#1Northern Star and Saracen: A Compelling Combination 0 Strategic merger-of-equals to create a Top-10 global gold miner operating exclusively in Tier-1 jurisdictions Highly accretive transaction, unlocking synergies of A$1.5-2.0B 6 October 2020 For personal use only Not for release to US wire services or distribution in the United States NORTHERN STAR RESOURCES LIMITED Saracen#2For personal use only Cautionary note note and disclaimer This presentation is a joint presentation by Northern Star Resources Limited (Northern Star) and Saracen Mineral Holdings Limited (Saracen). For the purposes of ASX Listing Rule 15.5: (a) Northern Star confirms that this presentation has been authorised for release to ASX by the board of directors of Northern Star; and (b) Saracen confirms that this presentation has been authorised for release to ASX by the board of directors of Saracen. NORTHERN STAR Saracen This presentation has been prepared in relation to the proposed merger between Northern Star and Saracen by way of scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) (Corporations Act), (Scheme). Under the Scheme, Northern Star would acquire 100% of the fully paid ordinary shares in Saracen in exchange for the issue of new, fully paid ordinary shares in Northern Star; subject to the terms and conditions described in the merger implementation deed entered into on or about the date of this presentation (Implementation Deed). A copy of the Implementation Deed is available on ASX. Summary information This presentation contains summary information and statements about Northern Star, Saracen and their respective subsidiaries and activities; which are current as at the date of this presentation (unless otherwise indicated). The information in this presentation is general in nature and does not purport to be exhaustive. For example, this presentation does not purport to contain all of the information that investors may require to make an informed assessment of the Scheme and its effect (on either of Northern Star or Saracen, or both), nor does it purport to contain all of the information that an investor may require in evaluating a possible investment in Northern Star or Saracen. It has been prepared by Northern Star and Saracen with due care but no representation or warranty, express or implied, is provided by Northern Star or Saracen in relation to the currency, accuracy, reliability, fairness or completeness of the information, opinions or conclusions in this presentation (whether made by Northern Star or Saracen, or both). This presentation should be read in conjunction with Northern Star's and Saracen's other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available on the ASX website (at www.asx.com.au), the Northern Star website (at https://www.nsrltd.com/investor-media/news/) and the Saracen website (at https://www.saracen.com.au/site/investor-centre/investor-welcome), as applicable. Further information about the Scheme (including key risks for Saracen shareholders) will be provided by Saracen to Saracen shareholders and released to ASX in due course, in the form of an explanatory statement (as that term is defined in section 412 of the Corporations Act) and notice of meeting (Scheme Booklet). The Scheme Booklet will also include or be accompanied by an independent expert's report that will opine on whether the Scheme is in the best interest of Saracen shareholders. Not an offer, and not investment or financial product advice This presentation is not a prospectus, product disclosure statement or other disclosure document under the Corporations Act, or other offering document under Australian law or any other law. This presentation has not been lodged with the Australian Securities and Investments Commission. This presentation, and the information contained in it, is provided for information purposes only and is not an offer or solicitation or an invitation or recommendation to subscribe for, acquire or buy securities of Northern Star or Saracen, or any other financial products or securities, in any place or jurisdiction, or a solicitation of any vote or approval in connection with the Scheme. This presentation may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be unlawful. The securities referred to in this document have not been, and will not be, registered under the US Securities Act of 1933 (the "US Securities Act") and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. This presentation, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice (nor tax, accounting or legal advice) or a recommendation to acquire any securities of Northern Star or Saracen, or a solicitation of any vote or approval in connection with the Scheme. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Any investment decision, or other decision in connection with the Scheme, should be made based solely upon appropriate due diligence and other inquiries. Before making any investment decision, investors should consider the appropriateness of the information having regard to their own objectives, financial and tax situation and needs and seek professional advice from their legal, financial, taxation or other independent adviser (having regard to the requirements of all relevant jurisdictions). Northern Star and Saracen are not licensed to provide financial product advice in respect of an investment in securities, and do not purport to give advice of any nature. An investment in any listed company, including Northern Star and Saracen, is subject to risks of loss of income and capital. PAGE 2#3For personal use only Reserves, Resources & production targets ASX Listing Rule 5.19 Ore reserves and mineral resources reporting (by Northern Star and by Saracen) NORTHERN STAR Saracen This presentation contains estimates of Northern Star's and Saracen's respective ore reserves and mineral resources, as well as estimates of Kalgoorlie Consolidated Gold Mines Pty Ltd's (KCGM) ore reserves and mineral resources. Northern Star and Saracen are participants in the 50:50 incorporated joint venture that owns the assets and operations of KCGM (including the Super Pit). The information in this presentation that relates to the ore reserves and mineral resources 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). For the purposes of ASX Listing Rule 5.19: (a) 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. (b) 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. (c) 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. Saracen confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from that announcement. ASX Listing Rule 5.16 Disclosures The references to production targets in this presentation are (except where otherwise specified) in respect of the period to FY27. • Relevant assumptions made in relation to the Ore Reserves and indicated Mineral Resources underpinning the production targets are: Current operational capital and operating cost structures; • Current operational mining and metallurgical performance; The gold price, exchange rate, dilution allowance and mining recovery rates are as set out in each prior public report referred to in the above ASX Listing Rule 5.19 disclosures; NST Kalgoorlie Operations assumes 408koz of Proved and 1,199koz of Probable Reserve in the production forecast, in addition to 463koz of Indicated Resource; NST Yandal Operations assumes 426koz of Proved and 2,199koz of Probable Reserves in the production forecast. No Resources are included in this forecast; NST Pogo Operation includes 4koz of Proved and 1,507koz of Probable Reserves in the production forecast. An additional 937koz of Indicated Resource is assumed in the forecast; SAR CDO forecast consists of 96koz of Proved Reserve and 1,619koz of Probable Reserve. No Resource is included in the forecast; SAR TBO forecast consists