1. 2011 Gold
Symposium
The clear step-by-step
strategy to make
Northern Star a
200,000ozpa gold
producer
Sydney
November 2011

2. Disclaimer 1
Competent Persons Statements
The information in this announcement that relates to exploration results, data quality, geological interpretations and potential for eventual economic extraction, is based on
information compiled by or under the supervision of Brook Ekers, (Member AIG), who is a full-time employee of Northern Star Resources Ltd. 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 2004 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 his information in the form and context in which it appears.
The information in this announcement that relates to Exploration Potential and comments on the resources estimates are based on information compiled by Mr Jason
Boladeras, who is Exploration Manager for Northern Star Resources, a Member of the Australian Institute of Geoscientists and is employed by Geoarc Pty Ltd. Mr Boladeras
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 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Boladeras
consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
1 Exploration Potential
The information in this announcement that relates to exploration and production targets refers to targets that are conceptual in nature, where there has been insufficient
exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. The information on exploration targets
in this presentation are based on a conceptual range of targets as follows:
Tonnage range: 350,000 to 600,000 tonnes
Grade range: 9 g/t Au to 13 g/t Au
Ounces: 100,000 to 250,000
Resource Tables attached in Appendix 1
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, 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.
2

3. Disclaimer 2
Gold Price
$1,750 per oz
Sprott predicts US$12,000/oz
3

4. Corporate and Asset Overview
+80,000oz Western Australian Gold Producer
Market cap: $250m based on 351m shares at
72c, plus 28m options
Cash on hand: $31.4m as 30 Sep 2011
Top 20 hold 50% (inc InvestMet with 17.5%)
Key production asset: Paulsens Gold Mine
near Paraburdoo in WA, acquired in July 10
Paulsen’s JORC resource 226,000oz2
Acquired the neighbouring Ashburton Gold
Project (resource of 668,000oz2)
Ashburton to be split in two: Free-milling
Project and Sulphide Project
Company Resource base ≈ 1Moz
4

5. Paulsens – Corner Stone Asset
Paulsens started production in 2005 has produced 450,000oz in 6
years to Mid-2011 at an average gold production of 70-80,000ozpa
Life of Mine Cash Cost of $552/oz
Average monthly total site cost of $5M or 3,000oz to breakeven
Acquired by Northern Star in July 2010 for $40 Million
Repaid full acquisition from cashflow within 7 months
Record 2011 financial year performance, 87,069oz recovered
2011FY cash cost $588/oz and total expenditure cost $742/oz
Maiden Company profit of $20M FY2011 even after $40M in acquisition costs
Delivered major resource upgrade to 226,000oz and exploration success
Recently invested +$10M in capital, set-up for extended mine life
Have reduced total cost per tonne by 30%
5

6. Paulsens – Corner Stone Asset (continued…)
2011 mine plan forecasts surplus cashflow of $40m through the
production of 75,000oz. Currently exceeding this guidance
Current Resource underpinned by key Voyager 1 lode that is being
mined in-excess of 1000oz per vertical metre.
Deepest intersection 2.5m @ 33.4 g/t, 150m below current production level
Recent intersection 18.8m @ 62.7 g/t, including 0.85m @ 773 g/t (down-hole)
Voyager 2 lode has an exploration target1 of 100,000-250,000oz
2nd best intersection received since acquiring the mine 6m @ 30.4 g/t
Voyager 1 and 2 lode resource updates early 2012
“Combination of Voyager
1 and 2 gives Paulsens a
five year outlook”
6

7. Growing production to 200,000ozpa
Two staged approach to 200,000oz per annum
Stage 1 - Grow Paulsens to 100,000ozpa
 Increase plant capacity from 350,000 to 450,000tpa
 Rapid expansion to cost just $10M
 Expansion funding to come from surplus cashflow
 First production increase to flow in Dec Qtr 2012
 Most major lead time items have been sourced and ordered
 1st Class Project Management team has been secured
Stage 2 – 100,000ozpa Ashburton sulphide stand-alone operation
 Past oxide open pit, 1998 to 2004 of 340,000oz @ 3.3g/t
 Metallurgical testing underway, feasibility to commence
 Project contains 668,000oz @ 3g/t resource mainly in sulphides
 Most likely to be feed from multiple high-grade underground’s, at
Mt Olympus where sulphide resources stand at 576,000oz
7

