RESOURCES RISING STARS PRESENTATION...24 Mumford Place BALCATTA WA 6021 Ph: (08) 6241 1866 Fax: (08) 6241 1811 Email: [email protected] Web: 28 September 2010 Manager Announcements Company

ABN: 43 092 832 892

24 Mumford Place BALCATTA WA 6021

Ph: (08) 6241 1866 Fax: (08) 6241 1811 Email: [email protected] Web: www.nsrltd.com

28 September 2010 Manager Announcements Company Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000 Dear Sir,

RESOURCES RISING STARS PRESENTATION Northern Star Resources Ltd (ASX:NST) is very pleased to release to the market today a presentation on the Paulsens Gold Mine, the exploration potential of the Company and repayment of the acquisition. The presentation includes announcements on;

1. NST has repaid 75% of the acquisition to Intrepid and $10M off the bank debt after 60 days from settlement 2. NST has received significant drill assays below the Stage 1 mine plan.

Yours faithfully, for NORTHERN STAR RESOURCES LTD

Bill Beament Managing Director

Emerging Australian Gold Producer and Explorer

Resources Rising Stars Presentation 2010

DISCLAIMERCompetent 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.

Forward Looking Statements

Some of the information contained in this Announcement has been obtained from third parties and has not been independently verified by NST. In particular the financial projections model on

which the forward looking statements included in this Announcement has not been prepared by the Company and the Company has not undertaken any verification of the model. The Company

takes no responsibility and is not liable for the projections in any way. Given the risks and uncertainties that may cause the Company’s actual future results, performance or achievements to be

materially different from that expected, expressed or implied by the forward looking statements included in this announcement, undue reliance should not be placed on these statements. Nothing

contained in this Announcement is a promise or representation as to the future. No assurance or representation is made by any person that any forecast or projection will be

achieved. Accordingly, investors must make their own investigations and inquiries regarding all assumptions, uncertainties and contingencies, which may affect the future operations of the

Company.”

Our Vision…

“To build a quality mining & exploration company

focused on creating profits for shareholders...”

Company Profile

CAPITAL STRUCTURE

283M shares on issue

79M options

Market Capitalisation $48M (24 September 2010)

(Undiluted & @ 17 cents per share)

Cash/Bullion at Bank $8 Million

SUBSTANTIAL SHAREHOLDERS

Top 20 52%

Top 100 78%

InvestMet Limited 50%

Board of Directors (fully diluted) 25%

Quality Management - disciplines covered

Successful record in discovering and developing mineral resources.

Bill Beament (Managing Director) Mining Engineer

Former General Manager – Operations for 12 mines across WA, including 3.5 years involvement at Paulsens overseeing mining contractor. Established over 15 new mining operations across Australia.

Christopher Rowe (Non Exec Chairman) Barrister and solicitor

Chairman or director of a number of public listed mining and oil and gas related companies

Michael Fotios (Non Exec 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 Exec Director) Business/Corporate Advisory

Highly Credentialed Businessman with extensive experience in real estate and corporate advisory

Paulsens Site Management

- General , Mining, Geology, Processing and Administration Manager average over 3 years on site

- Extremely low turnover and past employees return

Investment Highlights

Purchased Paulsens – high grade, high margin gold mine

established mine infrastructure (replacement value in excess of $30M)

Great Operational and Financial Success since takeover

added approximately 30,000 ounces to current mine plan

paying debt and vendors back quicker than anticipated

Paulsens Regional Exploration

Artemis JV is intersecting significant intervals of gold, silver and copper

Cheroona-Beatty Park Copper/Gold Projects

Paulsens History – “For the Record”

Mid 2005 full scale production, project hedged @ A$627/oz until Dec08

365koz from past 5 years production (end 2009), averaged 70-80koz pa

CY 2009, generated A$39M EBITDA (A$1,200/oz gold price)

Life of mine cash cost A$538/oz, Total Cost <A$650/oz (includes site

establishment)

2010 performance for first 8 months (processing plant idle for 3 months)

Mined 41koz and Processed 37koz

With resources, mine is producing as per historical performance

Resources

Voyager 1 Zone - 314,000t @12.8g/t for 128,700 oz (pre-mining 2010)

Indicated 89,700 oz and Inferred 39,000 oz (4g/t cut-off)