of 337koz of Proved Reserve and 793koz of Probable Reserve. No Resource is included in the forecast; and KCGM forecast consists of 650koz of Proved Reserve and 3,042koz of Probable Reserves. No Resource is included in the forecast. * All currency conversions in this document unless otherwise stated, were converted at a spot conversion rate of AUD/USD of $0.70. For Competent Persons Statements (including disclosures in relation to the production targets in this presentation, for the purposes of ASX Listing Rule 5.23), refer to pages 39 and 40. Authorised for release to the ASX by Bill Beament, Executive Chair (NST) and Raleigh Finlayson, Managing Director (SAR). PAGE 3#4For personal use 1 Transaction summary NORTHERN STAR RESOURCES LIMITED Saracen#5For personal use only A platform for growth and superior returns Targeting production of 2Mozpa from three Tier-1 production centres by FY271 A sector-leading global gold miner currently producing 1.6 Mozpa with a pathway to 2Mozpa NORTHERN STAR Positioned for market leading growth across two Tier-1 jurisdictions (Australia and Alaska) Reserves 19 Moz Resources 49 Moz Combined market cap of over A$16.0B2 Dominant gold inventory and processing infrastructure in Western Australia's premier gold districts Rapidly expanding North American operations Leverages existing systems and cost structures, utilising Northern Star's underground and Saracen's open pit expertise Kalgoorlie Operations (KCGM, Kalgoorlie Operations, Carosue Dam) Targeting 1.1 Mozpa Yandal Operations (Jundee, Thunderbox, Bronzewing) Targeting 600kozpa North American Operations (Pogo) Targeting 300kozpa³ Targeting ~2Mozpa from three Tier-1 Production Centres by FY27 1. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates, and production targets, for Northern Star and Saracen. 2. Market capitalisation based on the last undisturbed share price of NST of A$13.82 per share and the pro-forma NST ordinary shares on issue of 1,158M post implementation of the scheme. 3. Targeting 300kozpa by FY23 PAGE 5 Saracen#6For personal use only Transaction overview NORTHERN STAR Saracen A compelling merger-of-equals with unique strategic merit and strong value-drivers Transaction structure Consideration and relative shareholding Board and senior management Key conditions and indicative timing • Merger of Northern Star and Saracen, to be effected via a Saracen scheme of arrangement (Scheme) under which Northern Star will acquire 100% of the fully paid ordinary shares in Saracen Unanimously recommended by the Saracen Board, subject to no superior proposal emerging for Saracen and the Independent Expert concluding that the merger is in the best interests of Saracen shareholders Unanimously endorsed and supported by the Northern Star Board subject to no superior proposal emerging Reciprocal exclusivity arrangements (including 'no shop', 'no talk' and 'no due diligence' restrictions), customary exclusivity arrangements in favour of Northern Star (including a matching right regime), and reciprocal break fees apply Saracen shareholders to receive 0.3763 new fully paid ordinary shares in Northern Star for each Saracen share held Post-completion of the Scheme, Saracen shareholders will own ~36.0% of the merged group while Northern Star shareholders will own ~64.0% Merged group to continue as Northern Star Resources, based in Perth and trading on the ASX The Board will comprise 5 directors from Northern Star and 4 directors from Saracen Bill Beament to be Executive Chair of the merged group through transitional period, then Non-Executive Chair from 1 July 2021; Raleigh Finlayson to be Managing Director; remaining management roles ensure the expertise is retained from both companies Transaction is subject to approval by Saracen shareholders and the Supreme Court of WA, and other customary conditions Scheme booklet expected to be dispatched to Saracen shareholders December 2020 Saracen scheme meeting: ~January 2021 Transaction completion: ~February 2021 Saracen shareholders will also be paid a special, fully franked dividend of A3.8¢ per Saracen share (subject to the Scheme becoming effective and receipt of banking consents) PAGE 6#7For personal use only 2 3 4 5 Transaction rationale NORTHERN STAR Saracen A highly accretive transaction, creating a Top-10 global gold producer with high-margin assets located exclusively in Tier-1 jurisdictions 1 Logical combination of highly complementary assets Sector-leading growth potential on all metrics Right skill-set to drive value creation Significant synergies unique to this merger Increased scale and significance Combined portfolio of high quality assets concentrated in three logical production centres exclusively in Tier-1 jurisdictions Consolidates KCGM, the iconic "Golden Mile", under single ownership for the first time in its +125-year history Pogo provides a platform for growth targeting 300kozpa² in North America utilising combined world-class skill sets • Common shareholdings of >50% consolidated into one company Clear trajectory towards 2Mozpa gold production, with production set to grow by +30% in the next 3 years • Combined free cash flow generation, balance sheet and asset base enables growth options to be optimised Significant exploration opportunities across the portfolio, further unlocked by dominant processing infrastructure Combination of industry-leading management with an outstanding track record of delivering strong returns Aligned company cultures with complementary operational, technical and financial skill-sets • ~A$200 million of combined equity ownership amongst Board and management teams Transaction unlocks A$1.5-2.0B NPV in pre-tax synergies³ expected to be delivered over the next 10 years via geographic, operational and strategic synergies Opportunity to further enhance market-leading ESG credentials across the combined asset base Top-10 global gold miner, exclusively in Tier-1 jurisdictions Long-life producer with over 19Moz in Reserves and 49Moz in Resources Low risk diversified business with the scale, liquidity and quality of cash flows attractive to both gold and generalist investors 1. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates, and production targets, for Northern Star and Saracen. 2. Targeting 300kozpa by FY23. 3. Discounted at 5% and net of stamp duty PAGE 7#8Transaction rationale 1 Logical combination of highly complementary assets¹ For personal use only NORTHERN STAR Saracen Logical, accretive M&A - A unique and significant opportunity to combine complementary assets and management teams Transaction creates a Top-10 global gold miner, with three large-scale Tier-1 production centres Secures an unrivalled position in the long life, world-class geological district of Kalgoorlie: • . 1.1 Mozpa production centre through the logical combination of KCGM, Northern Star's Kalgoorlie Operations and Saracen's Carosue Dam Consolidates ownership of KCGM and respective Kalgoorlie district operations into one company for the first time in its history Consolidates North-Eastern Goldfields assets, creating a 600kozpa production centre with the addition of Saracen's Thunderbox to Northern Star's Yandal Operations (Jundee and Bronzewing) leveraging combined infrastructure and ore sources Establishes 300kozpa² North American production centre in a high grade, relatively new gold district in Alaska Common shareholdings of >50% consolidated into one company 1. Refer to page 3 of this presentation in relation to production targets for Northern Star and Saracen. 