Q3 conference call slides

Northgate Minerals Corporation

November 10, 2010

This Northgate presentation contains “forward-looking information” or “forward-looking statements”, as such terms are defined in applicable Canadian and US securities legislation, concerning Northgate’s future financial or operating performance and other statements that express management’s expectations or estimates of future developments, circumstances or results. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “believes”, “anticipates”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “plans” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would” or “might” “be taken”, “occur” or “be achieved”. Forward-looking information is based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which Northgate operates, are inherently subject to significant operational, economic and competitive uncertainties and contingencies. Northgate cautions that forward-looking information involves known and unknown risks, uncertainties and other factors that may cause Northgate’s actual results, performance or achievements to be materially different from those expressed or implied by such information, including, but not limited to gold and copper price volatility; fluctuations in foreign exchange rates and interest rates; the impact of any hedging activities; discrepancies between actual and estimated production, between actual and estimated reserves and resources or between actual and estimated metallurgical recoveries; costs of production; capital expenditure requirements; the costs and timing of construction and development of new deposits; and the success of exploration and permitting activities. In addition, the factors described or referred to in the section entitled "Risk Factors" in Northgate's Annual Information Form for the year ended December 31, 2009 or under the heading "Risks and Uncertainties" in Northgate's 2009 Annual Report, both of which are available on the SEDAR website at www.sedar.com, should be reviewed in conjunction with the information found in this presentation. Although Northgate has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in forward-looking information, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information in this presentation is made as of the date of this presentation, and Northgate disclaims any intention or obligation to update or revise such information, except as required by applicable law.

The Company prepares its disclosure in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Terms relating to mineral resources in this presentation are defined in accordance with National Instrument 43-101-Standards of Disclosure for Mineral Projects under the guidelines set out in the Canadian Institute of Mining, Metallurgy, and Petroleum Standards on Mineral Resources and Mineral Reserves. The Securities and Exchange Commission (the "SEC") permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. The Company uses certain terms, such as, “measured mineral resources” “indicated mineral resources”, “inferred mineral resources” and “probable mineral reserves”, that the SEC does not recognize (these terms may be used in this presentation and are included in the Company’s public filings which have been filed with securities commissions or similar authorities in Canada).

Cautionary Note to US Investors Regarding Mineral Reporting Standards

2Q3 2010 Conference Call & Webcast

Q3 2010 Highlights and Financial Review


Strong Operating and Financial Results

ProductionGold production of 64,999 ouncesCopper production of 10.9 million pounds

Cash Costs Average net cash cost of $645 per ounce

FinancialAdjusted net earnings of $1.7MM or $0.01 per shareCash flow from operations of $13.5MM or $0.05 per share

Young-Davidson

Fully funded with completion of convertible note offering for net proceeds of $163.5MM

Kemess Underground

Intersected highest grade-thickness interval ever drilled on the property at 3.37 g/t gold and 0.95% copper over 60 m

FostervillePromising exploration results within the lower Phoenix resource block and Phoenix footwall

Stawell Discovered gold in two previously untested areas; Drilling in GG6L intersected high-grade mineralization



Gold (oz) Cash Cost ($/oz)

Fosterville 22,436 774

Stawell 16,530 939

Kemess 26,033 347

Gold Production / Cash Cost 64,999 oz $645 / oz

Copper Production 10.9 million pounds

Sales Realized Price

Gold Sales 58,083 oz $1,234 / oz

Copper Sales 7.4 MM lbs $3.96 / lb


Q3 2010 Q3 2009 YTD 2010 YTD 2009

Revenue $88.3 $120.2 $336.3 $374.3

Operating Cash Flow $13.5 $50.5 $40.7 $145.7

Cash/cash equivalents $168.2 $235.9 $168.2 $235.9

Adjusted net earnings $1.7 $7.7 $2.0 $45.0

per share $0.01 $0.03 $0.01 $0.18

Net earnings $(8.9) $(8.6) $0.32 $18.2

per share $(0.03) $(0.03) $0.00 $0.07

US$ millions, except per share amounts


Convertible Debenture Terms:

Principle US$170 million

Coupon 3.5%

Premium 30% (US$4.08/share)

Maturity October 1, 2016

Settlement Method Cash, shares, or combination

Ranking Senior unsecured

Conversion Notes are not convertible solely at the option of the holder until July 2016 (or occurrence of specified events). Note holders can exercise their conversion rights at a share price of US$4.08. We expect to settle the notes by cash as Young-Davidson will generate more than enough free cash flow to repay the notes prior to their maturity.


Benefits of Convertible Debenture vs. Project Loan Facility:

1. Lower coupon rate (3.5% versus 5%+)

2. Fixed Interest rate over 6-year term (no exposure to rising rates)

3. Limited covenants and ratios provide more operating flexibility and lower default risk

4. Unsecured Debentures do not encumber Northgate’s assets

5. Larger principle amount available

6. Absolutely no gold or F/X hedging required

Northgate is forecasting production of 274,000 ounces in 2010» Q4 production forecast: 67,500 ounces at a cash cost of $570 /oz


* Assumes $3.75/lb copper; US$/Cdn$0.98 and US$/A$0.98 for Q4 2010.

