NST has again delivered best in class returns, globally NST continues to deliver best in class financial returns in the global gold industry over 5 years 40% 40% GDX 5 Yr Avg Return on Invested Capital GDX 5 Yr Avg Return on Equity 27% 30% 30% 20% 20% 0% 10% Sector Average -2.2% -20% 0% -40% Sector Average -4.0% -10% -60% -20% -80% -30% -100% -40% GDX 3Yr Trailing EBITDA Margin Source: Bloomberg Source: Bloomberg 60% 48.6% 50% 40% Sector Average 26.1% 30% 20% 10% 0% -10% -20% -30% Source: Bloomberg Source: Bloomberg 13
Organic growth – still delivering the best returns for our Shareholders NST has been able to consistently grow production, resource and reserve life on a per share basis for its Shareholders since 2010 and has been our key focus for the past 4 years Reserves increased to 4Moz and Resources to 15.9Moz Further Reserve growth potential exists in 2019 with a 55% increase in Measured and Indicated Resources to 9.8Moz in the FY18 statement 14
Consistent Reserve growth year on year Total Reserves has increased by 332% since acquiring the Jundee and Kalgoorlie assets 4 years ago At an asset level Reserves have increased by 344% at Jundee and by 316% at Kalgoorlie after mining depletion, more growth is likely in 2019 JUNDEE + KALGOORLIE RESERVE INCREASES (SINCE ACQUISTION) 4500 4000 3500 3000 THOUSAND OUNCES 2500 2000 NST acquired Operations July 1500 2014 1000 500 0 2014 2015 2016 2017 2018 Kalgoorlie Jundee 15
Consistent Production growth year on year Production has increased by 38% across both operations on the back of Resource/Reserve upgrades JUNDEE + KALGOORLIE MINED PRODUCTION (SINCE ACQUISTION) 700 600 NST acquired 500 Operations July 2014 THOUSAND OUNCES 400 300 200 100 0 2014 2015 2016 2017 2018 Jundee Kalgoorlie 16
An Australian gold miner – for global investors Gold Macro Landscape
Supply/demand dynamics improving… but production is declining Jewellery demand increasing (especially in China/India) Mine supply saw increase in 2016 but expected to decline Central bank buying likely to remain modest (China/Russia) Is the industry going through peak gold??? Global gold supply & demand, tonnes MINE PRODUCTION DECLINING Source: GFMS, Macquarie Research, June 2017 18
Trend is for both global Gold Reserves and Production to decline Since 2013 Reserve life of the top five global producers has declined by 24% Production from the top five producers is also forecast to decline by 15% from 2013 to 2018 Underinvestment in exploration, little M&A and shorter lives brings longer term production portfolios under scrutiny TOP 5 PRODUCER PRODUCTION Reserves have fallen by 24% since 2013 Production is set to decline by 15% to 2018 22 21.6 21.1 21.2 21 20.0 19.6 20 THOUSAND OUNCES 19 18.3 18 17 16 2013A 2014A 2015A 2016A 2017A 2018E Source: SNL Source: SNL 19
The only outperformers was the Australian Gold Industry Like other Australian gold producers we have outperformed by sticking to our disciplines In 2017 Seniors producers traded at higher levels than intermediate/junior producers However in 2018 intermediate producers especially Australian’s, got re -rated Cyclical multiples should continue to stay high with stable prices 20
Senior Producers – They have the largest mines Barrick has consistently held a majority of the top 5 mines by production 21
Senior Producers – Their operations have scale and size Top 3 seniors have narrowed focus onto larger +300kozpa operations Remaining continue to focus on high-margin operations Note: Percentages indicate contribution to total gold production. Source: Company Reports & Presentations, Macquarie Research, February 2017 22
Senior Producers – Their mines are in Tier 1 jurisdictions 23
…Gold sector’s transition to underground operations Gold mines broken down for open pit / underground / combined The clear trend is operations globally are transitioning underground Note: Percentages indicate contribution to total gold production. May not add up due to rounding. Source: Company Reports & Presentations, Macquarie Research, February 2017 24
Building out the strategy for the next 5 years Northern Star is committed to continue expanding our competitive advantages in: specialist underground mining, geology, processing and growing our Human Capital to continue to deliver industry leading financial returns to its Shareholders Maintain/Advance our Intellectual Property and Competitive Advantage Continue to deliver on our Continually Assess Inorganic Organic Growth Strategy Growth Options Continue to develop our Key Capabilities, Our People, Culture & Values 25
