#1א A rapidly growing tier-1 gold miner - for global investors Macquarie Australia Conference - May 2020 NORTHERN STAR RESOURCES LIMITED#2Resources & Reserves NORTHERN STAR SESOURCES LIMITED Ore reserves and mineral resources reporting of Northern Star This presentation contains estimates of Northern Star's ore reserves and mineral resources, as well as statements about KCGM's mineral resources and mineral reserves. The information in this presentation that relates to the ore reserves and mineral resources of Northern Star has been extracted from the following: the ASX release by Northern Star titled "Northern Star Set for Further Production Growth as Reserves and Resources Jump +30%" and dated 1 August 2019 and, in the case of the Yandal Project only (which ore reserves and mineral resources estimates are incorporated from the acquisition of Echo Resources Limited by Northern Star), please refer to the ASX release by Echo Resources Limited titled "Noosa Mining and Exploration Conference" dated 19 July 2019. A copy of these announcements is available at www.asx.com.au or https://www.nsrltd.com/investor- media/news/. Northern Star confirms that it is not aware of any new information or data that materially affects the information included in that 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 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 those announcements. It is a requirement of the ASX Listing Rules that the reporting of mineral resources and ore reserves in Australia comply with the Australasian Joint Ore Reserves Committee Code for Reporting of Mineral Resources and Ore Reserves (the "JORC Code"), whereas mining companies in other countries may be required to report their ore reserves and/or mineral resources in accordance with other guidelines. Investors should note that while Northern Star's mineral resources and ore reserves estimates comply with the JORC Code (such JORC Code-compliant mineral resources and ore reserves being "Mineral Resources" and "Ore Reserves"), they may not comply with the relevant guidelines in other countries, and in particular do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators ("Canadian NI 43-101 Standards"); or SEC Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission (the "SEC"). Information contained in this presentation describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities law. In particular, SEC Industry Guide 7 does not recognise classifications other than proved and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources, including indicated and inferred resources, in SEC filings. Accordingly, if Northern Star was reporting in accordance with SEC Industry Guide 7, it would not be permitted to report any mineral resources, including indicated and inferred resources, and the amount of reserves reported by Northern Star may be lower than its estimates. You should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that Northern Star will be able to legally and economically extract them. In addition, investors should note that under SEC Industry Guide 7, mine life may only be reported based on ore reserves. Mine life estimates in this presentation assume that a portion of non-reserve resources will be converted to ore reserves, which would not be permitted under SEC Industry Guide 7. Mineral reserves and mineral resources reporting of KCGM The mineral reserves and mineral resources estimates for KCGM were derived from a report entitled "Competent Person Report Kalgoorlie Consolidated Gold Mines (KCGM)" dated 7 February 2019 and provided to Northern Star by Newmont ("KCGM Competent Person Report"). This report formed the basis of public disclosure of resources and reserves by Newmont dated 21 February 2019 (United States Securities and Exchange Commission Form 10-K Annual Report for the fiscal year ended December 31, 2018, page 50), which sets out the mineral reserves and mineral resources of KCGM as at 31 December 2018. These estimates in respect of the KCGM Operations, and included in the KCGM Competent Person Report, were prepared by KCGM for the Joint Venture partners (Newmont and Barrick at the time of preparation of the estimates). The KCGM estimates are effective as at 31 December 2018 and, so far as Northern Star is concerned, are the most recent, available