2. Targeting 300kozpa by FY23 PAGE 8#9Complementary portfolio of assets 1 High-quality, long-life assets located exclusively in Tier-1 locations¹ A Kalgoorlie Operations KCGM (100%) Reserves Resources FY21 Production FY21 AISC 9.7Moz (1.3g/t) 19.1Moz (1.6g/t) 440-480koz A$1,470-1,570/oz Yandal Operations D Jundee & Bronzewing Reserves Resources FY21 Production FY21 AISC 2.8Moz (2.7g/t) 6.9Moz (2.6g/t) 270-300koz A$1,200-1,275/oz NORTHERN STAR Saracen North American Operations F Pogo Reserves Resources FY21 Production FY21 AISC 1.5Moz (8.0g/t) 6.7Moz (9.8g/t) 180-220koz US$1,200-1,400/oz For personal use only C B Kalgoorlie (ex KCGM) Reserves Resources FY21 Production FY21 AISC E Thunderbox 1.6Moz (3.4g/t) Reserves 1.7Moz (1.6g/t) 6.8Moz (3.2g/t) Resources 3.3Moz (1.8g/t) 270-300koz A$1,650-1,750/oz FY21 Production 140-150koz FY21 AISC A$1,000-1,100/oz Carosue Dam Reserves Resources FY21 Production FY21 AISC 2.0Moz (1.9g/t) 4.5Moz (2.0g/t) 240-250koz A$1,300-1,400/oz 1. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates for Northern Star and Saracen. A/B PAGE 9#10For personal use only Three large-scale production centres¹ Kalgoorlie Operations Reserves: 287Mt @ 1.4gpt for 13.3Moz Resources: 516Mt @ 1.8gpt for 30.5Moz Target Production: 1.1 Mozpa Yandal Operations Reserves: 66Mt @ 2.2gpt for 4.6Moz Resources: 139Mt @ 2.3gpt for 10.2Moz Target Production: 600kozpa NORTHERN STAR Saracen North American Operations Reserves: 5.9Mt @ 8.0gpt for 1.5Moz Resources: 22Mt @ 9.8gpt for 6.7Moz Target Production: 300kozpa Kalgoorlie Operations Carbine Acra KB Kundana Fimiston Carosue South Kalgoorlie Yandal Operations Jundee Nth American Operations Bronzewing Thunderbox Pogo NST Managed Tenure KCGM Managed Tenure SAR Managed Tenure MergeCo Mill PAGE 10 1. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates, and production targets, for Northern Star and Saracen.#11For personal use only Three large-scale production centres Simplified business structure with three Tier-1 production centres¹ Kalgoorlie Operations Yandal Operations NORTHERN STAR Saracen North American Operations Carosue Dam 250kozpa target 1.1 Mozpa target KCGM 550kozpa target Thunderbox 200kozpa target 600kozpa target Jundee and Bronzewing 400kozpa target Pogo 300kozpa target Kalgoorlie operations 300kozpa target FY212 production: 950-1,030koz FY212 AISC: A$1,475-1,575/oz (US$1,033-1,103/oz) Reserves: 13.3Moz Resources: 30.5Moz Processing Capacity: 18.6Mtpa FY212 production: 410-450koz FY212 AISC: A$1,130-1,220/oz (US$791-854/oz) Reserves: 4.6 Moz Resources: 10.2Moz Processing Capacity: 5.5Mtpa FY212 production: 180-220koz FY212 AISC: US$1,200-1,400/oz Reserves: 1.5Moz Resources: 6.7Moz Processing Capacity: 1.3Mtpa (as at mid CY21) Targeting 2.0Mozpa production across the portfolio 1. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates, and production targets, for Northern Star and Saracen. 2. Represents FY21 guidance based on previously announced Northern Star and Saracen market disclosures PAGE 11#12Geological endowment - a major value driver ⑦ Consolidation of world-class gold systems, exclusively in Tier-1 locations¹ NORTHERN STAR Saracen Kalgoorlie Operations 110 100 90 For personal use only Moz Au 80 70 60 50 127 years production Yandal Operations North American Operations 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 14 years production Pogo 0.0 40 30 20 10 0 KCGM NST Kalgoorlie Operations Carosue Dam Operations Historical Production MY20 Reserves 30 years production Jundee Bronzewing Thunderbox Operations ■MY20 Resources Reserve grade (g/t) 1. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates for Northern Star and Saracen. PAGE 12 Ore Reserve Grade (g/t)#13For personal use only One vision for KCGM NORTHERN STAR Saracen 1 Consolidating ownership of KCGM for the first time will stream line operations, drive efficiencies and accelerate growth options Benefits of 100% ownership Ensures a clear aligned vision for KCGM • Removes duplicate management oversight, resulting in improved decision-making and accountability Combined group better positioned to optimise production and fund growth KCGM growth opportunities Opportunity to accelerate development of Fimiston South Stage 2 open pit¹ Potential mill expansion to grow production utilising existing ore stockpiles Potential to accelerate the underground opportunities through increased exploration and development KCGM synergy potential • Remove complexity and costs associated with operating as a joint venture Processing synergies, to be unlocked via optimisation of ore feed across merged portfolio Leverage skilled residential workforce and easier access to talent 1. Subject to regulatory approvals PAGE 13#14For personal use only Transaction rationale 2) Sector-leading growth1, with superior financial returns² Clear trajectory towards 2Mozpa gold production, with production set to grow by +30% in the next 3 years³ Growth capital intensity is one of the lowest in the global gold sector NORTHERN STAR Saracen Combined entity will have a high margin asset base and highly competitive global AISC profile <A$1,485/oz (US$1,040/oz)4 Strong combined free cash flow generation and balance sheet enables the substantial pipeline of existing growth options to be optimised Extensive growth and exploration opportunities across the portfolio: • 4,183km² consolidated land-holding across the world-class Kalgoorlie Goldfields district of Western Australia • 3,247km² consolidated land-holding across the North-Eastern Goldfields of Western Australia • 297km² land-holding and strong growth platform in emerging camp-scale district in Alaska, North America Continued sector-leading financial performance and returns to shareholders 1. Earnings and production. 2. Comparisons against selected mid and large capitalisation gold producers (including Kirkland Lake Gold Ltd, Evolution Mining Ltd, Agnico Eagle Mines Ltd, Newcrest Mining Ltd, Gold Fields Ltd, Newmont Mining Corporation, AngloGold Ashanti Ltd.) 3. Refer to page 3 of this presentation in relation to production targets for Northern Star and Saracen. 4. AISC guidance mid point (includes Pogo AISC of US$1,300/oz at a spot conversion rate of AUD/USD of $0.70). PAGE 14#15Compelling production growth NORTHERN STAR Saracen 2 Initial production of >1.6 Mozpa with a pathway to 2Mozpa, maintaining the growth trajectory of both companies which has generated sector-leading shareholder returns Lack of production growth across global gold sector¹ Combined production profile 2,3 (koz) 120 100 For personal use only 60 80 60 60 40 40 20 20 2,000 +30% 1,750 1,500 1,250 PAGE 15 1,000 2016 2017 2018 2019 2020e 2021e 2022e 2023e 2024e 2025e ■Global mine production (Moz, LHS) FY20A FY21 FY22 FY23 FY24 FY25 FY26 FY27 1. Source: Macquarie Strategy, IMF, WGC, Metals Focus, US Mint, Perth Mint, Bloomberg, September 2020 2. Represents guidance based on previously announced Northern Star and Saracen market disclosures. 3. Refer to page 3 of this presentation in relation to production targets for Northern Star and Saracen.