 - free cash flow ($193.6 million) plus bullion awaiting settlement ($1.9 million), plus acquisition and development of Central Tanami Project ($22.8 million), plus stamp duty paid on prior acquisitions ($4.9 million), plus working capital adjustment ($1.0 million).

EBITDA, Underlying Free Cash Flow and All-in Sustaining Costs (AISC) are unaudited non IFRS measures.

Average FX rate of 0.75 USD:AUD has been used for currency conversion.

All Data from Bloomberg referenced sources has had all N.A. and erroneous data points removed in the associated sector comparisons and all GDX data point comparisons have had streaming company data removed for a better reflection of the producing companies within the indices.

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NST operates on the belief that an organisation should be run for the benefit of all Stakeholders and a guided by purpose beyond profit

The support and trust of its activities by all Stakeholders is fundamental to the Company’s long term success In 2016 NST committed to producing it first sustainability report for release in CY2017 with a view to move to integrated reporting in FY2018

The inaugural report which was released today is an important milestone for the business and demonstrates NST’s commitment to all stakeholders

The report is laid out to align with NST’s STARR Core Values of: S afety, T eamwork, A ccountability, R espect and R esults

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2017 YTD Financial Highlights

A$443M in cash and equivalents - no bank debt (30 Sep 2017)

43% Return on Equity and 30% Return on Invested Capital

EBITDA Margin 53% up 24% from pcp

FY17 Operating Highlights

FY17 gold production of ~515koz (top end of 485-515koz guidance)

FY17 AISC of A$1,013/oz (bottom end of A$1000-A$1,050/oz guidance)

Record qtrly gold Production of 154koz, AISC of A$938/oz

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Safety Performance improvement

Expanded Board and Executive Restructure Preparation for further growth Plutonic Divestment & Transition

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Reduction in LTIFR reduced by 65%, TRIFR reduced by 30% Production Growth to 515kozpa

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Company quarterly record, Despite divestment of Plutonic Significant Cash build and Balance sheet strength Even though CAPEX up, Drilling up, Dividend up & Tax up NST contributed over A$829m into the Australian economy Largest Exploration Budget executed $56M invested across the business in exploration

Continued shareholding Production growth pathway to 600koz achieved Jundee mill expansion

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Kalgoorlie Ops 2yr Toll treat agreement signed Millennium underground establishment Rapid development of first new NST mine

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Up 191%

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Up 36%

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NST is delivering best in class returns when compared to its peers in the GDX global gold miners index

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5yr Peer Average -3.1%
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5yr Peer Average -1.9%
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Efficiently allocating Shareholders’ capital

Consistently generating returns to Shareholders

Source: Bloomberg

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Source: Bloomberg
$105
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Corporate Overhead Per Ounce

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$85
US Peer Median US$56/oz $62
$58
$48 $51 $52 $53
$39
NST North American producer peer set
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Sector Average 21.3%
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Sector Leading EBITDA margins over three years
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Low Corporate overheads vs US Peers

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Source: Bloomberg
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Source: Goldman Sachs

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Since 2014, NST has been able to consistently grow earnings and payouts to Shareholders in dividends Dividends to Shareholders have grown by over 260% since 2012; FY2017 sees a full year payout of A9¢

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EPS is up 42% in FY2017
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NPAT up 42% in FY2017 to a record A$215.3M Dividends are up 260% since 2012

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Since 2014 NST has paid out A$190M to
Shareholders in dividends
FY2017 final dividend paid 13 September 2017.
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Since acquiring assets in 2010, NST has invested +A$200M in exploration with significant success in growing the Resource/Reserves and mine lives Now have 10-year mine life visibility at our Jundee and Kalgoorlie Operations; key focus was restoring the mines to their “world-class” status In FY2017 Reserves increased by 2.3Moz to 3.5Moz Resources increased by 2.7Moz to 10.2Moz; Reserves were added at a cost of just A$24/oz Further Resource and Reserve growth potential exists with only a small portion from a number of recent discoveries at Jundee and Kalgoorlie in the FY2017 Resource/Reserve statement

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Northern Star’s strategy is underpinned by three key strategic pillars and a people-centric foundation FY2017 saw great progress on NST’s current 3 year strategy and vision

