Q3 conference call slides

Northgate Minerals Corporation
November 10, 2010

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, 2009 or under the heading "Risks and Uncertainties" in Northgate's 2009 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.
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).
Cautionary Note to US Investors Regarding Mineral Reporting Standards
2Q3 2010 Conference Call & Webcast

Q3 2010 Highlights
and Financial Review

Strong Operating and Financial Results
Production
Gold production of 64,999 ounces
Copper production of 10.9 million pounds
Cash Costs Average net cash cost of $645 per ounce
Financial
Adjusted net earnings of $1.7MM or $0.01 per share
Cash flow from operations of $13.5MM or $0.05 per share
Young-
Davidson
Fully funded with completion of convertible note offering
for net proceeds of $163.5MM
Kemess
Underground
Intersected highest grade-thickness interval ever drilled on
the property at 3.37 g/t gold and 0.95% copper over 60 m
Fosterville
Promising exploration results within the lower Phoenix
resource block and Phoenix footwall
Stawell Discovered gold in two previously untested areas;
Drilling in GG6L intersected high-grade mineralization

Gold (oz) Cash Cost ($/oz)
Fosterville 22,436 774
Stawell 16,530 939
Kemess 26,033 347
Gold Production / Cash Cost 64,999 oz $645 / oz
Copper Production 10.9 million pounds
Sales Realized Price
Gold Sales 58,083 oz $1,234 / oz
Copper Sales 7.4 MM lbs $3.96 / lb

Q3 2010 Q3 2009 YTD 2010 YTD 2009
Revenue $88.3 $120.2 $336.3 $374.3
Operating Cash Flow $13.5 $50.5 $40.7 $145.7
Cash/cash equivalents $168.2 $235.9 $168.2 $235.9
Adjusted net earnings $1.7 $7.7 $2.0 $45.0
per share $0.01 $0.03 $0.01 $0.18
Net earnings $(8.9) $(8.6) $0.32 $18.2
per share $(0.03) $(0.03) $0.00 $0.07
US$ millions, except per share amounts

Convertible Debenture Terms:
Principle US$170 million
Coupon 3.5%
Premium 30% (US$4.08/share)
Maturity October 1, 2016
Settlement Method Cash, shares, or combination
Ranking Senior unsecured
Conversion Notes are not convertible solely at the option of the
holder until July 2016 (or occurrence of specified
events). Note holders can exercise their conversion
rights at a share price of US$4.08. We expect to settle
the notes by cash as Young-Davidson will generate
more than enough free cash flow to repay the notes
prior to their maturity.

Benefits of Convertible Debenture vs. Project Loan Facility:
1. Lower coupon rate (3.5% versus 5%+)
2. Fixed Interest rate over 6-year term (no exposure to rising rates)
3. Limited covenants and ratios provide more operating flexibility and
lower default risk
4. Unsecured Debentures do not encumber Northgate’s assets
5. Larger principle amount available
6. Absolutely no gold or F/X hedging required

 Northgate is forecasting production of 274,000 ounces in 2010
» Q4 production forecast: 67,500 ounces at a cash cost of $570 /oz
*
Assumes $3.75/lb copper; US$/Cdn$0.98 and US$/A$0.98 for Q4 2010.
Gold Production (ounces) Cash Cost ($/oz)*
H1-2010
Actual
Q3
Actual
Q4
Forecast Total
YTD
Actual
Full Year
Forecast
Fosterville 54,897 22,436 21,000 98,500 $703/oz $750/oz
Stawell 37,070 16,530 21,000 74,500 $915/oz $915/oz
Kemess 49,670 26,033 25,500 101,000 $447/oz $335/oz
Combined 141,637 64,999 67,500 274,000 $664/oz $640/oz
Full Year 2010
Gold production 274,000 ounces
Copper production 42.4 million pounds
Net Cash Cost* $640 per ounce

Young-Davidson Fosterville Gold Mine
Kemess Underground Stawell Gold Mine

Young-Davidson is fully-funded and advancing on budget
» In September, 30% engineering control budget completed
» 60% of the contracts awarded (approximately $145 million)
» 35% of the equipment purchase orders placed
» 35% of the engineering complete
» New budget has confirmed no change to project capital cost
estimate
» Project contingency remains untouched

Ramp development:
» Average rate of 11.6 m per day. Ramp extended to total length of 3,605 m
Initiatives over next six months:
» Continue major earthworks
» Commission new hoist and commence sinking operations of existing shaft.
» Start the pilot hole and raise bore first leg of a new 5.5 m diameter shaft.
» Complete erection of process plant building.
» Prepare materials required for construction of tailings dam.
» Install major process equipment.
» Award electrical/mechanical installation contract.
» Start open pit pre-production development.