mineral resources and mineral reserves estimates for the KCGM Operations. The mineral resources and mineral reserves estimates for the KCGM Operations were prepared using the National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"). NI 43-101 is a national instrument for the Standards of Disclosure for Mineral Projects within Canada. Accordingly, the mineral reserves and mineral resources estimates for KCGM were prepared using the Canadian NI 43-101 Standards and do not purport to be reported in accordance with or otherwise compliant with the JORC Code. Because the estimates have not been prepared in accordance with the JORC Code, they are classified as "foreign estimates" under the ASX Listing Rules. A Competent Person under the JORC Code has not yet done sufficient work to classify such foreign estimates as Mineral Resources or Ore Reserves in accordance with the JORC Code, however Northern Star notes the similarity of the Canadian NI 43-101 Standards and the JORC Code. It is currently uncertain whether, following evaluation and/or further possible exploration work by Northern Star, these foreign estimates will be able to be reported as Mineral Resources or Ore Reserves in accordance with the JORC Code. In relation to the reliability of the foreign estimates of mineral resources and mineral reserves (of KCGM) contained in this presentation, the following should be noted that: the foreign estimates are not reported in accordance with the JORC Code; a Competent Person has not yet done sufficient work to classify the foreign estimates as Mineral Resources or Ore Reserves in accordance with the JORC Code; it is currently uncertain whether, following evaluation and/or further exploration work, these foreign estimates will be able to be reported as Mineral Resources or Ore Reserves in accordance with the JORC Code; and for now, these foreign estimates have not been published with all the supporting data and such foreign estimates have not been verified by independent third parties. For more detail about the mineral resources and mineral reserves estimates for KCGM included in this presentation, including as to their reliability and other information required to be included pursuant to ASX Listing Rule 5.12, please refer to the announcement released to ASX by Northern Star on 17 December 2019. Northern Star is not in possession of any new information or data relating to these foreign estimates that materially impacts on the reliability of the estimates or Northern Star's ability to ultimately classify the Canadian NI 43-101 estimates as Mineral Resources or Ore Reserves in accordance with the JORC Code. 2#3Forward Looking Statements 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 and 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. *All currency conversions in this document were converted at a spot conversion rate of AUD/USD of $0.6584. NORTHERN STAR RESOURCES LIMITED 3#4Early adopters of ESG and our assets are in Tier-1 areas Our Sustainability Vision "Delivering responsible environmental and social business practice that lead to both the creation of strong economic returns for our Shareholders, and shared value for our Stakeholders." Sustainability Summary Peer group leader (2017) - first sustainability reporting disclosures Peer group leader (2018) - support United Nations Sustainable Development Goals Peer group leader (2018) - first disclosures of climate change risks Peer group leader (2019) align with Taskforce on Climate Related Financial Disclosure recommendations Multi-year sector leading safety results - LTIFR and TRIFR consistently below peer group Record A$1.44B economic value add in CY19 Sustainability Initiatives Snapshot NORTHERN STAR SESOURCES LIMITED Progressed our Mental Health Strategy, targeting 20% of NST employees accredited as mental health first aiders, knowing that healthy workers go home to healthy homes, which create healthy communities Local procurement spend of A$246M across Goldfields and Fairbanks/Delta Regions for CY19 Completed climate change risk assessments across our business - limited material exposure to our business model Community investment up 74% in CY19 to A$1.49M Established A$10M COVID-19 Community Fund in the Mar-20 quarter Alignment of business, Shareholder and Stakeholder