NORTHERN STAR RESOURCES LTD - AGM Information 2018

An Australian Mid Cap Global gold miner – Growing Against the Tide Annual General Meeting - November 2018

ASX Listing Rule 5.23 Disclosures

The Mineral Resources information in this report is extracted from the report entitled “Pogo JORC Resource” dated 16 October 2018 available at www.nsrltd.com and www.asx.com. Northern Star confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case 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. Northern Star 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.

The information on Mineral Resources other than Pogo in this report is extracted from the report entitled ‘"Reserve & Resource Update and Corporate Outlook’ dated 2 August 2018 and is available to view on Northern Star Resources Limited’s website (https://www.nsrltd.com/) and the ASX (www.asx.com.au). Northern Star confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement 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. Northern Star 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.

Limitation on information relating to the Pogo mine reserves, and SMM Pogo and SC Pogo

All information in this presentation in relation to SMM Pogo and SC Pogo, and the Pogo mine – except resources but including historical production, mineral reserves, historic costs and other historical financial information and life of mine plans – has been sourced from Sumitomo Metal Mining Co., Ltd. and Sumitomo Corporation (together, "Sumitomo"), and their related bodies corporate (including SMM Pogo and SC Pogo). Additionally, all FY2019 guidance in relation to the Pogo mine in this presentation has been based on this information. Northern Star has conducted legal due diligence in relation to the Transaction, but has not independently verified all such information, and no representation or warranty, express or implied, is made as to its fairness, accuracy, correctness, completeness or adequacy of any information relating to the Pogo mine or SMM Pogo and SC Pogo. Neither Sumitomo nor SMM Pogo and SC Pogo have prepared this presentation, nor have Sumitomo or SMM Pogo and SC Pogo authorised its release.

Foreign Estimate Note and Cautionary Statement - mineral reserves for the Pogo mine

The information in this presentation that relates to the mineral reserves of the Pogo mine has been extracted from the ASX announcement titled “Northern Star Acquires Pogo Gold Mine in Alaska” released to ASX on 30 August 2018. A copy of this announcement is available at https://www.nsrltd.com/investor-media/news/ or www.asx.com.au. Such information was originally extracted from SMM Pogo’s internal report entitled "End-of-Year 2017 Resource and Reserve Report" dated 29 March 2018, which sets out the mineral resources and mineral reserves of the Pogo mine as at 31 December 2017. The mineral reserves estimates for the Pogo mine in this report have been prepared using the Canadian NI 43-101 Standards, but such estimates are not fully compliant with those standards. Accordingly, the mineral reserves estimates for the Pogo mine are not, and do not purport to be, compliant with the JORC Code and are therefore classified as "foreign estimates" under the ASX Listing Rules. A Competent Person under the JORC Code has not yet done sufficient work to classify such foreign estimates as Ore Reserves in accordance with the JORC Code, however Northern Star notes the similarity of the Canadian NI 43-101 Standards and the JORC Code. It is uncertain that following evaluation and/or further possible exploration work that these foreign estimates will be able to be reported as Ore Reserves in accordance with the JORC Code. For details as to the reliability of the mineral reserve estimates for the Pogo mine included in this presentation and the other information required to be included pursuant to ASX Listing Rule 5.12 in respect of those estimates, refer to the ASX announcement titled “Northern Star Acquires Pogo Gold Mine in Alaska” released to ASX on 30 August 2018.

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.

Effect of rounding

A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation.

* Currency conversions have been converted at a currency of AUD/USD conversion rate of A$0.75

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ASX 100, top 25 global gold producer with mines in Western Australia and North America; 850koz900koz per annum at an AISC of A$1,050/oz – A$1,150/oz (US$787- US$862/oz)*

Market cap is A$5.2B, with a sector-leading balance sheet; A$277M cash & equivalents and no debt

NST’s manages a simplified business with a strong growth outlook; production set to grow to 875kozpa[†] in FY2019 with 3 Tier-1 assets in Tier-1 locations

Track record of fully-franked dividends since 2012 with a stated dividend policy of paying out 6% of revenue

Governed by the adage “a business first and a mining company second”

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Tanami Project Pogo Mine (100%)
Paulsens +5Moz Gold Camp +8Moz Gold Camp
3Moz Gold Camp
Jundee
10Moz Gold Camp
USA (Alaska)
Kalgoorlie Operations
19Moz Gold Camp
AUSTRALIA
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† Midpoint of FY2019 Guidance
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Financial
Performance
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Operational
Performance
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Enviroment
& Social
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Record Net Profit*

of A$194M

Jundee & Kalgoorlie Ops both achieved 300kozpa run rate

50% reduction in LTIFR to 0.9 vs sector avg of 2.7

Group EBITDA* A$443M up 4% on pcp

Record production run rate of 184koz achieved in 4Q18

A$865M contribution into the Australian Economy

EPS* of 32.1¢ up 2% on pcp

Reserves increased to 4Moz

and Resources to 15.9Moz[†]