Young-Davidson site in 2007Young-Davidson site in 2007
Young-Davidson TodayYoung-Davidson Today

1) Pouring concrete for new Hoist Room at
#3 Shaft (needed for sinking existing shaft).
1 2 3
2) Construction of frame for Hoist Room. 3) Installation of Hoist Room Drum
4) & 5) Completing construction of Hoist Room
4 5

6) Cleaning bedrock for mill foundation
7) Setting up for Cement Plant
8) Establishing permanent foundations for the
headframe Backlegs.
6
7
8

9) Reaming diamond drill hole for Young-Davidson Pit dewatering
10) Highway construction
11) Highway construction
9
10
11

18
One of the best holes
drilled on the property
Hole YD10-198 intersects
3.46 g/t gold over 79.5m
»Assays pending for two
holes around hole 198
»Fault complications in
previous holes
»Two drills on the property

 Indicated resource: 572,000 tonnes @ 1.86 g/t
 Resource now being evaluated from a pit optimization perspective to assess
potential for conversion of new resource into reserves

Q3 production
» 166,912 tonnes of ore mined
» Mine development advanced 2,144 m
» Production of 22,436 ounces of gold at a net cash cost of
$774 per ounce
» Solid cash flow from operations of $8.9 million
Review of Operations
Australia
Fosterville1

22
22
Harrier Decline
Area of Current
Drill Program
(Phoenix Footwall)
Phoenix Orebody
Hole ID
Interval
(m)
Gold Assay
(g/t)
Section
UDE037 4.7 14.1 Extension
UDE038 5.0 5.8 Extension
UDE038 24.9 5.4 Footwall
incl. 5.6 11.5 Footwall
and 4.3 10.1 Footwall
UD756 6.3 4.7 Footwall
UD756 18.6 5.5 Footwall
Incl. 9.1 8.1 Footwall
 Footwall: potential to add new reserves
close to existing development and
increase ounces per vertical metre
 Extension (6850mN): potential to increase zone
150 m south along strike and down plunge.

Harrier Resource
 Sufficient drilling completed on Harrier Underground North and
Harrier Decline
 Resource estimation initiated; to be included in year end statement
23
Fosterville Long Projection
Harrier Decline:
8.6 m @ 5.9 g/t
and 11.9 m @ 5.6 g/t
Harrier UG North:
Infill drilling to
south and to the
north
Q3 2010 Conference Call & Webcast

Q3 Operating Results
 Improved production in Q3:
» 16,530 ounces of gold
(14,832 oz in Q2)
» 191,087 tonnes of ore mined
» Mine development
advanced 1,488 m
 Production to return to historical
levels in Q4 and beyond
 Mining in GG6;
average grade of 6.3 g/t
Australia
Stawell
6,419 oz
4,709 oz
3.46
5,402 oz
2.94
2.63

26
Gold found in two “Big Fish” targets
» Mineralization in these areas consistent with the Golden Gift and
Magdala Ore bodies
Past/present mining1,500,000 oz
600,000 ozContinuation Of Golden
Gift Basalt Dome
+0.5MM oz
Potential
Structural Offset
NE over SW
+0.5MM oz
Potential
+0.5MM oz
Potential
Big fish
North
Magdala
Wonga
Northgate Gift

High Grade Mineralization
Discovered in Previously
Untested Area
 SD649A intersected multiple
gold-bearing intervals
» 13.7 g/t gold over 5.45 m
incl, 25.0 g/t over 2.2 m;
» 15.4 g/t gold over 2.5 m
» Mineralization consistent with
golden gift ore zones,
(produced over 600,000 oz)
» 1.6 km south of existing mine
workings

Most significant discovery in Victoria region
» First exploration hole drilled in previously untested area
» Follow-up drilling to better define discovery
Hole ID
From
(m)
To
(m)
Interval
(m)
Gold Assay
(g/t)
MD5696A 1969.4 1971.2 1.8 4.53
MD5696A 1978.6 1982.2 3.6 3.83
incl. 1980.8 1982.2 1.4 7.20