#16Compelling exploration pipeline¹ NORTHERN STAR Saracen 2 Merged entity includes a significant pipeline of projects to drive further Resource and Reserve growth² Exploration Evaluation Feasibility Development Production For personal use only Kanowna Regional Carnage Tanami SKO Regional Yandal Regional Pogo Regional Armada Revelation Regional OP's Lotus Bronzewing Corboys Anthill Carbine Golden Hind CTP JV Kal Ops: Woodline OP Paradigm UG Pogo central veins OP Sth Kal Regional OP's Stone Boy Regional Acra JV Pogo near Yandal Sth Orelia Lotus Yandal Nth Julius Kal Ops: Falcon Hornet OP Paradigm OP Jundee EKJV KB Ramone UG Menzies OP Ramone HBJ Pogo Marley Ziggy KCGM FIM South Kundana Million mine Paulsens KCGM Dollar Yilgangi Blue Manna OP Safari Bore OP CDO Corridor Montys Elliot OP Wallbrook OP Atbara Porphyry UG Porphyry Regional Moodys Reward OP Wonder North Otto Bore OP Karari- Dervish Deep South Rainbow Karari South OP Mt Celia Regional North Well Enterprise OP Thunderbox Double A Butcher Well JV Bannockburn Lehmans Well Bannockburn Regional Resource extension and conversion to Reserves 1. Refer to cautionary note on page 42 in relation to the need to replace Reserves and Resources and the risks associated with exploration 2. Note the bubble size shown is not correlated to any Reserves or Resources estimates for each project PAGE 16#17Transaction rationale 3 The right skill-set to drive value creation For personal use only Proven and highly experienced Board and senior management team to be drawn from both companies: NORTHERN STAR Saracen Team reflects the relevant and significant expertise of both companies • Existing senior leadership retained with Bill Beament as Executive Chair and Raleigh Finlayson as Managing Director • Well-defined succession plan maintains strong and well-balanced senior leadership team now and into the future Complementary skill-sets create a world-class management team offering: A track record of creating shareholder value through discovery, development and production • Proven operational expertise across geology, mining (underground and open pit) and processing • Financial acumen and prudent capital management • Alignment with shareholders (~A$200 million of combined equity ownership amongst Board and management teams) PAGE 17#18Compelling Board and senior management NORTHERN STAR Saracen (3 Proven Board and senior management team to continue to drive value creation for shareholders For personal use only MergeCo Board of Directors John Fitzgerald Non-Executive Director Shirley In't Veld Non-Executive Director Mary Hackett Non-Executive Director Nick Cernotta Non-Executive Director MergeCo Senior Management Northern Star Saracen Luke Creagh Chief Operating Officer - Yandal / Pogo Bill Beament Executive Chair Raleigh Finlayson Managing Director Stuart Tonkin Chief Executive Officer Simon Jessop Chief Operating Officer - Kalgoorlie Sally Langer Non-Executive Director John Richards Non-Executive Director Morgan Ball Chief Financial Officer Tony Kiernan Lead Independent Non-Executive Director Approach to Board and management Board and management team reflects the depth and significant expertise of both Saracen and Northern Star Board made up of 5:4 split of Directors between Northern Star and Saracen Existing senior leadership retained with Bill Beament as Executive Chair and Raleigh Finlayson as Managing Director Lead Independent Non-Executive Director to be Tony Kiernan Current and future intentions . Bill Beament will remain Executive Chair until 1 July 2021 to ensure successful integration, then become Non-Executive Chair • Raleigh Finlayson will be Managing Director for 12-18 months and then transition to Executive Director (Corporate Development). At this time, CEO/ MD roles to be amalgamated Saracen Executives have volunteered to escrow a portion of the NST shares they will receive from their retention rights vesting as a result of the change of control, up to 30 June 2023 PAGE 18#19For personal use only Transaction rationale NORTHERN STAR Saracen 4 Significant synergies unique to this merger, A$1.5-2.0B1 of value to be unlocked (pre-tax NPV) This is M&A that works - A unique and significant opportunity only available by combining Northern Star and Saracen to unlock geographic, operational and strategic synergies that will deliver exceptional value for all stakeholders Transaction unlocks A$1.5-2.0B1 of synergies² (pre-tax NPV): • ° · Strategic and corporate synergies - Including KCGM consolidation, rationalisation and optimisation of corporate costs, efficient allocation of capital and procurement cost savings Mining synergies - Including the potential to accelerate Fimiston South Stage 2, optimisation of capital deployment across portfolio, leverage open pit and underground skill-sets across respective asset bases Processing synergies - Including processing optimisation across the portfolio, KCGM expansion options, Kalgoorlie processing and haulage optionality, fast-tracking the Thunderbox mill expansion for Yandal ore sources, and option for Stage 2 Carosue Dam mill expansion Shareholders in the combined entity to benefit from Northern Star's significant historical investment in establishing the corporate functions, governance systems and strategic knowledge base required of an ASX50-100 company 1. Discounted at 5% and net of stamp duty. 2. Over the next 10 years. PAGE 19#20Processing capacity to unlock value NORTHERN STAR Saracen 4 Over 24Mtpa of processing capacity in the Western Australian Goldfields, providing increased operational flexibility for the combined portfolio Kalgoorlie processing options Yandal processing options For personal use only kilometers Carbine Acra Carosue Kundana KB Fimiston South Kalgoorle Jundee Bronzewing Thunderbox . • Unprecedented footprint in the Western Australian Goldfields Enhanced ability to unlock a range of regional deposits previously constrained by lack of processing solutions Extensive Kalgoorlie processing capacity 18.6Mt and established haul road network underpins 1.1 Mozpa operation Entire Yandal belt within 100km haulage of the combined entity's processing infrastructure NST Managed Tenure KCGM Managed Tenure SAR Managed Tenure MergeCo Mill 100km Radius from MergeCo Mill PAGE 20#21For personal use only Alignment on sustainability and culture NORTHERN STAR Saracen 4 Northern Star and Saracen are fully aligned in their approach to sustainability and culture. The companies were founded upon the same principles, which have been instrumental to their success Northern Star Core Values SAFETY It matters and starts with you. TEAMWORK Together we can ACCOUNTABILITY The responsibility lies with you RESPECT To get it you must give it. RESULTS We deliver on our promise Saracen Core Values Safety Courage Challenge the status que 00 LIKE OWNERS Delivery Attitude ou accept Northern Star Sustainability Vision Delivering responsible environmental and social business practices that lead to both to the creation of strong economic returns for our shareholders, and shared value for our stakeholders Saracen Sustainability Policy Commitment to sustainable business practices which support positive societal outcomes whilst maximising shareholder value and financial returns STARR It's what we stand for. SUSTAINABILI Current voluntary alignments SUSTAINABLE DEVELOPMENT GOALS SASB STANDARDS ACCOUNTING BOARD Communication "The standard you walk past is the standard you a TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES GRI Empowering Sustainable Decisions O WORLD GOLD COUNCIL PAGE 21#22Environment and social responsibility NORTHERN STAR Saracen 4 The merged entity is committed to ensuring all business activities interact with the natural environment in a consistently responsible manner Ability to leverage combined ESG experience to enhance shared value for all stakeholders For personal use only Merged entity GHG emissions profile 1 Merged entity FY20 community spend $5.2M $48.7M Scope 2 GHG emissions (t) 241,963 $159.7M Scope 1 GHG emissions (t) Alignment to TCFD 0 TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES 409,042 First Modern Slavery statements published $444.1M ■Community Investments ■ Corporate Tax & WA Gov Royalties ■ Employee costs ■ Dividends paid to Shareholders Community support $10M COVID relief fund Labs without Walls Foodbank WA Inc. WASM scholarships & equipment Clontarf Foundation Shooting Stars & Leonora School WA Netball (Gold Industry Group) Bushfire relief Kalgoorlie-Boulder Urban Landcare Group (KBULG) Blue Tree Project 1. Indicative only - NST CY19, SAR FY20 PAGE 22#23Governance 4 Corporate governance is essential to sustainable value creation NORTHERN STAR Saracen We will remain committed to pursuing the highest standards in all aspects of corporate governance and transparency ASX Corporate