Pogo Site Visit

Presentation
September 2022
Forward Looking Statements, Reserves and Resources
Forward Looking Statements

Northern Star Resources Limited has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy,
completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Northern Star Resources Limited, its
directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person,
for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it.

This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it
shall form the basis of any contract or commitment whatsoever.

This announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations
reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially,
including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results, Resource or Reserve estimations, loss of market, industry competition, environmental
risks, physical risks, legislative, fiscal and regulatory changes, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost
estimates.

ASX Listing Rules Disclosures

The information in this announcement that relates to the current Ore Reserves and Mineral Resources, and production targets of Northern Star has been extracted from the ASX release by Northern Star
entitled “Resources, Reserves and Exploration Update” dated 3 May 2022 available at www.nsrltd.com and www.asx.com (“Northern Star Announcement”).

Northern Star confirms that it is not aware of any new information or data that materially affects the information included in the Northern Star Announcement other than changes due to normal mining
depletion during the five month period to 20 September 2022 and divestment of the Paulsens and Western Tanami projects during June 2022, 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.

Assumptions made in relation to the Ore Reserves and Mineral Resources underpinning the production targets in that announcement are (in summary):
 Current operational capital and operating cost structures,
 Current 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 ASX Listing Rule 5.19 disclosures, and
 5 year gold production profiles are based on 100% current JORC compliant Ore Reserves.

Rounding is applied in this presentation for the percentage comparisons and for the 31 March 2022 Ore Reserves and Mineral Resources figures.

Unless stated otherwise, all currency conversions in this announcement have been converted at a currency of A$/US$ conversion rate of $0.70

Authorised to release to the ASX by Stuart Tonkin, Managing Director & CEO.
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Acknowledging our landowners

Northern Star respectfully acknowledges the Alaska Native people

upon whose ancestral lands our Pogo Operation resides.

Our Pogo Operation is situated on the ancestral lands of the

Athabascan people and we honour them for being stewards of these
lands and waters for centuries, the elders who lived here before, the
Athabascan people of today, and future generations to come.

We also recognise that the Athabascan people would traditionally

gather and harvest traditional foods on the lands we know as Pogo.

Northern Star pays our respects to the Athabascan people whose land
we are privileged to work on, and whose input and guidance we seek
and value within the operation of our business.

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Pogo: A Tier-1 location and growing Group contributor
FY22 Gold Sold
 Located in the upper Goodpaster River Valley, ~145km
southeast of Fairbanks, ~60km northeast of Delta Junction Yandal
28%
 Within the Tintina Mineral Belt, a metal province stretching
much of interior Alaska, through the southwestern Yukon
 Northern Star acquired the Pogo Mine in September 2018

Pogo Kalgoorlie
14% 58%

FY22 EBITDA Margin

56% 58%

40% 40% 39%

21%

Kalgoorlie Yandal Pogo

Pogo
1H22 2H22 4
Pogo: One of North America’s most high grade gold mines

Mineral Resource Gold Grade Top 3 producing mine in North America by

(g/t) Resource* grade AND Resource size
14

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10.2 FY22 performance
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 1.8Moz Ore Reserves at 8.5g/t gold grade
8
 7.3Moz Mineral Resource at 10.2g/t gold grade
6
 Delivered 214koz gold at US$1,498/oz
4
 Delivered 2H22 annual run rate of 250koz
2

0
FY23 guidance
Island*

Kensington*

Eleonore*
Eagle River*
Pogo
Seabee*

Macassa*

Brucejack*

Red Lake

Kettle River*
 260-290koz gold at US$1,300-1,400/oz
 A$65M growth capital expenditure

Asset Reserves and Asset Resources (Measured and Indicated) are reported in accordance with the JORC Code 2012, unless otherwise notated by an asterisk.
* Eleonore, Seabee and Kensington Reserves and Resources have been prepared in accordance with the new Regulation S-K 1300 requirements; Eagle River Reserves and Resources prepared in accordance with the National Instrument 43-
101 Standards of Disclosure for Mineral Projects (“NI 43-101”); Brucejack, Macassa, Kettle River and Island Reserves and Resources have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”)
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Standards.
Working at Pogo
Local employment
Fully operational camp (housing, food,
water treatment, medical, fire department) Alaska Other Other US
States
60% 7% 33%

