Denver Gold
investor presentation
Bringing Value to the Surface
September 2009

Forward-Looking Statements
This Northgate presentation contains “forward-looking information” or “forward-looking statements”, as such terms are defined in applicable Canadian
and US securities legislation, concerning Northgate’s future financial or operating performance and other statements that express management’s
expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of
forward-looking terminology such as “expects”, “believes”, “anticipates”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “plans” and
variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would” or “might” “be taken”,
“occur” or “be achieved”. Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by
management based on the business and markets in which Northgate operates, are inherently subject to significant operational, economic and
competitive uncertainties and contingencies. Northgate cautions that forward-looking information involves known and unknown risks, uncertainties and
other factors that may cause Northgate’s actual results, performance or achievements to be materially different from those expressed or implied by
such information, including, but not limited to gold and copper price volatility; fluctuations in foreign exchange rates and interest rates; the impact of
any hedging activities; discrepancies between actual and estimated production, between actual and estimated reserves and resources or between
actual and estimated metallurgical recoveries; costs of production; capital expenditure requirements; the costs and timing of construction and
development of new deposits; and the success of exploration and permitting activities. In addition, the factors described or referred to in the section
entitled "Risk Factors" in Northgate's Annual Information Form for the year ended December 31, 2008 or under the heading "Risks and Uncertainties"
in Northgate's 2008 Annual Report, both of which are available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the
information found in this presentation. Although Northgate has attempted to identify important factors that could cause actual results, performance or
achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or
achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that
management’s expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place
undue reliance on forward-looking information. The forward-looking information in this presentation is made as of the date of this presentation, and
Northgate disclaims any intention or obligation to update or revise such information, except as required by applicable law.
Cautionary Note to US Investors Regarding Mineral Reporting Standards
The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of
U.S. securities laws. Terms relating to mineral resources in this presentation are defined in accordance with National Instrument 43-101-Standards of
Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral
Resources and Mineral Reserves. The Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to
disclose only those mineral deposits that a company can economically and legally extract or produce. The Company uses certain terms, such as,
“measured mineral resources” “indicated mineral resources”, “inferred mineral resources” and “probable mineral reserves”, that the SEC does not
recognize (these terms may be used in this presentation and are included in the Company’s public filings which have been filed with securities
commissions or similar authorities in Canada).
Denver Gold Investor Presentation September 2009 2

Denver Gold
investor presentation
WHY NORTHGATE?
Corporate Profile
A Successful Track Record
Northgate Today
Recent Achievements

WHY NORTHGATE?
Corporate Profile
Canada
We are good operators.
We have a proven and successful track record
of turning around underperforming assets.
Australia
And we deliver results.
Northgate is a multi-mine gold and copper producer with operations, development
projects and exploration properties in Canada and Australia.
We are forecasting record production of over 380,000 ounces of unhedged
gold in 2009 and targeting future production growth through acquisitions in stable
mining jurisdictions around the world.
Corporate Vision
Dedicated to creating value through operational excellence, steady and strategic
growth, and responsible stewardship of shareholders’ capital
Denver Gold Investor Presentation September 2009 4

SUCCESSFUL TRACK RECORD
Creating value from underappreciated assets
Kemess South
» Acquired February 2000 out of bankruptcy when gold was below $300/oz and copper
below $0.70/lb
» Remarkable operational turnaround within two years
Young-Davidson
» Acquired November 2005 for $18 million
» Continued exploration success by tripling resource base since acquisition
» 2.8 million proven & probable ounces adding over 200% to Northgate’s reserves
» Aggressive development plan targeting full production in 2012
Fosterville & Stawell
» Acquired February 2008
» Under the previous ownership, both mines were undercapitalized which prevented
mines from operating efficiently and from developing additional reserves through
exploration in prolific gold mining region
» Successful operational turnaround, improving productivity and lowering costs
Denver Gold Investor Presentation September 2009 5