Governance Council The Merged entity will meet every recommendation of the ASX Corporate Governance Council Corporate Governance Principles & Recommendations (4th edition) when the Executive Chair transitions to a Non-Executive Chair role in July 2021 For personal use only Nasdaq In its FY21 Board evaluation, Nasdaq evaluated the Northern Star Board to be "highly functional, responsive and engaged" ACSI ACSI rated Northern Star as 'Leading' level of ESG Reporting out of the ASX200 PAGE 23#24Transaction rationale 5 The scale and liquidity to attract both gold and generalist investors For personal use only Top-10 global gold miner with sector-leading production growth; pathway to 2Mozpa¹ Size and liquidity to attract generalist as well as gold-focused global investors and Australian large cap funds Increased investor relevance and capital markets presence One of the few global gold companies of this scale with operations exclusively in Tier-1 jurisdictions Long-life producer with over 19Moz in Reserves and 49Moz in Resources¹ • Combined market capitalisation of ~A$16.0 billion with strong global share register Strong balance sheet with pro-forma net cash of A$118 million (as of 30 June 2020) Strengthened platform to capitalise on accretive M&A opportunities 1. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates, and production targets, for Northern Star and Saracen. NORTHERN STAR Saracen PAGE 24#25Australian gold landscape re-defined NORTHERN STAR Saracen 5 MergeCo creates a new, high-quality large-cap alternative in the Australian gold market The only large cap with 100% production exposure in Tier-1 jurisdictions¹ For personal use only Market Capitalisation A$B 57% 100% 26 25 15 10 10 5 0 NCM Percentage of FY21 production from Tier-1 jurisdictions MergeCo NST Evolution SAR Regis SBM 1. Tier-1 defined as Australia, USA and Canada OceanaGold PAGE 25#26For personal use only Relative positioning NORTHERN STAR Saracen 5 Merger creates a global Top-10 gold producer, with a unique portfolio of assets all located in Tier-1 jurisdictions Market capitalisation (A$B) Newmont Barrick Agnico Eagle Newcrest Kirkland MergeCo Kinross Gold Fields AngloGold Northern Star Evolution Pan American 69.8 69.2 26.8 25.4 18.7 16.0 15.6 15.2 15.2 10.2 9.9 9.7 9.5 7.7 5.8 5.7 SSR 5.6 Alamos Centerra 4.8 4.8 Centamin 3.1 Regis 2.6 IAMGOLD 2.6 Eldorado St Barbara OceanaGold 2.6 2.1 1.3 B2Gold Yamana Saracen Endeavour Production Guidance (koz) 1,2 Newmont Barrick AngloGold Newcrest Kinross Kirkland Endeavour B2Gold Northern Star Centerra Yamana 6,950 5,734 3,065 2,685 2,400 Gold Fields 2,225 Agnico Eagle 1,705 MergeCo 1,620 1,375 1,045 1,028 1,000 949 890 809 Evolution 789 SSR 720 IAMGOLD 673 Saracen 620 Eldorado 535 Centamin 518 Alamos 420 St Barbara OceanaGold 390 370 Regis 368 Pan American Source: FactSet and Company disclosures as at 5 October 2020 (2 October 2020 for non-ASX peers. 1. Gold equivalent production; 2. Metrics based on the earliest available production guidance, consisting of a combination of FY21 (Evolution, Newcrest, Northern Star, Regis, Saracen, St Barbara) and CY20 (Alamos, Agnico Eagle, AngloGold, Barrick, B2 Gold, Centamin, Centerra, Eldorado, Endeavour, Gold Fields, IAMGOLD, Kinross, Kirkland, Newmont, OceanaGold, Pan America, SSR, Yamana) PAGE 26#27For personal use only A compelling combination - Takeaways NORTHERN STAR Saracen A unique opportunity exclusively available for both companies to unlock significant value, and build a major global gold producer with an exceptional high-margin growth profile Benefits to both sets of shareholders Top-10 global producer, with 19Moz in Reserves and 49Moz in Resources¹ Complementary Board and management teams to drive growth and continued sector-leading returns Diversification of production and cash flows across a number of high quality, low-risk Tier-1 jurisdictions Transaction unlocks A$1.5-2.0B NPV in pre-tax synergies to be delivered via geographic, operational, and strategic synergies² Leading approach to environmental, social and governance principles and practices Consolidation of ownership at KCGM for the first time Dominant position in greater Kalgoorlie district, targeting 1.1 Mozpa in production Rationalised ownership of the Yandal belt, spanning Jundee, Bronzewing and Thunderbox Significant organic growth pipeline across a merged portfolio with enviable geological endowment Enhanced financial strength and flexibility to pursue accretive M&A Increased investor relevance and capital markets profile Benefits to Northern Star shareholders Exposure to high-quality, de-risked operations and infrastructure at Thunderbox and Carosue Saracen's open pit expertise Benefits to Saracen shareholders Stronger near-term cash flows ✓ Exposure to growth and North American platform through Pogo Northern Star's underground expertise 1. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates, and production targets, for Northern Star and Saracen. 2. Over the next ten years PAGE 27#28For personal use only Indicative timetable NORTHERN STAR Saracen Scheme booklet anticipated to be dispatched to Saracen shareholders in December 2020 with completion targeted in early February 2021 Transaction timetable (indicative) Event First Court Hearing Saracen to dispatch Scheme documents to its shareholders Scheme Meeting Second Court hearing Effective Date Record Date Implementation Date Date December 2020 December 2020 January 2021 February 2021 February 2021 February 2021 February 2021 PAGE 28#29For personal use A Additional materials NORTHERN STAR RESOURCES LIMITED Saracen#30For personal use only Pro-Forma Snapshot NORTHERN STAR Saracen Northern Star Saracen Pro-Forma Share price / Offer price No. ordinary shares¹ Market Capitalisation² A$ M 별도 13.82 5.22 741 1,108 1,158 A$M 10,240 5,782 16,022 % shareholding in MergeCo % 64.0% 36.0% Cash and equivalents (30 Jun 2020)3 A$M 770 369 1,139 Debt (30 Jun 2020)³ A$M 700 321 1,021 Enterprise Value A$M 10,170 5,734 15,904 Gold Reserves 4 Moz 10.8 8.5 19.4 Gold Resources4 FY21 Production Moz 31.8 17.4 49.2 koz 940-1,060 FY21 AISC 5 A$/oz 1,490-1,635 600-640 1,300-1,400 1,540-1,700 1,420-1,550 1. Refer to latest Appendix 2A announcements from NST (7 September 2020) and SAR (18 August 2020); 2. Market capitalisation based on the last undisturbed share price of NST of A$13.82 per share and the pro-forma NST ordinary shares on issue of 1, 158M post implementation of the scheme; 3. Based on 30 June 2020 4. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates for NST and SAR. 5. Includes Pogo AISC guidance of US$1,200- 1,400/oz, converted to A$/oz at AUD/USD of $0.70 PAGE 30#31For personal use only NORTHERN STAR Saracen People, inclusion & diversity People provide the foundation for any organisation's success Northern Star's and Saracen's practices foster inclusivity and actively manage diversity as a means of enhancing company performance. The safety, health and well-being of our employees, contractors and visitors is paramount Equal Employment Opportunity (EEO) and Anti-Harassment and Bullying awareness training Employee numbers (as at 30 June 2020) 1,867 employees 18.1% female 78% shareholders Employee assistance programs (EAP) 493 employees 18.3% female 98.3% shareholders MENTAL HEALTH FIRST 300+ Accredited Mental Health ACCREDITED First Aiders 772 employees 29.0% female Northern Star Saracen KCGM Merged entity 3,132 employees 20.8% female 1. Workplace Gender Equality Agency (WGEA) data (1 April 2018 to 31 March 2019) Industry female participation1: 17% all mining • 16% metal ore mining with 1,000+ employees PAGE 31#32For personal use only Kalgoorlie Production Centre Kalgoorlie Overview Mines Mining method Processing Milling capacity Reserves Resources FY2021 Production FY2021 AISC Targeted Production KCGM (NST/SAR) Kalgoorlie Operations (NST) Carosue Dam (SAR) Underground & open pit Ability to process varying ore types (free-milling and sulphide ores) Currently 18.6Mtpa with capital committed to expand to 19.4Mtpa in FY21 13.30Moz 30.5Moz 950-1,030koz A$1,475 - A$1,575/oz (US$1,033 - US$1,103/oz) 1.1Mozpa 1. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates, and production targets, for Northern Star and Saracen. PAGE 32 NORTHERN STAR Saracen#33For personal use only Yandal Production Centre Yandal Overview Mines Mining method Processing Milling capacity Reserves Resources FY2021 Production FY2021 AISC Targeted Production Jundee (NST) Thunderbox (SAR) Bronzewing (NST) Underground & open pit Conventional CIL plant Currently 5.5Mtpa with capital committed to expand to 8.5Mtpa in FY22 4.6Moz 10.2Moz 410-450koz A$1,130 A$1,220/oz (US$791 - US$854/oz) 600kozpa 1. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates, and production targets, for Northern Star and Saracen. NORTHERN STAR Saracen PAGE 33#34For personal use only North American Production Centre North America (Pogo) Overview Mines Mining method Processing Milling capacity Reserves Resources FY2021 Production FY2021 AISC Pogo Underground Conventional CIL plant Currently 1Mtpa with capital committed to expand to 1.3Mtpa 1.5Moz 6.7Moz 180-220koz US$1,200/oz - US$1,400/oz 1. Refer to page 3 of this presentation in relation to Ore Reserve and Mineral Resource estimates for Northern Star and Saracen. PAGE 34 NORTHERN STAR Saracen#35For personal use only Consolidated Ore Reserves Kalgoorlie Gold Project Proved Probable Tonnes Grade Ounces Tonnes Grade (000's) (gpt) (000's) (000's) (gpt) Ounces (000's) Tonnes (000's) NORTHERN STAR Saracen Total Reserve Grade (gpt) Ounces (000's) KCGM 127,611 0.7 3,073 111,832 1.8 6,617 239,443 1.3 9,690 Carosue Dam 3,297 0.9 96 29,266 2.0 1,906 32,560 1.9 2,002 Kanowna 2,459 3.0 239 5,790 2.6 486 8,249 2.7 725 Kundana 285 4.9 45 1,893 4.0 243 2,177 4.1 289 East Kundana JV 673 5.2 113 1,718 4.7 259 2,391 4.8 372 South Kalgoorlie 72 4.7 11 1,490 3.4 162 1,562 3.4 173 Carbine 581 2.6 49 581 2.6 49 Sub-Total Kalgoorlie 134,397 0.8 3,577 152,569 2.0 9,722 286,966 1.4 13,299 Yandal Gold Project Jundee 2,102 1.4 93 14,766 4.1 1,931 16,868 3.7 2,024 Thunderbox 7,043 1.5 337 26,063 1.7 1,409 33,106 1.6 1,745 Bronzewing 5,100 2.0 332 10,844 1.4 487 15,944 1.6 820 Sub-Total Yandal 14,245 1.7 762 51,673 2.3 3,827 65,918 2.2 4,589 PAGE 35#36For personal use only Consolidated Ore Reserves (cont.) Pogo Gold Project Sub-Total Pogo Other Gold Projects Pogo NORTHERN STAR Saracen Proved Probable Total Reserve Tonnes (000's) Grade Ounces Tonnes Grade Ounces Tonnes (gpt) (000's) (000's) (gpt) (000's) (000's) Grade (gpt) Ounces (000's) 4 5,867 8.0 1,507 5,867 8.0 1,511 4 5,867 8.0 1,507 5,867 8.0 1,511 Paulsens 197 4.9 31 84 4.0 11 281 4.6 42 Sub-Total Other 197 4.9 31 84 4.0 11 281 4.6 42 TOTAL 148,801 0.9 4,375 210,193 2.2 15,066 359,032 1.7 19,441 PAGE 36#37For personal use only Consolidated Mineral Resources Kalgoorlie Gold Project NORTHERN STAR Saracen Measured Indicated Inferred Total Resources Tonnes Grade Ounces (000's) (gpt) (000's) Tonnes (000's) Grade Ounces Tonnes (gpt) (000's) (000's) Grade (gpt) Ounces Tonnes (000's) (000's) Grade (gpt) Ounces (000's) KCGM 127,323 0.8 3,050 177,518 1.9 11,016 74,449 2.1 5,036 379,290 1.6 19,102 Carosue Dam 9,794 2.0 629 43,414 2.0 2,768 18,170 2.0 1,151 71,379 2.0 4,548 Kanowna 3,206 3.3 335 12,282 2.9 1,127 8,666 2.6 711 24,154 2.8 2,173 Kundana 624 4.4 89 4,016 4.7 607 4,589 3.2 477 9,229 4.0 1,173 East Kundana JV 1,039 6.2 207 2,999 5.2 506 2,227 4.4 315 6,264 5.1 1,028 South Kalgoorlie 1,433 3.1 141 9,329 3.0 894 9,382 3.0 903 20,145 3.0 1,938 Carbine 1 3,190 2.7 272 2,465 3.1 246 5,655 2.8 518 Sub-Total Kalgoorlie 143,419 1.0 4,451 252,748 2.1 17,190 119,948 2.3 8,839 516,116 1.8 30,480 Yandal Gold Project Jundee 2,102 1.4 93 38,924 3.2 4,057 14,197 2.5 1,124 55,223 3.0 5,274 Thunderbox 10,242 1.7 547 39,840 1.8 2,292 6,908 1.9 428 56,990 1.8 3,267 Bronzewing 4,634 2.4 358 16,439 1.9 989 5,310 1.7 282 26,383 1.9 1,629 Sub-Total Yandal 16,979 1.8 999 95,203 2.4 7,337 26,415 2.2 1,834 138,597 2.3 10,170 PAGE 37#38For personal use only Consolidated Mineral Resource (cont.) Measured Pogo Gold Project Sub-Total Pogo Pogo Other Gold Projects NORTHERN STAR Saracen Indicated Inferred Total Resources Tonnes (000's) Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes (gpt) (000's) (000's) (gpt) (000's) (000's) (gpt) (000's) (000's) Grade (gpt) Ounces (000's) 4 9,492 10.2 3,121 11,763 9.4 3,548 21,255 9.8 6,669 4 9,492 10.2 3,121 11,763 9.4 3,548 21,255 9.8 6,672 Paulsens 353 5.7 69 65 217 4.1 29 1,809 2.0 115 2,379 2.7 209 Ashburton 98 1.6 5 444 1.2 17 542 1.3 22 Central Tanami 3,062 2.5 245 4,430 2.8 400 4,842 2.9 453 12,334 2.8 1,098 Western Tanami 482 2.8 44 1,079 6.0 208 1,449 5.8 271 3,010 5.4 523 Sub-Total Other 3,897 2.8 353 5,825 3.4 642 8,544 3.1 856 18,266 3.2 1,851 TOTAL 164,294 1.1 5,807 363,268 2.4 28,290 166,670 2.8 15,076 694,234 2.2 49,173 PAGE 38#39For personal use only Competent Persons Statements Northern Star NORTHERN STAR Saracen The information in this announcement that relates to Mineral Resource estimations, exploration results, data quality and geological interpretations for the Company's Project areas (excluding the Central Tanami Gold Project, the Bronzewing Project, the Anthill Project and the Mt Clement Project) is based on information compiled by Michael Mulroney, 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 Mulroney 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" for the Company's Project areas. Mr Mulroney 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 Project areas (excluding the Bronzewing Project) 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. The information in this announcement that relates to the Central and Western Tanami Gold Projects is extracted from the Tanami Gold NL ASX announcement entitled "Quarterly Report for the Period Ending 31 March 2014" released on 1 May 2014 and is available to view on www.tanami.com.au. The information in this announcement that relates to Mineral Resource estimations, data quality, geological interpretations and potential for eventual economic extraction for the Groundrush deposit at the Central Tanami Gold Project is based on information compiled by Brook Ekers a Competent Person who is a Member of the Australian Institute of Geoscientists and a full-time employee of Northern Star Resources Limited. 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 2012 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 this information in the form and context in which it appears. The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcement entitled "Quarterly Report for the Period Ending 31 March 2014" released on 1 May 2014 and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The information in this announcement that relates to the Bronzewing Project is extracted from the Echo Resources Ltd announcement entitled "Yandal Gold Project BFS & Growth Strategy" released on 23 April 2019 and is available to view on www.asx.com.au. The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcement entitled "Yandal Gold Project BFS & Growth Strategy" released on 23 April 2019 and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The information in this announcement that relates to the Anthill Project is extracted from the Intermin Resources Limited (now Horizon Minerals Limited) announcement entitled "Anthill Resource Grows 60% to Over 125,000 ounces " released on 18 December 2018 and is available to view on www.asx.com.au. The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcement entitled "Anthill Resource Grows 60% to Over 125,000 ounces" released on 18 December 2018 