1,000 ounces per vertical metre

67% historical conversion of mined vs. resource model

Site management has a strong history of extending resources

Stage 1 – Plan “Pay off Acquisition”

Details Mine Plan 65,000 oz, generates $44M surplus Milling from June 2010 to Early 2011

Mine 65,000 oz from Voyager 1 lode to 705 level, payout all debt

and Intrepid Mines

Include more of the Voyager 1 Resource into the current mine

plan. Stage 1 mine plan increased over 10koz in past 2 months

Review unmined & remnant resources in the upper levels

(underway)

Stage 1 – Status (End of Aug 2010)Gold mined, poured and sold are all +20% above acquisition model

20% positive reconciliation factor on grade and gold recoveries averaging 97%

Site costs as per acquisition model and Capital Development completed

57% of the gold in the plan has now been mined and on the surface (de-risked)

Stage 1 - Acquisition and Finance Details

$40M total consideration, re-payment milestones;

75% of Intrepid Mines consideration has been paid

$11M performance based payments remaining

No further payments after 62,500oz of production – Jan 2011

$15M debt facility, re-payment milestones;

$10M acquisition facility repaid only 2 months from settlement

$5M Stage 2 capital facility remaining, paid out by June 2011

Stage 2 – Plan

Contains the depth extension of the Voyager 1 lode below the

705 level Currently comprises an Inferred Resource of 110,000t @ 11g/t for 39,000 oz

Allocated $5.5M to extend mine life via decline extension and a

purpose built drill drive at the 705 level

Maintain profitable production beyond 2011

Conduct Preliminary Voyager 2 lode exploration drilling

Stage 2 – Status (Sep 2010) since takeoverFirst level has been confirmed with 10-15,000oz (royalty free), level access is underway

Decline is 25 metres vertically below the bottom level of Stage 1 (705mRL)

300 metre long 705 drill drive is 65% completed

1,000m of Drilling to test down plunge resource extensions of Voyager 1 completed

1,750m of Preliminary Voyager 2 exploration drilling completed

Voyager 1 resource update and generation of a Stage 2 mine plan are underway

Stage 3– “Find and Develop 5 year mine life”Target Voyager 2 lode, which is the plunge extension of the mineralisation at Paulsens

Recently completed preliminary drilling with significant assay result of; 3.4m @ 1.5g/t (true thickness 2.4m) inc. 0.44m @ 5.99g/t

Intersection confirms NST’s geological model that mineralisation continues at depth

Further drilling will occur in November when the 705 drill drive is completed

Define an initial Stage 3 resource for Voyager 2 by early 2011

Ultimate aim – 3 to 5 year mine plan that can yield 60-75,000 oz pa

Potential to Grow – “Other In-Mine Areas”

Unmined & Remanent resources left behind when modelled at A$627/oz.

Pre-mining resource contained 600koz only 400koz has been mined.

Top 100m of ore body has not been mined, potential additional mill feed

Repetitions above and below current mine workings

Potential to Grow – “Regionally”

Extremely unusual for no other sizeable deposit within 50km radius of the

Paulsens mine “lone soldier”

Acquisition includes 365km2 of Tenements

Numerous targets 100% owned

Only operational gold processing plant in the Ashburton/South Pilbara

Number of JV’s in place;

Artemis Resources Mt Clement gold/base metals project (20% interest)

Cullen Resources

Exploration – Artemis (Mt Clement JV 20%)

Indicated Resource 40,600oz located only 35km from Paulsens processing

plant on granted Mining Leases

Gold Resource contained in a flat - lying oxidised strata bound horizon

within 50m of surface; mineralisation open in all directions

80% JV partner Artemis Resources recently discovered a steeply dipping

high grade gold, silver and copper zone; open along strike and at depth

Exploration – Cheroona Gold/Copper

Located 80km from Sandfire Resources DeGrussa copper-gold discovery

Similar geological setting to DeGrussa, including 18km strike of the

Narracoota Volcanics

Highly prospective for VMS

style Au-Cu with historic rock

chips up to 10g/t Au and

located in the vicinity of old

Au-Cu workings.

Aeromagnetic and VTEM

surveys begin in October

Emerging Australian Gold Producer and Explorer

Bill Beament – Managing Director

[email protected]

www.nsrltd.com

Ph (08) 6241 1866