Karl-Axel Waplan

President & CEO

Northland Resources

Europe’s Premium Iron Ore Miner Mines and Money, London 2012 Karl-Axel Waplan, President and CEO

Please see Cautionary Statement on last slide 4 December 2012

Mining has Commenced

4 October 2012

Karl-Axel Waplan, President and CEO at Northland (left) and the Governor of

Norrbotten, Mr. Sven-Erik Österberg set off the first iron ore blast in Kaunisvaara.

Kupari Rautuvaara Rautuoja Untested but identified targets in Kaunisvaara area

Europe’s Premium Iron Ore Miner

5

Kaunisvaara is on-track to start production in the end of November 2012. Northland has material production upside from Pellivuoma, Hannukainen as well as a portfolio of approximately 20 highly prospective exploration targets

On-track for first production in Q4 2012 and first shipment in Q1 2013

Ramping up to ~4 dmtpa* in Q3 2014 High grade, low impurity iron ore concentrate

Kaunisvaara: Tapuli and Sahavaara, Sweden (100%) 1

Pellivuoma, Sweden (100%) – DFS completion targeted in early 2013

Hannukainen, Finland (100%) – DFS completion targeted in early 2013

Potential Production upside 2

Rail Road Cities and Communities Kaunisvaara Project Mineral Deposits

Existing Mines

Narvik

Gällivare Kolari

Pajala

Rovaniemi

Luleå Oulu

Tornio Kemi

Tapuli Sahavaara

Kiruna

Norway

Sweden

Finland

Norway

Sweden Finland

Pellivuoma Hannukainen 2 2

1

* Dry million tonnes per annum

Extensive Exploration Targets 3

3 3

6

A Differentiated Investment Opportunity

Outlook for iron ore market remains attractive

Benefits of partnering

with high quality suppliers/

contractors based

regionally

On-track to reach production in

Q4 2012

High quality iron ore concentrate

expected to achieve a

significant price premium

Significant upside potential

from approximately 20 highly

prospective exploration

targets

Existing infrastructure

and skilled workforce in an

established mining region

Blue-Chip Management

team has experience developing

mines

Listed in Toronto and Oslo

Share Price Development

Stock Symbol Toronto Stock Exchange / Oslo Børs NAU / NAUR

Current Share Price* CAD 0.75/ NOK 4.16

Indices MSCI NORWAY INDEX

Shares issued 514,178,899

Options 12,660,000

Warrants (Standard Bank) 1,697,995

Fully diluted 528,536,894

Market Cap* CAD 385.6m/ NOK 2,151m (USD 373.2m)

52 week trading range* CAD 0.56 – 2.05 NOK 3.35 – 12.45

Bonds Oslo Børs NORES01 / NORES02

Share Overview Toronto,

NAU

Oslo, NAUR

7 * Market Cap based on closing prices on November 13, 2012 on TSX and OSL

Shareholders and Analysts

Rank Holding % Institution 1 49,245,906 9.6 Avanza Bank AB (Custodian bank)

2 35,232,269 6.9 Deans Knight Capital Mgmt

3 29,950,130 5.8 Handelsbanken, SWE+FIN (Custodian)

4 24,048,741 4.7 Nordnet Bank (Custodian bank)

5 22,481,088 4.4 Henderson Global Investors

6 16,750,361 3.3 SEB, SWE-FIN (Custodian bank)

7 15,318,352 3.0 Swedbank (Custodian bank)

8 12,885,284 2.5 Pohjola Bank

9 11,965,814 2.3 Holberg Funds

10 11,900,000 2.3 Kommunal Landspensjon

11 10,842,188 2.1 DNB Funds

12 10,551,842 2.0 Investec Asset Management

13 10,300,000 2.0 Fondsfinans Spar

14 8,140,000 1.6 Texas Teachers

15 6,785,400 1.3 Finnish Industry Investment

∑ 276,397,375 53.8

Analyst coverage / Recommendation

8 Northland compiled data using internal sources, Oslo Børs and VPS as of November 2012

Arctic Securities / Buy Kenneth Sivertsen

Credit Suisse / Neutral Nathan Littlewood

DnB NOR Markets / n.a. Sampsa Karhunen

First Securities / no recomm. Henrik Madsen

Goldman Sachs / Buy/attractive Fawzi Hanano

GMP Sec / Buy Matt Fernley

Handelsbanken / Accumulate Fredrik Agardh

Haywood Sec. / Sector outperf. Colin Healey

Ocean Equities / no recomm. Adam Lucas

Morgan Stanley / Overweight Eric Zaunscherb

Nordea / Hold Johannes Grasberger

Pareto Sec / Buy Thomas Aarrestad

SEB Enskilda / Buy Harald Hornes Øyen

Société Générale / Buy Abishek Shukla

TD Securities / Hold Craig Miller

Shareholders

From Bog to Mine in Two Years

9

October 2011

October 2010

September 2012

Recent Development in Kaunisvaara

10 Kaunisvaara Process Plant beginning of November 2012

Top left, the first blast for iron ore in Tapuli. The primary crusher and the conveyor belts started in November and next – the commissioning of the process plant.