3 Year Vision
Tier 1 Assets A global mid-cap and ASX100 sustainable gold producer focused on superior Shareholder value creation NST Internal Strategy
Establish concentrated centres to Develop functional disciplines and Find new concentrated centres maximise profitable organic growth corporate capabilities to meet through discovery or acquisition stakeholder expectations
• Organically growing production volumes of • Meet the increasing stakeholder • Retain a peer-leading balance sheet and existing sites by progressing near-mine expectations arising as a result of our growth sizeable financing facility exploration and developing additional • Retain our social license to operate • Maintain an active business development production fronts • Strengthen systems and processes to manage pipeline to identify acquisition opportunities
• Greater operating efficiencies and increased risk, deliver efficiencies and enable greater • Pursue greenfield exploration through a asset utilisation through scale effectiveness variety of entrepreneurial modes
• Growing resources and reserves, and extending • Remain nimble, flexible and ready to grow
mine life

Attract, develop and retain a talented and engaged workforce, supported by a strong, values-based culture

Safety | Teamwork | Accountability | Respect | Results

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Globally there are only 23 mines producing over 300kozpa in Tier 1 mining jurisdictions; production is declining in these regions due to a lack of discoveries and significant Reserve depletion

NST has two mines that will shortly join that list of assets that produce at this rate; Jundee and Kalgoorlie These two mines now have world class status as they meet the criteria of large 10Moz endowments, history of Reserve/Resource replacement, large production profile, lowest quartile costs, strong cash flow and future mine life

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Tier 1 mining jurisdictions
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Source: SNL, Investec

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FY2018: Guidance 525,000-575,000oz at an AISC of A$1,000-A$1,050/oz, (US$750-US$787/oz); expansionary CAPEX A$65M, followed by A$60M in FY2019 and A$40M in FY2020 600,000oz per annum producer next year from Jundee and Kalgoorlie only Opportunity to grow production beyond 600,000oz per annum through Central Tanami re-development and Paulsens revitalisation

Even with this organic growth CAPEX, NST will still benefit from having one of the lowest levels of capital intensity in the global gold industry

NST 10 Year Production Profile

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800
Paulsens Revitalisation
700
CTP Redevelopment
600
500
Assumes
Resource
400
Conversion
300
200
100
0
FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27
Jundee + Kalgoorlie Guidance Range CTP Paulsens
THOUSAND OUNCES
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For the past 3 years, NST has invested back into the business A$250M in exploration and expansionary capital with significant success; now CAPEX is falling and financial benefits are rising

The business is now well positioned to increase free cash flow as growth CAPEX tails off over the next 3 years NST benefits from having one of the lowest levels of capital intensity in the global gold industry

NST stands to benefit from a falling CAPEX profile compared to the sector

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Northern Star is committed to continue expanding on our specialist underground mining, geology and processing capability – significant opportunities exist to leverage these disciplines for future growth

NST will invest A$50M over a 10 year period to create a centre of excellence in underground operations supported through training, education, research, innovation and implementation of the latest technology

Our commitment to improve productivities and reduce unit costs is culturally imbedded and our people are empowered to challenge status quo and look for better ways of doing business

Focus includes all disciplines of underground operations with improvements as marginal gains, step changes or disruptive innovation

This commitment will place Northern Star in a strategic position to optimise the value of assets as more mines transition from open pit to underground in the future Some initial key areas of focus include:

3D seismic surveys for drill targeting and structural geology knowledge

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Implementation of 4G network underground enabling technology to be used below the surface Underground drones mapping voids and survey measurements

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Implementation of battery technology and electrification of plant and equipment

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FY2018 Guidance 245,000-265,000oz at an AISC of A$950-A$1,000/oz (US$710-US$750/oz)

FY2017 Resource of 3.2Moz, up 155% and Reserves of 1.45Moz, up 100% despite depletion of 259koz

7Moz of continuous production, life of mine average of 320kozpa with a peak year of 410koz

Growing production to a 300,000ozpa within the next two years Increased underground ore tonnes mined from 1Mtpa to 1.7Mtpa in 2 years Still multiple opportunities to improve productivities

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The Zodiac high-grade discovery at Jundee was recently announced and is not included in the latest update Initial assays from Zodiac show multiple mineralised intercepts over a 200m single downhole interval Results in discovery hole include: 4.8m at 21.2gpt, 2.9m at 10.4gpt, 0.3m at 47gpt, 3.6m at 4gpt, 3.1m at 4.3gpt & 2.5m at 5.4gpt (all true width) Target was generated from a 3D Seismic survey performed over 10km[2] which will continue to enhance the geological understanding of Jundee