Operational 24 hours per day, year round

~600 workforce
(~50% Northern Star Mining Services)

Shifts are generally 12 hours with a

combination of rosters

Strong safety performance (inaugural

Safety Leadership Training Program Jun-22)
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Connecting with our Community
Working with our local and regional communities
to achieve mutually beneficial partnerships and
sustainable long term social benefits
 Community & Inclusion
 Health & Wellness
 Environment
 Indigenous Advancement
 Education & Development

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GEOLOGY -
Our continuous
improvement journey
 Pogo regional to mine scale geological setting

POGO

North America

North American Cordillera

 Pogo gold deposit is one of several Intrusion

Related Gold Systems (IRGS) in the Central Northern
Cordillera spatially and temporally associated with
the early to mid-Cretaceous magmatic belts and
intrusive complexes
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Tintina Gold Belt and Goodpaster District
Pogo Underground: Six known deposits
Pogo Ore Reserves of 1.8Moz at 8.5g/t gold grade

Liese System consists of at least 4 stacked flat to

moderately dipping quartz veins

South Pogo, Fun Zone and Central Lodes are direct

extensions of Liese veins

North Zone consists of series of steep north-easterly

dipping sheared quartz veins

East Deep is similar in strike & dip to the Liese System,

although higher sulphide content & thinner quartz veins

Gold is most associated with dissiminated sulphides or

sulphide veinlets within the quartz veins

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 Pogo continues delivering growth in Resource & Reserve
Moz

8.0

Change of Mining Method

7.0 Resource Growth
Goodpaster

6.0 Central Veins

Acquisition
North Zone
5.0
East Deep
Fun Zone
4.0

3.0 Liese Veins

JORC Resource Declared

2.0
South Pogo

1.0

0.0  Mineral Resources of 7.3Moz Au (22Mt @ 10.2g/t)

2010

2011

2012

2013

2014

2015

2016

2017

Mar-18

Mar-19

Mar-20

Mar-21

Mar-22
 Ore Reserves of 1.8Moz Au (6.6Mt @ 8.5g/t)
 Reconciliation performing in line with estimation
Reserve Total Resource (Inclusive of Reserve)
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Entering a new phase of significant exploration potential

Section View A-B Looking North Hill 4021

Liese Veins

Goodpaster

Significant Potential for Discovery

 Drill Drive development and commencement of in-mine exploration drilling

 Focus on near-mine exploration (Goodpaster)

 First 4 years focused on supporting production and grade control

 Historically under-explored/drilled for long hole stoping extraction method (historic drilling from surface)
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Continuous improvement journey
 Geology team of 54 staff, supporting 10-13 underground
drill rigs

 Focus on a fundamental “geology first” approach (face

mapping, sampling and backs mapping to build quality
models)

 Implementation of new systems, processes and procedures

to align with Northern Star standards to optimise
production

 Waste management improvement

 Delivery speed of models to engineering

 Live information feed to resource team

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A clear multi-year roadmap ahead
FY23 Resource to Reserve conversion “People are the centre of our success”

FY24 Resource expansion into areas accessed by Drill “Gold comes from the Drill Bit”

Drives (North Zone, Central Veins, Liese downdip as “More often than not, the next discovery or
opportunity is already in the drill results data”
well as below Liese)
Upper
FY25 Continuation of Resource expansion with increasing Camp
Mill
in-mine exploration drilling North
Zone

Goodpaster
River

Leise

South
Pogo

Goodpaster Section Looking NE

Central Leise 14
Veins
UNDERGROUND -
Transitioning for the
next decade
Pogo Underground Operations Plan View

 4 portals to surface, 3 access ramps and 1 for ore conveyor

 Mine footprint of 2.7km x 2.9km, with the Goodpaster Resource a

further 1.2km NW of the current underground workings

 Longhole open stoping in flat-dipping ore bodies with pastefill

 NSMS management team and new fleet with strong technical and
operational capability

 Setting up the mine for the next +10 years

Looking NE

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Foundations set, ready to optimise

Repair Rebuild Optimise

 New mining  Major mine  Strong technical and
fleet infrastructure operational capability with

300kozpa
 Change in upgrades NSR and NSMS
mining method  New mining practices  Setting up the mine for
 Established  Simplified mining the next decade Consistent & reliable
practices  Established new operations
mining areas