Gold Production (ounces) Cash Cost ($/oz)*

H1-2010 Actual

Q3 Actual

Q4Forecast Total

YTD Actual

Full YearForecast

Fosterville 54,897 22,436 21,000 98,500 $703/oz $750/oz

Stawell 37,070 16,530 21,000 74,500 $915/oz $915/oz

Kemess 49,670 26,033 25,500 101,000 $447/oz $335/oz

Combined 141,637 64,999 67,500 274,000 $664/oz $640/oz

Full Year 2010

Gold production 274,000 ounces

Copper production 42.4 million pounds

Net Cash Cost* $640 per ounce


Young-Davidson Fosterville Gold MineKemess Underground Stawell Gold Mine

Building Young-Davidson


Young-Davidson is fully-funded and advancing on budget

» In September, 30% engineering control budget completed » 60% of the contracts awarded (approximately $145 million)» 35% of the equipment purchase orders placed » 35% of the engineering complete» New budget has confirmed no change to project capital cost

estimate » Project contingency remains untouched


Ramp development: » Average rate of 11.6 m per day. Ramp extended to total length of 3,605 m

Initiatives over next six months:» Continue major earthworks» Commission new hoist and commence sinking operations of existing shaft.» Start the pilot hole and raise bore first leg of a new 5.5 m diameter shaft.» Complete erection of process plant building.» Prepare materials required for construction of tailings dam.» Install major process equipment.» Award electrical/mechanical installation contract.» Start open pit pre-production development.


Young-Davidson site in 2007Young-Davidson site in 2007

Young-Davidson TodayYoung-Davidson Today


1) Pouring concrete for new Hoist Room at #3 Shaft (needed for sinking existing shaft).

1 2 3

2) Construction of frame for Hoist Room. 3) Installation of Hoist Room Drum

4) & 5) Completing construction of Hoist Room

4 5


6) Cleaning bedrock for mill foundation7) Setting up for Cement Plant8) Establishing permanent foundations for the

headframe Backlegs.

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9) Reaming diamond drill hole for Young-Davidson Pit dewatering10) Highway construction11) Highway construction

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One of the best holes drilled on the propertyHole YD10-198 intersects 3.46 g/t gold over 79.5m»Assays pending for two holes around hole 198»Fault complications in previous holes»Two drills on the property

Indicated resource: 572,000 tonnes @ 1.86 g/t Resource now being evaluated from a pit optimization perspective to assess potential for conversion of new resource into reserves


Fosterville Gold Mine

Q3 production

» 166,912 tonnes of ore mined» Mine development advanced 2,144 m» Production of 22,436 ounces of gold at a net cash cost of

$774 per ounce» Solid cash flow from operations of $8.9 million


Review of Operations

Australia

Fosterville1

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Harrier Decline

Area of Current Drill Program

(Phoenix Footwall)

Phoenix Orebody

Hole IDInterval

(m)Gold Assay

(g/t)Section

UDE037 4.7 14.1 Extension

UDE038 5.0 5.8 Extension

UDE038 24.9 5.4 Footwall

incl. 5.6 11.5 Footwall

and 4.3 10.1 Footwall

UD756 6.3 4.7 Footwall

UD756 18.6 5.5 Footwall

Incl. 9.1 8.1 Footwall

Footwall: potential to add new reservesclose to existing development andincrease ounces per vertical metre

Extension (6850mN): potential to increase zone 150 m south along strike and down plunge.

Harrier Resource

Sufficient drilling completed on Harrier Underground North and Harrier Decline Resource estimation initiated; to be included in year end statement

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Fosterville Long ProjectionHarrier Decline: 8.6 m @ 5.9 g/t

and 11.9 m @ 5.6 g/t

Harrier UG North:Infill drilling to

south and to the north

Q3 2010 Conference Call & Webcast

Stawell Gold Mine


Q3 Operating Results

Improved production in Q3: »16,530 ounces of gold

(14,832 oz in Q2)

»191,087 tonnes of ore mined»Mine development

advanced 1,488 m Production to return to historical

levels in Q4 and beyond Mining in GG6;

average grade of 6.3 g/t

Australia

Stawell

6,419 oz

4,709 oz3.46

5,402 oz

2.942.63

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Gold found in two “Big Fish” targets»Mineralization in these areas consistent with the Golden Gift and

Magdala Ore bodies

Past/present mining1,500,000 oz600,000 ozContinuation Of Golden Gift

Basalt Dome

+0.5MM oz Potential

Structural OffsetNE over SW

+0.5MM oz Potential

+0.5MM oz Potential

Big fish

North Magdala

Wonga

Northgate Gift


High Grade Mineralization Discovered in Previously Untested Area

SD649A intersected multiple gold-bearing intervals

» 13.7 g/t gold over 5.45 m incl, 25.0 g/t over 2.2 m;