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FY2018: Guidance 245,000-265,000oz at an AISC of A$1,000-A$1,050/oz (US$750-US$787/oz)

Resources of 4.5Moz up 25% and Reserves of 2Moz up 117%, despite depletion of 229koz

2 year Toll treating agreement executed for additional processing capacity Growing to a 300,000ozpa producer in the next 2 years

Significant opportunities to expand production from known sources on 100% owned Kundana, Paradigm and Kanowna satellites

Increased underground ore tonnes mined from 0.4Mtpa to 1.1Mtpa in <2 years

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CARBINE / PARADIGM Acra
50km 25km
KANOWNA
KUNDANA
NST Interests
Carbine Paradigm
KALGOORLIE
Acra Joint Venture
Existing NST Interest
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The Tanami region is an exciting new area that is rapidly developing a reputation for major gold discoveries

The CTP has produced 2.1Moz, an average of 120kozpa, from open pit mining to a depth of <125m Production ceased after mining the 610koz Groundrush pit over a 4 year period

Past 5 years has seen A$40M invested at Groundrush current Resource of 1.1Moz

NST recently acquired a substantial strategic land position to complement existing operations The CTP has the potential to be a 120-150kozpa producer (on a 100% basis)

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GROUNDRUSH
(NST Earning to 60%)
Open Pit Production
(Newmont) of 610koz
150km Tanami Gold Resource of
6.5Mt at 4.8gpt for 1Moz
CALLIE (Newmont)
Endowment >13Moz
Past Production >6Moz
Annual Production: 425-
480koz
AISC: US$700-$750 oz
YE 2016 Reserve: 23.2Mt
at 6.0gpt for 4.5Moz
YE 2016 Resource
100km (ex.RSV): 5.8Mt at 5.7gpt
for 1.1Moz
CENTRAL TANAMI Extensive Mineral
(NST Earning to 60%) Inventory
53 Historic Open Pits
Tanami Gold Resource of
25Mt at 2.1gpt for 1.7Moz
1.2Mtpa Processing Plant
NST Interests
Newmont
• Significant Gold Deposit • Gold Occurrence Mining
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Source: * Newmont May 2017 investor presentation - Mid-point of company guidance

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Superior financial returns: 40% Return on Equity and 33% Return on Invested Capital in FY2017 and a 6-year TSR average of 188%

High quality assets: 10-year mine life visibility; two mines capable of producing 300,000ozpa each within two years, joining an exclusive club

Growing inventory: In FY2017 Reserves increased by 2.3Moz to 3.5Moz, at cost of A$24/oz; Resources increased by 2.7Moz to 10.2Moz

Growing production: FY2018 guidance of 525,000-575,000oz at an AISC of A$1,000-1,050/oz (US$750-US$787/oz); 600,000ozpa run-rate to be achieved in 2018 Sector leading balance sheet: A$443M in cash and equivalents; No debt (30 Sep 2017) Underground mining specialists: Strong competitive advantage given the global trend of open pit operations transitioning to underground over the next decade

Significant exploration upside: A$35M FY2018 exploration budget; Only a small portion of new discoveries included in the FY2017 Resource/Reserve update

Strong management team: Track record of delivering key objectives which in turn have consistently achieved sector leading returns for Shareholders over the past 7 years

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Northern Star Resources An Australian gold miner – for global investors

Contact Details: Luke Gleeson – Investor Relations +61 8 6188 2100 Email – [email protected] Website – www.nsrltd.com

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Appendix
Appendix
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Northern Star Resources Limited An Australian gold miner – for global investors

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21
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ASX 100, top 25 global gold producer with all mines in Western Australia; ~550koz per annum at an AISC of ~A$1,025/oz* (US$770/oz) Market cap is A$3.47B, with a sector-leading balance sheet; A$443M cash and no debt

Majority of NST’s assets were acquired from the majors and currently produce over 250kozpa each, which simplifies managing the business Strong growth outlook; production set to grow materially in 2018 and deliver significant increases in free cash flow. Jundee and Kalgoorlie mines capable of +300kozpa each within two years Track record of fully-franked dividends since 2012 Governed by the adage “a business first and a mining company second”

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Paulsens Operations
+3Moz Gold Camp
Central Tanami Project
+5Moz Gold Camp
Jundee Operations
+10Moz Gold Camp
Kalgoorlie Operations
+12Moz Gold Camp
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*Midpoint of FY2018 Guidance