Environmental Scorecard Zero significant environmental incidents or regulator infringements since acquisition of current portfolio of operating assets Introduction of a progressive rehabilitation strategy in 2019 to further enhance biodiversity of pre-NST legacy areas aspirations Introduction of our Board-level Environment, Social and Safety sub- committee in 2018, chaired by a Non-Executive Director 4#5COVID-19: Swift reaction, long term value preservation Social Responsibility and the health and safety of all Stakeholders sits at the very core of the Northern Star business NST moved early and decisively to implement a suit of strict COVID-19 mitigation measures, both at our Australian and Alaskan Operations In addition to the social distancing and health/hygiene measures put in place at our operations, NST moved early to preserve our strong balance sheet. Measures include: Deferring the payment of the declared A7.5¢/share interim dividend until later in CY20 and; Deferring the Company's remaining CY20 hedges until CY21; simultaneously mitigating 2020 delivery risk whilst allowing for delivery should NST wish to continue pro-actively clearing it's hedge book commitments Establishment of a Community COVID-19 Fund with up to A$10M in committed funds to assist. local health services, communities and businesses Rapid implementation of COVID-19 measures in the March quarter caused short term disruption to operations but NST now has a manageable and profitable operating platform NORTHERN STAR SESOURCES LIMITED 5#6Value Creation - delivering returns to Shareholders A$M Northern Star's strategy of balancing organic growth with well executed M&A has generated over A$8.3B of value for Shareholders since the first acquisition in 2010 This strategy has been achieved through operational excellence, investing heavily into exploration, growing production, optimising assets and financially disciplined inorganic growth NST has returned 31% of all equity capital raised in the form of fully-franked dividends to our Shareholders; the full financial year dividend is expected to be paid as per normal terms (same timeframe and equal to 6% of group revenue) $10,000 $7,500 $5,000 Over A$8.3B of value added through executing organic and inorganic growth and 31% of all equity capital raised returned to Shareholders in dividends $8,317 $9,199 NORTHERN STAR SESOURCES LIMITED $2,500 $1,263 $391 $0 $10 Starting Market Cap (30/6/10) Equity Issued Dividend Paid/Declared Value Add Current Market Cap (04/05/20) 6#7Growing cash generation, balance sheet flexibility One of the key differentiators of the Northern Star business is our balance sheet; this strength has allowed for counter cyclical acquisitions and sector leading returns to Shareholders Post KCGM acquisition moderate gearing levels as at 31 March 2020; 11% net debt to equity* allowing funding of opportunistic organic or inorganic growth opportunities The business has available cash/liquid resources of A$551M at 31 March 2020 Despite deferral of CY20 hedges (to CY21), NST continues to deliver into the hedge book Total Liquidity as at 31 March 2020 Hedge Profile NORTHERN STAR SESOURCES LIMITED Investments A$20.6M Total Funding Capacity A$551M 300 Cash & Bullion -A$530.8M 250 NST continues to *Net debt is calculated as: Borrowings (less amounts recognised from change in lease accounting standard) less cash and bullion as at 31 March, divided by shareholders equity. balances are unaudited and provisional in respect of KCGM. koz 200 150 100 50 deliver into hedges, despite CY21 deferral H. 2,200 2,150 2,100 2,050 2,000 0 1,950 Jun-20 Half Dec-20 Half Jun-21 Half Dec-21 Half Jun-22 Half Dec-22 Half Hedge Ounces AUD Hedge Price/oz Average Hedge Price 7 AUD Gold Price#8March Quarter FY20 - Key Highlights Set up a COVID-19 manageable, operational and profitable platform 239koz sold at an AISC of A$1,590/oz Underlying FCF of A$89M (after investing A$66M in growth capital) Successful completion of the KCGM acquisition Pogo momentum continues with another positive QoQ performance Creation of an A$10M COVID-19 Community Fund NORTHERN STAR RESOURCES LIMITED 8#9KCGM consolidates Northern Star's Kalgoorlie footprint CARBINE Goongarn Boulder-Lefroy Trend KUNDANA +8Moz Endowment Zuleika Trend Kunanulling Trend KANOWNA +7Moz