A proven track record of outperformance; regardless of gold price Over the last 5 years Northern Star has outperformed both the US Gold Price and its GDX Indexed Top 50 gold mining listed peers significantly NST Share Price vs GDX Gold Miners Index and Gold Price 700 405% 600 500 400 300 200 -21% 100 -49% 0 2013 2014 2015 2016 2017 2018 NST AU Equity GDX US Equity Gold Price 26
An Australian gold miner – for global investors Company Performance, Achievements & Outlook
FY2018 Highlights Millennium Commercial Production delivered Delivery of production from discovery in 3 years SKO Acquisition and Integration Win/Win M&A and key infrastructure to underpin organic growth Kanowna Plant Optimisation Record throughput in 25 years process plant life Jundee Plant Upgrade and Mining Records Engineer, Plan, Construct, Manage on budget on time Balance Sheet Strengthened Cash and Equivalents of A$512M at 30 June 18, Dividends Paid A$63M Reserve and Resource Growth Reserves up 0.5Moz to 4.0Moz, Resources up 5.7Moz to 15.9Moz Guidance Delivered and Q4 Run-rate 575koz produced, AISC A$1029/oz (Guidance 540-560koz @ A$1,000-1,050/oz) Team development and capability enhanced Leadership development, safety culture, NSMS depth, graduates, apprentices 28
STARR Core Values – the Decision Compass • Zero harm targets SAFETY • Enabling culture • Continual improvement • Cooperative TEAMWORK • No-one left behind • No blame or excuses • Clarity of role ACCOUNTABILITY • Ownership of outcomes • Recognition of influence • Visual positive presence in workplace RESPECT • Listen to understand concerns • Constant and consistent communication • Plan, Do, Review RESULTS • Build contingency • Incentivise and reward results 29
Health & Safety Safety Management is integrated into all Leadership roles and business planning to drive safe behaviours to deliver sustainable results We collaborate with our contract partners to ensure they are aligned to also meet our business goals An engaged workforce whom is empowered to implement change focusing on Leading Indicators of Hazard Identification and Rectification is a foundation of NST safety culture NST Lagging Indicators are significantly below the Industry performance with FY18 performance of LTIFR at 0.9 (industry LTIFR of 2.7) and TRIFR at 3.2 (industry TRIFR is 9.6) 30
The Importance of Culture and our People Understanding and preserving NST culture has been key to our success Since integration of the assets base, implementation of the NST operating model has delivered significant returns for Shareholders As the business grows organically, maintaining this culture is key to delivering sustained results This innovative culture is a point of difference for NST to continue to generate industry-leading financial returns for Shareholders NST conducts a Leadership Forum annually and adds significant changes to the business We always have a plan that clearly maps out the business over a three year period 31
Northern Star Resources – Enacting the strategy In FY18 at an operating level NST achieved some fantastic outcomes from it’s Tier 1 mining assets, operating safely across the business, developing our human capital and positioning for future growth 3 Year Vision A global mid-cap and ASX100 sustainable gold producer The What focused on superior Shareholder value creation NST Internal Strategy Establish concentrated centres to maximise Develop functional disciplines and corporate Find new concentrated centres through discovery or profitable organic growth capabilities to meet stakeholder expectations acquisition • • • Organically growing production volumes of Meet the increasing stakeholder Retain a peer-leading balance sheet and existing sites by progressing near-mine expectations arising as a result of our growth sizeable financing facility exploration and developing additional • • Retain our social license to operate Maintain an active business development production fronts • Strengthen systems and processes to manage pipeline to identify acquisition opportunities • Greater operating efficiencies and increased • risk, deliver efficiencies and enable greater Pursue greenfield exploration through a The How asset utilisation through scale effectiveness variety of entrepreneurial modes • Growing resources and reserves, and extending • Remain nimble, flexible and ready to grow mine life Attract, develop and retain a talented and engaged workforce, supported by a strong, values-based culture Safety | Teamwork | Accountability | Respect | Results 32