Stock code (ASX) : NST Share price (as at 10 November 2017): A$5.73 Market capitalisation (603 million shares on issue) : A$3.47B (US$2.6B) Cash, bullion & investments as at 30 Sep 2017 A$443M (US$332M) Bank debt Nil Enterprise value A$3.02B (US$2.27B) Hedging as at 30 Sep 2017 316,000oz at A$1,750/oz 3 month average daily turnover ~A$27M Substantial Shareholders BlackRock 17.1% Van Eck 11.2%

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Ore
Stockpiles &
GIC
$A95M
Total
Cash Bullion
Liquidity &
Undrawn A$638M Investments
A$443M
Standby
Debt Facility
$A100M
Source: Bloomberg
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During FY2017, A$130M was invested in exploration and expansionary capital to build the Resource and Reserve inventory and grow production in the coming years

Since 2011 NST has been able to grow Resources and Reserves on a per share basis consistently through value accretive M&A and investing in exploration across its high quality portfolio of assets

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FY2018: Guidance 35,000-45,000oz at AISC of A$1,300-A$1,400/oz (US$975-US$1,050/oz)

1Moz at +7gpt has been mined continuously over the past 12 years, at an average of 75kozpa NST has committed to invest approximately A$10 million in exploration at Paulsens over the next two years to revitalise the operation

Subject to success; Paulsens is due to come back into the production profile in FY2021

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Kanowna Belle is a +5Moz orebody, averaging 4,000oz per vertical metre, with limited exploration at depth and along strike of the major gold bearing structures

Reserves have increased 120% to 0.5Moz and Resources are 1.4Moz which underpins a long mine life and now allows the opportunity to drill depth extensions Exploration at depth is underway from the recently excavated 9245mRL drill drive which subject to success has the potential to provide substantial life beyond current Reserves

The Velvet deposit remains open up dip, along strike and down plunge back towards the main Kanowna orebody

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Open
Velvet
9245
Drill Drive
Open
Open
KB in mine drilling
focussing on E block
and Lowes Extension
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NST attributable Reserves increased 36% to 0.6Moz, Resources increased 35% to 1.3Moz Primary production is from Rubicon, Hornet, Pegasus and Raleigh The new 2.1km drill drive from Hornet to Pegasus is now ~50% complete, providing the next long term drill platform to explore the depth potential of all lodes Page 26

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Past production on the 100% NST ground has yielded 1.25Moz at 6gpt between 1990-2004 Current development to 50kozpa Millennium is ahead of schedule; first production ore due in December quarter Further production growth to come from: Barkers, Strzelecki, Pope John, Moonbeam and Paradigm; each of these ore surfaces has historically produced 50-60kozpa

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Pope John
Millennium
Strzelecki
Page 27
Barkers
Centenary
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AI assistant

NORTHERN STAR RESOURCES LTD AGM Information 2017

65447_rns_2017-11-15_4344a7be-c45a-44ab-b428-d5f650102609.pdf

Competent Persons Statements

Forward Looking Statements

2017 YTD Financial Highlights

FY17 Operating Highlights

Safety Performance improvement

Expanded Board and Executive Restructure Preparation for further growth Plutonic Divestment & Transition

NST is delivering best in class returns when compared to its peers in the GDX global gold miners index

Efficiently allocating Shareholders’ capital

Consistently generating returns to Shareholders

Corporate Overhead Per Ounce

Low Corporate overheads vs US Peers

NST 10 Year Production Profile

AI assistant

NORTHERN STAR RESOURCES LTD — AGM Information 2017

65447_rns_2017-11-15_4344a7be-c45a-44ab-b428-d5f650102609.pdf

Competent Persons Statements

Forward Looking Statements

2017 YTD Financial Highlights

FY17 Operating Highlights

Safety Performance improvement

Expanded Board and Executive Restructure Preparation for further growth Plutonic Divestment & Transition

NST is delivering best in class returns when compared to its peers in the GDX global gold miners index

Efficiently allocating Shareholders’ capital

Consistently generating returns to Shareholders

Corporate Overhead Per Ounce

Low Corporate overheads vs US Peers

NST 10 Year Production Profile

More from NORTHERN STAR RESOURCES LTD

NORTHERN STAR RESOURCES LTD AGM Information 2017