19% Female participation, well above industry

average

Full year dividend up 11%. Taking total payments to 9.5¢ per share

Acquisition and integration of the South Kalgoorlie Operations

Expanded our Indigenous Ranger program across all operations

From continuing operations †Refer to Listing Rule 5.23 Disclosure on page 2

4 3

NST has organically grown production and EBITDA at its world class operations in FY2018

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Gold Sold at both the Jundee and Kalgoorlie Operations combined increased by 21%

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Combined EBITDA increased by 15% to A$486M

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FY2018 gold sold 570,110oz at an AISC of A$1,029/oz (US$771/oz*)[(1)]

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Jundee operations: 284,745oz sold at AISC of A$870/oz (US$652/oz*)[(1)]

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Kalgoorlie operations: 261,589oz sold at AISC of A$1,174/oz (US$880/oz*)[(1)]

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(1) This information is extracted from the ASX announcement on 18 July 2018 June Quarterly Activities Report and is available to view at www.nsrltd.com. or www.asx.com.au

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Up 21%
Up 15%
Up 9%
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NST has been able to consistently grow production, resource and reserve life on a per share basis for its Shareholders since 2010 and has been our key focus for the past 4 years FY2018 Reserves increased to 4Moz and Resources to 20.5Moz with further Reserve growth potential in FY2019 with an increase in Measured and Indicated Resources to 11.7Moz in the latest statement[(1)] June 2018 Quarter production delivered +600kozpa run-rate six months early to schedule[(2)]

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NST Resource and Reserve Growth
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20.5Mozs
15.9 Mozs
25,000 4,500
10.2 Mozs 4 Mozs 4 Mozs
4,000
3.5 Mozs
20,000
3,500
3,000
15,000 9.2 Mozs
2,500
8.9 Mozs
2Moz
1.5 Mozs 2,000
6.2 Mozs
10,000
1.2 Mozs 1,500
2.2 Mozs 1,000
5,000 1.4 Mozs
0.94 Mozs
500
45
0
MY 10 MY 11 MY 12 MY 13 MY 14 MY 15 MY 16 MY 17 MY 18 Pogo Addition
Measured Indicated Inferred Reserves
'000 Ounces '000 Ounces
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(1) Includes Resources from the recently announced Pogo Gold Mine Transaction; refer to Listing Rule 5.23 Disclosure on page 2 (2) Refer to 18 July 2018 ASX announcement

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This strategy of balancing organic growth with well executed M+A has generated over A$5B of value for Shareholders since NST’s first acquisition in 2010 and <10% of this value uplift has been from equity raised NST has achieved this through operational excellence, investing heavily into exploration, growing production, cutting costs, technically/financially disciplined M+A and returning substantial dividends to Shareholders

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6,000
$5,240
5,000
A$5B of value added through executing
4,000
organic and inorganic growth strategies
3,000
2,000
1,000
($280)
$444
$10
Starting Market Cap (30/6/10) Equity Issued Dividend Paid Current Market Cap 14/11/18
A$M
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For the past 3 financial years the team at Northern Star have generated over A$3.2B of value for Shareholders, delivered a Total Shareholder Return of 242%, Average Return on Equity of 35% pa, Average Return on Invested Capital of 31% pa and fully franked dividends increased by 133% NST has also increased its Reserve base by 166% and Resource base by 79% over this period

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$4,500 $4,389
$4,000
$3,500 A$3.2B of value added through executing
$3,000 organic and inorganic growth strategies
$2,500
$2,000
$1,500 $1,306
$1,000
$500 ($186)
$60
$0
Starting Market Cap (30/6/15) Dividend Paid/Declared Equity Issued Market Cap 30/06/18
A$M
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Northern Star acquired the high grade Pogo Underground Gold Mine (“Pogo”), located in Alaska, USA, for ~A$347[2] million during the Sep-2018 quarter

Acquisition immediately transforms Northern Star into a ~900kozpa global gold producer with three Tier-1 assets all in Tier-1 jurisdictions (Australia, USA and Canada)

Strongly aligns to Northern Star’s stated and consistent acquisition criteria

Pogo is a world-class 8Moz gold endowment[3] that has produced approximately 3.8Moz at an average grade of 13.6gpt over the past 12 years at an average of ~300,000ozpa

Pogo has a JORC Resource of 4.15Moz5 at 14.7gpt and a reserve of 760,000oz at 11.9gpt4 (the third highest reserve grade in North America), equating to an acquisition price of US$63/oz[5]