Northern Star’s Operating Model has not changed Established in 2010 by our first mine acquisition, NST’s operating model targets improved operational performance to deliver significant value for Shareholders through a structured approach in 5 key areas Initiative Description ▪ Maximise operational cashflow to recover acquisition purchase price and strengthen balance sheet for future growth Pay-off Acquisition ▪ De-risk acquisition exposure, demonstrate to Shareholders financial discipline, establish self-funding assets ▪ Rationalise and standardise mining fleet, personnel and assets across the Company Optimise Operations ▪ Increase productivity levels and mining physicals which will improve production profile, project margins and profit. ▪ Convert more resources into reserves and extend known resources through targeted drilling ▪ Re-evaluate known mineralisation / deposits that are currently not in a resource or reserve category Extend Mine Life ▪ Enable site teams to take calculated risks and test theories/targets ▪ Review all supply contracts and leverage off combined Company buying power – cost outs Improve Financial Metrics ▪ Implement strategies to reduce the total site cost per ounce, fixed, variable, dependent and discretionary spend ▪ Organically grow production by leveraging off “sunk” capital/infrastructure and mining profitable incremental ounces Upside Opportunities ▪ Evaluate the exploration potential of the highly prospective tenement package, greenfield and brownfields ▪ Evaluate nearby tenements and pursue regional consolidation 33
Rapid Restoration of World Class Tier 1 Assets Continued proven results from exploration investment across all assets building Resources and Reserves Our mine life visibility is strengthened and planning horizon secured Cost focus and productivity assists cut-off grade assessment to manage margin and maintain superior returns Organic production growth options exist across the portfolio 34
Our Strategy has Delivered a Simplified Business Strategy delivered to establish production Exploration Focus concentration and scale from multi-million Exploration Focus Paulsens Tanami +3Moz Gold Camp ounce gold camps +5Moz Gold Camp Northern Star operates two +300kozpa production centres diversifying risk and Production Centre creating resilience in business Jundee Operations 10Moz Gold Camp We retain growth opportunities at existing production centres as well as the Production Centre Kalgoorlie Operations emerging Tanami region and Paulsens +19Moz Gold Camp revitalisation Record investment of A$60M in exploration and drilling in FY19 is key to establishing the platform for further organic production growth in FY20 35
Consistent delivery of Guidance and Mine Life Extension NST 10 Year Production Profile 800 750 700 Assumes Resource Organic Growth Options Conversion Jundee, Kalgoorlie, Tanami, Paulsens 650 600 THOUSAND OUNCES 550 500 450 400 350 300 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 Jundee + Kalgoorlie Organic Growth Options FY19 Guidance Range 36
An Australian gold miner – for global investors Finance Update
Overview Stock code (ASX) : NST Share price: A$7.20 A$4.4B (US$3.3B) Market capitalisation (613.3 million shares on issue) : Cash, bullion & investments as at 30 June 2018 A$512M (US$380M) Bank debt Nil Enterprise value A$3.9B (US$2.9B) 3 month average daily turnover ~A$26M Substantial Shareholders BlackRock 13.9% Van Eck 12.9% A$834M 38 Source: Bloomberg
FY18 Another Year of Cash Flow Performance Cash & equivalents Jun-18 Gold Inventories Jun-18 Dec-18 Half Jun-19 Half Dec-19 Half Jun-20 Half Total Term (Hedge Profile) 443 78,787 Cash (A$M) Stockpiles (oz) Ounces 105,018 74,000 50,000 30,000 259,018 12 27,523 Bullion (A$M) Gold in circuit (oz) Gold Price A$1,756 A$1,736 A$1,739 A$1,799 A$1,752 57 1,391 Investments ($AM) Gold in transit (oz) Total ($AM) 512 Total Gold Inventories (oz) 107,701 39
FY18 Procurement: another year of cost savings NST’s continual focus on cost has delivered 4 consecutive years of procurement savings This cost focus continues to deliver high profit margins across our operations Continued focus on local procurement Since 1 July 2014 total procurement savings of A$106M as part of community engagement 40
Margin improvement driving Shareholder returns NST’s focus on concentrated centres has simplified the business and delivered an increased production profile The impact of this strategy can be observed in the EBITDA margin The higher margin continues to drive free cash flow and increased returns (in the form of dividends) to NST’s Shareholders Consistent generation of Dividends paid The discipline of dividend EBITDA margin at 50% returns to equity holders 10.0 / 7.0 and excluding FY18 Paulsens (pre-closure) 41
