Investor Presentaiton

For 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

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