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ASX : NST NORTHERN STAR RESOURCES LIMITED ASX Announcement 21 January 2021 PRODUCTION AT TOP END OF GUIDANCE , UNAUDITED NPAT OF ~ A $ 75M - 85M AND DEBT CUT BY A $ 125M Gold sales of 252,899oz ; Standout performance at Pogo in face of COVID - 19 challenges ; Strong balance sheet with corporate debt cut to A $ 375M and A $ 372M in cash , bullion and investments HIGHLIGHTS ■ Gold sold in the December quarter up 11 % to 252,899oz ; This was at the upper end of the published December quarter guidance range of 226,000-254,000oz ▪ Strong performance at all operations : Australian Operations ( including 50 % KCGM ) sold 198,701oz at an AISC of A $ 1,526 / oz ( US $ 1,115 / oz ) * о Pogo Operations sold 54,198oz at an AISC of US $ 1,365 / oz ■ Group all - in cost ( AIC ) of A $ 1,825 / oz ( US $ 1,333 / oz ) ( including substantial investments in production growth ) , KCGM open pit material movement increased 22 % over previous quarter ; significant progress achieved on Pogo mill expansion to 1.3Mtpa ; Pogo's Jameson cell installed and gold recoveries + 91 % ■ Average realised price of A $ 2,295 / oz in the December quarter ; This included 48 % of gold sold ( ~ 122,000oz ) into hedged positions , reducing hedge book to ~ 10 % of the next three years ' production ■ Strong underlying free cash flow of A $ 93M generated during December quarter ; This was despite investing ~ A $ 63M in growth capital and exploration ■ Unaudited NPAT of ~ A $ 75M - 85M ; Operating mine cashflow of A $ 290M ; Net mine cashflow of A $ 169M ■ Cash , bullion and investments of A $ 372M at 31 December 2020 after repaying A $ 125M of corporate ■ bank debt , A $ 40M in stamp duty / M & A and A $ 10M for FY20 tax balancing payment during the quarter December quarter production : о Yandal Gold Operations : 65,396oz mined and 68,405oz sold at an AISC A $ 1,203 / oz ( US $ 879 / oz ) with AIC of A $ 1,407 / oz KCGM Gold Operations ( 50 % Ownership ) : о 48,460oz mined and 58,565oz sold at an AISC A $ 1,359 / oz ( US $ 993 / oz ) with AIC of A $ 1,561 / oz Kalgoorlie Gold Operations : 71,709oz mined and 71,731oz sold at an AISC A $ 1,968 / oz ( US $ 1,437 / oz ) with AIC of A $ 2,132 / oz Pogo Gold Operations : 58,744oz mined and 54,198oz sold at an AISC US $ 1,365 / oz with AIC of US $ 1,629 / oz ■ Second court date to finalise merger with Saracen Mineral Holdings ( ASX : SAR ) set for February 2 , 2021 ■ Combined group on track to achieve annual production guidance of 1.6Moz with pathway to 2Moz while unlocking synergies of A $ 1.5-2B ■ Northern Star will host a quarterly conference call today , 21 January 2021 , at 12:00 pm AEDT ( 9:00 am AWST ) . The call can be accessed at https://webcast.boardroom.media/northern-star-resources- Itd / 20201027 / NaN5fff9378aec8340019d1c1dc Northern Star Resources Limited - ABN : 43 092 832 892 Level 1 , 388 Hay Street Subiaco WA 6008 , Australia PO Box 2008 Subiaco WA 6904 T : +61 8 6188 2100 F : +61 8 6188 2111 E : info@nsrltd.com W : www.nsrltd.com