Extending mine life and consistent delivery of guidance Paulsens Gold Mine Kalgoorlie Operations Jundee Gold Mine IRR: 148% (historic) IRR: 264% (historic) IRR: 156% (historic) Generation of FCF: A$162M Generation of FCF: A$368M Generation of FCF: A$450M Average ASIC: A$1,146/oz Average ASIC: A$964/oz Average ASIC: A$950/oz 7.4x 5.9x 15.9x Paulsens Gold Mine Kalgoorlie Operations Jundee Gold Mine Acquired: 1 July 2010 (excludes SKO acquired 1 April 2018) Acquired: 1 March 2014 Acquired: 1 July 2014 Reserves at acquisition date Ounces produced Reserves at 30 June 2018 42
Allocation of capital NST’s allocation of capital has been sector leading and the operating business model has allowed NST to deliver on all fronts; this approach has delivered sector leading returns for its Shareholders Organic Growth Dividends & TSR Inorganic Growth Balance Sheet - $A3.8B of value delivered to date - NST has generated an average IRR of 149% to date - NST has generated over A$772M of - NST has returned 75% of total equity raised in GDX Sector leading ROE & ROIC’s - on acquired operating assets underlying FCF since 1 July 2014 the form of dividends to shareholders - GDX Bottom quartile on Capital intensity - NST has a proven track record of delivering value - Cash and Equivalents of A$512M - NST delivered a 5yr simple avg. TSR of 70%pa - Pathway to 300koz complete at to shareholders through inorganic growth - Whilst investing into the business - Dividend payout guidance at 6% of revenue Kalgoorlie & Jundee NST is growing its balance sheet - Further production growth currently being assessed Excess Cash Capital Allocation pathways Operating Cash Flow NST Business Model has driven Highest 3yr GDX Trailing EBITDA Margin NST Operational Productivities NST Operational Efficiencies • Exploit operational competitive advantages • Continually review operational efficiencies • • Continual application of NST Business Model Continual application of NST Business Model NST Tier 1 300koz Jundee & Kalgoorlie Operating Assets 43
NST has again delivered best in class returns, globally NST continues to deliver best in class financial returns in the global gold industry over 5 years 40% 40% GDX 5 Yr Avg Return on Invested Capital GDX 5 Yr Avg Return on Equity 27% 30% 30% 20% 20% 0% 10% Sector Average -2.2% -20% 0% -40% Sector Average -4.0% -10% -60% -20% -80% -30% -100% -40% GDX 3Yr Trailing EBITDA Margin Source: Bloomberg Source: Bloomberg 60% 48.6% 50% 40% Sector Average 26.1% 30% 20% 10% 0% -10% -20% -30% Source: Bloomberg Source: Bloomberg 44
An Australian gold miner – for global investors Environmental, Social & Corporate Governance
ESG Values at Northern Star: Planning for the long term Our Sustainability Vision: Delivering responsible environmental and social business practices that lead to both the creation of strong economic returns for our Shareholders, and shared value for our stakeholders. “Operating sustainably with sound business ethics and strong governance ensures long-term success for our Company, our people, the communities in which we operate and the land on which we work.” 46
ESG Highlight: Actively supporting the WA economy The mining industry and associated services contributed A$237B into the Australian economy and accounts for over 1.1M full time employees across Australia representing 10% of total employment WA resources sector delivered $32B into state economy FY17 and the WA gold industry contributed over A$9.5B into the economy last year NST directly contributed over A$865M of economic value add in FY18 and has contributed over A$3.8B since FY11 4,000 $3,897 NST's Cumulative & Total Economic Value Add by compenent 3,500 $3,032 3,000 2,500 $2,202 A$(M) 2,000 $1,452 1,500 1,000 $783 $375 500 $217 $109 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 Payments for Goods & services Total employee costs Corporate Tax & Royalties paid to Government Dividends declared to shareholders Interest paid to country banks Total Cumulative Value Added to Australian Economy 47
FY2018 Sustainability Performance Environmental Compliance Transparency Zero significant incidents or regulator fines • Portfolio of assets in good standing • Climate Change Inaugural sustainability report FY17 • Sustainability survey (CDP and DJSI) • Australian Voluntary Tax Transparency Code • Effective risk management • Water, carbon, temperature, energy • Management Diversity SUSTAINABILITY System 19% FY18 female participation – • Well established and compliant • above industry average Long-term teams • Stakeholder Human Rights Engagement Modern Slavery Act ready • Zero stakeholder complaints • Governance No land access issues • A$150M Ranger MFR • Expanded Ranger Program across • Board-level ESG and Safety Committee • Company Senior reporting structure • 48
