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General Manager (Paulsens) Mining Engineer with Previous Roles at Barrick Lawlers Gold Mine and Western Metals Lennard Shelf Operations

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General Manager (Paulsens) Mining Engineer with Previous Roles at Barrick Lawlers Gold Mine and Western Metals Lennard Shelf Operations Presentation The yea r Northern Sta r catches up to its peers as a gold mid-cap producer Ma rc h 1st 2012-New York Disclaimer Competent Persons Statements The information in this announcement that relates to Paulsens and Mt Olympus mineral resource estimation, exploration results, data quality, geological interpretations, potential for eventual economic extraction and estimates of exploration potential, is based on information compiled by or under the supervision of Brook Ekers, (Member AIG), who is a full-time employee of Northern Star Resources Ltd. Mr. Ekers has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves in the ‘Exploration’ section of this report is based on information compiled by Mr Jason Boladeras, who is a Member of the Australian Institute of Geoscientists (AIG) and Exploration manager and casual employee of Northern Star Resources. Mr Boladeras has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Boladeras consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Information in this announcement that relates to the Ore Reserves has been compiled by Shane McLeay, Principal Engineer – Entech Pty Ltd, who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Shane McLeay is a Member of the Australasian Institute of Mining and Metallurgy and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. 4 Exploration Potential The information in this announcement that relates to exploration and production targets refers to targets that are conceptual in nature, where there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. The information on exploration targets in this presentation are based on a conceptual range of targets as follows: Tonnage range: 350,000 to 600,000 tonnes Grade range: 9 g/t Au to 13 g/t Au Ounces: 100,000 to 250,000 Resource Tables attached in Appendix 1 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.Dollars quoted are in Australian Dollars 2 Corporate and Asset Overview +80,000oz Western Australian Gold Producer Market cap: $352m based on 352m shares at $1.00, plus 24m options Cash/Bullion on hand: $41.7m as 31 Dec 11 $80 million after February placement Debt free and un-hedged Top 20 hold 50%, new large UK institutions Key production asset: Paulsens Gold Mine near Paraburdoo in WA, acquired in July 10 Paulsen’s Project JORC resource 318,000oz1 Maiden Reserve of 113,000oz2 at Paulsens Acquired the neighbouring Ashburton Gold Project (resource of 668,000oz3) Company Resource base ≈ 1Moz 3 Pa u l se n s – Corner Stone Asset Paulsens started production in 2005 has produced 500,000oz in 6.5 years to 2011 at an average gold production of 70-80,000ozpa Life of Mine Cash Cost of $560/oz Average monthly total site cost of $5M or 3,000oz to breakeven Acquired by Northern Star in July 2010 for $40 Million Repaid full acquisition from cashflow within 7 months Record 2011 financial year performance, 87,069oz recovered Delivered second resource upgrade of 318,000oz, since acquisition Further exploration success is pending Discovered mineralisation in gabbro offset, adjacent to Paulsens mine In-house mining services division has reduced total cost per tonne by 30% 4 Pa u l se n s – Corner Stone Asset (continued…) Changed out Mining and Crushing Contractors with in-house team Dropped total cost per tonne by 30%, lowered underground cut-off to 2.5g/t 5 Pa u l se n s – Corner Stone Asset (continued…) Exceeded 2011 guidance by 15% , generated $46M surplus CY2012 guidance 75-80,000oz at $600-650 cash cost, generating $35M surplus cash even after $15M expansion capital expenditure New Resource of 318,000 oz, underpinned by key Voyager 1 Deepest intersection 6.4m @ 120.2 g/t, 180m below current production level Voyager 2 lode has an exploration target4 of 100,000-250,000oz best intersection received in the mine 5.6m @ 1,713g/t inc 0.8m @ 12,178 g/t Voyager 2 lode maiden resource expected mid-2012 “Combination of Voyager 1 and 2 gives Paulsens a five year outlook” 6 Growing production to 200,000ozpa Two staged approach to 200,000oz per annum Stage 1 - Grow Paulsens to 100,000ozpa . Increase plant capacity from 350,000 to 450,000tpa . Rapid capital development now underway . Expansion funding is secured . First production increase to flow in Dec 2012 . Most major lead time items have been sourced and ordered . 1st Class Project Management team has been secured Stage 2 – 100,000ozpa Ashburton sulphide stand-alone operation . Past oxide open pit, 1998 to 2004 of 340,000oz @ 3.3g/t . Metallurgical testing underway, feasibility to commence . Project contains 668,000oz @ 3g/t resource mainly in sulphides . Most likely to be feed from multiple high-grade underground’s, at Mt Olympus where sulphide resources stand at 576,000oz 7 Significant Exploration Upside No other sizeable deposit within 50km radius of the Paulsens mine 1,300km² of Tenements, numerous targets 100% owned and JV’s No other operational gold processing plant within 400km radius Cheroona copper/gold project, 80km from Sandfire discovery $20M exploration program budgeted for the next 12 months 8 Significant Exploration Upside (continued…) Paulsens in/near mine Exploration delivering early results Found two Gabbro Offset positions similar geology as Paulsens Potential to replicate the Paulsens orebody which has produced 500,000oz Ore grade intercepts up to 14gpt received to date, early days but very encouraging Intersected up to 13m wide quartz lode consistently over 250m down plunge Drilling for structure/geological understanding, then focus on mineralisation 9 Boa rd of Direc tors Successful record in discovering and developing mines BILL BEAMENT – Managing Director (Mining Engineer) Former General Manager – Operations for 12 mines across WA, including 3.5 years involvement at Paulsens overseeing the incumbent mining contractor. Established over 15 new mining operations across Australia. CHRIS ROWE – Non Executive Chairman (Barrister and Solicitor) Barrister and solicitor - previous chairman or director of a number of public listed mining and oil and gas related companies in both Australia and North America MICHAEL FOTIOS – Non Executive Director (Geologist) Chairman of InvestMet Limited. Former Managing Director of Galaxy Resources. Held senior positions with Homestake and Sons of Gwalia. Involved in the discovery of 4 million ounces of gold. PETER FARRIS – Non Executive Director (Business/Corporate Advisory) Highly Credentialed Businessman with extensive experience in the Perth real estate industry and corporate advisory services. DISCIPLINES TO OPERATE A MINING BUSINESS ARE COVERED 10 Senior Management BERNIE SOSTAK – General Manager of Geology Geologist with over 20 years in the Gold Industry with extensive experience in mine geology, resource estimations, planning and general operations management in underground and open pit. Held senior management roles with WMC, Broken Hill Metals and Coolgardie Gold. Most recently as Barrick’s Director of Resource/Reserve Strategy based in Toronto managing reserve replacement programs on 4 continents. RAY PARRY – General Manager Finance and Commercial Experienced Finance Executive with over 25 years experience in the mining and banking industry. Previously held the position of Commercial Manager with St Barbara Ltd overseeing the recommencement of mining and processing at the company’s Gwalia, Tarmoola and Southern Cross operations.
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