Potential to add to high-grade reserves
» Follow-up drilling in Q4 and 2011
Hole ID
From
(m)
To
(m)
Interval
(m)
Gold Assay
(g/t)
MD5790 273.2 278.4 5.2 5.7
incl. 274.7 276.2 1.5 13.0
MD5281 493.7 510.1 16.4 4.9
incl. 502.5 510.1 7.6 7.1
MD5281 535 545.6 10.6 24.0

Solid Operations in 2010
Continues to generate free cash flow
» Expect to make $26 million+ in free cash flow in Q4 2010
Solid Q3 production
»26,033 ounces of gold; 10.9 million pounds of copper
Looking ahead in Q4-2010:
»Forecasting copper production of 12.4 million lbs
»Net cash cost of production declines significantly to <$0 /oz
*
Assumes $3.75/lb copper; US$/Cdn$0.98 and US$/A$0.98 for Q4 2010.

33
$3 million diamond drill program
Kemess North resource contains 720 million tonnes
» High-grade core is at bottom of deposit
26-hole program of 16,000m
» More tightly define 70+ million tonne higher grade
core, containing 1.4MM ozs of gold and 500mm lbs of copper
» Determine geotechnical characteristics
» Assess potential for underground bulk mining, using existing facilities, including
permitted tailings capacity in Kemess South open pit
Canada
Kemess
Underground

34
11 Holes completed to date
» Significant gold-copper
mineralization, 22% higher for gold
and 20% higher for copper
» Hole KN-10-03: 60m of 3.37 g/t gold
and 0.95% copper within broader
interval of 205 m, 1.28 g/t gold and
0.36% copper
– highest grade thickness
intercept on Kemess property

Drill collars relative to $13 NSR* outline
KN-10-08KN-10-01A
KN-10-03
KN-10-09A
KN-10-05
KN-10-04
KN-10-14
KN-10-16
KN-10-17
KN-10-18
KN-10-19KN-10-21
KN-10-22
KN-10-23
KN-10-24
KN-10-25
KN-10-25A
KN-10-26
*NSR based on $800 gold, $2.25 Cu, 0.90 FX with full allowance for recoveries, freight and TC/RC
» Balance of the drill results
anticipated in early
December
» Resource re-estimated
Q1 2011

Other targets within Kemess
Camp
» Known areas of similar gold-
copper mineralization
immediately to the east
» Attractive exploration targets
for future years.
» Open between Offset and Ora:
– Hole 24 in Ora: 153 m of 0.62
g/t Au and 0.53% Cu ended in
mineralization

Our Focus Questions & Answer
Near Term Highlights

Kemess:
 $26 million+ of free cash flow
forecast in Q4-2010
 Extensive reclamation efforts
 Balance of Kemess UG drilling
expected in December
Kemess:
 $26 million+ of free cash flow
forecast in Q4-2010
 Extensive reclamation efforts
 Balance of Kemess UG drilling
expected in December
Young-Davidson:
 Construction activities
underway
 On schedule and on budget
 Follow-up drilling on newly
discovered YD West zone
Young-Davidson:
 Construction activities
underway
 On schedule and on budget
 Follow-up drilling on newly
discovered YD West zone
Upcoming Highlights
Fosterville:
 Promising results from Phoenix
Extension / Phoenix Footwall
 Harrier UG North / Harrier
Decline to be included in
reserve statement at end of the
year
Fosterville:
 Promising results from Phoenix
Extension / Phoenix Footwall
 Harrier UG North / Harrier
Decline to be included in
reserve statement at end of the
year
Stawell:
 Follow-up drilling on two new
gold discoveries
 Follow-up drilling in GG6L;
potential to add high-grade
reserves
Stawell:
 Follow-up drilling on two new
gold discoveries
 Follow-up drilling in GG6L;
potential to add high-grade
reserves
Creating Value

39
Vision to be the Leading Intermediate Gold Producer
Operations All operations and projects in stable jurisdictions
Financial Strong balance sheet
Gold Price
Exceptional leverage to gold price from three operating
mines to fund growth initiatives
Experience
An experienced management team with a depth of
operating experience in turning around underappreciated
assets
Organic
Growth
Excellent exploration upside and organic growth at
Young-Davidson, Kemess Underground, Fosterville and
Stawell

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