Endowment ACRA JV Bonnie Vale Kirrawang GOLDEN MILE 80Moz Endowment Coolg diep kilometres STIVES CAMP +15Moz Endowment NST Managed Tenure KCGM Tenure (NST 50%) Newmont Tenure (NST 100%) Major Structural Trend Northern Star has NORTHERN STAR SESOURCES LIMITED accumulated unprecedented exposure to the world-class Kalgoorlie mineral district, which has produced +100Moz of gold since the late 1800's ■World class infrastructure including a large-scale open pit, well established underground operation and a 13Mtpa processing facility Significant tenure provides exciting organic growth opportunities for NST ■ NST attributable production in first quarter of ownership was 60koz at an AISC of A$1,452/oz 9#10The World Class Golden Mile and Mt Charlotte Systems Years of Operation: Production/Oz Produced (1963-Oct 2019) Endowment (Production + RES + RSV*) MT CHARLOTTE 1963-Present 48.2Mt @ 3.7g/t Mined 5.5Moz Produced 6.1 Moz MT CHARLOTTE Years of Operation: Production / Oz Produced (1893- Oct 2019) Endowment (Production + RES + RSV*) GOLDEN MILE (Fimiston) 1893 Present 414.2Mt @ 5g/t Mined 62Moz Produced 73Moz GOLDEN MILE 500 - 1000 Elev ~4,500oz per vertical metre average mined to date Limited Testing Limited Testing Open -2000 Elev 2500 Elev Sam Pearce Decline Drillhole Intersections Au >3g/t Superpit @ Sept 2019 Historic Workings * Resource and Reserves are as at 31 December 2018. 2019 YTD production to October 2019 has been subtracted to estimate endowment NORTHERN STAR SESOURCES LIMITED 500-Elev -1000 -1000 Elev ~44,000oz per vertical metre 1000 Elev average mined to date -2000 Elev Scale: 1,000m 2500 Elev 110#11Integration of KCGM adds another Tier-1 asset Extends portfolio mine life, adding meaningful production beyond 2030 1. Kalgoorlie Operations (100%) Mine type: U/G Processing: CIL/ CIP plant with throughput of 3.2Mtpa Australia YTD' FY20 sold: 238koz Au YTD¹ FY20 AISC: A$1,545/oz (US$1,017/oz) Au Reserves: 2.1 Moz Au @ 4.0g/t Au Resources³: 6.5Moz Au @ 4.0g/t Tanami Development Project (40%) 2. KCGM (50%) Mine type: Open Pit/U/G Processing: CIP plant with throughput of 13Mtpa YTD¹ FY20 sold²: 60koz Au YTD1 FY20 AISC: A$1,452/oz (US$956/oz) Au Reserves: Au Resources³: 3.14Moz @ 1.1g/t 5.8Moz @1.4g/t 0 Perth 3. Jundee Operations (100%) US (Alaska) 4. Pogo Mine (100%) NORTHERN STAR RESOURCES LIMITED Mine type: U/G Processing: CIP plant with throughput of 1Mtpa Mine type: U/G Processing: CIL / CIP plant with throughput of 2.2Mtpa YTD¹ FY20 sold: YTD FY20 AISC: Au Reserves: Au Resources³: 216koz Au A$1,101/oz (US$725/oz) 1.6Moz Au @ 3.8g/t 4.6Moz Au @ 3.4g/t YTD FY20 sold: YTD1 FY20 AISC: Au Reserves: Au Resources³.: 1. FY20 YTD as of 31 March 2020. 2. Represents 3 months of production in FY20 only. 3. Includes Measured, Indicated and Inferred Resources and is inclusive of Mineral Reserves. 123koz Au US$1,420/oz (A$2,157/oz) 1.5Moz Au @ 7.5g/t 5.9Moz Au @ 9.6g/t 11#12Gold ounces Pogo: Inflection point reached, momentum maintained 50,000 40,000 30,000 20,000 10,000 Pogo FY20 Production 9.0 48,773 45,051 8.0 8.2 7.5 28,961 5.5 Sep-19 Qtr Gold Sold (ozs) 7.0 6.0 5.0 Dec-19 Qtr March-20 Qtr ...Head Grade (Au g/t) Head Grade (Au g/t) NORTHERN STAR SESOURCES LIMITED Despite COVID-19 related disruption, Pogo's transition plan remains intact with March quarter maintaining positive momentum following the December quarter inflection point 68% increase in production ounces and 49% increase in head grade FY20 YTD, driven by new mining areas and increased contribution of stope ore sources YTD Pogo gold mined of 146koz at 7.2gpt Stope production continues from new mining areas, including Liese 1, Fun Zone and South Pogo 12#13Jundee: Mill expansion on schedule March quarter FY20: 75koz mined and 53koz sold at an KEATING AISC of A$1,389/oz REID (US$915/oz) A$22M plant upgrade increasing capacity from 2.2Mtpa to 2.7Mtpa; on track for commissioning in the June 2020 quarter Substantial 60koz gold stockpile predominately of Ramone open pit ore ready for processing once commissioning complete Potential to incorporate the Bronzewing assets from the Echo acquisition into Jundee 500m UG DEVELOPMENT MINERALISATION FISHER NIM 2 NIM 1 LYONS BARTON MONEYLINE NIM 3 LYONS NEXUS WESTSIDE NIM 4 KESTREL ARMADA REVELATION GRINGOTTS ZODIAC GATEWAY NORTHERN STAR SESOURCES