Northern Star Resources Limited - EXPLORATION UPDATE

Northern Star Resources Limited (ASX: NST) is pleased to announce positive progress from its FY23 exploration program, designed to support the Company's five-year profitable growth strategy. Northern Star will provide an Annual Mineral Resource and Ore Reserve Statement ended 31 March 2023 in 2H23. Commenting on the exploration update, Northern Star Managing Director Stuart Tonkin said: 'Our exploration team has made a strong start to FY23, advancing some exciting early-stage prospects across our global tier-1 portfolio as well as expanding beyond known areas of mineralisation. Our exploration team's depth and experience continue to deliver strong success for Northern Star, adding to our organic growth optionality.

'KCGM's mineralisation continuity extends, showcasing the significant opportunity that exists across Fimiston North, Fimiston South, Mt Charlotte and regional areas. These results further strengthen our strategic thinking for this region. Drilling from the first dedicated underground drill drive continues to encourage mineral resource growth. 'We are particularly excited about the new underground Joplin discovery extending life at Kanowna Belle as well as regional drilling at Red Hill, which has outlined a significant mineralised porphyry system to add to our growth optionality across the Kalgoorlie region. 'At Yandal, development of a satellite pit pipeline continues to show encouraging results, particularly for our recently expanded TBO mill. In-mine growth drilling at Jundee has outlined encouraging extensions, supportive of continued performance at this high free cash flow generating asset.

'At Pogo in Alaska, the recent drill results reinforce the enormous growth potential as we transition the mine for the next decade. The results outline expansion of the mineralisation trend at Goodpaster while in-mine drilling has delivered exceptional results to expand the resource potential within the mine area. 'We are making exceptional progress with our exploration program and continue to focus on extending mine lives and developing high-margin ore reserve growth at our three production centres. Ongoing exploration success enables low-cost resource inventory build and underpins our purpose to deliver superior shareholder returns.'

KALGOORLIE OPERATIONS

The Kalgoorlie region of Western Australia's Goldfields has been a prolific region for gold production and exploration success. Northern Star's ongoing exploration investment in this highly prospective region continues to deliver strong drilling results, driving continued growth in mine production profiles at KCGM and the Kalgoorlie region.

Drilling from the Golden Pike underground drill drive has continued at Fimiston North with the current phase of drilling designed on a 200m x 200m grid pattern to test the northern extensions of known lodes from the Fimiston open pit. The initial drill program has successfully overcome the technical challenges of drilling through numerous historical voids to intersect mineralised target structures, creating a significant opportunity to test larger areas around historical mining areas. Significant intersections of 'Fimiston-style' gold mineralisation characterised by quartz veinlets associated with shearing and tellurides, occur both on the hangingwall and footwall margins of these voids as well as in intact 'virgin' lodes.

Fimiston South Open Pit

The Fimiston South cutback encompasses the southern end of the world-class 'Super Pit' on the Golden Mile deposit in Kalgoorlie. The current existing pit design for the Super Pit includes an Ore Reserve of 104Mt @ 1.7g/t for 5.9Moz (at 31 March 2022) as well as a significant Inferred Mineral Resource. Recent surface and in-pit drilling programs have continued to target these Inferred Resource areas to confirm the continuity of mineralised lodes and upgrade these areas, potentially adding significant ore reserves not currently in the mine plan.

Drilling continues to outline significant zones of Fimiston-style mineralisation together with several quartz stockwork zones analogous to Mt Charlotte-style mineralisation. The ongoing drilling campaign is successfully defining these zones to enhance the geological interpretation and confirm grade continuity of the Inferred Resource areas. The Maritana Orebody (MOB) is part of the existing Mt Charlotte underground operation located 3km north of the Fimiston processing plant. The MOB is separated from the Reward (ROB) and Charlotte (COB) orebodies by the Maritana Fault. Gold mineralisation occurs in broad (15 to 20 metres wide), shallow and steeply dipping quartz stockwork vein sets developed within the Golden Mile dolerite units that are suited to bulk mining methods such as sub-level caving. Recent underground drilling from the 1790 Level targeting the southern extents of the lower MOB, has returned highly encouraging results identifying a significant new lower zone of gold mineralisation north of the Golden Pike Fault

Red Hill

The Red Hill deposit is located 3km east of the Kanowna Belle process plant and 22km from the Fimiston processing plant at KCGM. The project was historically mined as an open pit operation between 2001 and 2007 producing approximately 467,000oz. At Red Hill, gold mineralisation is present in quartz stockwork vein arrays hosted within a large porphyry intrusion. Mineralised veins typically dip shallowly to the north and may contain sulphides and visible gold. Surface drilling recommenced at Red Hill in 2021 to outline the full extent of the mineralised porphyry intrusion below the current pit floor and along strike in both directions. The program to date has successfully outlined significant broad zones of gold mineralisation within the host porphyry intrusion to a vertical depth of 400m. The new drilling results highlight the significant scale of the Red Hill mineralised system which remains open in all directions.

Contact:

Investor

Sophie Spartalis

Northern Star Resources Limited

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Media

Peter Klinger

Cannings Purple

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Competent Persons Statements

The information in this announcement that relates to exploration results, data quality and geological interpretations for the Company's Operations is based on information compiled by Daniel Howe, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Northern Star Resources Limited. Mr Howe has sufficient experience that is relevant to the styles of mineralisation and type of deposits 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'. Mr Howe 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 Company's Operations is based on information compiled by Jabulani Machukera, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Northern Star Resources Limited. Mr Machukera has sufficient experience that is relevant to the styles of mineralisation and type of deposits 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'. Mr Machukera 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 for the Company's Operations is based on information compiled by Jeff Brown, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Northern Star Resources Limited. Mr Brown has sufficient experience which 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'. 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.

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