Emerging Australian Gold Producer and Explorer “LEVERAGE FOR GROWTH” Company Presentation – April 2011 DISCLAIMER Competent Persons Statements 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 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". Mr. Ekers consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to Exploration Potential and comments on the resources estimates are based on information compiled by Mr Jason Boladeras, who is Exploration Manager for Northern Star Resources, a Member of the Australian Institute of Geoscientists and is employed by Geoarc Pty Ltd. 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. 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. Our Vision… & Business Model “To build a quality mining & exploration company focused on creating profits for shareholders...” “Acquire assets that add value when re-assessed” Company Profile CAPITAL STRUCTURE 300M shares on issue 75.5M options Market Capitalisation $105M (30 March 2011) (Undiluted & @ 35 cents per share) Cash/Bullion at Bank $10 Million (End of Mar) SUBSTANTIAL SHAREHOLDERS Top 20 50% InvestMet Limited 20% Board of Directors (fully diluted) 25% Board of Directors 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 Senior Management BERNIE SOSTAK – 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 – Financial and Commercial Manager 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. CRAIG JONES – General Manager (Paulsens) Mining Engineer with previous roles at Barrick Lawlers Gold Mine and Western Metals Lennard Shelf Operations. Extensive experience in numerous mining methods and contract mining. BROOK EKERS – Geology Manager (Paulsens) Geologist with extensive experience in underground gold mining and has held the Geology Manager position at Paulsens for 7 years. Held senior management position at Normandy Bronzewing Operation MIKE BURNS – Process Manager (Paulsens) Metallurgist with vast experience in operating, commissioning, development and research of milling operations to increase extraction and recovery, improved throughput capacity and reduced operating costs. 5 KEY SITE MANAGERS HAVE +3 YEARS EXPERIENCE AT PAULSENS Flagship Asset – Paulsens Gold Mine High grade and high margin gold mine in Ashburton, Western Australia Continuous mine production of 70-80koz pa for past 6 years Life of mine cash cost A$543/oz, Total Cost <A$650/oz (includes site establishment) Recently updated 226,000 ounce resource (Dec 31, 2010) High conversion of resources to mine production Only gold processing plant (350ktpa) within 400km radius Senior management team intact for past 3-4 years Paulsens - Past Mid 2005 full scale production, project hedged @ A$627/oz until Dec08 373koz from past 5 years production (mid 2010), averaged 70-80koz pa CY 2009, generated A$39M EBITDA (A$1,200/oz gold price) Paulsens – Present (NST Ownership) Record December 2010H performance; Processed 49koz, Mined 47koz and Sold 49koz for $65.4M revenue Cash cost A$510/oz and total site expenditure A$664/oz 2010H Maiden Company profit of $5M, after $29M acquisition costs Invested $5M in underground exploration and capital development $40M acquisition completely paid out of surplus cashflow within 7 months Released new resource statement and 2011 mine plan 60-75koz gold production for 2011 Generates surplus cash up to $40M March quarter gold production on track to exceed upper end of guidance Average monthly total site cost of $5M or 3,500oz to breakeven Resources Paulsens – 1.3Mt @ 5.3g/t for 226koz (Dec 31, 2010) Maintained Voyager 1 resource after mining 71,000 oz in 2010 Indicated 143,100 oz and Inferred 71,800 oz 1,000 ounces per vertical metre High historical conversion of mined vs. resource model History of extending resources year on year likely to continue Paulsens – Future Continue to extend mine life $5M per annum expenditure on underground drilling Currently extending decline to access deeper levels of Voyager 1 and the Voyager 2 lode Investigate the potential of increasing Paulsens production to 100,000oz per annum, via the addition of open pit feed sources and plant expansion Review remanent upper level resources at $1,400/oz gold price Commence in-mine exploration adjacent to Paulsens mineralisation Implement commercial strategies based on 3 year mine life Transition to own mining services and crushing divisions Ability to reduce operating costs $50-100/oz Provides NST with another skill set in-house, growth enabler Exploration Potential – “Regionally” No other sizeable deposit within 50km radius of the Paulsens mine 1,300km 2 of Tenements, numerous targets 100% owned and JV’s Only operational gold processing plant in the Ashburton/South Pilbara Exploration – Ashburton Gold Project Past production, 1998 to 2004 of 340,000oz @ 3.3g/t via oxide open pits Contains 668,000 oz resource mainly contained in sulphides Numerous walk up drill targets and review past A$525/oz feasibility studies Drilling to Commence June 2011 quarter Exploration – Other Cheroona copper/gold project located 80km from Sandfire’s discovery Similar geological setting to DeGrussa, including 18km strike of the Narracoota Volcanics Mt Clement JV (20% NST) located 35km from Paulsens processing plant Indicated Resource 40,600oz, recently discovered high grade gold, silver and copper zone; open along strike and at depth Plan on a Page Opportunities Great asset, Paulsens Gold mine is very high grade (Top 3 Aus) Business Model that utilises the skills in the Company Board and Management team that can and have delivered Strong possibility for further Paulsens mine life extensions Potential to increase production profile to 100,000oz pa Strong cash generation, $40M pa Numerous exploration projects poised for discovery Company is Debt Free and Unhedged LEVERAGED FOR GROWTH.