NORTHERN STAR RESOURCES LTD — Earnings Release 2011

Jan 8, 2012

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Northern Star beats key targets with $46M cash flow for 2011

Gold miner on track to grow production from 80koz pa to 200koz pa

Key Points

� 2011 calendar year guidance exceeded by 15 per cent:

• 75,116oz gold poured, 74,575oz recovered and 73,854oz mined

• 74,473oz gold sold at $1,504/oz for $112M revenue

• Cash cost $660/oz and total site expenditure $887/oz

• $46M generated in operational cashflow

� Solid December 2011 Quarter at Paulsens:

Australian Securities Exchange Code: NST

• 19,924oz mined, 18,081oz recovered and 17,982oz gold poured

• 15,995oz gold sold at $1,642/oz for $26.3M revenue

Board of Directors Mr Chris Rowe Non-Executive Chairman

• Cash cost $659/oz and total site expenditure $926/oz

� $41.7M in cash and bullion at December 31 2011

Mr Bill Beament

• December Quarter mining and processing physicals the best achieved since acquisition

• 30% reduction in total operating cost per tonne at Paulsens during the December Half

Non-Executive Director

Ms Karen Brown

Issued Capital Shares 352 M

$0.815

Market Capitalisation

Cash/Bullion in Bank: 31 Dec2011

Projects Commodities Paulsens gold Ashburton gold Range gold, silver Emull Zn, Cu, gold

• New resource update and 2012 production guidance on track for Q1 2012

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Operations - Underground Operations - Processing
90,000 27,000 90,000 27,000
80,000 24,000 80,000 24,000
70,000 21,000 70,000 21,000
60,000 18,000 60,000 18,000
50,000 15,000 50,000 15,000
40,000 12,000 40,000 12,000
30,000 9,000 30,000 9,000
20,000 6,000 20,000 6,000
10,000 3,000 10,000 3,000
0 0 0 0
Mar-11 Qtr Jun-11 Qtr Sep-11 Qtr Dec-11 Qtr Mar-11 Qtr Jun-11 Qtr Sep-11 Qtr Dec-11 Qtr
Ore Tonnes Contained Ounces Milled Tonnes Gold Recovered
Gold Sales & Revenue Operations - Development
22,000 33 1,000 1,000
20,000 30 900 900
18,000 27 800 800
16,000 24 700 700
14,000 21 600 600
12,000 18
500 500
10,000 15
400 400
8,000 12
6,000 9 300 300
4,000 6 200 200
2,000 3 100 100
0 0 0 0
Mar-11 Qtr Jun-11 Qtr Sep-11 Qtr Dec-11 Qtr Mar-11 Qtr Jun-11 Qtr Sep-11 Qtr Dec-11 Qtr
Ounces Sold Revenue A$ Million Total Development (m) Capital Development (m)
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ASX ANNOUNCEMENT 09 JANUARY 2012

Guidance Overview

Northern Star Resources (ASX: NST) is pleased to report that is has exceeded the upper end of its 2011 calendar year production guidance of 75,000oz, generating $46 million in surplus operating cashflow for the year and cementing the Company's position as a highly profitable Australian gold miner with outstanding growth prospects.

The Company's flagship Paulsens Gold Mine in Western Australia poured 75,116 ounces for the year, generating gold sales of $122 million and an operating surplus of $46 million -- exceeding guidance by 15 per cent. The surplus includes $6 million in underground exploration/drilling expenditure.

The outstanding operational and financial performance has been made even more remarkable by the fact that, during the year, Northern Star changed out the mining contractor at Paulsens with its in-house mining services division.

The financial results were boosted again in the December Quarter by a combination of continued lower operating costs per tonne and the fact that Northern Star has no hedging and no bank debt. Total operating cost per tonne is now down 30% from the first and second Quarters of 2011.

The results show that the Company has exceeded all its key production and financial targets, while at the same time generating a host of significant exploration results which will help underpin further increases in resources, production, cashflow and mine life.

Northern Star is in the process of growing annual production at Paulsens from 80,000oz per annum to 100,000oz per annum by expanding the Paulsens plant and underground mine, and developing an open pit mine.

It is also conducting studies to establish a standalone 100,000oz per annum operation at its neighbouring Ashburton Project which will lift company-wide production to 200,000oz per annum.

The increased production at Paulsens will be based on a growing resource inventory that will stem from a host of significant results over the past year.

On the exploration front, the key Voyager 1 lode, which is the main source of current production, was extended another 150m down plunge on the back of some sensational drilling results during the year. The drilling results will form part of a resource upgrade and new production guidance at Paulsens due in the March Quarter 2012.

Of note was the exceptional intersection of 0.8m @ 12,178g/t in Voyager 2 which shows the potential of this newly discovered lode to add to the Company's resource base later in 2012.

