NORTHERN STAR RESOURCES LTD - Investor Presentation 2016

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Northern Star Resources – Citi’s Mining Exploration Day An Australian gold miner – for global investors

June 2016

Competent Persons Statements

The information in this announcement that relates to mineral resource estimations, exploration results, data quality, geological interpretations and potential for eventual economic extraction, 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 style of mineralisation and type of deposit 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 Kanowna, EKJV, Kundana and Carbine 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 mineral resource estimations, exploration results, data quality, geological interpretations and potential for eventual economic extraction, is based on information compiled by Brook Ekers, a Competent Person who is a Member of the Australian Institute of Geoscientists and a full-time employee of Northern Star Resources Limited. Mr Ekers has sufficient experience that is relevant to the style of mineralisation and type of deposit 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 Paulsens, Plutonic and Jundee Project areas. Mr Ekers 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 is based on information compiled by Jeff Brown, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy and a full-time employee of Northern Star Resources Limited. Mr Brown has sufficient experience that is relevant to the style of mineralisation and type of deposit 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 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 mineral resource estimations for the Central Tanami 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 Company 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. 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.
The information in this announcement that relates to mineral resource estimations for the Groundrush Project is extracted from the Tanami Gold NL ASX announcement entitled “Groundrush Deposit Update - Significant Growth In Measured and Indicated Mineral Resource and Increase In Resource Grade At Groundrush” created on 7 January 2013 and is available to view on www.tanami.com.au. The Company 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. 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.
The information in this announcement that relates to exploration results, data quality, geological interpretations and potential for eventual economic extraction, is based on information compiled by Simon Lawson, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy and a full-time employee of Northern Star Resources Limited. Mr Lawson has sufficient experience that is relevant to the style of mineralisation and type of deposit 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 Groundrush Deposit. Mr Lawson consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

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. All currency conversions in this presentation have been converted at a currency of AUD/USD conversion rate of A$0.71c

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We are the third-biggest gold miner on the ASX both market cap and production

Strong balance sheet, no debt - A$286M in cash, bullion & investments (31 Mar 2016) Market cap A$2.9B, tracking to produce 570koz at an AISC of A$1,050/oz for FY16 Strong organic growth outlook - production set to reach 700,000ozpa in 2018 Strong margins insulated by flat cost environment

Consensus forecast for rising AUD gold price Substantial production growth, flat cost environment & no debt delivering significant increase in free cash flow Track record of fully-franked dividends Driven by the adage “a business first and a mining company second”

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Paulsens & Ashburton
Operations
Central Tanami Project
+3Moz Gold Camp
+5Moz Gold Camp
Plutonic Mine
+7Moz Gold Camp
Jundee Mine
+7Moz Gold Camp
Kanowna Belle Mine
+7Moz Gold Camp
Kundana Operations
+5Moz Gold Camp
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Superior returns on invested capital continues to be the focus driving investment decisions for NST

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Capital is forced to compete internally for project funding to ensure NST continues to generate a sector leading Return on Equity 34% (annualised) and Return on Invested Capital 28% (annualised) Across the portfolio of assets NST has achieved an average IRR well in excess of +100% through operational excellence and greatly extending mine lives

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FY15 M&A transactions averaged A$492/oz per Underlying ROIC (%)
reserve ounce and A$88 per resource ounce
70%
NST achieved a discovery cost of 57%
60%
A$19/oz per resource ounce in FY15
50%
40% NST has averaged 28% ROIC over the last 5 yrs
30% 25% 26% 25% 28%
20%
13%
10%
0%
2011 2012 2013 2014 2015 1H 2016
Source: Macquarie
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4
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NST purchased Paulsens in 2010 with a six month mine plan Immediately invested in dedicated drill drives to extend the orebody. NST has developed 6 drill drives to extend the ore body

Down plunge drilling is technically challenging due to poor intersection angles

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Dedicated drill drives need to be positioned away from existing decline
development
Resource estimation cannot be achieved by drilling down an orebody
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NST has grown the resource base considerably by investing over A$110M in exploration since the acquisition of Paulsens in 2010

FY2015, NST invested A$50M in exploration for organic growth across the portfolio

Involved 470kms of drilling utilising up to 31 drill rigs

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10,000 NST Resource and Reserve Growth
8.9
9,000
8,000 Total Resource
increased by 44%
7,000 6.2
6,000 Measured & Indicated
5,000 Resource increased by
42% to 4.4Moz
4,000
3,000
2.2
2,000 1.4
0.94
1,000
-
Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15
Measured Indicated Inferred Reserves
'000 ounces
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Result - a 44% increase in group resources with 2.7Moz added after 622koz of mining depletion Measured and Indicated resources increased by 42% to 4.4Moz with increased confidence A discovery cost of just A$19/oz

Eight new discoveries made across the portfolio with only one making the FY15 resource statement

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FY16 a further A$35M has been invested - over 320kms of exploration drilling occur across the portfolio of assets utilising up to 27 drill rigs