» 15.4 g/t gold over 2.5 m» Mineralization consistent with

golden gift ore zones, (produced over 600,000 oz)

» 1.6 km south of existing mine workings


Most significant discovery in Victoria region»First exploration hole drilled in previously untested area»Follow-up drilling to better define discovery


Hole IDFrom

(m)To (m)

Interval (m)

Gold Assay (g/t)

MD5696A 1969.4 1971.2 1.8 4.53

MD5696A 1978.6 1982.2 3.6 3.83

incl. 1980.8 1982.2 1.4 7.20

Potential to add to high-grade reserves»Follow-up drilling in Q4 and 2011


Hole IDFrom

(m)To (m)

Interval (m)

Gold Assay (g/t)

MD5790 273.2 278.4 5.2 5.7

incl. 274.7 276.2 1.5 13.0

MD5281 493.7 510.1 16.4 4.9

incl. 502.5 510.1 7.6 7.1

MD5281 535 545.6 10.6 24.0

Kemess South


Solid Operations in 2010

Continues to generate free cash flow» Expect to make $26 million+ in free cash flow in Q4 2010

Solid Q3 production »26,033 ounces of gold; 10.9 million pounds of copper

Looking ahead in Q4-2010:»Forecasting copper production of 12.4 million lbs »Net cash cost of production declines significantly to <$0 /oz

* Assumes $3.75/lb copper; US$/Cdn$0.98 and US$/A$0.98 for Q4 2010.

Kemess Underground

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$3 million diamond drill program

Kemess North resource contains 720 million tonnes»High-grade core is at bottom of deposit

26-hole program of 16,000m

»More tightly define 70+ million tonne higher grade core, containing 1.4MM ozs of gold and 500mm lbs of copper

»Determine geotechnical characteristics

»Assess potential for underground bulk mining, using existing facilities, including permitted tailings capacity in Kemess South open pit


Canada

Kemess Underground

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11 Holes completed to date

» Significant gold-copper mineralization, 22% higher for gold and 20% higher for copper

» Hole KN-10-03: 60m of 3.37 g/t gold and 0.95% copper within broader interval of 205 m, 1.28 g/t gold and 0.36% copper

– highest grade thickness intercept on Kemess property


Drill collars relative to $13 NSR* outline

KN-10-08

KN-10-07A

KN-10-01A

KN-10-06

KN-10-03

KN-10-02

KN-10-09A

KN-10-11

KN-10-10

KN-10-05

KN-10-04

KN-10-12

KN-10-13

KN-10-13

KN-10-13

KN-10-15

KN-10-15

KN-10-14

KN-10-16

KN-10-17

KN-10-18

KN-10-19

KN-10-20

KN-10-21

KN-10-22

KN-10-23 KN-10-24

KN-10-25

KN-10-25A

KN-10-26

*NSR based on $800 gold, $2.25 Cu, 0.90 FX with full allowance for recoveries, freight and TC/RC35Q3 2010 Conference Call & Webcast

» Balance of the drill results anticipated in early December

» Resource re-estimated Q1 2011


Other targets within Kemess Camp

» Known areas of similar gold-copper mineralization immediately to the east

» Attractive exploration targets for future years.

»Open between Offset and Ora:– Hole 24 in Ora: 153 m of 0.62

g/t Au and 0.53% Cu ended in mineralization


Our Focus Questions & Answer Near Term Highlights

Kemess: $26 million+ of free cash flow

forecast in Q4-2010 Extensive reclamation efforts Balance of Kemess UG drilling

expected in December

Kemess: $26 million+ of free cash flow

forecast in Q4-2010 Extensive reclamation efforts Balance of Kemess UG drilling

expected in December

Young-Davidson: Construction activities

underway On schedule and on budget Follow-up drilling on newly

discovered YD West zone

Young-Davidson: Construction activities

underway On schedule and on budget Follow-up drilling on newly

discovered YD West zone

Upcoming Highlights


Fosterville: Promising results from Phoenix

Extension / Phoenix Footwall Harrier UG North / Harrier

Decline to be included in reserve statement at end of the year

Fosterville: Promising results from Phoenix

Extension / Phoenix Footwall Harrier UG North / Harrier

Decline to be included in reserve statement at end of the year

Stawell: Follow-up drilling on two new

gold discoveries Follow-up drilling in GG6L;

potential to add high-grade reserves

Stawell: Follow-up drilling on two new

gold discoveries Follow-up drilling in GG6L;

potential to add high-grade reserves

Creating Value

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Vision to be the Leading Intermediate Gold Producer

Operations All operations and projects in stable jurisdictions

Financial Strong balance sheet

Gold PriceExceptional leverage to gold price from three operating mines to fund growth initiatives

ExperienceAn experienced management team with a depth of operating experience in turning around underappreciated assets

Organic Growth

Excellent exploration upside and organic growth at Young-Davidson, Kemess Underground, Fosterville and Stawell



Economy & Finance

Q3 conference call slides