NORTHGATE TODAY
A Multi-Mine Gold Producer
We have laid the groundwork for Three fully-permitted operations and
a bright future. one late-stage development project
(100% owned and operated)
380,000+ oz
Fosterville Gold Mine Stawell Gold Mine
Victoria, Australia
Forecasting another record year
of gold production in 2009
Kemess Mine Young-Davidson
Canada
North-central BC Northern Ontario
1 Assumes $1.70/lb copper and $875/oz gold for Q2 to Q4 2009 Denver Gold Investor Presentation September 2009 6

RECENT ACHIEVEMENTS
Delivering Results
 We transformed from a single-mine
company to a proven multi-mine
gold producer.
The result: forecasting record gold
production of over 380,000 ounces in
2009 from all three operations
 Fosterville: We implemented a
strategic turnaround plan
The result: Improved productivity,
lower cash costs and higher gold
recoveries since acquisition
Denver Gold Investor Presentation September 2009 7

RECENT ACHIEVEMENTS
Delivering Results
P+P Reserves1
(000s)
4,500
 Young-Davidson: We completed a 4,000
Fosterville
Stawell
4,037 oz
Pre-Feasibility Study on the project 3,500 Kemess
Young-Davidson
216%
3,000
2,500
The result: 2.8 million proven and 2,000
probable ounces adding over 200% 1,500 1,279 oz
1,000
to Northgate’s reserves 500
0
Northgate With Young-Davidson
 Stawell: We spent $4 million in
exploration
The result: increased the mine reserve
230,000 oz
life to three years until Q2-2012 Delineated since acquisition
 Kemess: We produced gold and copper
The result: continued to generate strong $94 million
free cash flow Cash flow from operations in ‘08
1 P+P reserves for Fosterville, Stawell and Kemess at Dec. 31, 2008.
Denver Gold Investor Presentation September 2009 8
P+P reserves for Young-Davidson at July 14, 2009.

RECENT ACHIEVEMENTS
Delivering Results
Production & » Solid gold production of 93,377 ounces at an average net
Cash Costs cash cost of $465/ounce, in line with guidance
Financial » Cash flow from operations of $50 million or $0.19/share
» Positive pre-feasibility study, adding 2.8 million oz to reserves;
Young- After-tax IRR of 18.4%; operating cash flow of $736 MM;
Davidson NPV 5% of $370 million (at $925/oz gold)
Young- » Signed an Impact and Benefits Agreement with the
Davidson Matachewan First Nation
» Delineated 870,000 tonnes containing 93,000 ounces
Stawell
of gold and extended the mine-life to Q2-2012
» Ratified a three-year collective agreement with mine
Fosterville employees
Denver Gold Investor Presentation September 2009 9

RECENT ACHIEVEMENTS
Q2 Financial Results
(US$ Thousands, except per share amounts) Q2 ’09
Revenue $ 130,297
Net earnings 5,402
Net earnings per share 0.02
Cash flow from operations 49,997
 Strong balance sheet with $120.7 million in cash in the bank
 No long term debt
 Credit markets are thawing out and we expect future
discussions with various financial institutions about project
financing for Young-Davidson to be very productive
Denver Gold Investor Presentation September 2009 10

Denver Gold
investor presentation
GROWTH
2009 Objectives at our
Operations and Projects

2009 PRODUCTION FORECAST
Looking Ahead
Actual Q1 Q2 Q3 Q4 Total Avg.‘09
Cash Cost*
Fosterville 25,779 25,416 31,000 28,000 110,000 $500/oz
Stawell 22,392 20,066 24,000 30,000 96,500 $510/oz
Kemess 59,306 47,895 35,000 34,000 176,000 $360/oz
107,477 93,377 90,000 92,000 382,500 $440/oz
We expect to produce a record 380,000 ounces of gold in 2009
 Cash costs in future quarters higher as a result of
stronger Canadian/Australian dollar vs. the US dollar
* Assumes $2.50/lb copper; US$/Cdn$0.90 and US$/A$0.80 for Q3 and Q4. Denver Gold Investor Presentation September 2009 12

