Northern Star Resources : FY23 Sustainability Report

Acknowledgement

of Country

Northern Star would like to acknowledge and pay our respects to Traditional Owner groups, upon whose land our operations in Australia are situated.

Northern Star would like to acknowledge and pay our respects to the Athabascan people, upon whose ancestral lands our Pogo Operation in Alaska, is situated.

We seek and value the guidance and input of these Indigenous groups in the operation of our business. We acknowledge their strong and special physical and cultural connections to their ancestral lands on which we are privileged to operate.

Our Purpose

To generate superior returns for our shareholders, while providing positive benefits for our stakeholders, through operational effectiveness, exploration and active portfolio management.

Our STARR Core Values

Our Core Values are integral to the working lives

of all our workers and Operations.

Safety

Daniel Howe, Chief Geological Officer on site at Kanowna Belle, Kalgoorlie Production Centre, Western Australia

IN THIS REPORT

In this Report

4

About This Report

This Report has been prepared by Northern Star Resources Limited (ABN 43 092 832 892) (Northern Star) for informational purposes only. This Report should be read in conjunction with Northern Star's Annual Report and other periodic and continuous disclosure announcements lodged with the ASX, which are available on Northern Star's website at https://www.nsrltd.com/.

Northern Star has reported in accordance with the GRI

Standards for the period 1 July 2022 to 30 June 2023.

Management has sought independent, third-party assurance by Bureau Veritas Australia Pty Ltd of all data relating to GRI core and material disclosures in this Report. These disclosures are identified in our GRI, SASB and UN SDG Alignment Index. Where partial assurance is received, or a topic note assured, that information has been included in the Index. A copy of the assurance statement is provided in Appendix A.

This Report was reviewed and approved by Northern Star's Board of Directors and published on 23 August 2023. Monetary amounts in this Report are reported in Australian dollars unless otherwise stated.

Feedback

We welcome feedback and invite readers to send any comments or enquiries about this Report to us at esgperformance@nsrltd.com

Disclaimer

This Report contains forward-looking statements, including statements of current intention and expectation. This includes statements regarding climate change and other environmental and energy transition scenarios. These forward-looking statements are based on information available at the date of this Report.

While these forward-looking statements discuss Northern Star's expectations at the date of this Report, they are not guarantees or predictions of future performance, and by their nature, are subject to significant uncertainties, many of which are beyond Northern Star's control. Actual results and developments may differ materially from those expressed in this report and Northern Star cautions readers against reliance on any forward-looking statements or guidance. There are also limitations with respect to scenario analysis, and it is difficult to predict which, if any, of the scenarios might eventuate. Scenario analysis is not an indication of probable outcomes and relies on assumptions that may or may not prove to be correct or eventuate. Except as required by applicable laws or regulations, Northern Star does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events.

Assumptions

Refer to Appendix B for more information on the assumptions relied on in relation to our Net Zero Ambition and Emissions Reduction.

Note - This report provides specific information and updates on Northern Star's FY23 sustainability disclosures and should be read in conjunction with our website disclosures. Throughout this report there are links to supporting information on our website which the reader is encouraged to read. The Northern Star website contains significant additional supporting information including our annual Performance Data Tables, GRI Index and references to our previous disclosures. The website disclosures combined with this report provide comprehensive disclosure of our Sustainability initiatives and performance.

Sustainability Snapshot  

Sustainability Snapshot

Sustainability Snapshot

Northern Star's safety performance remains on focus across our Operations, and we have continued to implement best

6practice safety programs and processes to maintain the health and safety of our employees and contractors. The results

for FY23 were impacted by a challenging first half which does not reflect on the hard work and efforts we acknowledge from our people. We are proud to say that although we have increased our size operationally with approximately 1.5 million additional exposure hours, several key expansion projects continuing development or becoming operational, and returning to business-as-usual post COVID limitations, we have still maintained safety performance well below industry averages.

Northern Star would like to congratulate our employees and contractors on the continued effort to maintain a safe

workplace while ensuring our Operations function efficiently and effectively.

1. Number of reportable injuries (Lost Time Injuries and Restricted Work Injuries) per million hours worked. Calculated on a 12-month rolling average.
2. Inclusion of historical legacy data from Saracen assets prior to the Merger has resulted in a restate of data prior to February 2021.
3. - FY23 Industry means the DMIRS Safety Performance in the Western Australian Mineral Industry - Accident and Injury Statistics 2020-21 Metalliferous total.
4. • FY22 Industry means the DMIRS Safety Performance in the Western Australian Mineral Industry - Accident and Injury Statistics 2020-21 Metalliferous total.
   • FY21 Industry means the DMIRS Safety Performance in the Western. Australian Mineral Industry - Accident and Injury Statistics 2019-20 Metalliferous total.
   • FY20 Industry means the DMIRS Safety Performance in the Western Australian Mineral Industry - Accident and Injury Statistics 2018-19 Metalliferous total.
5. At 30 June 2023.

supplier audits closed after corrective action plans have been confirmed as completed

Governance

100%

Alignment with ASX Corporate Governance Council Principles & Recommendations

Net Zero Ambition

NET ZERO

for Scope 1 and 2 absolute Emissions by 2050 relative to

1 July 2020 baseline of 931 kt CO2-e

Materially Adverse Incidents

0

INCIDENTS

environmental, community

or heritage incidents

direct and indirect economic value add

Community Investment

$6.6M 7

Financial and in-kind commitments

made in FY23

Emissions Reduction Target

35%

BY 2030

Scope 1 and 2 absolute Emissions relative to

1 July 2020 baseline of 931 kt CO2-e

Fatalities

0

FATALITIES

employee or contractor fatalities

A Message from our ESS Chair   

A Message from

our ESS Chair

Dear shareholders, employees and stakeholders

A Message from our Managing Director & CEO

A Message from our

Managing Director & CEO

Dear shareholders, employees and stakeholders

I am pleased to share our FY23 Sustainability Report with you.