and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. PAGE 39#40For personal use only Competent Persons Statements Northern Star cont. NORTHERN STAR Saracen The information in this announcement that relates to the Mt Clement Project is extracted from the Artemis Resources Limited announcement entitled "Substantial Resource Increase at Mt Clement Gold & Silver Project" released on ASX Announcement dated 26 July 2011 and is available to view on www.artemisresources.com.au. The Company confirms that it is not aware of any further new information or data that materially affects the information included in the original market announcement entitled "Substantial Resource Increase at Mt Clement Gold & Silver Project" released on ASX Announcement dated 26 July 2011 and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. To the extent disclosed above, the Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. KCGM The Mineral Resources, Ore Reserves and exploration results information reported in accordance with the 2012 edition of the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code") in this announcement for all the Company's projects (excluding KCGM) is extracted from the report entitled "Resources and Reserves, Production and Cost Guidance Update (ex-KCGM)" dated 13 August 2020, available at www.nsrltd.com and www.asx.com. For the purposes of ASX Listing Rule 5.23, Northern Star confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements 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 the original market announcements. The Mineral Resources, Ore Reserves and exploration results information reported in accordance with the 2012 edition of the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code") in this announcement for KCGM is extracted from the report entitled "KCGM Strategic Review and Outlook Statement" dated 18 August 2020, available at www.nsrltd.com and www.asx.com. For the purposes of ASX Listing Rule 5.23, Northern Star confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements 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 the original market announcements. Saracen The information in the report to which this statement is attached that relates to Exploration Results and Mineral Resources related to Gold and Nickel is based upon information compiled by Mr Daniel Howe, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Daniel Howe is a full-time employee of the Company. Daniel Howe has sufficient experience that 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'. Daniel Howe consents to the inclusion in the report of matters based on his information in the form and context in which it appears. The information in the report to which this statement is attached that relates to all underground Ore Reserves relating to Gold is based upon information compiled by Stephen King, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Stephen King is a full-time employee of the Company. Stephen King has sufficient experience that 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'. Stephen King consents to the inclusion in the report of matters based on his information in the form and context in which it appears. The information in the report to which this statement is attached that relates to all open pit Ore Reserves relating to Gold is based upon information compiled by Hemal Patel, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Hemal Patel is a full-time employee of the Company. Hemal Patel has sufficient experience that 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'. Hemal Patel consents to the inclusion in the report of matters based on his information in the form and context in which it appears. The information in the report to which this statement is attached that relates to underground Ore Reserves at Thunderbox is based upon information compiled by Dan Donald, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Dan Donald is a consultant to Saracen Mineral Holdings through Entech Mining Consultants. Dan Donald has sufficient experience that 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'. Dan Donald consents to the inclusion in the report of matters based on his information in the form and context in which it appears. PAGE 40#41For personal use only Forward looking statements and risks Past performance NORTHERN STAR Saracen Past performance metrics and figures, as well as pro forma financial information, included in this presentation are given for illustrative purposes only and should not be relied upon as (and are not) an indication of Northern Star's or Saracen's views on Northern Star's or Saracen's future financial performance or condition or prospects (including on a consolidated basis). Investors should note that past performance of Northern Star and Saracen, including in relation to the historical trading price of shares, production, ore reserves and mineral resources, costs and other historical financial information cannot be relied upon as an indicator of (and provide no guidance, assurance or guarantee as to) future performance, including the future trading price of shares. The historical information included in this presentation is, or is based on, information that has previously been released to the market. Future performance and forward looking statements This presentation contains forward looking statements about Northern Star and Saracen. Often, but not always, forward looking statements can be identified by the use of forward looking words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", and "guidance", or other similar words and may include, without limitation, statements in this presentation regarding intent, belief, expectations, plans, strategies and objectives of management, indications of and guidance on synergies, future earnings or financial position or performance, future acquisitions, anticipated production or construction commencement dates, costs or production outputs for each of Northern Star and Saracen (based on, among other things, their respective estimates of their production for the periods specifically referred to in this presentation), the outcome and effects of the Scheme (including expected benefits to Northern Star and Saracen shareholders) and the future operation of Northern Star and Saracen. Neither Northern Star nor Saracen makes any representation or warranty as to the currency, accuracy, reliability or completeness of any forward looking statements contained in this presentation. To the extent that this presentation materials contains forward looking information, the forward looking information is subject to a number of risks, including those generally associated with the gold industry and the mining industry more broadly. Any such forward looking statement inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated. These may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves), political and social risks, changes to the regulatory framework within which Northern Star and Saracen operate or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and other environmental issues, the recruitment and retention of key personnel, industrial relations issues, litigation and outbreaks of disease or pandemics (including the continuation or escalation of the global COVID-19 pandemic). Further information in relation to risks (including those that are specific to the Scheme) will be provided in the Scheme Booklet. Any such forward looking statements are based on assumptions, qualifications and contingencies which are subject to change and which may ultimately prove to be materially incorrect, as are statements about market and industry trends, which are based on interpretations of current market conditions. Investors should consider any forward looking statements contained in this presentation in