Pogo adds 250,000-260,000oz to FY2019 production at an AISC of US$880/oz (~A$1,175/oz) and lifts group gold production to 850,000-900,000oz at an AISC of A$1,050-1,150/oz (US$787-862/oz)[1] , making Northern Star the second largest gold producer listed on the ASX

Pogo has several parallels to Jundee when it was acquired in 2014, providing opportunity to leverage the Company’s underground expertise to optimise the mine and target life extensions

Transaction closed on 28 September 2018, however financial benefit of the asset was from 1 July 2018 Transaction funded from existing cash and proceeds of a completed A$175 million placement Immediately accretive to Northern Star on a range of key metrics

1.Refer to ASX announcement titled “Pogo JORC Resource” dated 16 October 2018 available at www.nsrltd.com & www.asx.com; 2. Purchase price of A$347 million calculated using an AUD:USD exchange rate of 0.75. 3. Calculated on the basis of Pogo's current resources and reserves and past production. 4. Refer to Foreign Estimate Footnote on page 2. 5. Calculated on the basis of Pogo JORC 2012 Resource; refer to 16 October 2018 ASX announcement and Listing Rule 5.23 disclosure on page 2..

Pogo Site Layout

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Pogo Mine Design

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Accretive to Northern Star’s group production, reserves, resources and gold grades

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Reserve Grade (Au g/t) [(1)] Resources (Moz) [(1)] Resource Grade (Au g/t) [(1)]
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Reserves (Moz) [(1)]
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+19%
+7%
4.8Moz
4.0Moz 3.8 g/t 4.1 g/t
NST Post Transaction NST Post Transaction
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+20%
+26%
20.0Moz 3.4 g/t
15.9Moz 2.8 g/t
NST Post Transaction NST Post Transaction
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FY19 Gold Production (koz) [(2)]
+41%
875koz
620koz
NST Post Transaction
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FY19 AISC (A$) [(2)]
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EV / EBITDA (x) [(3)]
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Cash Balance (A$)
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+2%
Lower multiple
-41%
= accretion for
NST
1,075/oz 1,100/oz 443M 8.7x Shareholders
263M
2.2x
NST Post Transaction NST Post Transaction Northern Star Multiple Implied Pogo Transaction
Multiple
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Refer to Cautionary Statements on page 3. 2. Post transaction represents the mid-point of FY2019 guidance for NST per 30 August 2018 ASX announcement at www.nsrltd.com. 3. Based on NST FY2018A EBITDA and Pogo CY2017A EBITDA

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Globally there are only 17 mines producing over 300kozpa in Tier-1 mining jurisdictions (Australia, US and Canada); 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 Pogo has the potential to be a third +300kozpa producing asset in the Northern Star portfolio that operates within a Tier-1 jurisdiction

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9
8
Jundee Operations
7 Australia 7 Kalgoorlie Operations
6 Tier-1 mining jurisdictions
Pogo Gold Mine
5 Canada 5 USA 5
4
Argentina 3 Russia 3
South Africa 2
Ghana 3
3
Suriname 2
Tanzania 2
2 Brazil 2 Mexico 2 Peru 2
PNG 2
1 DRC 1 Mali 1
Dominican 1
Burkina Faso 1
0
0 10 20 30 40 50 60 70 80 90 100
Fraser Institute Index (Overall Investment Attractiveness)
Number of +300kozpa mines
(bubble size = combined production)
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Source: Investec, SNL
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An established history of consistent high grade gold production at a competitive AISC

**Throughput (kt) and Grade (Au g/t)* Gold Production (koz) and AISC (US$/oz)**

Recoveries (% Au)

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1,000 13.5 13.6 16 400 870 849 882 1000
900 11.9 14 350 764 900
800 11.3 10.8 718 800 90.2%
12 300 89.0%
700 700 87.7% 88.1%
600 10 250 600 86.1%
500 8 200 500
400 863 877 841 854 884 6 150 337 342 400
281 269 271
300 300
4 100
200 200
2 50
100 100
0 0 0 0
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Operating Cost Breakdown (US$/oz) Capital Expenditure (US$M) Pre-Tax Free Cash Flow (US$M)
Mining Milling Maintenance Admin
Sustaining Capital Non-Sustaining Capital
737 758 771 50 50 217
48
626 620
22
32 143
32 34
20 17 97 102
28 11
54
16 16 15
9
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017
Throughput (kt) Grade (g/t Au) Production (koz) AISC (US$/oz)
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All graphs are presented in standard metric units (g/t, tonnes) unless otherwise stated.

12 Source: Pogo management reports

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Pogo provides Northern Star exposure to a prolific gold mineral belt with a long history of gold production The Tintina Mineral Belt stretches across much of interior Alaska, through the southwestern Yukon The region hosts significant gold deposits as well as copper, lead, zinc, silver and tungsten deposits Over 50Moz of gold mineralisation has been defined in the region in the past 20 years alone

Note: Project data on map represents resource endowment[1] , sourced from company disclosures.