LIMITED NORTHERN STAR RECOURCES LIMITED JUNDEE creatod mapability 13#14Kalgoorlie: Poised for a stronger June quarter March quarter FY20: 77koz mined and 77koz sold at an AISC of A$1,619/oz (US$1,066/oz) COVID-19 disruption, the suspension of mining at Raleigh underground (pending further NST evaluation) and the processing of lower grade stockpiles resulted in March quarter production 10% lower than forecasted, however; NST's Kalgoorlie operations are poised for a stronger June quarter as COVID-19 mitigation measures stabilise and first production from Moonbeam deposit at Kundana (NST 100%) comes online NORTHERN STAR SESOURCES LIMITED Arctic/North Pit Millennium Centenary Strzelecki Pope John Xmas/Moonbeam Raleigh Raleigh South Pegasus/Pode Rubicon Hornet 100% NST 51% NST 14#15NORTHERN STAR RESOURCES LIMITED Appendix NORTHERN ST RESOURCES LIM#16Longer term KCGM growth potential Mt Percy Pit Northern Satellite Pits Mt Charlotte Pit and Underground Extensions 1km Mt Charlotte Fimiston Corridor Croesus Pit Eastern Lodes Morrison and Southern Cutbacks Golden Pike Stockwork Western Lodes and Fimiston Extensions Morrison and Southern Cutbacks S KCGM GROWTH PROJECTS FIMISTON UNDERGROUND FIMISTON SOUTH MT CHARLOTTE AREA N Mt Charlotte and Mt Percy Pit Northern Satellite Pits Croesus Pit Golden Pike Stockwork STOCKWORKS Eastern and Western Lodes Mt Charlotte Underground Extensions Mt Charlotte - Fimiston Corridor NORTHERN STAR SESOURCES LIMITED ■Mineralisation not extracted by previous underground mining. This includes parallel structures, high grade pillars and fill materials around historic workings, in addition to unmined lodes beneath the historic workings ■ Open pit and underground potential on the south-eastern part of the open pit. Drilling since 2016 has added ~3Moz of resource to this target Mt Charlotte area underground potential, including extensions to Mt Charlotte main orebody, Hidden Secret, Mt Ferrum and Kalgoorlie East Lodes ■ Charlotte-style stockwork mineralisation in Golden Mile Dolerite throughout the Golden Mile (e.g., Golden Pike Stockwork, Central Corridor, Mt Percy) Long section on 20,000mE Fimiston Extensions Advancement of early to REGIONAL intermediate stage exploration EXPLORATION projects, including Mt Percy, Central Corridor and Hannan's South etc. 16#17B-Lode A [email protected]/t [email protected]/t 9m@6. ----- Main Lode long section ------ 19500 N -19000 N A Fimiston Underground Potential 50000 N Fimiston Plan View C Fimiston Cross Section C-D 47,500mN Section Morrison Cutback shell D Reserves Lodes Stopes B PB 48500 N Fimiston South Backfill Resource -500mRL Shell C D E Cross Section A-B 49200N Section B 200m [email protected]/t [email protected]/t 11.3m@6g/t [email protected]/t GMD [email protected]/t --1000mRL 1.8m @ 25.1g/t 5m @ 5.8g/t 16m @ 5.7g/t [email protected]/t [email protected]/t [email protected]/t [email protected]/t 6m @ 5.8g/t 3m @9.5g/t Intercepts >25gm @ >5g/t >20gm @ >4g/t >15gm @ >3g/t 18500mE Pit Surface GMF GMD 9m @43.6g/t (incl 1m@371g/t) 4.6m @ 13.1g/t [email protected]/t 2.4m @ 12.0g/t PB ■ Total production on the Golden Mile for past 125 years has totalled ~62Moz Drilling by KCGM between 2016 and 2018 (section C-D) demonstrates that there are unmined ore lodes amongst the historic workings in addition to extensions of the Fimiston lodes unmined beneath historic workings Drill Testing Beneath the pit and historical workings is severely limited Fimiston Long Section E-F 0 Elev -500 Elev- -52000 N 51500 N E 51000 N 50500 N 50000 N 49500 N -49000 N 48500 N -48000 N -47500 N 47000 N 46500 N N 0009+ L E 45500 N 4.8m @ 11.9g/t 10.1m @ 5.2g/t -1000 Elev 13.2m@ 13.6g/t 5m @ 5.2g/t 13m @ 35.7g/t 9m @ 6.4g/t -1500 Elev- 4.2m @ 6.8g/t 21.1m @ 5.0g/t 3m @ 9.8g/t 19000mE 250m Limited Testing Drillhole Au >3g/t Superpit @ Sept 2019 Historic Workings ....... Limit of Workings 50000 N 49500 N 49000 N- 48500 N 48000 N OPEN 47500 N- 47000 N 46500 N -45000 N 0 Elev --500 Elev 1000 Elev Limited Testing -1500 Elev -2000 Elev 2,000m 46000 N 45500 N 45000 N -2500 Elev NORTHERN STAR SESOURCES LIMITED#18Northern Star Resources Limited ASX Code: NST An Australian gold miner – for global investors Investor Enquiries: Kurt Walker 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 יג NORTHERN STAR RESOURCES LIMITED 18