Northern Star Resources : Half Year Results Presentation for Period Ended 31 Dec 2018

An Australian gold miner - for global investors

1H FY2019 Financial Results -

February 2019

Resources & Reserves, Forward Looking Statement and Notes to Financial Overview Table

Mineral Resources and Ore Reserves

The Mineral Resources information in this presentation is extracted from the reports entitled "Reserve and Resource Update and Corporate Outlook" dated 2 August 2018, and "Pogo JORC Resource" dated 16 October 2018, both available atwww.nsrltd.com andwww.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, 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 Ore Reserves information in this presentation is extracted from the report entitled "Reserve and Resource Update and Corporate Outlook" dated 2 August 2018, available atwww.nsrltd.com andwww.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 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.

No reserves are disclosed in this presentation in relation to the Pogo operations. Information on Pogo reserves is included in the ASX announcement entitled "Northern Star acquires Pogo Gold Mine in Alaska" dated 30 August

2018. The reserves are estimated as at 31 December 2017 and according to the Canadian NI 43-101 standards, but are not fully compliant with those standards. Accordingly, they do not purport to be JORC Code compliant. A cautionary statement in respect of such resources and reserves appears in the ASX announcement dated 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 butnot limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, Resource and 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.

Footnotes to Financial Overview Table (Slide 7)

• (1) Unless otherwise stated, the metrics for the period ended 31 December 2018 as presented in the Financial Overview Table are inclusive of the December 18 quarter results of Pogo operations only.

• (2) EBITDA is earnings before interest, tax, depreciation, amortisation and impairment and is calculated as follows: 31 Dec 18 - Profit before Income tax ($113.6 million) plus depreciation ($33.6 million), amortisation ($70.3 million), impairment ($2.0 million) and finance costs ($5.2 million) less interest income ($2.9 million). 31 Dec 17 - Profit before Income tax ($111.4 million) plus depreciation ($28.2 million), amortisation ($62.7 million), impairment ($1.9 million) and finance costs ($1.4 million) less interest income ($3.9 million).

• (3) Underlying net profit is calculated as follows: 31 Dec 18 - Net profit ($82.1 million) plus acquisition and integration costs ($10.0 million), less tax effect ($3.0 million). 31 Dec 17 - Net profit ($79.1 million) plus acquisition and integration costs ($1.5 million), less tax effect ($0.4 million).

• (4) Underlying Free Cash Flow is calculated as follows: 31 Dec 18 - free cash flow (-$349.0 million), plus net payment to acquire business ($350.5 million), plus stamp duty ($1.2 million), plus payment for investments ($5.2 million), payment to Tanami Gold NL for exercise of put option ($20.0 million), plus FY18 tax ($2.7 million), plus loan to Venturex Resources Ltd ($1.0 million), plus bullion awaiting settlement ($5.2 million), plus working capital adjustment ($4.9 million). 31 Dec 2017 - free cash flow ($0.7 million) plus financial assets at fair value through OCI ($26.0 million), plus M&A ($4.0 million), plus FY17 tax ($35.2 million), plus working capital adjustment ($7.7 million), less bullion awaiting settlement ($12.5 million).

• (5) Gold mined, Gold sold & AISC/oz presented are inclusive of September 18 quarter and December 18 quarter results of Pogo operations

EBITDA, underlying net profit, underlying free cash flow and All-in Sustaining Costs (AISC) are unaudited non IFRS measures.

*All currency conversions in this document were converted at a spot conversion rate of USD/AUD of $0.7286

† GDX 5Yr Average is sourced from Bloomberg all erroneous data points have been removed and companies that have impaired over > $300m off their balance sheets

1H FY2019 - Key Financial HighlightsNST continues to generate favourable ROE and ROIC

• ▪ For the past five years NST has delivered an average annualised Return on Equity (ROE) of 34% versus the GDX sector average of -2.9%

• ▪ In 1H19 NST delivered an annualised ROE of 18% and 20% exclusive of the Pogo acquisition

• ▪ 1H19 includes the acquisition and integration of Pogo that provides a platform for profitable growth at sector leading rates of return as the Pogo operation is optimised

• ▪ NST's Australian operations have generated a 42% annualised ROE in 1H19

• ▪ Capital is forced to compete internally for project funding to ensure NST continues to generate sector leading returns

Average Annualised Return on Equity

50%

40%

30%

20%

10%

0%

1H16 2H16 1H17 2H17

Average Annualised ROE

1H18

2H18

(excluding Pogo)

1H19

Segment ROE

65%

Sector leading ROE 52%

42%

40%

15%

-10%

Australian Ops

Pogo -1%

Dec-17Dec-18

Investment into Pogo will add a meaningful contribution to group ROE as the operation is optimised over coming quarters

Value Creation - delivering returns to Shareholders

• ▪ NST's strategy of balancing organic growth with well executed M&A has generated over A$5.7B of value for Shareholders since the first acquisition in 2010 and <10% of this value uplift has been from equity raised

• ▪ This strategy has been achieved through operational excellence, investing heavily into exploration, growing production, optimising assets and financially disciplined inorganic growth; NST has returned 61% of all equity capital raised in the form dividends to its Shareholders

  $7,000

$5,718

$5,909

$6,000 $5,000 $4,000

A$M

Over A$5.7B of value added through executing organic and inorganic growth and 61% of all equity capital raised returned to Shareholders in dividends

$3,000 $2,000 $1,000

$468 $10

$287

$0

Starting Market CapEquity Issued

(30/6/10)Dividend Paid/DeclaredValue Add

Current Market Cap 31/12/18