ESG Highlight: Northern Star Aboriginal Ranger Program Website viewers please visit https://youtu.be/_4xZarCWII4 49
An Australian gold miner – for global investors Asset Overview
FY2018 Achievements Expanded production at key operating centres of Jundee and Kalgoorlie FY18 – Expanded production on the back of tripling of the reserve base in FY17 Jundee: plant upgrade increased capacity by >50% from 1.3Mtpa to >2Mtpa Kalgoorlie Operations: Kanowna Belle throughput increased to a 25 year record of 2Mtpa South Kalgoorlie Operations: purchased the 1.2Mtpa Jubilee mill FY18 – Higher productivity from mining operations: Jundee stoping rates increased by 100% in 12 months Significant production increase at EKJV under NSMS Millennium rapid development to commercial production, Pope John access FY19 – Further organic growth opportunities $34M on dual purpose drill drives – platform to deliver additional Reserve and production growth Shovel-ready open pit mines at Jundee (Ramone) and Kalgoorlie (Paradigm) 51
Operations Overview KALGOORLIE OPERATIONS FY2018 261,589 @ A$1,174/oz FY2019 320,00-340,000oz @ A$1,140-1,250/oz 52
Kalgoorlie Operations: Rapid, low-cost growth Kalgoorlie Operations has expanded with the purchase of SKO Underground Deposits – KB, RHP, ACRA JV CARBINE/PARADIGM Raleigh, Millennium & HBJ 3.2Mtpa Processing capacity – KB Kanowna Belle (2.0Mtpa) and Jubilee KB PLANT (1.2Mtpa) 2.0Mtpa Processing facility. Free milling & refractory Resource/Reserve underpins +10 KUNDANA years of mine life visibility across Kalgoorlie: Reserve up 15% to 2.3Moz and Resource up 10% to 4.9Moz SKO JUBILEE PLANT (excluding South Kalgoorlie) 1.2Mtpa Conventional CIP Processing FY18 objective was to grow Facility Kalgoorlie Operations to 300- 325koz pa within 24 months Achieved in 12 months 53
Kalgoorlie Operations: FY2018 Achievements Record Northern Star ounces and EKJV ounces Record KB processing throughput – 2Mtpa 330,810m of drilling – Surface, UG , RC, Diamond etc. SKO purchase – lots to find here SKO integration – part of the team already Toll treatment of excess ore Kundana ore sorting test work completed KB expansion studies underway Open Pit reserves – Paradigm, Woodline 54
Kalgoorlie Operations – Kanowna Belle (100% NST) Kanowna Belle is a +5Moz orebody, averaging 4koz per vertical metre Underground Reserve has increased 12% to 0.6Moz and Resources increased 31% to 1.8Moz which underpins long mine life The Velvet deposit remains open up dip, along strike and down plunge back towards the main Lowes ore body Mining areas spread evenly across KB orebody – established development and low capital access Upgraded automation systems across loading fleet and production drills Multiple drill drives to excavate in FY19 - set up for Page 55 further reserve growth 55
Kalgoorlie Operations – Kundana Northern Star has a significant landholding covering the K2 and Strzelecki lodes Three active mining areas – Millennium, Raleigh and Rubicon-Hornet-Pegasus (RHP) Kundana is key driver for organic growth – Pope John, Moonbeam, Christmas, Barkers etc ARCTIC MILLENNIUM-CENTENARY POPE JOHN 100% NSR K2 Lode East Kundana Joint STRZELECKI Venture MOONBEAM DRAKE BARKERS PEGASUS RUBICON HORNET RALEIGH Strzelecki Lode Narrow Vein Stoping at Kundana Typical K2 Vein
Kalgoorlie Operations - EKJV (51% NST) NST attributable Reserves of 0.65Moz at 6.2gpt and Resources of 1.0Moz Multiple hanging wall lodes identified – adding reserves/resources in upper levels Moved to owner-operate model at EKJV in Q1 FY18, significant productivity gains achieved Pegasus is in full production, figure 8 decline ensuring maximum productivity Utilising triple-lift and quad-lift stoping fronts to increase productivity and reduce dilution Quad Lift Stope at Pegasus Q4 FY18 – 4.3km development and 385kt ore mined Additional drill drives planned in FY19 to extend Raleigh to the South and Pegasus to the North PEGASUS RUBICON HORNET RALEIGH STH RALEIGH 750m Page 57 57
Kalgoorlie Operations – Kundana (100% NST) Millennium operation in commercial production Q4 FY2018, Pope John access and vent system set up, mining method simplified to increase productivity FY18 Resource of 2.1Moz, Reserves 0.65Moz. Moonbeam/Christmas still to add to Reserve Exploration success will drive multiple development decisions in FY2019 to drive organic growth – all lodes remain open at depth Multiple production fronts – Millennium, Millennium North, Pope John. FY19 can extend to Centenary and Moonbeam/Christmas. CENTENARY POPE JOHN MILLENNIUM NTH MILLENNIUM ACCESS TO MOONBEAM/ CHRISTMAS ACCESS TO Page 58 STRZELECKI/ Q1 FY18 Q2 BARKERS FY18 Q3 FY18 Q4 FY18 58