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Mineral Resources have now been re-estimated and stated under JORC 2012 guidelines

MINERAL RESERVES at 31 December 20171	MINERAL RESERVES at 31 December 20171	MINERAL RESERVES at 31 December 20171	MINERAL RESERVES at 31 December 20171
	Tonnes	Grade	Ounces
	(‘000)	(g/t)	(‘000)
Proven	1,046	13.0	439
Probable	944	10.6	322
TOTAL	1,990	11.9	760

MINERAL RESOURCES

MINERAL RESOURCES	MINERAL RESOURCES	MINERAL RESOURCES	MINERAL RESOURCES
at 30 June 20181
	Tonnes	Grade	Ounces
	(‘000)	(g/t)	(‘000)
Indicated	3,316	15.7	1,674
Inferred	5,477	14.1	2,476
TOTAL	8,763	14.7	4,150

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6,000,000 Historical resources and reserves
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2004 2010 2011 2012 2013 2014 2015 2016 2017
FEASIBILITY Year End reserve Year End resource (Exclusive of reserve)
OUNCES
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1) Numbers may vary due to rounding; refer to Listing Rule 5.23 disclosures (Resources) and foreign estimates note (reserves) on
page 2

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A significant amount of mineralisation is present outside of the current Pogo Resources, there is also considerable mineralisation inside the current Resources that hasn’t made it into reserves During FY19 NST will look to invest A$15-20M in exploration/drilling to bring more gold into the mine plan

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Open Open
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NST has identified similarities between Pogo & Jundee, which sets up the value creation template for Pogo

A Jundee Analogue?

Demonstrated Ability to Extend Life at Underground Gold Mines

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Northern Star has a proven track record of extending mine lives, improving production and cost metrics and optimising underground assets

The success at Jundee and Kalgoorlie operations lay the template for the approach to Pogo

Pogo is an ideal fit for Northern Star’s acquisition and operating model

The Jundee Integration team will be the same team to integrate Pogo

NST’s proven senior corporate management and operational team are already assisting the highly skilled existing Pogo management and workforce

Jundee Historical Resource & Reserve Position*

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4,500 4,267 6
742% increase in
4,000
Resources and Reserves
3,500 4.3g/t 4.1g/t
3,000 4
2,500
2,000
1,500 2
1,000
507
500
0 0
000' Ounces
Reserve Grade g/t
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Acquisition Resources & Reserves July 2014

Current Resources & Reserves Aug 2018

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* Resources are inclusive of Reserves
Jundee Historical Gold Sold (koz)
$1,020
$1,008 Production 284,745 $1,000
27% Up
$980
223,727
$960
$940
Costs
$920
down 14%
$900
$870
$880
$860
AISC A$/oz
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FY18

FY15

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Environmental
Compliance
• Zero significant incidents or regulator fines
Transparency
• Climate Change
Portfolio of assets in good standing
• Inaugural sustainability report FY17 • Effective risk management
• Sustainability survey (CDP and DJSI) • Water, carbon, temperature, energy
Management
Diversity
System
SUSTAINABILITY
• 19% FY18 female participation • Well established and compliant
above industry average • Long-term teams
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Human Rights
• Modern Slavery Act ready
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Stakeholder
Engagement
• Zero stakeholder complaints
• Expanded Company Ranger Program
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Governance
• Board-level ESG and Safety Committee
• Senior reporting structure
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NST is investing A$50M over the next 10 years to continue expanding our specialist underground mining, geology and processing capability

Key areas of investment include training, education, research and implementation of the latest technologies

Our commitment to improve productivities and reduce unit costs is culturally imbedded and our capability is scalable to prepare for growth

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 NST has a sector leading safety performance with LTIFR at 0.9 (industry LTIFR of 2.7) and TRIFR at 3.2 (industry TRIFR is 9.6) Safety is a core value of the Company

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Objective: To increase shareholder value by maintaining our industry-leading financial returns while growing free cashflow

Method:

Capitalise on and expand our specialist underground mining and exploration teams Utilise our exceptional balance sheet and funding capability

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Grow production, inventory and free cashflow by acquiring and investing in Tier-1 assets in Tier-1 jurisdictions

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The team has in-built capacity to oversee production in-excess of 1Mozpa, Reserves of 10-15Moz and Resources of 30-50Moz

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Ensure margins remain at ~50% on AISC, retaining NST’s position in the lowest-cost quartile globally

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Maintain our licence to operate by investing in, and earning the respect of, the communities in which we live and work

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Conclusion: This combination is unique. It is Northern Star’s key point of difference among its global peer group. Collectively, these attributes maximise our ability to meet the objective.

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