Northern Star Resources : Investor Presentation - CLSA Exploration Access Day

nal use only

Business First

Australia Exploration Access Day June 2022

Forward Looking Statements, Reserves and Resources

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 onlyshall 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,

i cluding but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, Resource or 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.

ASX Listing Rules Disclosures

The information in this announcement that relates to the Ore Reserves and Mineral Resources, and production targets of Northern Star has been extracted from the ASX release by Northern Star entitled "Resources, Reserves and Exploration Update" dated 3 May 2022 available at www.nsrltd.comand www.asx.com(Northern Star Announcement).

useNorth rn Star confirms that it is not aware of any new information or data that materially affects the information included in the Northern Star Announcement and, in relation to the estimates of Northern Star's Ore Reserves and Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the Northern Star Announcement continue to apply and have not

mat rially changed. Northern Star confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that announcement.

A umptions made in relation to the Ore Reserves and Mineral Resources underpinning the production targets in that announcement are (in summary):  Current operational capital and operating cost structures,

 Current mining and metallurgical performance,

 The gold price, exchange rate, dilution allowance and mining recovery rates are as set out in each prior public report referred to in ASX Listing Rule 5.19 disclosures, and  5 year gold production profiles are based on 100% current JORC compliant Ore Reserves.

Rounding is applied in this presentation for the percentage comparisons and for the 31 March 2022 Ore Reserves and Mineral Resources figures. nalUn ess stated otherwise, all currency conversions in this document have been converted at a currency of A$/US$ conversion rate of $0.75.

Authorised to release to the ASX by Stuart Tonkin, Managing Director & CEO.

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World Class Assets in Tier-1 Locations

• We are one of the world's largest gold companies
• Our mission is to generate superior returns for onlyour shareholders, while providing positive
  benefits for our stakeholders, through operational effectiveness, exploration and active portfolio management
• We are a trusted operator and responsible useproducer in relation to our stakeholders, including
  communities, suppliers and host countries231

nal	Commodity	Countries	Production
Centres

Pogo

7.3Moz Resource 1.8Moz Reserve

Yandal

9.8Moz Resource 3.9Moz Reserve

Kalgoorlie

37.1Moz Resource

14.9Moz Reserve

Perth

Australia

US

(Alaska)

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Value creation strategy

RESPONSIBLE

EESG

only
SUSTAINABLE
	NST
Net Zero ambition
	by 2050;
	35% emissions
reduction by 2030
Industry-leading team
	(E - Employee)
	Progressive
useEnvironmental, Social,
Governance (ESG)
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PROFITABLE

GROWTH

SUSTAINABLE

~2Mozpa

3-5 world class

production centres

Kalgoorlie to 1.1Mozpa

Yandal to 600kozpa

Pogo to 300kozpa

Active portfolio

management

LOWER	LONG MINE
COSTS	LIFE

SUSTAINABLE	SUSTAINABLE
1st HALF COSTS	+20 YEARS
Growth in	Target +20Moz
production	Reserve
Continuous cost	Target +60Moz
improvement	Resource
Active portfolio	Focused on world class
management	geology
	Track record of
	low-cost discovery and
	accretive M&A

PREMIUM VALUATION

SUPERIOR

SHAREHOLDER

RETURNS

Enhance return on

investment

Improve NAV

Attract size investment from a diverse global investor universe

Premium trading

multiple

Exploration underpins further organic growth opportunities

Mineral Resources*

Ore Reserves*

only		14%			9%
	Kalgoorlie			Kalgoorlie
	56.4	19%	20.7
18%	Yandal		Yandal
	Moz	68%		Moz	Pogo
		Pogo		72%
useTrack record of low cost discovery, 2022 Resources added at A$24/oz
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*Annual Mineral Resources and Ore Reserves as at 31 March 2022
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