NORTHERN STAR RESOURCES LTD — Investor Presentation 2021

The Australian Gold Miner - For Global Investors BMO Metals & Mining Conference - March 2021

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 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, 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 Scheme of Arrangement in relation to the merger of Northern Star and Saracen Mineral Holdings Limited ( Saracen ) was implemented on 12 February 2021, As a result, both Saracen and Kalgoorlie Consolidated Gold Mines Pty Ltd ( KCGM ) became wholly owned subsidiaries of Northern Star on 12 February 2021. Until such time as Northern Star reports ore reserves, mineral resources, and production targets of the Northern Star group of companies on a consolidated basis, this announcement contains estimates of Northern Star's and Saracen's respective ore reserves and mineral resources, as well as estimates of KCGM’s ore reserves and mineral resources and also production targets that are a product of these estimates. Northern Star and Saracen collectively own 100% of the assets and operations of KCGM (including the Super Pit). The information in this announcement that relates to the ore reserves and mineral resources, and production targets of:

• (a) Northern Star has been extracted from the following: the ASX release by Northern Star entitled “Resources and Reserves, Production and Cost Guidance Update (ex-KCGM)” dated 13 August 2020, available at www.nsrltd.com and www.asx.com ( Northern Star Announcement );

• (b) Saracen has been extracted from the following: the ASX release by Saracen entitled “Carosue Dam and Thunderbox only – Reserves rise to 3.7Moz” dated 4 August 2020, available at www.saracen.com.au and www.asx.com ( Saracen Announcement ); and

• (c) KCGM has been extracted from the following: Northern Star's and Saracen's joint ASX announcement entitled “KCGM Reserves, Resources and Guidance Update” dated 18 August 2020, available at www.nsrltd.com and www.asx.com ( KCGM Announcement ).

Northern 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 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 that announcement.

Saracen confirms that it is not aware of any new information or data that materially affects the information included in the Saracen Announcement and, in relation to the estimates of Saracen's ore reserves and mineral resources, that all material assumptions and technical parameters underpinning the estimates in the Saracen Announcement continue to apply and have not materially changed. Saracen confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that announcement.

Both Northern Star and Saracen confirm that they are not aware of any new information or data that materially affects the information included in the KCGM Announcement and, in relation to the estimates of KCGM's ore reserves and mineral resources, that all material assumptions and technical parameters underpinning the estimates in the KCGM Announcement continue to apply and have not materially changed. Northern Star and Saracen confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that announcement.

*All currency conversions in this document were converted at a spot conversion rate of AUD/USD of $0.78.

Authorised to release to the ASX by Raleigh Finlayson, Managing Director.

2

Tier-1 assets in Tier-1 locations

Top 10, ASX-listed global gold miner

• Simple, growth business; Targeting the best 2Mozpa from three Tier-1 production centres

• Post-merger integration running ahead of schedule

• On track to achieve FY21 production guidance 1.5-1.7Moz at an AISC A$1,390-A$1,520/oz (US$1,080-US$1,190/oz)

• 10 years mine life underpinned by Reserves

• Further growth from aggressive exploration; FY21 exploration budget A$150M (US$117M)

• Robust balance sheet; Net cash A$180M (US$140M) (31 Dec-20)

• Surface stockpiles 3.2Moz (31 Dec-20)

==> picture [342 x 282] intentionally omitted <==

----- Start of picture text -----

Pogo
6.7Moz Resource
1.5Moz Reserve US
(Alaska)
Yandal
10.2Moz Resource
4.6Moz Reserve
Kalgoorlie
30.5Moz Resource
13.3Moz Reserve
Perth
Australia
----- End of picture text -----

• 10 year track record of paying dividends to Shareholders, targeting 6% of revenue

3

Progressive ESG

Our Sustainability Vision

“Delivering responsible environmental and social business practices that lead to the creation of strong economic returns for our Shareholders, and shared value for our Stakeholders.”