South Kalgoorlie Operations – Overview Northern Star acquired South Kalgoorlie Operations (SKO) in April 2018 Comprises the operating 1.2Mtpa Jubilee processing facility, associated surface infrastructure, network of haul roads and borefields 30-40kozpa operating HBJ underground mine Continued mining, no processing during Q4 JORC Resource of 3.7Moz and 261koz in Reserves >1,000km 2 of very prospective gold tenure that sits ~10-15km along strike from the six main Kalgoorlie structural corridors that have hosted over 120Moz of gold endowment 59
South Kalgoorlie Operations – Overview Demonstrates a “win - win” deal with sensible M+A Additional mill capacity for Kalgoorlie Ops enabling >300kozpa production in FY19 Key processing infrastructure inherent value retained for many years to come, ~$100M replacement cost Operating Underground Mine with significant exploration upside 1.2Mtpa Jubilee Mill >20 regional open pits Highly skilled residential workforce with long history at the operation Integration complete – zero issues HBJ Underground Ore Development 60
Kalgoorlie Operations – HBJ (100% NST) HBJ is another significant historical mine (formerly owned by major) – >3Moz endowment Strong production history, open pit produced 1.4Moz, 7,000oz per vertical metre over a 1.25km strike Open Pit Production 1.4Moz Underground Production 0.3Moz MY2018 Underground Resource 1.4Moz Total Endowment 3.1Moz HBJ UG Ore Reserves MY2018: 2.8Mt @ 2.9gpt for 261koz Au 61
Northern Star’s Acquisition and Operating Model - SKO Using the same model as all previous transactions, NST’s acquisition and operating model has been applied to South Kalgoorlie Operations. Initiative Description ▪ Ability to treat NST ore mined across the Kalgoorlie region, without toll milling fees Pay-off Acquisition ▪ Cashflow positive HBJ underground mine ▪ Complete existing third-party toll treatment agreements, maximising availability for NST ore Optimise Operations ▪ Increase HBJ underground productivity levels and mining physicals - increase stope tonnes, update mining fleet ▪ Targeted drilling at HBJ drill drive locations utilising dual purpose drill drives. Additional diamond drill rig on site Extend Mine Life ▪ Re-evaluate extensive known regional Resources (including historic open pits) and bring into the Kal Ops LOM plan ▪ Consolidate all supply contracts and compare to existing supplier agreements – cost outs Improve Financial Metrics ▪ Leverage off existing Kalgoorlie Operations footprint to combine agreements and share services ▪ Expand HBJ underground mine by adding additional production fronts – i.e. Mutooroo Upside Opportunities ▪ Reinvigorate regional exploration tenements utilising modern exploration techniques 62
Kalgoorlie Operations – Processing Flexibilty NST has two fully utilised ACRA process plants: Kanowna Paradigm Belle (2.0Mtpa) and EXCESS TOLL TREATING KB OPTIONS IN DISTRICT Jubilee (1.2Mtpa) Kanowna Belle FY19 mining plan 3.8Mt including JV ore Millennium Raleigh Kalgoorlie - Boulder Retain ability to process RHP excess ore at 3 rd party owned toll treatment facilities Jubilee HBJ Contracts in place for all planned NST ore for FY19 Coolgardie NST Mill FUTURE PRODUCTION GROWTH AREA 63
Kalgoorlie Operations – Paradigm (100% NST) Located 35km north west of Kundana; well within trucking distance to processing plants MY2018 open pit Reserve of 89koz, 1.1Mt @ 2.5g/t Expected to be fully permitted Q3 FY2019 Upside from current inferred/unmodelled material in pit shape Open at depth – work on underground to continue Reserve Pit Paradigm Pit (existing) Supergene Arina lode 64
Operations Overview JUNDEE FY2018 284,745oz @ A$870/oz FY2019 280,000-300,000oz @ A$895-980/oz 65
Jundee Processing Capacity Growth Jundee processing capacity increased from 1.3Mt/y to >2.0Mt/y in FY19 Jundee Expansion Project Completed Q2 ~A$15M total project cost – 7 months from Board approval to completion Key enabler for 300Kozpa production rate 66
Jundee Underground Mine Overview FY18 Resource of 4.3Moz up 34% and Reserve of ~1.6Moz up 14% despite depletion of 285koz, 10-year visibility Our objective was to return Jundee to a 300koz pa operation within 24 months - Achieved in under 12 months Deakin Invicta Moneyline Hughes Hampton Cardassian Revelation Gateway Westside/Barton Gringotts Nexus N3D Wilson Armada Zodiac 67