GROWTH AT YOUNG-DAVIDSON
Realizing our vision
Young-Davidson is a financially robust,
low cost, long-life project
2.8 million p+p oz
216% increase to Northgate’s reserves
At today’s spot prices1:
18.4% $370 MM
After tax IRR After tax NPV 5%
YD Net Asset Value
Cdn$1.70 per share
1 $925/oz gold and exchange rate of US$/Cdn$0.85
Denver Gold Investor Presentation September 2009 13

GROWTH AT YOUNG-DAVIDSON
Production Profile
2011 2012 15 year 92.5%
anticipated anticipated estimated expected
commissioning full production mine-life gold recovery
170,000 oz average annual production
ounces
250,000
$333/oz average cash cost $/oz
600
Production Cash Cost
200,000 500
400
150,000
Open pit 300
100,000
2015 – 2020: 200
Approx. 200,000 oz+/yr at a
50,000
net cash cost of $306/oz 100
0 0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Annual Production Estimate
Denver Gold Investor Presentation September 2009 14

YOUNG-DAVIDSON SITE PLAN
Denver Gold Investor Presentation September 2009 15

YD MINE DESIGN
 Orebody geometry well
suited to high productivity
bulk mining methods
 Open pit production for
years 1–2
» Stripping ratio is 2.75:1
 Underground production
for years 3–15
 Mine access by shaft and
ramp
 Underground ore production
rate of 6,000 tpd or 2.2 MT
per year
Denver Gold Investor Presentation September 2009 16

GROWTH AT YOUNG-DAVIDSON
Potential for further development
 Current resources not included in Pre-feasibility
» 6 MM tonnes of inferred and 132,000 tonnes of indicated
 Open down plunge below existing reserves and resources
Recently announced:
 Discovery of new zone
of mineralization
Discovery
 Two shaft condemnation holes of new
gold zone
intersected mineralization,
300m east of known reserves
and resources
 Has potential to add to
the 2.8 MM oz reserve
 Diamond drilling to test
extent of mineralization
Denver Gold Investor Presentation September 2009 17

GROWTH AT FOSTERVILLE
Proven Results
Then (Q2 ‘08) Now (Q2 ‘09)
 Higher gold recoveries: 76% 86%
 Dramatic decline in cash cost $1,150/oz $537/oz
 Increase in production 14,630 oz 25,416 oz
Turnaround Complete
Fosterville is now a well
run operation with proven
results
Looking Ahead
Continue to increase
production and enhance
gold recoveries
Denver Gold Investor Presentation September 2009 18

GROWTH AT FOSTERVILLE
2009 Objectives
Looking Ahead
 Full year gold production 110,000 ounces
 Lower / steady cash cost $500/oz1
 Improve gold recovery 90%
 In Q2, achieved record Over 200,000 tonnes mined and
productivity milled
 Lower production costs Dramatic decline in cost
quarter over quarter structure resulting from
Q308 Q408 Q109 Q209 operational turnaround.
Mining (A$/mt mined) 84 60 54 47 Expect low, stable production
Total (A$/mt milled) 130 119 99 88
costs in future quarters
A solid foundation to facilitate long-term success
1 Assumes exchange rate of A$/US$0.80 for Q3 and Q4 2009 Denver Gold Investor Presentation September 2009 19

GROWTH AT FOSTERVILLE
Success at Phoenix Deeps / Phoenix Extension
 Significant mineralized extension discovered
» Step out drilling in Phoenix Deeps intersected 10.1 g/t gold over 6.6m,
including 17.6 g/t gold over 3.7m. Follow up work is now underway.
» Infill resource definition drilling in Phoenix Extension has confirmed continuity and
structural settings.
» Reserve work for Phoenix Extension will be incorporated into year-end statement
potential for primary
sulphide
Harrier Underground Area
mineralization
Phoenix under 21 previously
Deeps
mined open pits
Denver Gold Investor Presentation September 2009 20