This Report reflects our ongoing commitment to continuous improvement in environment, social performance and governance across all of our Operations for the benefit of our shareholders, employees and

the communities in which we operate. We recognise that authenticity in our actions, and transparency in our disclosures, builds trust and credibility with our stakeholders and motivates a workforce which is proud to work for Northern Star.

We have continued to expand the scope of our limited assurance program to further enhance the accuracy and reliability of the information presented in our Sustainability Report and on our website disclosures. Limited assurance was again provided by Bureau Veritas Australia Pty Ltd on relevant data and statements against the requirements set out in the Global Reporting Initiative (GRI) Standards. The structure and content of this Report coupled with the limited assurance provides you, our stakeholders, with consistent, comparable and credible sustainability

8information. I also encourage you to refer to the additional information on our website including our historical disclosures and FY23 Performance Data Tables and FY23 GRI Index: Website ESG information.

Highlights for Northern Star in FY23 sustainability include:

• We are proud to report that our safety performance remains well below industry averages, notwithstanding an additional 1.5 million exposure hours due to several key expansion projects continuing development or becoming operational.

• We continued our progress towards achieving our Net

Zero Ambition by 2050 through the execution of a Renewable Power Purchase Agreement at Jundee, for a renewable energy project which incorporates a solar farm, battery energy storage facility and four wind turbines, designed to reduce Jundee's Scope 1 and 2 Emissions by between 35% and 50% by 2030.

• We have continued to develop our Indigenous relationships by proactively creating procurement opportunities for Aboriginal businesses with our Operations and removed perceived barriers to Indigenous participation in our supply chain.

• We are making good progress in revisiting and modernising existing native title compensation agreements and negotiating new agreements with the Traditional Owners in proximity to our Operations.

• As part of our continued TCFD alignment we completed the development of a climate change- related risk financial quantification model. This was a

significant step forward from our previous qualitative scenario-based climate risk and opportunity analyses. This model provides us with information on the financial consequences of climate change related risks on each of our sites, taking into account site by site individual vulnerabilities and strengths.

• The ongoing success of the Williamstown voluntary relocation program in Kalgoorlie continues, bringing positive change for residents who choose to relocate. In addition, the Williamstown Heritage Project launched in March was an inclusive opportunity appreciated by residents past and present to contribute to an exhibition which explores and celebrates the 130-year history of Williamstown.
• Our community investment and sponsorship commitment expanded with long-term partnerships supporting organisations meeting our UN SDG gateway for financial and in-kind support. Embracing the Push Up Challenge across all our Operations is a mental health initiative and sponsorship that Northern Star is particularly proud to be associated with nationwide.
• We are committed to attracting, retaining and nurturing our thriving workforce. We are pleased that we have maintained our rate of female employment above the industry average, recognising that more still needs to be done to grow a more diverse workforce. We also successfully promoted over 1,000 of our people internally, providing development and growth for our people whilst also retaining their talent and knowledge in the business. It is also pleasing to report that our rate of residential employment has been maintained for both our Pogo Operations in Alaska and Kalgoorlie in Western Australia, further supporting the communities we are fortunate to operate within.

Looking ahead, by already reporting against the SASB, TCFD, CDP and GRI Standards, Northern Star is well placed to report against the International Sustainability Standards Board (ISSB) Standards when they are adopted in FY24. Also in next year's Report, we look forward to sharing our reporting journey aligning with the recommendations of the TNFD.

On behalf of the Board, thank you for supporting Northern Star in our sustainability journey.

Yours sincerely

Sally Langer

Chair of the Environmental,

Social and Safety Committee

Northern Star Resources Limited

On behalf of the Board of Directors of Northern Star Resources Ltd, we are delighted to present to you the Sustainability Report for the financial year ending 30 June 2023.

We are proud of the strong platform we have built on which to achieve our Purpose - to generate superior shareholder returns and deliver our five-year profitable growth strategy in FY26, targeting 2Moz production. In FY23 gold sales of 1,563koz were delivered within guidance, at an all-in-sustaining-cost of $1,759/oz, within revised guidance. Northern Star is in a financially robust position, with company activity in FY23 generating cash earnings of over $1.2 billion. At 30 June 2023

we held net cash of $362 million and liquidity of $2.2 billion, all underpinned by a solid platform of 57.4 million ounces of Mineral Resources and 20.2 million ounces of Ore Reserves. This operational and financial strength enables Northern Star to deliver $4.07 billion in value add, including $6.5 million invested in support for our communities.

The safety and wellbeing of our people is integral to our success. With TRIFR at 3.2, well below industry average, we are proud to say that the team has again delivered strong operational performance safely and responsibly in FY23, consistent with the STARR Core Values of Safety, Teamwork, Accountability, Respect and Results. Our focus is centred on delivering safety leadership at all levels of the business to strengthen the culture and hazard awareness across our Operations.

We are progressing our efforts to develop sustainable, long-term employment and building a sustainable pipeline of business development opportunities for the Traditional Owners and Aboriginal businesses in proximity to our Operations. We have continued to work together with our stakeholders to improve the opportunities and change lives for the better in the communities in which we operate, such as the Williamstown voluntary relocation

Stuart Tonkin

Managing Director & CEO

Northern Star Resources Limited