TRADING UPDATE RECORD A$183M FREE CASHFLOW IN FY15

CASH, BULLION AND INVESTMENTS ON-HAND UP FROM A$96M TO A$178M; DEBT ELIMINATED; COSTS SET TO BE AT LOWER END OF GUIDANCE

ASX ANNOUNCEMENT

9 July 2015

Australian Securities

Exchange Code: NST

Board of Directors

Mr Chris Rowe

Non-Executive Chairman

Mr Bill Beament

Managing Director

Mr Peter O'Connor

Non-Executive Director

Mr John Fitzgerald

Non-Executive Director

Ms Liza Carpene

Company Secretary

Issued Capital Shares 593 million Options 3.0 million

Current Share Price A$2.20

Market Capitalisation

A$1.3 billion

Cash/Bullion and Investments

30 Jun 2015 - A$178 million

Level 1, 388 Hay St

Subiaco WA 6008

T +6 8 6188 2100

F +6 8 6188 2111

E [email protected]

www.nsrltd.com

ABN: 43 092 832 892

KEY POINTS

 Record June Quarter production takes normalised free cashflow for FY15 to a record A$183 million 1 after spending A$50 million on exploration

 A$178 million in cash, bullion and investments on hand at 30 June, up from A$96m a year ago; remaining A$20m bank debt retired on

13 April

 Record 152,447oz sold in the June Quarter and 580,784oz in FY15 - well within full year guidance of 550,000-600,000oz

 All-in sustaining costs for both June Quarter and FY15 set to come in at lower end of guidance range A$1,050-A$1,100/oz

 A$26.5m paid in fully-franked dividends in FY15 (4.5c a share)

 June Quarter and Full Year production:

 Jundee Gold Operations:

- 56,545oz mined and 59,014oz sold; FY15 237,883oz mined and 223,727oz sold

 Kundana Gold Operations:

- 29,898oz mined and 27,022oz sold; FY15 111,493oz mined and 103,051oz sold

 Kanowna Belle Gold Operations:

- 29,379oz mined and 27,276oz sold; FY15 101,149oz mined and 96,223oz sold

 Plutonic Gold Operations:

- 24,068oz mined and 19,287oz sold; FY15 95,550oz mined and 80,141oz sold

 Paulsens Gold Operations:

- 21,731oz mined and 19,848oz sold; FY15 74,630oz mined and 77,642oz sold

Northern Star Resources Limited (ASX: NST) is pleased to advise that its heavy emphasis on financial and Shareholder returns is continuing to produce results, with the Company generating record free cashflow of A$183 million in the year to
30 June 2015.
The strong cashflow resulted in Northern Star ending the financial year with
A$178 million in cash, bullion and investments, up from A$96 million a year earlier.
This came despite the Company spending A$82.5 million to acquire the Jundee
Gold Mine and A$50 million on exploration during the year.
The outstanding cash generation enabled Northern Star to pay A$26.5 million in fully-franked dividends during the year (a total of 4.5c a share).
Northern Star's financial performance was underpinned by record gold sales of
152,447oz in the June Quarter. This took the year's sales to 580,784oz, comfortably within its guidance range.

1 Unaudited.

Page 1 of 2

ASX ANNOUNCEMENT - 9 JULY 2015

All-in sustaining costs for both the June Quarter and the full year are expected to come in at the lower end of
the Company's guidance range of A$1,050-$1,100/oz.
The price received in the June Quarter averaged A$1,498/oz compared with the current spot price of
~A$1,550/oz.
Northern Star spent A$15.9 million on its extensive drilling and exploration program in the June Quarter, taking this total to A$50 million for the financial year.
Northern Star Managing Director Bill Beament said the excellent performance reflected the priority the
Company placed on financial and Shareholder returns, not just tonnes and ounces.
"We say we are a business first and a mining company second and these results demonstrate that emphasis,"
Mr Beament said.
"Our production performance, throughout the year was outstanding and our costs were tightly controlled. In these areas, we have met our market guidance comfortably.
"But the real test of any mining company's performance is what happens to its bank account and that of its
Shareholders.
"We have excelled in those areas, as shown by the significant increase in our cash position, the elimination of
our bank debt and the payment of A$26.5m in fully-franked dividends.
"It is also very pleasing to note that we have achieved this performance while investing A$50 million in exploration during the year. This program is generating strong results which I have no doubt will lead to further increases in our gold inventory and mine lives."

Northern Star plans to release its full June quarterly report in the week commencing 20 July 2015.

BILL BEAMENT Managing Director

Northern Star Resources Limited

Investor Enquiries: Luke Gleeson Investor Relations

Northern Star Resources Limited

+61 8 6188 2103

Forward Looking Statements

Northern Star Resources Limited has prepared this announcement based on information available to it. No representation or war ranty, 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 agen ts, 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 ot her 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, pur chase 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 believe d that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions whic h 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 ch anges, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates.

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