GROWTH AT FOSTERVILLE
Osprey
Success at Harrier
 Over 9,000m of diamond drilling
at Harrier Underground
 Osprey has two plunging zones;
upper zone remains open down
plunge
» SPD516: 4.0m @ 11.4 g/t gold
» SPD513: 3.0m @ 5.8 g/t gold
» SPD511B: 2.0m @7.0 g/t gold
Harrier Base
 Harrier Base zone remains open
down plunge
» SPD515A: 10m @ 5.7 g/t gold
» SPD515: 6.4m @ 4.2 g/t gold
 Resource update expected in
Q4
Denver Gold Investor Presentation September 2009 21

GROWTH AT STAWELL
2009 Objectives
Then (Q2 ‘08) Now (Q2 ‘09)
 Extended mine-life 2 years 3 years (to Q2-2012)
 Steady gold recoveries 85% 87%
 Improved mine productivity 1,877 tpd 2,030 tpd ore milled
ore milled
Continuous Improvement
Geotechnical issues in Q2
have been addressed and
reserves not extracted will
be mined in future quarters
Looking Ahead
Solid production and
recovery and further mine-
life extensions
Denver Gold Investor Presentation September 2009 22

GROWTH AT STAWELL
2009 Objectives
Looking Ahead
 Full year gold production 96,500 ounces
 Lower / steady cash cost $510/oz1
 Improved gold recovery 90%
 Increased productivity $2.8MM mobile equipment
 Elevate height of existing Extends capacity by
tailings dam five years
From closure mode to renewed life at Stawell
1 Assumes exchange rate of A$/US$0.80 for Q3 and Q4 2009 Denver Gold Investor Presentation September 2009 23

GROWTH AT STAWELL
Successful Exploration
 870,000 tonnes containing 93,000 ounces of additional Q2-2012
gold reserves delineated in H1-2009 mine-life extension
 An additional 32,000 indicated ozs and 98,000 inferred
ozs were also added to resources
93,000 oz
 Since acquiring the Stawell mine, Northgate has Reserves delineated
added approx. 230,000 ounces to its reserves
Proven Probable Total
Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold
June 30, 2009 (000) (g/t) (000 oz) (000) (g/t) (000 oz) (000) (g/t) (000 oz)
Open Pit — — — 430 1.80 25 430 1.80 25
(<100m from surface)
Underground 64 7.13 15 2,004 4.24 273 2,068 4.33 288
(>100m from surface)
Total Proven &
15,000 ounces 298,000 ounces 313,000 ounces
Probable Reserves
Denver Gold Investor Presentation September 2009 24

GROWTH AT STAWELL
Looking Ahead
Exploration Potential
Definition and
 Balance of 2009 exploration program will focus on: exploration drilling:
» GG7 (extension of GG5L Open Flank » In various zones
system – 10m of 6.9 g/t gold) to support resource
» Dukes Flank » Magdala Upper Levels conversion and
» North Magdala » GG6 areas further mine-life
extensions.
Denver Gold Investor Presentation September 2009 25

2009 OBJECTIVES
Kemess
Looking Ahead
 Production: 176,000 oz gold Generate strong internal cash flow in
and 54 MM lbs copper in 2009 current metal price environment
 Planning for closure in 2011 Reclaim with same high standards we
applied to operating the mine
Re-deploy or sell assets to an
 milling infrastructure and mining appropriate development project
fleet
Denver Gold Investor Presentation September 2009 26

GROWTH STRATEGY
Corporate Development
Acquisition of one or more operating gold
mines, exploration or development projects
50,000 – 200,000 oz
Annual production potential
Expertise
Underperforming gold or gold/copper
mines where we can add value
Jurisdiction
Properties with regional exploration in
politically stable jurisdiction
Denver Gold Investor Presentation September 2009 27