light of such matters (and their inherent uncertainty) and not place reliance on such statements. Forward looking statements are not guarantees or predictions of future performance and may involve significant elements of subjective judgment, assumptions as to future events that may not be correct, known and unknown risks, uncertainties and other factors, many of which are outside the control of Northern Star and Saracen. Any forward looking statements are based on information available to Northern Star and Saracen as at the date of this presentation. Except as required by law or regulation (including the ASX Listing Rules), Northern Star, Saracen and their respective directors, officers, employees, advisers, agents and other intermediaries disclaim any obligation or undertaking to provide any additional or updated information, whether as a result of new information, future events or results or otherwise (including to reflect any change in expectations or assumptions). Nothing in this presentation will, under any circumstances (including by reason of this presentation remaining available and not being superseded or replaced by any other presentation or publication with respect to Northern Star, Saracen or the subject matter of this presentation), create an implication that there has been no change in the affairs of Northern Star or Saracen since the date of this presentation. Investment risk As noted above, an investment in shares in Northern Star and Saracen is subject to investment and other known and unknown risks, some of which are beyond the control of Northern Star and Saracen. These risks, together with other general risks applicable to all investments in listed securities not specifically referred to, may affect the value of shares in Northern Star and Saracen in the future. Northern Star and Saracen do not guarantee any particular rate of return or the performance of Northern Star or Saracen, nor guarantee the repayment of capital from Northern Star or Saracen, or any particular tax treatment. When making any investment decision, investors should make their own enquires and investigations regarding all information in this presentation, including but not limited to the assumptions, uncertainties and contingencies which may affect future operations of Northern Star and Saracen, and the impact that different future outcomes may have on Northern Star and Saracen. In respect of the Scheme, investors should carefully consider the information to be made available in the Scheme Booklet (and all other materials issued by Saracen in connection with the Scheme) and seek independent advice before making any decision. PAGE 41#42For personal use only Financial data and Ore Reserve replacement Industry data NORTHERN STAR Saracen Certain market and industry data used in connection with or referenced in this presentation, including in relation to other companies in the peer group of Northern Star and Saracen, may have been obtained from public filings, research, surveys or studies made or conducted by third parties, including as published in industry-specific or general publications. None of Northern Star, Saracen, their respective advisers and their respective representatives, have independently verified any such market or industry data. Effect of rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. Financial data All dollar values are in Australian dollars ($ or A$ or AUD) unless stated otherwise. All references to USD or US$ or USD are to the currency of the United States of America. The recipient should note that this document contains pro-forma financial information and does not purport to be in compliance with Article 11 of Regulation S-X of the rules and regulations of the US Securities and Exchange Commission. Investors should be aware that financial data in this presentation include includes "non-GAAP measures" within the meaning of Regulation G under the US Securities Exchange Act of 1934 and "non-IFRS financial information" under ASIC Regulatory Guide 230 "Disclosing non-IFRS financial information" published by ASIC. Northern Star and Saracen believe this non-IFRS/non-GAAP financial information provides useful information to users in measuring the financial performance and conditions of Northern Star and Saracen. The non-IFRS/non-GAAP financial information do not have a standardised meaning prescribed by Australian Accounting Standards and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with Australian Accounting Standards. Investors are cautioned, therefore, not to place undue reliance on any non-IFRS/non-GAAP financial information and ratios included in this presentation. Such financial information is unaudited and does not purport to be in compliance with Article 3-05 of Regulation S-X under the US Securities Act. Disclaimer No person other than Northern Star and Saracen has authorised or caused the issue, release, submission, distribution or provision of this presentation, or takes any responsibility for, or makes or purports to make, any statements, representations or undertakings in this presentation. Northern Star and Saracen, to the maximum extent permitted by law, expressly exclude and disclaim all liability (including, without limitation, any liability arising out of fault or negligence on the part of any person) for any direct, indirect, consequential or contingent loss or damage, or for any costs or expenses, arising from the use of this presentation or its contents or otherwise arising in connection with it or the Scheme. Northern Star and Saracen do not make any representations or warranties (express or implied) to you about the Scheme or about the currency, accuracy, reliability or completeness of the information, opinions and conclusions in this presentation (including, without limitation, any financial information, any estimates or projections and any other financial information). By accepting, accessing or reviewing this presentation (or by attending any investor briefing at which this presentation is made), you represent, warrant and agree that you have not relied on any statements made by Northern Star or Saracen in this presentation (including in relation to the Scheme) and that you have read and agree to the terms set out above. Ore Reserve Replacement The merged group must continually replace Ore Reserves depleted by production to maintain production levels over the long term. Ore Reserves can be replaced by expanding known ore bodies, locating new deposits or making acquisitions. There is a risk that depletion of Ore Reserves will not be offset by discoveries or acquisitions or that divestitures of assets will lead to a lower reserve base. The Ore Reserve base of the merged group may decline if Ore Reserves are mined without adequate replacement and the merged group may not be able to sustain production beyond the current mine lives, based on current production rates. Exploration is highly speculative in nature and costly. The merged group's exploration projects involve many risks and may be unsuccessful. There is no assurance that current or future exploration programs will be successful. Also, if a discovery is made, it may, in some cases, take up to a decade or longer from the initial phases of exploration drilling until mining is permitted and production is possible. Whether a mineral deposit will be commercially viable depends on a number of factors, including the particular attributes of the deposit, such as size, grade and proximity to infrastructure, metal prices, government regulation, land tenure, land use and environmental protection. There is no certainty that the expenditure incurred by the merged group towards the search for and evaluation of mineral deposits will ultimately result in discoveries of commercial quantities of ore. PAGE 42