Northgate Minerals Corp (NXG)

[EZ2]

RESULTS OF OPERATIONS

Northgate recorded net earnings of $14,902,000 or $0.07 per diluted common share in the third quarter of 2006 compared with earnings of $8,765,000 or $0.04 per share during the corresponding quarter of 2005. Earnings for the third quarter of 2006 included a $13,504,000 non-cash future income tax expense. Cash flow from operations (before changes in working capital and other items) was $25,370,000 or $0.11 per diluted common share in the third quarter of 2006 compared with cash flow of $19,731,000 or $0.10 per diluted common share during the same quarter last year. Cash flow from operations (before changes in working capital) during the most recent quarter included the $19,754,000 effect of settling copper futures contracts that were entered into earlier in the year to fix the price of copper sales reported in the first quarter of 2006. The settlement of these contracts had no effect on the Corporation's earnings. Per share data is based on the weighted average diluted number of shares outstanding of 226,992,626 in the third quarter of 2006 and 200,764,355 in the corresponding period of 2005.