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1 ASX ANNOUNCEMENT 16 NOVEMBER 2012 Australian Securities Exchange Code: NST Board of Directors Mr Chris Rowe Non-Executive Chairman Mr Bill Beament Managing Director Mr Michael Fotios Non-Executive Director Mr Peter Farris Non-Executive Director Mr Peter O Connor Non-Executive Director Ms Karen Brown Company Secretary Issued Capital Shares 424 M Options 3.5M Current Share Price $1.39 Market Capitalisation $589 million Cash/Bullion and Investments: 30 Sep 12 - $67 million Projects Paulsens Ashburton Range Emull Commodities gold gold gold, silver Zn, Cu, gold Investments Commodities Venturex (15%) Cu, Zn, Ag & gold Northern Star confirms plan to double production after strong results expand Ashburton Project High-grade hits to underpin substantial jump in 1Moz resource at what is set to be WA gold miner's second 100,000ozpa operation Highlights Drilling extends known mineralisation at Ashburton s key Mt Olympus deposit by another 400m down-plunge, pointing to a substantial increase in current 1Moz resource Latest results include: 9.3g/t Au including 17.0g/t 7.8g/t Au including 20.1g/t 17.4g/t Au including 74.0g/t 11.6g/t Au 8.5g/t Au including 55.0g/t 6.2g/t Au 4.2g/t Au including 7.7g/t 3.2g/t Au 4.8g/t Au 7.7g/t Au 5.7g/t Au Resource upgrade and maiden reserve set for early next year Two of the latest holes intersected between 7m and 26m of sulphides with some visible gold, assays pending Fresh geological modelling of Mt Olympus and West Olympus deposits has identified potential for continuous mineralisation between the two Mt Olympus remains open along strike as well as down plunge Strong potential to grow Mt Olympus resource through further drilling Metallurgical and economic studies well advanced as part of plan to establish a 100,000ozpa project at Ashburton in addition to existing +100,000ozpa operation at Paulsens Northern Star Resources (ASX: NST) is pleased to announce that its plans to be a 200,000ozpa-plus WA gold producer have been further boosted by an extremely successful drilling program at its Ashburton Project. The drilling at Ashburton's flagship Mt Olympus deposit returned a host of outstanding results, some of which extended the known limits of the mineralisation by another 400m down plunge (see Figure 1). Two holes were drilled down plunge with one intersecting 7m of sulphides with visible gold and 26m of sulphides. Assays are pending (see Figure 2).

2 For personal use only The drilling also returned high-grade resource infill results such as 4.4m at 17.4gpt, including 1m at 74gpt and 8.5m at 9.3gpt, including 3m at 17gpt gold. As a result of this success, Northern Star expects to increase the one million-ounce resource at Ashburton early next year and to also calculate a maiden sulphide reserve, subject to ongoing economic studies. This will mark a key milestone in the Company's plan to establish a standalone 100,000ozpa operation at Ashburton, which will operate in parallel with Northern Star's current +100,000ozpa operation at Paulsens. Figure 1 - Long Section, Mt Olympus significant drill results including substantial down plunge intersections Figure 2 - Mt Olympus down-plunge resource extension drilling showing sulphides and visible gold The prime focus of the geological team has been on developing a structural/lithological model of the controls on mineralisation that allows accurate prediction of ore shoot positions and efficient targeting of drilling. This

3 For personal use only analysis has identified two major factors that have the potential to again substantially grow the known resources; Firstly it has been identified that Mt Olympus deposit remains open along strike to the East (see Figure 3). Figure 3 - Plan View, Mt Olympus remain open along strike to the East Second, it has identified that the Mt Olympus and West Olympus deposits, which are 200m apart, may sit on the same structure and therefore the mineralisation may be continuous (see Figure 4). Further drilling is planned to investigate whether the linking structure between the two deposits is mineralised. If so, this could substantially improve the economics of the proposed open pit and underground. Figure 4 - Plan View, Mt Olympus and West Olympus potential for structure to link both deposits