8. Significant Exploration Upside
No other sizeable deposit within 50km radius of the Paulsens mine
1,300km² of Tenements, numerous targets 100% owned and JV’s
No other operational gold processing plant within 400km radius
Cheroona copper/gold project, 80km from Sandfire discovery
$20M exploration program budgeted for the next 12 months
8

9. Board of Directors
Successful record in discovering and developing mines
BILL BEAMENT – Managing Director (Mining Engineer)
Former General Manager – Operations for 12 mines across WA, including 3.5 years
involvement at Paulsens overseeing the incumbent mining contractor. Established
over 15 new mining operations across Australia.
CHRIS ROWE – Non Executive Chairman (Barrister and Solicitor)
Barrister and solicitor - previous chairman or director of a number of public listed
mining and oil and gas related companies in both Australia and North America
MICHAEL FOTIOS – Non Executive Director (Geologist)
Chairman of InvestMet Limited. Former Managing Director of Galaxy Resources.
Held senior positions with Homestake and Sons of Gwalia. Involved in the discovery
of 4 million ounces of gold.
PETER FARRIS – Non Executive Director (Business/Corporate Advisory)
Highly Credentialed Businessman with extensive experience in the Perth real estate
industry and corporate advisory services.
DISCIPLINES TO OPERATE A MINING BUSINESS ARE COVERED
9

10. Senior Management
BERNIE SOSTAK – General Manager of Geology
Geologist with over 20 years in the Gold Industry with extensive experience in mine geology, resource
estimations, planning and general operations management in underground and open pit. Held senior
management roles with WMC, Broken Hill Metals and Coolgardie Gold. Most recently as Barrick’s Director
of Resource/Reserve Strategy based in Toronto managing reserve replacement programs on 4 continents.
RAY PARRY – General Manager Finance and Commercial
Experienced Finance Executive with over 25 years experience in the mining and banking industry.
Previously held the position of Commercial Manager with St Barbara Ltd overseeing the recommencement
of mining and processing at the company’s Gwalia, Tarmoola and Southern Cross operations.
CRAIG JONES – General Manager (Paulsens)
Mining Engineer with previous roles at Barrick Lawlers Gold Mine and Western Metals Lennard Shelf
Operations. Extensive experience in numerous mining methods and contract mining.
BROOK EKERS – Geology Manager (Paulsens)
Geologist with extensive experience in underground gold mining and has held the Geology Manager
position at Paulsens for 7 years. Held senior management position at Normandy Bronzewing Operation
MIKE BURNS – Process Manager (Paulsens)
Metallurgist with vast experience in operating, commissioning, development and research of milling
operations to increase extraction and recovery, improved throughput capacity and reduced operating costs.
5 KEY SITE MANAGERS HAVE +4 YEARS EXPERIENCE AT PAULSENS
10

11. Ten Reasons to Follow Northern Star
1. On track to achieve forecast for CY2011 of ~75,000oz production
at $620/oz cash cost, generating $40m surplus cashflow in 2011
2. Debt-free (minor equipment HP), un-hedged, $31.4m cash in bank
and no foreign country sovereign risk
3. Outstanding drilling results at Paulsens point to further increases in
resources and mine life in 2012
4. Clear, low-cost strategy to increase production to 100,000ozpa
next year
5. Study set to start on second stand-alone 100,000ozpa operation at
Ashburton, lifting total Company production to 200,000ozpa
6. Significant potential to grow the Company resource base of 1Moz
11

12. Ten Reasons For Wise Men to Follow a Northern Star
7. Significant exploration potential with a $20M program over the
next 12 months
8. Strong cashflow/balance sheet means NST is ideally placed to
capitalise on falling asset values and uncertain market conditions
9. Highly experienced board and management team which will
maximises acquisition and development opportunities
10. Key three-year target: $500m market cap (currently $250m),
through exploration, organic growth and acquisition
12

13. Bill Beament
Managing Director
www.nsrltd.com
info@nsrltd.com
(08) 6241 1866