CORPORATE REVIEW
Upcoming Highlights
Fosterville Stawell
 Continuous improvement to  Continue exploration in support
enhance operation and with solid of resource conversion and
production in H2 expected mine-life extension
 Gold recoveries to improve to 90%
 Reserve/resource update
expected in Q4
Value
Kemess Young-Davidson
 Generate cash flow  Analyst Tour in Q4
in current metal price environment  Feasibility study completed by the
 Re-deploy or sell Kemess assets end of year
 Reclamation efforts with same high  Permitting activities underway
standards applied to operating the  Construction forecast to start in
mine spring 2010
Denver Gold Investor Presentation September 2009 28

CREATING VALUE
Then vs. Now
March 2008 Now
 Share Price Cdn$3.10 (avg) Cdn$3.08 (High on Sept. 8)
 Gold Price $968 (avg) $995 (Sept. 8)
 Copper Price $3.83 (avg) $2.94 (Sept. 8)
 Cash $52.7 million (Mar. 31) $120.7 million (June 30)
Successful financial performance despite volatile market conditions
and a decrease in copper prices
Denver Gold Investor Presentation September 2009 29

CREATING VALUE
Then vs. Now
March 2008 September 2009
 Young-Davidson 2.34MM oz resource 2.8 million ounce reserve
650,000 ounces indicated resource
Initial 15-year mine life
18.4% after-tax IRR @ $925/oz gold
 Fosterville Underperforming/ Dramatic turnaround with solid
floundering operation performance and exploration
success
 Stawell Closure 2011 Successful exploration; mine-life
extended to 2012
Significant upgrades and
improvements underground
 Kemess Closure in Q3 2010 Closure in Q2 2011
Reclamation well advanced
Denver Gold Investor Presentation September 2009 30

IN CONCLUSION
A Leading Multi-Mine Gold Producer
All operations and projects in stable jurisdictions
Strong balance sheet
Exceptional leverage to gold price from three operating mines to
fund growth initiatives
An experienced management team with a depth of operating
experience in turning around underappreciated assets
Expect record gold production of over 380,000 ounces in 2009
Excellent exploration upside at Fosterville, Stawell and
Young-Davidson
Organic growth at Young-Davidson
Denver Gold Investor Presentation September 2009 31

Denver Gold
QUESTION & ANSWER

Denver Gold
investor presentation
Bringing Value to the Surface
September 2009

Denver Gold
investor presentation
Appendix

YD CAPITAL AND OPERATING COSTS
 Construction expected to begin in 2010
Pre-Production Capital (US$ millions)
Infrastructure $ 44.7
Process plant 66.5
Mining 93.8
Indirect costs 43.9
Contingency 43.6
Total Pre-Production Capital $ 292.5
Sustaining Capital & Mine Closure
Completion of underground mine infrastructure $ 76.6
Sustaining capital & mine closure $ 82.0
Total Sustaining Capital & Mine Closure $ 158.6
 Average Mining Costs (Cdn$ per tonne milled)
Average mining cost Cdn $ 19.081
Processing cost 10.20
General and administration 2.67
Total Cdn $ 31.95
1 Includes open pit cost of Cdn$3.09 per tonne mined and underground mining cost of
Denver Gold Investor Presentation September 2009 35
Cdn$20.74 per tonne mined.

YOUNG-DAVIDSON MINE DESIGN
 New 1,500m production shaft (6m diameter concrete lined) providing
for ore/waste hoisting and ventilation
 Latest technology of largest scooptrams (20 mt)
» eliminates need for underground trucking
 Two thirds of underground ore will be recovered using combination
of longhole shrinkage and sublevel caving
 Remaining one third of ore will be recovered by longitudinal retreat in
5m to 10m wide zones with 30m sublevels
 Stopes backfilled with unconsolidated open pit waste distributed
through raise system from surface
 Dilution rates applied appropriate to various methods
» Average dilution of 20% (internal plus external)
Denver Gold Investor Presentation September 2009 36

Stopes are large and productive,
YD MINING METHOD averaging 250,000 tonnes each;
Longhole Shrinkage – 50% some over 1,000,000 tonnes.
Stage 1
Drilling and Blasting
Leaving blasted ore
in stope for support.
Long Section Cross Section
Denver Gold Investor Presentation September 2009 37