4 These recent drilling results and geological modelling, coupled with the recently released metallurgical test work (Pressure Oxidation, Bacterial Oxidation and Albion) for sulphide orebodies indicating total gold recovery of per cent, significantly strengthen the viability of the Ashburton Project. "These results are pivotal for Northern Star for three reasons," Managing Director Bill Beament said. "They reveal there is substantially more gold at Mt Olympus than previously demonstrated, they highlight the significant scope to find a lot more and they show that our plan to double the Company's production by building a 100,000ozpa operation at Ashburton is rapidly moving towards fruition." Assays received are attached in the appended table. Further announcements will be released regarding the surface drilling as more results become available. Yours faithfully, Bill Beament Managing Director Northern Star Resources Ltd Competent Persons Statements The information in this announcement that relates to the mineral resource estimation, 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 fulltime 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 Persons 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 this information in the form and context in which it appears. 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. Measured Indicated Inferred Total 31 December 2011 Oz Au Mt Olympus 1, , , , Peake Waugh Zeus , Electric Dingo Romulus Total 1, , , , ,007 1 Table 1 - Ashburton Mineral Resources Inclusive of Reserves - 0.7g/t lower cut used for Mt Olympus and 0.9g/t lower cut for others.

5 Proved Probable Total 31 December 2011 Oz Au Mt Olympus Peake Waugh Zeus Electric dingo Romulus Total Table 2 - Ashburton A$1600 gold price based on oxide and transitional material only (free milling) Mt Olympus Resource Definition drilling Drill Hole # Drill type Grid Northing Easting RL Azimuth (degrees) Dip (degrees) AMODD0013 DD MGA94_ AMODD0014 DD MGA94_ AMODD0015 DD MGA94_ AMODD0016 DD MGA94_ AMODD0017 DD MGA94_ AMODD0018 DD MGA94_ AMODD0019 DD MGA94_ AMORC0066 RC MGA94_ AMORC0067 RC MGA94_ AMORC0068 RC MGA94_ AMORC0069 RC MGA94_ AMORC0072 RCD MGA94_ AMORCD0009 RCD MGA94_ AMORCD0010 RCD MGA94_ AMORCD0030 RCD MGA94_ AMORCD0044 RCD MGA94_ AMORCD0045 RCD MGA94_ AMORCD0046 RCD MGA94_ AMORCD0047 RCD MGA94_ AMORCD0048 RCD MGA94_ AMORCD0049 RCD MGA94_ AMORCD0063 RCD MGA94_ AMORCD0070 RCD MGA94_ AMORCD0071 RCD MGA94_

6 Mt Olympus Resource Definition Drilling Drill Hole # From (m) To (m) Intersection (m) Au Oxide/Transitional/Sulphide AMORCD Fresh including AMORCD0010 NSI Fresh AMORCD0030 NSI Fresh AMORCD Fresh AMORCD Fresh AMORCD Fresh AMORCD Fresh including AMORCD Fresh including AMORCD Fresh AMORCD Fresh AMODD Fresh AMODD Fresh including AMODD0015 NSI

7 Drill Hole # From (m) To (m) Intersection (m) Au Oxide/Transitional/Sulphide AMODD Fresh including including AMODD Fresh AMODD Fresh including AMODD Fresh AMORCD Transitional including AMORCD Transitional including including AMORC Fresh including including including AMORC Fresh including including AMORC Transitional AMORC Transitional AMORC Fresh At a nominal 0.7g /t lower cut off and no upper cut off, with <2m internal dilution. NSI means no significant result Quality Control Mt Olympus. All core is logged and cut for sampling. The half core is sampled and sent to SGS Australia Pty Ltd ( SGS ) in Perth Western Australia for assaying. The remaining half core is stored at Mt Olympus. At SGS, samples are dried then crushed. The reverse circulation samples are crushed material and split with a proportion pulverised. A 50-gram portion of the pulp is treated by Fire Assay method with an Atomic Absorption finish. Northern Star Resources inserts on average one standard and blank every 25 samples. Laboratory standards and blanks are inserted by SGS and several pulp duplicates are also assayed as a determinant of mineralisation variability and to their ISO 9001 standard and a NATA Technical certificate.