Entering the Australian Gold Business

EGM Presentation July 2010For

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DISCLAIMERCompetent Persons Statements

The information in this report that relates mineral resource estimation for Paulsens is based on work completed by Mr Jonathon Abbott who is a full time employee of Hellman and Schofield PtyLtd and a member of the Australasian Institute of Mining and Metallurgy. Hellman & Schofield were not required to review the quality of the sampling data, or geological interpretation as Intrepidare accepting responsibility for these aspects of the estimates. Mr Abbott has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and tothe activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and OreReserves’. Mr Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to Exploration Potential and comments on the resources estimates are based on information compiled by Mr Jason Boladeras, who isExploration Manager for Northern Star Resources, a Member of the Australian Institute of Geoscientists and is employed by Geoarc Pty Ltd. Mr Boladeras has sufficient experience which isrelevant 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 in the 2004 Edition of the‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Boladeras consents to the inclusion in the report of the matters based on his information in theform and context in which it appears.

Forward Looking Statements

Some of the information contained in this Announcement has been obtained from third parties and has not been independently verified by NST. In particular the financial projections model onwhich the forward looking statements included in this Announcement has not been prepared by the Company and the Company has not undertaken any verification of the model. The Companytakes no responsibility and is not liable for the projections in any way. Given the risks and uncertainties that may cause the Company’s actual future results, performance or achievements to bematerially different from that expected, expressed or implied by the forward looking statements included in this announcement, undue reliance should not be placed on these statements. Nothingcontained in this Announcement is a promise or representation as to the future. No assurance or representation is made by any person that any forecast or projection will beachieved. Accordingly, investors must make their own investigations and inquiries regarding all assumptions, uncertainties and contingencies, which may affect the future operations of theCompany.”

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Our Vision…

“To build a quality mining & exploration company focused on creating profits for shareholders...”

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Company Profile

CAPITAL STRUCTURE205.9M shares on issue102.5M options ($6.0M funding platform)Market Capitalisation $12.4M (26 July 2010)

(Undiluted & 6.0 cents per share)

SUBSTANTIAL SHAREHOLDERSTop 20 52%InvestMet Limited 21.7%Investmet Supporters 18.5%Directors/Past Directors/Founders 14.6%F

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Quality Management with Strong BackingSuccessful record in discovering and developing mineral resources.Bill Beament (Managing Director) appointed 20th August 2007

Mining Engineer with 15 years experience. Former General Manager - Operations for 12 mines across WA, including Paulsens

Christopher Rowe (Non Exec Chairman) appointed 19th December 2003

Barrister and solicitor - previous chairman or director of a number of public listed mining and oil and gas related companies in both Australia and North America

Michael Fotios (Non Exec Director) appointed 4th September 2009

Chairman of Investmet Limited. Former Managing Director of Galaxy Resources and Tantalum Australia. Held senior geological positions with Homestake and Sons of Gwalia

Peter Farris (Non Exec Director) appointed 23rd April 2009

Highly Credentialed Businessman with extensive experience in the Perth real estate industry and corporate advisory services

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Asset “Acquisition”Paulsens Gold Mine

Operational Gold Mine Western Australia mining address High Grade 128,700 oz resourceUpdated Stage 1 mine plan 55,000 oz$44M surplus from Stage 1 (8 months, @ A$1,400/oz)Upside to continue production beyond stage 1365km2 of regional exploration tenementsEstablished Infrastructure and Plan Intact;

Established mine, processing facility, camp (replacement value $30M)Decline to 500m below surfaceResource drilling and extension strategy underway

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History – “For the Record”Mid 2004, Project EstablishmentMid 2005, full scale productionHedged @ A$627/oz until Dec 20082009, generated A$39M EBITDAPast mine production 1.5Mt @ 7.6g/t, 365koz (end 2009)Life of mine cash cost A$538/oz, Total Cost <$650/oz

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ResourcesVoyager Zone - 314,000t @12.8g/t for 128,700 oz (Hellman & Schofield)

Indicated 204,000t @ 13.7g/t for 89,700 oz (4g/t cut-off) Inferred 110,000 @ 11.0g/t for 39,000 oz (4g/t cut-off )

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Potential to Grow – “In Mine”Resources open down dip, Voyager 1 extension and Voyager 2 definitionUnmined & Remanent resources left behind when modelled at A$627/oz