Increasing production rates

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Mine ramp up progressing with additional mining fronts

 Currently mining in 4 areas (Leise, Fun Zone, North 100 2,000

Zone and South Pogo)

 Target 3-5 available mining areas open at any one 75 300kozpa run rate 1,500
time to deliver ~70% stope ore contribution

 +70 headings (ore + waste) to support +1,500m 50 1,000

development rates (vs ~40 available headings 1H22)

 Record 4Q22 development performance 25 500

 6 jumbos achieving 1,602m (Jul-22) and 1,607m

(Aug-22) above 1,500m target rate 0 0
1Q22 2Q22 3Q22 4Q22
 Ongoing rehab to re-establish mining in remnant
Gold Sold (koz, LHS) Development metres (RHS)
areas of the mine
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On track to reach 70% stope ore contribution in FY23

 FY22: 57% stope ore: 43% development ore

100%
 FY23e: ~70% stope ore: ~30% stope ore
90%
80%
70% stope ore: development ore
 An increased percentage of higher grade stope ore
70%
tonnes in the mill feed is a key part of 300koz per 60%
annum strategy 50%
 Improvements to underground infrastructure 40%

(pumping, two underground ore storage stockpiles) 30%

expected 1H23 20%

Forecast

Forecast

Forecast

Forecast
 Following this, the mine will have the capability to 10%
0%
deliver at the required volume and grade for the
1Q22 2Q22 3Q22 4Q22 1Q23e 2Q23e 3Q23e 4Q23e
processing plant to sustain its 1.3Mtpa nameplate Stope Ore Tonnes Development Ore Tonnes
capacity

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PROCESSING -
Our continuous
improvement journey
Investment and optimisation journey

FY22 performance
1.4 95
1.3mtpa mill capacity
 Controlled variability testing to fully understand
1.2 90
plant sensitivities

Throughput rate (Mtpa)

1.0
85
 Changes required to further optimise outcomes

Recovery (%)
0.8
 Plant upgrade work completed 3Q22 80
0.6
 Recovery now stabilised with planned increased 75
0.4
mill throughputs
0.2 70

FY23 focus
0.0 65
 Continued optimisation focus, particularly 1Q22 2Q22 3Q22 4Q22

improved recovery and reduction in reagent usage Milled tonnes Recovery

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Process upgrades

SAG feed cart Jameson cell Float dart valves New thickener Filter press 4

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Pogo process flowsheet

Recent
upgrades
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SUSTAINABILITY -
Our continuous
improvement journey
Electricity - Lowering costs and emissions
 US Inflation Reduction Act of 2022 (IRA) injects major funding into
the US efforts to become a net-zero economy by 2050

 With these measures, economy-wide emissions are forecast to

decline between 37% to 41% below 2005 levels by 2030

 For Pogo, electricity is provided by Golden Valley Electric

Association (GVEA)

 Currently assessing wind and battery resource potential

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2030 Pathway to Reduce Emissions by 35%

TBO Expansion

Strategic value
Lower cost base
enhances mine life

Pogo
More than 35%
renewable power

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ESG initiatives
 Heliportable drilling is utilised to reduce impacts on the natural
environment by reducing the requirement to clear vegetation for
access tracks and minimise disruption to the biodiversity of the
region

 Potential expansion of the Dry Stack Tailings from 20Mt to 32Mt

 Currently in design and permit process (predesign studies

completed)

 Water management – materials stability, waste rock/tailings

geochemistry and water chemistry downstream

 Completion of the expansion design is expected by end 2022

 Construction to occur 2023

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IN
CONCLUSION
Pogo continues to perform in line with expectations

 Pogo continues to perform well and in line with our

planned expectations with physicals improving
 Full year guidance of 260-290koz
 AISC guidance of US$1,300-1,400/oz
(A$1,857-2,000/oz)
 2H weighting due to:
 ~4-6 month lag from development accessing
stoping areas
 Improvements to underground infrastructure
allowing further areas to access
 Planned major mill shut schedule in 1Q and 3Q

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Northern Star Resources Limited
ASX Code: NST

Business First.

Investor Enquiries:
Sophie Spartalis
T: +61 8 6489 2488
E: investorrelations@nsrltd.com
W: www.nsrltd.com
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