JUNDEE RESOURCE-RESERVE UPGRADE UPDATE INFORMATION

In accordance with ASX Listing Rule 5.8.1, the Directors of Northern Star Resources Limited (ASX: NST) wish to emphasise the following information regarding the increase in Resources and Reserves at its Jundee Gold Mine in WA released to the ASX on 16 February 2015, and contained within Appendix 1 (JORC Table 1) of that announcement, with no material change.
Resources have increased by 299,000oz to 1.15moz (9.2Mt at 3.9gpt) and Reserves have increased by 32,000oz to 415,000oz (2.7Mt at 4.7gpt). The increases come despite 120,000oz being mined since the estimates were last reported in July 2014.

ASX ANNOUNCEMENT

11 March 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 592.4 million Options 3.9 million

Current Share Price A$2.07

Market Capitalisation

A$1.23 billion

Cash and Cash Equivalents

31 Dec 2014 - A$119.1 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

In the announcement released on 16 February 2015, as well as reporting the new Jundee Resource, Northern Star presented extensive drill results received post the reported Resource drilling cut-off date. The following information should be read in conjunction with the ASX announcement of 16 February
2015.

JUNDEE RESOURCE

Geology and Geological Interpretation

Jundee is an Archean lode-gold mineralised deposit that is part of the Northern Yandal Greenstone belt. Gold mineralisation is controlled by a brittle fracture-system, is commonly fracture-centred, and is predominantly hosted in dolerite and basalt. Mineralisation can be disseminated or vein style host. Coarse gold is often encountered.

Drilling techniques

Reverse circulation (RC) drilling was carried out using a face sampling hammer and a 130mm diameter bit. Diamond drilling is generally NQ2 or BQ.
Core is routinely orientated using the ORI-shot device.

Sampling and Sub-Sampling Techniques

Diamond drilling completed to industry standard using varying sample lengths (0.3 to 1.2m) based on geological intervals, which are then crushed and pulverised to produce a ~200g pulp sub sample to use in the assay process.
RC sampling to industry standard at the time of drilling.
Resource Definition Drilling (DD) uses NQ2. Core is half cut and sampled to intervals defined by a qualified geologist, to honour geological boundaries. The left half is archived.
Grade Control Drilling uses BQ: whole core sampling is undertaken. Sample intervals are defined by a qualified geologist to honour geological boundaries.
All mineralised zones are sampled, plus associated visibly barren material in contact with mineralised zones.
Core is sampled on the width of the geological/mineralised structure in recognised ore zones. The minimum sample length is 0.3m while the maximum is 1.2m. Total weight of each sample generally does not exceed
5kg.

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ASX ANNOUNCEMENT - 11 MARCH 2015

Sample Analysis Method

For all drill core samples, gold concentration is determined by fire assay using the lead collection technique with a 30 gram sample charge weight. An AAS finish is used to be considered as total gold.
Various multi-element suites are analysed using a four acid digest with an AT/OES finish.

Estimation Methodology

Domains are set by grouping lodes as dictated by their structural setting, geological mineralisation and statistical characteristics. The raw data is subdivided into domains based on geological controls and further analysed for correlation and similarity using statistics. The purpose of this analysis is to determine further domaining of the data for variographic purposes (by combining groups of lodes).
Seam compositing (from hanging wall to footwall) of drill-hole samples is almost exclusively used. A very small proportion of UG lodes, which exhibit a wider disseminated style of mineralisation, use a nominal 1 metre downhole composite.
Detailed exploratory data analysis is carried out on each deposit, using Snowden Supervisor software.
The majority of the Resource is estimated using ordinary kriging (OK) and multiple indicator kriging (MIK). A minor proportion of the Resource is estimated using inverse distance squared (ID2). The estimation type used is dictated by the dataset size of the domain. Vulcan software was used for data compilation, domain wireframing, calculating and coding composite values, estimating and reporting.
Maximum distance of extrapolation from data points was statistically determined and varies by domain. Block model volumes were compared to wireframe volumes to validate sub-blocking.
Where OK or ID2 estimates were used, treatment of extreme high grades were dealt with by using a cap grade strategy.