Lower Zone non-mined resources Limbs of hinge zonesTop 100m of ore body has not been mined, potential additional mill feedRepetitions above and below current mine workings

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Potential to Grow – “Regionally”Extremely unusual for no other sizeable deposit within 50km radius of the Paulsens mine “lone soldier”

Acquisition includes 365km2 of Tenements

Numerous targets 100% owned:Belvedere (unclassified resource)Camp vein, Paulsens East, Apollo extn

Only operational gold processing plant in the Ashburton/Lower Pilbara

Number of JV’s in place;Mt Clements gold/base metals project (20% interest) contains;

- 526,000 t @ 2.4g/t Au for 40,600oz (Indicated)- 607,000 t @ 2.4% Pb, 1.7% antimony, 0.22g/t Au and 26g/t Ag (Inferred)

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Stage 1 – “Pay off Acquisition”Details

Mine Plan 55,000 oz, generates $44M surplus Milling from June 2010 to Early 2011

Mine 55Koz, payout all debt providers and Intrepid Mines (end 2010).Review unmined & remnant resources due to hedge @ A$627/oz (underway)Review in/near mine and regional exploration targets for resource additions

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Stage 1 Mine Plan – Status (June 2010)

Stage 1 gold sales to date of 7,000 oz @ A$1,430/oz

Mine conformed well to the acquisition cashflow model

Infill drilling results improve confidence of Stage 1 mine plan

Capital Development completed for Stage 1 mine plan, decline at the 699 level

By end of July 50% of Stage 1 gold would been mined and on the surfaceEither poured and sold, waiting to be sold or ready to be processed

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Stage 2 – “Maintain Profitable Production”Current Stage 2 - Inferred Resource of 110,000t @ 11g/t for 39,000 oz

Limited drilling to date due to orebody plunge and no substantial drill platformsAllocating $5.5M for;

Extending capital development for Stage 2 mining to 630 level – Commences Aug 10Developing a dedicated drill platform @ 705 level (bottom of the mine) – Aug 10Drill to test further down plunge for Voyager 1 resource extensions – Now UnderwayUpgrade and extend the resource base – Now Underway

Generate Stage 2 mine plan so milling will continue beyond 2011Preliminary analysis underway, potential for additional 12 months of mine life

Commence preliminary Voyager 2 exploration – Commences Aug 2010Preparation for regional exploration activities

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Stage 3 – “Find and Develop 5 year mine life”Details - Voyager 2 extension of Paulsens mineralisation 4 deepest holes drilled to date, results are;

28.9m @ 31.0 g/t5.9m @ 4.4 g/t10.3m @ 4.0 g/t 1.5m @ 4.7g/t

Exploration & resource drilling to outline the Voyager 2 mineralisation Define an initial Stage 3 resource for Voyager 2 by early 2011Continue resource drilling for Voyager 2Ultimate aim, 5 year mine plan that can yield 50-75,000 oz pa

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Acquisition Details – Stage 1 (55,000oz)$40M total consideration, broken down into stages;

$15M upfront payment upon settlementReimbursement for Stage 1 capital already invested

$335/oz performance based royalty payments up to 51KozStage 1 royalties total $17M

$3M in two instalments, July and October 2010Difference in Deal prices from June mine plan revision

6th May, Original offer on Stage 1 - $25.2M30th June, Revised offer on Stage 1 - $35MAdditional $9.8M offered for an extra $19M surplus between mine plans

$5M Top-up payments if mine continues beyond 57,500ozNo further payments after 62,500oz of productionTransaction comparable to;

Silver Lake – Daisy Milano Aug 07Henty Gold Mine July 09

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Financing$15M debt finance by RMB;

Draw down fully at July 30 settlement

$4M via equity, mandated to Viridian;$1.75M placement$1.5M SPP, shortfall to be placed if required$0.75M options to be exercised

$6.0M of option funding available;$1M via 2.5c options (expire Sep10)$2M via 5.0c options (expire Sep11)$3M via 10c options (expire Sep12)

15% Placement capacity now reset

InvestMet control 40% of NST and approved the acquisition

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Entering the Australian Gold Business

Bill Beament – Managing Director

info@nrsltd.comwww.nsrltd.com

Ph (08) 6241 1866

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