YD MINING METHOD Ore widths in this zone are
8m – 40m; sublevel spacing is 60m
Longhole Shrinkage
Stage 3
Mucking of blasted
ore from stope
Stage 2 draw points.
Blasting complete
Cross Section Cross Section
Denver Gold Investor Presentation September 2009 38

YD MINING METHOD Recover 3.6 Mt of near surface ore
in a 20m – 40m thick zone.
Sublevel Caving – 14%
Denver Gold Investor Presentation September 2009 39

MANAGEMENT BIOS & CONTACT INFO
Kenneth G. Stowe, President & CEO
Ken received B.Sc. and M.Sc. degrees in Mining Engineering from Queen’s University in Kingston, Ontario. He spent the first 21 years of his career at Noranda in
various operational, R&D and corporate roles. In 1995, Ken joined Diamond Fields Resources as Vice President, Technology with responsibility for the feasibility
study of the Voisey’s Bay nickel-copper deposit. Upon the acquisition of Voisey’s Bay by Inco, Ken joined Westmin Resources (subsequently acquired by Boliden) as
Vice President, Operations. After the successful startup of the Lomas Bayas copper mine in Chile, he moved on to Northgate to take on the significant challenge of re-
launching the company as an operating company through the turnaround of the recently commissioned but floundering Kemess South copper-gold mine. Kemess
South is now one of the lowest cost gold mines in the world. In 2006, Ken was the recipient of the prestigious Canadian Mineral Processor of the Year Award.
Jon A. Douglas, Senior Vice President & CFO
Jon has been Senior Vice President and Chief Financial Officer of Northgate since 2001. During his career at Northgate, he has overseen the financial transformation
of the company from a $30 million market capitalization, TSX-listed, junior gold mining company with over $200 million in debt to a duel-listed (TSX; AMEX), SOX-404
compliant intermediate gold producer with no debt and substantial cash balances. Before joining Northgate, Jon spent four years in the corporate development group
at Noranda Inc., examining various investment and divestment opportunities. Prior to that, he spent eight years at Noranda Sales Corporation, purchasing primary and
secondary copper and precious metal feeds for Noranda’s copper metallurgical operations. Jon holds a BASc and a MASc in Chemical Engineering from the
University of Toronto and a MBA from York University.
Peter MacPhail, Chief Operating Officer
Peter MacPhail joined Northgate in 2004 and is currently the Chief Operating Officer of the company. Peter is responsible for overseeing the company’s operations
and projects, which included a temporary relocation to Australia in early 2008, where he was responsible for the successful turnaround of the Fosterville and Stawell
Gold mines in Victoria. Peter's career spans 25 years in various operations and project related positions with Canadian mining companies, including Noranda, Teck
Corporation and Barrick Gold.
Christopher J. Rockingham, Vice President, Exploration & Business Development
Chris has been with Northgate Minerals since 2003 during which time he has been responsible for developing the overall corporate strategy and managing the
mineral exploration. He is also actively involved in a number of industry associations and is a director of the Association for Mineral Exploration in British Columbia.
Chris has both an M.Sc. in geology and an MBA from the University of Western Ontario.
Luc Guimond, Executive General Manager
Australian Operations
Luc joined Northgate in 2006 as Project Manager, responsible for overseeing the initial development of the Young-Davidson property and has recently taken on the
role of Executive General Manager for Northgate's Australian operations. Luc has progressed through engineering and operations over the last 20 years having spent
time with Dynatec Mining, Noranda’s Geco operations and Newmont’s Golden Giant mine. He was appointed the General Manager of Newmont’s Holloway
operations in 2004. Luc is a graduate of the Haileybury School of Mines and holds a BSc in Mining Engineering from Queen’s University.
Contact Information: Toronto Office
18 King Street East, Suite 1602, Toronto, ON, Canada M5C 1C4
Investor Relations: Keren Yun
Tel: 416-363-1701 ext. 233 email: ngx@northgateminerals.com Website: www.northgateminerals.com
Denver Gold Investor Presentation September 2009 40