Our Sustainability Framework Ecosystem

==> picture [108 x 48] intentionally omitted <==

Completed Stage Two of our TCFD Recommendation adoption

==> picture [106 x 66] intentionally omitted <==

Aligning business actions with global sustainable development needs as defined by the United Nations

==> picture [66 x 66] intentionally omitted <==

Strengthening our ESG disclosures by adopting the SASB materiality framework for CY2020 reporting

Progressive corporate governance

• Recent Board decision to transition from an Executive Chair to an Independent Non-Executive Chair; Global search imminent

• Positive Shareholder feedback

Health and safety

• The health and safety of our workforce is our number one priority; sector leading safety performance; Exited CY20 with a 1.13 LTIFR*

• Swift proactive management mitigated COVID-19 impacts over the last ~12 months

Stakeholder ESG engagement

• Annual ESG investor roadshow and continuous stakeholder engagement on priority ESG areas

• Allows us to progress our sustainability strategy

CY2020 sustainability highlights

• Zero significant environmental, heritage or regulator infringements under NST ownership of current portfolio of operating assets

• Total water use intensity per ounce reduced by 7%

• Scenario analysis completed and target setting action plan created as part of TCFD alignment

• Number of recordable injuries per million hours worked, calculated on 12 month rolling average

4

Pathway to the best 2Moz per annum

A growth business, with falling costs and margin expansion

==> picture [324 x 218] intentionally omitted <==

----- Start of picture text -----

Production profile (koz)
2,000
+30%
1,750
1,500
1,250
1,000
FY20A FY21 FY22 FY23 FY24 FY25 FY26 FY27
----- End of picture text -----

• 100% in Reserves at 30 June 2020

▪ A$1.5-2.0B NPV (pre-tax, net of stamp duty) to be unlocked over the next 10 years

• Opportunities include:

==> picture [322 x 189] intentionally omitted <==

----- Start of picture text -----


Procurement Savings
Corporate & Net Tax savings
Milling Optimisation of Ore
KCGM JV Savings
Operational Efficiency Upside
▪
Optimisation work well advanced to produce
the best 2Mozpa from the three production
centres
----- End of picture text -----

• 30% production growth in next 3 years alone

▪ Annual Strategy Day September quarter 2021

5

“Through-the-Cycle” gold stock

Significant levers to adjust to changes in gold prices

Attributes

100% Tier-1 assets

3.2Moz in surface stockpiles “Future-proofing” strategy flex Hedging ~15% of production next 3yrs Merger synergies / optimisation Robust balance sheet – Net cash

==> picture [256 x 265] intentionally omitted <==

----- Start of picture text -----

Benefits
De-risked production growth,
earnings and cash flow
Structurally lower costs
Resilience to gold price cycle /
“black swan” shocks
Higher trading multiples to reflect
consistency
----- End of picture text -----

==> picture [116 x 108] intentionally omitted <==

----- Start of picture text -----

Goal
THE PREFERRED
“THROUGH-THE-
CYCLE” GOLD
STOCK
----- End of picture text -----

6

A simple business: Three large-scale production centres

==> picture [651 x 316] intentionally omitted <==

----- Start of picture text -----

Kalgoorlie Operations: Yandal Operations: North American Operations:
Production target 1.1Mozpa Production target 600kozpa Production target 300kozpa
Reserves: 287Mt @ 1.4g/t for 13.3Moz Reserves: 66Mt @ 2.2g/t for 4.6Moz Reserves: 5.9Mt @ 8.0g/t for 1.5Moz
Resources: 516Mt @ 1.8g/t for 30.5Moz Resources: 139Mt @ 2.3g/t for 10.2Moz Resources: 22Mt @ 9.8g/t for 6.7Moz
Processing capacity: 18.6Mtpa Processing capacity: 5.5Mtpa Processing capacity: 1.3Mtpa from mid 2021
Nth American
Yandal Jundee Operations
Kalgoorlie Operations
Operations
Pogo
Bronzewing
Acra
Carosue
Carbine
KB Thunderbox
Kundana
Fimiston
South Kalgoorlie
----- End of picture text -----

NST tenure

7

NST mill

A simple business: Three large-scale production centres Kalgoorlie Operations: Production target 1.1Mozpa

▪ Key growth area at Fimiston (KCGM) - Production rising to +500kozpa by FY24 as access to high grade Golden Pike North is restored (post wall remediation) and Fimiston South becomes the dominant ore source