Northern Star Managing Director Bill Beament said the Company had enjoyed an outstanding year on all fronts, delivering on all of its undertakings to the market in terms of production, cashflow and exploration.

"Northern Star has firmly established itself as one of Australia's most profitable and successful gold miners over the past year. More importantly, the Company's strong balance sheet and production base enables us to write our next chapter of growth as we increase production towards 200,000oz per annum."

"In addition to the exceptional organic growth opportunities available to the Company, we are also in a very strong position to take advantage of new corporate and project opportunities that present themselves in the current market," Mr Beament said.

24 Mumford Place, Balcatta WA 6021 Tel: +6 8 6241 1866 Fax: +6 8 6241 1811 Email: info@nsrltd.com Website: www.nsrltd.com

ASX ANNOUNCEMENT 09 JANUARY 2012

Paulsens Calendar Year Guidance 2011 - Key Performance Figures

Paulsens	Units	Mar Qtr	Jun Qtr	Sep Qtr	Dec Qtr	CY 2011
Ore hoisted	Tonnes	50,643	49,068	60,795	76,995	237,501
Mined grade	g/t Au	11.8	11.1	7.9	7.8	9.4
Gold in ore hoisted	Oz	19,284	17,445	15,495	19,311	71,535
Low grade hoisted	Tonnes	7,060	8,686	18,469	10,760	44,975
Grade	g/t Au	1.5	1.8	1.5	1.8	1.6
Gold in low grade	Oz	342	496	868	613	2,319
Total ore hoisted	Tonnes	57,703	57,754	79,265	87,755	282,476
Mined Grade	g/t Au	10.6	9.7	6.4	7.1	8.1
Gold in ore hoisted	Oz	19,626	17,941	16,363	19,924	73,854
Milled Tonnes	Tonnes	69,882	76,393	84,735	85,447	316,457
Head grade	g/t Au	9.4	8.7	6.7	7.0	7.9
Ounces Produced	Oz	21,007	21,401	18,368	19,313	80,090
Recovery	%	92.3	93.6	92.8	93.6	93.1
Gold Recovered	Oz	19,380	20,072	17,043	18,081	74,575
Ounces Poured	Oz	17,350	21,161	18,623	17,982	75,116
Ounces Sold	Oz	19,159	21,161	18,158	15,995	74,473
Average gold price	A$/oz	1,384	1,415	1,607	1,642	1,504
Revenue	A$M	26.5	30.0	29.2	26.3	112.0
Ore high grade stockpile	Tonnes	19,459	11,396	4,267	4,729	4,729
Stockpile grade	g/t Au	8.4	6.6	3.5	6.7	6.7
Contained gold in stockpile	Oz	5,276	2,413	478	1,018	1,018
Ore low grade stockpile	Tonnes	10,888	2,408	1,474	864	864
Stockpile grade	g/t Au	2.0	2.0	1.4	1.8	1.8
Gold in low grade stockpile	Oz	700	151	68	50	50
Total Stockpiles contained gold	Oz	5,977	2,564	546	1,068	1,068
Gold in circuit (GIC)	Oz	3,649	2,561	943	1,080	1,080
Gold in transit (GIT)	Oz			465	2,451	2,451

Table 1: Paulsens production statistics

24 Mumford Place, Balcatta WA 6021 Tel: +6 8 6241 1866 Fax: +6 8 6241 1811 Email: info@nsrltd.com Website: www.nsrltd.com

ASX ANNOUNCEMENT 09 JANUARY 2012

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Yours faithfully,

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Bill Beament Managing Director Northern Star Resources Ltd

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Forward Looking Statements

Northern Star Resources Limited has prepared th i s announcement based on information available to it. No re p resentation 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 permitte d by law, none of Northern Star Resources Limited, its direc t ors, employees or agents, advisers, nor any other person accepts any liability, includin g , without limitation, any liability arising from fault or neglige n ce on the part of any of them or any other person, for any loss arising from the use of t h is announcement or its contents or otherwise arising in conn e ction with it.

This announcement is not an offer, invitation, so l icitation or other recommendation with respect to the subs c ription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment w hatsoever. This announcement may contain forward looking statements that are subje c t to risk factors associated with gold exploration, mining and p roduction businesses. It is believed that the expectations reflected in these statemen t s are reasonable but they may be affected by a variety of v ariables and changes in underlying assumptions which could cause actual results or t rends to differ materially, including but not limited to price fl u ctuations, actual demand, currency fluctuations, drilling and production results, reserv e estimations, loss of market, industry competition, environm e ntal risks, physical risks, legislative, fiscal and regulatory changes, economic and f i nancial market conditions in various countries and regio n s, political risks, project delay or advancement, approvals and cost estimates.

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24 Mumford Pl a

ce, Balcatta WA 6021 Tel: +6 8 6241 1866 Fax: + 6 8 6241 1811 Email: info@nsrltd.com Website: www.nsrltd.com