FY2018: A Year of Growth at Jundee Total stope tonnes mined (1.22Mt) Diamond Drill Metres Jumbo Development Metres Total ore tonnes mined (1.68Mt) 100000 5500 5000 80000 4500 Total ore tonnes mined in a quarter 60000 4000 3500 40000 3000 (0.47Mt) 20000 2500 2000 0 Total hard rock tonnes milled (1.84Mt) Stope Tonnes Mined Total ounces produced in a quarter UG Tonnes Processed 400000 (85koz) 600000 500000 300000 400000 200000 Production drill metres (275,000m) 300000 200000 100000 100000 Total diamond drill metres (274,600m) 0 0 Total Reserves / Resources since NST ownership 68
Jundee FY2019 Drill Drives Significant investment in FY2019 to create drilling platforms for Reserve growth Drill drives planned for: Armada, Nexus, Revelation, Gateway South and Zodiac (including vent) Dual purpose drives – will become access drives after drilling complete
Jundee Open Pit Opportunities Open Pit Opportunities: Processing capacity increase allows for additional ore sources Significant opportunities across the tenement package Drilling program continued in FY18 – focussed on open pit Reserves Jundee regional exploration targeting open pit Reserves 70
Jundee Open Pit Opportunities: Ramone Located 35km south east of Jundee – trucking distance along existing haul roads MY2018 open pit Reserve of 74koz; 1.4Mt @ 1.7g/t 95% Recovery Permitting underway 2 stage mining plan commencing CY2019 First of many – Deep Well, Marley, Ziggy etc. Potential underground extensions 71
Operations Overview WHERE TO FROM HERE? - Simplified Business 72
Strategy Delivering a Simplified Business FY2019 Focus Areas Concentrated Centres Consistent, Constant Producing >300Kozpa Sustainable Safety & Improvement & Production Results Optimisation Development & Advanced Expansion Innovation Retention of our Plans People 73 3
An Australian gold miner – for global investors Processing “The Year of Processing”
FY18 was the “Year of Processing at NST” Group Tonnes & Processing Cost 4,500,000 36 4,000,000 35 3,500,000 34 Processing Cost ($/t) Tonnes Processed Tonnes increased 3,000,000 33 2,500,000 32 2,000,000 31 Processing unit cost reduced 1,500,000 30 1,000,000 29 500,000 28 0 27 YTD Jun 15 YTD Jun 16 YTD Jun 17 YTD Jun 18 Jundee Kalgoorlie Operations Processing Cost per Tonne Group Tonnes & Recovery 4,000,000 100% 3,500,000 95% 3,000,000 90% Tonnes Processed Recovery (%) 2,500,000 85% Recovery maintained with higher 2,000,000 80% 1,500,000 75% throughputs 1,000,000 70% 500,000 65% 0 60% YTD Jun 15 YTD Jun 16 YTD Jun 17 YTD Jun 18 Quarter Jundee Kalgoorlie Operations Recovery 75
Jundee - challenging the status quo YOY throughput growth, no longer mill constrained, lower production costs JUN Tonnes & Recovery 2,000,000 100% 1,800,000 90% 1,600,000 80% Tonnes Processed 1,400,000 70% Recovery 1,200,000 60% 1,000,000 50% 800,000 40% 600,000 30% 400,000 20% 200,000 10% 0 0% YTD Jun 15 YTD Jun 16 YTD Jun 17 YTD Jun 18 Jundee Tonnes Jundee Recovery 76
Jundee Expansion Project Secondary crushing and gravity circuit A$15M CAPEX – under budget Successful aggressive 7 month project schedule No reportable incidents No production impacts from construction work Hardrock throughput increased from 1.3 to >2 Mtpa Payback less than 6 months Operating cost reduced by $5/t In-house skillset to deliver major projects 77
Jundee - challenging the assumptions and winning Challenging the assumptions on throughput and grind size in 2016 has resulted in a throughput increase of >50% in the last 18 months 78
Jundee - challenging the assumptions and winning Variability was an accepted norm, upgrades to the process control system has maximised throughput, increasing set point by 32% May 2017 Variable at 250 t/h June 2018 Stable at 330 t/h Process control system output showing Jundee mill throughput (wet tonnes) 79
Kanowna Belle – 25 years old and breaking records YOY throughput growth, recovery maintained, highest monthly throughput achieved KB Tonnes & Recovery 2,500,000 100 90 2,000,000 80 Throughput per annum, t May 2018 highest ever 70 production month (178,931t) Recovery, % 1,500,000 60 50 1,000,000 40 30 500,000 20 10 - - FY15 FY16 FY17 FY18 Tonnes Recovery
Kanowna Belle – continuing to debottleneck Cyclone Feed Pump Liquid Oxygen Upgrade TSF2 Cyclone feed pump upgrade Completed TSF expansion study Liquid oxygen facility upgrade Worlds first automation ready liner handler: Production 30% improvement in reline time 12 month payback Liner Handler Advanced safety systems Record throughput of 2Mt achieved in FY18 81
SKO Acquisition allows for increased throughput Jubilee Plant The SKO Jubilee Mill is located ~35km SSE of Kalgoorlie Additional 1.2Mtpa mill capacity, borefield, haul road, TSF Successfully processed Kundana ore during FY18 June quarter Outperformed all other NST sites in FY18 (processing cost per tonne basis) Completed all toll treatment obligations Focus on processing 100% NST ore 82