Cut-Off Grade(s)

Top Cuts were determined by a number of statistical techniques and vary by domain.

 Analysis of Histogram, Log Probability and Mean-Coefficient of Variance (CV) plots (utilising Snowden

Supervisor software).

 Graphing outlier sensitivity analysis whereby assays are ordered by grade and CV and a top cut is chosen based on the point at which the CV becomes erratic.

 Nearest neighbour metal analysis: Analysis of Seam composites assessing the contribution of the highest values on the quantity of metal in a nearest neighbour estimate for each domain, thus being able to assess the metal supported by the highest grade values.

 In addition, a capping methodology has been applied to the Westside, Hamptons and Cardassian Resource models based on a process developed by Harry Parker of AMEC. The method uses Monte Carlo simulation to 're-drill' the deposit 10000 times. Grades are assigned to each simulation by drawing at random from the distribution of high grades, and the amount of metal represented by the high-grade material is then determined (each assay has an input tonnage of influence which is assumed equal for all samples). The object is to establish and adjust for risk related to the high grade material

A range of top cuts are then selected for each domain utilising the above strategies and an appropriate top cut chosen subsequent to further examination in order to assess sensitivity of selected cap grades and associated risk. Metal estimated in the Resource models are finally reconciled with production models of like areas to determine the appropriateness of the high grade treatment on the assays.
No top cutting or capping of high grades is done at the raw sample or compositing stage
For OK and ID2, treatment of the high grade assays occurs at the estimation stage. In MIK estimation this occurs in the form of the grade assigned to the highest indicator bin.
Top cuts vary by domain and can range from 20gpt-2,000gpt.

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ASX ANNOUNCEMENT - 11 MARCH 2015

Mining and Metallurgical Methods and Parameters

Jundee undertook preliminary design analysis to assess reasonable prospects for economic extraction for declaration of Mineral Resources, using actual costs from the mining operations and minimum mining widths of
2.5m. These costs are a twelve month average of actual site costs.
Recovery factors vary for the various mining areas and are based on lab testing and on-going operational experience.
No metallurgical assumptions have been built or applied to the Resource model.

Criteria Used for Classification

Reserves are generally based on 20m x 20m drilling up to a maximum of 40m x 40m. Resources are generally based on 40m x 40m drilling up to a maximum of 80m x 80m.
The data spacing and distribution is sufficient to establish geological and/or grade continuity appropriate for the Mineral Resource and classifications to be applied. Strict economic parameters are used to define Measured and Indicated Resource which are wholly converted to Reserves. Inferred Resources are economically viable but not as well drilled.
Please refer to the Competent Person's statements and the detailed information given in JORC Table 1 on
Appendix 1 of the announcement of 16 February 2015 for more information.

Yours faithfully

BILL BEAMENT Managing Director

Northern Star Resources Limited

Investor Enquiries:

Luke Gleeson, Investor Relations, Northern Star Resources Limited

T: +61 8 6188 2103

E: [email protected]

Competent Persons Statements

The information in this announcement that relates to the Jundee Mineral Resource estimations, exploration results, data quali ty, geological interpretations and potential for eventual economic extraction, is based on information compiled by Brook Ekers, (Member Australian Institute of Geoscientists), who is a full -time employee of Northern Star Resources Limited. Mr Ekers has sufficient experience which is relevant to the style of mineralis ation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" for the Jundee Gold Deposit. 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.

Information in this announcement that relates to the Jundee Ore Reserves has been compiled by or under the supervision of William Stirling, Senior Mining Engineer, who is a full-time employee of Northern Star Resources Limited. Mr Stirling 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 i n the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Stirling is a Member of the Australasian Institute of Mining and Metallurgy and consents to the inclusion in the report of the matters based on his information in the form and context in whi ch it appears.

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 agents, advisers, nor a ny 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 a rising 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 which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilli ng 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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