==> picture [662 x 285] intentionally omitted <==

----- Start of picture text -----

Reserves: Resources: 287Mt @ 1.4g/t for 13.3Moz516Mt @ 1.8g/t for 30.5Moz FY24 as access to high grade Golden Pike North is restored (post wall
Processing capacity: 18.6Mtpa remediation) and Fimiston South becomes the dominant ore source
70 2.5
Fimiston South – Gets better every day… over a decade
Yandal 60
Kalgoorlie Operations 2.0
Operations
50
1.5
40
Pogo
30
1.0
Acra
20
Carosue
Carbine 0.5
10
KB 0 0.0
Kundana
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34
Fimiston Strip ratio Grade
South Kalgoorlie
▪ Before climbing to +675kozpa by FY28
▪
Grade (g/t)
Strip Ratio (w:o)
----- End of picture text -----

• Aggressive drilling across Kalgoorlie District – 28 rigs working

8

NST tenure

NST mill

A simple business: Three large-scale production centres

Kalgoorlie Operations: Production target 1.1Mozpa

==> picture [415 x 270] intentionally omitted <==

▪ Growth supported by vast quantity of significant drill results at KCGM… ▪ …outside Reserves including:

▪ Fimiston South open pit (includes 23m @ 66g/t in the “saddle”) ▪ OBH North open pit

▪ Fimiston South underground

▪ Mt Charlotte underground (Mt Ferrum, Kal East, Little Wonder)

▪ Resource averages a globally leading 45,000oz per vertical metre ▪ Significant Fimiston Underground potential (starting 2.2Moz Resource)

9

A simple business: Three large-scale production centres

Yandal Operations: Production target 600kozpa

Reserves: 66Mt @ 2.2g/t for 4.6Moz Resources: 139Mt @ 2.3g/t for 10.2Moz Processing capacity: 5.5Mtpa

==> picture [192 x 230] intentionally omitted <==

----- Start of picture text -----

Yandal Jundee
Operations
Bronzewing
Thunderbox
----- End of picture text -----

▪ Key growth opportunities from expansion and optimisation of milling; evaluation of various options is underway: ▪ Potential expansion of Thunderbox mill to 6Mtpa; ▪ Potential expansion of Jundee mill to 5Mtpa; or ▪ Refurbishment of Bronzewing mill to 2.2Mtpa

• Ore sources to underwrite increased mill throughput include: ▪ Thunderbox D Zone open pit (production)

• ▪ Thunderbox underground (production)

• ▪ Bronzewing / Orelia open pits (development)

• ▪ Wonder North open pit (development)

• Aggressive drilling across Yandal district - 25 rigs working

10

NST mill

NST tenure

A simple business: Three large-scale production centres

North American Operations: Production target 300kozpa

Reserves: 5.9Mt @ 8.0g/t for 1.5Moz Resources: 22Mt @ 9.8g/t for 6.7Moz Processing capacity: 1.3Mtpa from mid 2021

• Production growing to 300kozpa by FY23 through an expanded 1.3Mtpa processing plant (mid-2021 completion)

==> picture [192 x 230] intentionally omitted <==

----- Start of picture text -----

Nth American
Operations
Pogo
----- End of picture text -----

• Outstanding high grades – December half 9.0g/t head grade

• Development advance ramping up (current ~1,000m per month, target 1,500m per month)…

• …to increase stoping volumes once five long-hole open stoping areas are brought online

• Aggressive drilling across Pogo - 13 rigs working after COVID-19 hiatus:

• Excellent hits in the main production lodes

• Upside from multiple un-modelled structures across mine area

• Goodpaster discovery highlights the “camp-scale” opportunity

• Other key prospects include Hill 4021, Burn, Cholla, Stone Boy (excludes Monte Cristo)

11

NST tenure NST mill

FY21 guidance

1.5–1.7Moz at AISC of US$1,080-$1,190/oz

==> picture [140 x 405] intentionally omitted <==

----- Start of picture text -----

12
----- End of picture text -----

FY21 guidance based on previously announced market disclosures – Refer to page 2 of this presentation