Strong Logistical Chain

27 11

Overview of the Pitkäjärvi trans-loading terminal, (mid-September 2012)

Cool, local design on the trucks

Storage facilities in Pitkäjärvi will be heated

Local rail tracks are now connecting the terminal with the national rail network

Spiral Discharge System

27 12

Rail cars are being manufactured in Kiruna

Spiral discharge system will be used at the Port of Narvik

100% controlled Fagernes Terminal will Handle Cape-size Vessels

27 13

Benefitting from Existing Transportation and Logistics Network

14

Well-maintained, existing infrastructure, with good accessibility

SEK 1.3 bn will ensure the capability of existing 150 km public road from Kaunisvaara to Pitkäjärvi

Swedish Transport Administration expected to grant dispensation for 90 tonne trucks

New trans-loading terminal at Pitkäjärvi will provide access to railway

1

Roadway

Port Authority agreement for use of existing port Northland is constructing a new iron ore terminal

with heated storage facility 10 million tonnes capacity Uncongested port can take Capesize vessels

and is ice-free all year round

3

Seaport (Narvik)

Existing 226 km Malmbanan “the Ore Railway” has capacity to meet projected demand

Railway owned by Swedish state and is “open access”, requested four slots have been granted

SEK 1.3 bn will be invested by the Swedish Government to upgrade and increase capacity

Railway

2

2

1 3

Port of Narvik

Kaunisvaara

Pitkäjärvi

Sweden

Finland

Pajala

Luleå

Narvik

Kolari

Trucking Route Rail Route

km 0 50 100 25

Norway

Building a Strong Corporate Culture

15

Technology can be copied and used elsewhere. However, it is the unique composition of individuals in a company that

creates competitiveness.

Northland offers a unique pioneering spirit We have room for new ideas

Many career paths encourage self-development Tough challenges that require skills and personal drive

Support from Central Government

16

“Mining is for Sweden what oil is for Norway”

Sweden’s Prime Minister, Mr. Reinfeldt

“… we are working in parallel with a study on how the logistics solution can

be solved in short as well long term”

Mrs. Elmsäter-Svärd, Minister for Infrastructure Ministry of Enterprise and Energy, on the probability of a railway to Kaunisvaara

”... vi arbetar parallellt med att se hur transportlösningen ska se ut på såväl kort som lång”, infrastrukturminister Catarina Elmsäter-Svärd

”Gruvnäringen är för Sverige vad oljan är för Norge”, statsminister Fredrik Reinfeldt

A Stable and Thriving Local Community

17

600 new homes will

strengthen the Pajala

municipality – creating a stable and

thriving local community

NSD, Sep 6, 2012

Hbwebben.se, Sep 11, 2012 NSD, Sep 6, 2012

Production to Reach 4 dmtpa in Q3 2014

27 18

Tapuli mine and Kaunisvaara plant:

– On track to start production in November 2012 and make first customer shipments in Q1 2013

– Production target 2013: 1.4 dmt1)

– to reach 4 dmtpa2) in Q3 2014

Sahavaara production will commence in late 2016, while Tapuli production is scaled down

Potential production upside from development of Pellivuoma, Hannukainen and additional exploration properties

Production Pipeline

Tapuli Sahavaara

Kaunisvaara

Million tonnes Upside potential from Pellivuoma, Hannukainen and exploration properties

1)Dry million tonnes, 2) Dry million tonnes per annum

0

1

2

3

4

5

2013 2014 2015 2016 2017

Kaunisvaara Concentrate – Quality Leader

19

Northland

Low silica and alumina content lead to lower flux additions, less slag and lower energy consumption

Off-take Agreements for 100% of Production

20

Partner Agreement details

Agreement signed November 2010 for delivery of up to ~3 mtpa of iron ore pellet feed for at least 10 years

Pricing to take into account the high product quality

The parties will co-ordinate and co-operate in marketing and sales activities

Agreement signed October 2010 for delivery of ~1dmtpa of magnetite concentrate over 7 years

Pricing to take into account the high product quality

Agreement signed in June 2010 for delivery of ~1 mtpa of magnetite concentrate for 8 years from 2012

Pricing to take into account the high product quality

Offtaker commitment to Northland is evidenced by financial commitments from Standard Bank (USD 40m Cost Overrun Facility) and Stemcor (Letter of Intent signed for USD 50m)

Phase 2 of our Growth Strategy – Pellivuoma

21

Located approximately 15 km west of Kaunisvaara

The deposit has the potential to make a significant contribution to the resource tonnage of the Kaunisvaara area

Potential scenarios include an increase in the production of high grade concentrate, or an extension of the life of the Kaunisvaara operation in combination with an increase in production

Definitive Feasibility Study is underway and is expected to be completed early 2013

Photos: Erik Karlsson

Phase 2 of our Growth Strategy – Hannukainen

22

Brownfield project located in Northern Finland

Open pit mine operated by Rautaruukki and Outokumpu during the 1970s and 1980s

Planned production rate of 2 million tonnes per annum of 68% Fe iron ore concentrate

Copper/gold concentrate by-product will be a major revenue contributor

Definitive Feasibility Study completion scheduled for the beginning of 2013

23

Funded to Reach Production

On-track to reach

production in Q4 2012

First production in November 2012

Expected positive cash flow as of end of Q2 2013

High-quality concentrate shipped to customers in Q1 2013