FY19 and Beyond Jundee Recovery Project – Targeting 5% increase in Recovery Current blended recovery 89% Preliminary testwork indicates 94% achieved to flotation concentrate and flotation tailings leach Potential increase in ore reserves Kalgoorlie Expansion Project Flowsheets up to an additional 2 Mtpa Evaluating preferred long term options 83
An Australian gold miner – for global investors Geology Update
Organic Growth Still Drives Value Key to any production growth decision is growth within the Ore Reserve base No growth = diminished mine lives Continued growth = capacity for production increase or enhanced mine lives We have the assets, the people, the capacity to grow the next step 85
A large increase consolidates the 10 year outlook Jundee and Kalgoorlie assets continue to grow in Reserves and Resources The charts are Resource and Reserve growth net of 612,000 mined ounces in FY18 FY18 Resource Growth FY18 Ore Reserve Growth 86
A$60M Exploration and Drilling Commitment A$60M exploration and drilling commitment for FY2019 - largest ever Core focus is Resource conversion across the major production centres Phase 2 and 3 programs in the wings predicated on success We have the assets, the people, the capacity and the funding to grow the next step 87
Flashback 2017 - The Zodiac Discovery Plan View (North at top) Section view Looking East 88
Zodiac in 2018 – A Whole New System New mineralised system located 600-800 metres into the footwall of Jundee Multiple mineralisation types and surfaces over 2kms – long term exploration program 89
Flashback 2017 – Ramone is a greenfield success Prospect Hole ID From (m) To (m) Width (m) Grade (g/t) New discovery at Ramone – first success for Ramone NSRJAC02763 0 42 (EOH) 42 2.25 NSRJAC02762 0 41 (EOH) 41 1.10 renewed regional exploration focus Prospect Hole ID From (m) To (m) Width (m) Grade (g/t) NSRJAC03977 5 48 (EOH) 43 6.06 including 10 20 10 14.01 NSRJAC03987 5 60 (EOH) 55 2.98 including 15 20 5 17.92 Ramone NSRJAC03970 5 42 37 2.64 including 30 35 5 7.40 NSRJAC03986 5 40 35 2.23 including 10 15 5 7.35 NSRJAC03985 25 55 30 2.25 90
A New Mineralised Terrain has Emerged – First Mine Defined Maiden Ramone ore Reserve within 12 months of initial discovery – open all directions Multiple new opportunities emerging for ongoing drilling 91
The Year Ahead - Jundee Armada da Expa pans nsio ion 39DDR Expl plorati tion and d Follow w up ZODIAC Ramo mone Under derground Zodiac DDR commenced Plan for 2 dedicated rigs over 6 months Drilling commences in new DDR in CY2019 Proposal includes ~26,000m drilling into initial discovery areas Target is maiden ore Reserve by MY2019 92
The Year Ahead – Drilling KB Everywhere! Some FY18 drilling not in MY18 Resource Extensive underground drilling program Targeting Velvet Lower, new hanging wall and footwall positions on Lowes, Lowes Extension Multiple new platforms Expanding the search with technology 93
The Year Ahead - Kundana 100% Next phase of growth for Moonbeam K2 structure southern side of Lucifer Fault Bulk of Moonbeam FY2018 drilling not included in MY18 Resource Grade continues to strengthen with depth OPE PEN at DEPTH PTH Millennium, Centenary and Pope John systems all open at depth All located on regional K2 structure Millennium FY2018 drilling outside MY2018 Resource update 94
The Year Ahead – EKJV Growth Drilling 95
EKJV - K2 Growth Major expansion of “K2 line” targeted Little drilling between Moonbeam and Pegasus, some scattered intersections at Drake Modest near surface expression is no deterrent Potential for another 1- 2 “Pegasus” size systems 96
Next Generation Raleigh Growth Raleigh South exploration success has opened up the potential of the corridor Over 2km of very limited surface drilling southwards to Golden Hind Phase 1 and 2 programs designed to scope potential for another Raleigh scale system We have already have ore grade intersections at Golden Hind! 97
The Year Ahead – HBJ Underground Expansion 98
SKO – Exploring in the heart of the Goldfields Over 1,000km 2 of exploration and freehold tenure Extensive production history Fragmented ownership dating back to 1980’s Contains strike continuation of Boulder-Lefroy fault system – key to the Golden Mile Plus all the major structural corridors of the Coolgardie- Kalgoorlie terrane - host to ~120Mozs Structural Corridors
Paulsens Revitalisation - 3D Seismic Paulsen Mine area Over 170 line kms heritage cleared for access 12km 2 new 3D seismic shoot completed in early June Data currently undergoing processing First results expected in current quarter 100
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