Increasing dividends

• Long track record of paying dividends to owners

• Dividend payout targeted at 6% of revenue

==> picture [534 x 294] intentionally omitted <==

----- Start of picture text -----

647
536
December Half FY21 interim dividend up 27% to A9.5cps
fully franked (A$110.5M (US$86M) on the expanded
post-merger capital base)
10.0
Record date 9 March 2021; Payment date 30 March 2021
336
Shareholder returns anticipated to increase further in the
coming years due to significant production growth 249
190
9.5
118 3.0
7.5
76
46 5.0
25
11 6.0
4.0 9.5
3.0 7.5
6.0
2.5 2.5 4.5
2.5 2.0 3.0 3.0
1.0 1.0
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 HY21
Interim (cps) Final (cps) Special (cps) Cumulative Dividend
----- End of picture text -----

• December Half FY21 interim dividend up 27% to A9.5cps fully franked (A$110.5M (US$86M) on the expanded post-merger capital base)

• Record date 9 March 2021; Payment date 30 March 2021

• Shareholder returns anticipated to increase further in the coming years due to significant production growth

==> picture [140 x 405] intentionally omitted <==

----- Start of picture text -----

13
----- End of picture text -----

Strong balance sheet

• Balance sheet strength has allowed significant organic investment and accretive acquisitions resulting in superior returns to Shareholders

==> picture [211 x 208] intentionally omitted <==

----- Start of picture text -----

Liquidity at 31 December 2020
Investments
US$21M
Bullion
US$51M
Total
liquidity
US$0.9B
Cash
US$580M
----- End of picture text -----

• At 31 December 2020¹:

• A$1.2B (US$0.9B) liquidity including A$345M (US$269M) in undrawn revolving facilities

• A$838M (US$654M) cash and equivalents

• A$658M (US$513M) corporate bank debt

• A$325M (US$253M) of free cash flow[2] in December Half FY21 supporting growth and returns to Shareholders

• ~15% of production hedged over the next 3 years

¹ Pro forma balance sheet of combined Northern Star and Saracen MergeCo at 31 December 2020, merger implementation date 12 February 2021. 2 Pro forma free cash flow (operating cash flow less investing cash flow) of combined Northern Star and Saracen MergeCo at 31 December 2020, merger implementation date 12 February 2021.

==> picture [140 x 405] intentionally omitted <==

----- Start of picture text -----

14
----- End of picture text -----

Advantage Northern Star Unrivalled exposure to Tier-1 assets

Leading gold producers - Reserves (%) in Tier-1 jurisdictions

100%

==> picture [670 x 208] intentionally omitted <==

----- Start of picture text -----

47%
41%
33%
29%
20%
14%
7%
2%
0%
Northern Star D B A I G H F C E
(US$9B) (US$14B) (US$34B) (US$44B) (US$4B) (US$8B) (US$8B) (US$8B) (US$15B) (US$9B)
----- End of picture text -----

(Market capitalisation at 24/2/21)

Tier-1 jurisdictions = Top 10 jurisdictions as per Fraser Institute Annual Survey of Mining Companies 2020 Reserve data sourced from Company Reserve and Resource Reports at Feb 2021

15

Advantage Northern Star

Unrivalled exposure to production growth

Leading gold producers - Growth (3-year CAGR)

==> picture [668 x 183] intentionally omitted <==

----- Start of picture text -----

12%
9% 9%
5%
4%
3% 2%
0%
-3%
-4%
Northern Star D G H I A E B F C
(US$9B) (US$14B) (US$8B) (US$8B) (US$4B) (US$44B) (US$9B) (US$34B) (US$8B) (US$15B)
----- End of picture text -----

(Market capitalisation at 24/2/21)

Tier-1 jurisdictions = Top 10 jurisdictions as per Fraser Institute Annual Survey of Mining Companies 2020 Production growth (FY20-23) sourced from BMO Capital Markets “The GoldPages” February 2021

16

Northern Star Resources Limited ASX Code: NST

The Australian gold miner – for global investors Investor Enquiries:

Troy Irvin Level 1, 388 Hay Street, Subiaco 6008 Western Australia T: +61 8 6188 2100

E: [email protected]

W: www.nsrltd.com

Inventum 3D Page Links click here