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The aim of this investment is to convert the eight FY2015 discoveries into resources and bring additional resources into the LOM plans In addition, further A$39M of expansion capital is being spent to bring new deposits online and lift group production to 700kozpa in 2018

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This capital investment has the potential to bring over 1.5Moz of resources into future mine plans

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FY15 exploration drilling increased resources by 166% to 1.35Moz Drilling extended in mine resources and the discovery of the new Revelation Trend that is open in all directions FY16 focus is on increasing long term visibility by testing lateral and depth extensions of Jundee system from the new 2.4km drill drive

Currently there are 10 rigs drilling across the deposit drilling ~25kms per month Regional exploration is focussed on the expansion of open pit material into the mine plan and new targets

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Future of the Kanowna Belle operations will be from the Kanowna Belle mine and multiple ore sources in the region The high grade Velvet discovery announced in March 2015 Drill drive access rapidly established with exploration drilling accelerated Production development has now intersected Velvet ore horizon with widths and grades higher than anticipated A review of the main Lowes underground shows the highgrade system continues up to 450m below current production levels (1,800 mbs) where over 5Moz has been produced to date. This mineralisation has the potential to materially extend mine life and will be tested later this year. New drill drive development has commenced.

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Production development has now intersected Velvet ore horizon with widths and grades higher than anticipated A review of the main Lowes underground shows the highgrade system continues up to 450m below current production levels (1,800 mbs) where over 5Moz has been produced to date.

This mineralisation has the potential to materially extend mine life and will be tested later this year. New drill drive development has commenced.

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9245 Drill Drive: further exploration will explore
previous historical intercepts below 9000 RL
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FY15 exploration increased EKJV (51% NST) resources owned tenements to 950koz at 11.3gpt FY16 drilling has confirmed Pegasus, Rubicon and Hornet deposits are linking at depth forming a 2km long ore system Investment in new 2.1km link drive has commenced to provide drilling access to test lateral & depth potential Dual purpose drive will also provide production access and allow production rates to expand

Pegasus Hornet

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NST’s FY15 exploration added 658koz at 6gpt on its 100% owned tenements at Kundana New Millennium discovery drilling completed in FY16, maiden ore reserve due mid year 2016 update Future underground production will give access to Centenary, Barkers & Strzelecki ore systems Focus of exploration going forward will be on all five 100% owned deposits for potential production

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The Plutonic resource increased by 17% to 1.7Moz in FY15 Over 120km of diamond drilling was completed in FY15 with a significant investment into capital development Significant intercepts were achieved across the whole deposit with exploration focussing on Caribbean, Pacific East, Indian and Caspian zones Exploration will continue to be the focus in these areas as well as the Baltic Extension zone & Hermes open pit

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FY15 exploration increased resources by 7% to 441koz after mining depletion of 76koz Paulsens orebody continues to hold a resource to reserve conversion ratio of 100% Recent drilling down plunge in Voyager 2 intersected 1.4m at 46.9gpt is 300m vertically below the bottom production level confirming substantial orebody extension

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The past 5 years has seen A$30M invested by historical owners at Groundrush in exploration, drilling and feasibility studies - current resource is 1Moz @ 4.8gpt gold (at a 1gpt grade cut-off) Post transaction NST commenced a A$8M drilling program at Groundrush Objective to lift resource confidence to -300m mbs and follow up significant historical down plunge results such as 17m at 109.5gpt

Central Tanami Project historically produced 2.1Moz from top 125m, last production was in 2005 from Groundrush - 610,000oz at 4.3gpt over 4 year period

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*See ASX announcement 3[rd] August 2015

1615

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Highly profitable : Net profit after tax up 79% to A$65.1M in 1HFY16; underlying free cash flow of A$96.7M; total interim dividend up 50% from 1H15 to A3¢ps Strong balance sheet : no debt; A$286M in cash, bullion & investments (31 Mar 2016) Emphasis on Shareholders : Past 5 years avg TSR +200% & Return on Equity of 43% ASX-listed gold miner with critical mass, asset diversity and organic production growth : 535koz-570koz in FY16 at AISC of A$1,050-A$1,100/oz, rising to 700koz per annum from FY18 onwards

Politically and financially stable : all mines in the resources-friendly state of WA Northern Star is a demonstrated growth stock : A5¢ to +A$5.00 a share in five years Aggressive exploration strategy (A$50M in FY15) delivering outstanding resource growth (2.7Moz to 8.9Moz), average cost of discovery just A$19/oz A$74M committed to exploration and expansion capital in FY16; further expenditure growth in FY17

Strong management team , including many former contracting executives

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Email – [email protected] / Website – www.nsrltd.com

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NORTHERN STAR RESOURCES LTD Investor Presentation 2016

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Competent Persons Statements

Forward Looking Statements

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NORTHERN STAR RESOURCES LTD — Investor Presentation 2016

65447_rns_2016-06-26_32461f89-a0fc-4d6c-8c33-472567836d31.pdf

Competent Persons Statements

Forward Looking Statements

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NORTHERN STAR RESOURCES LTD Investor Presentation 2016