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JULY 2016 C O R P O R AT E P R E S E N TAT I O N W E S T A F R I C A N G O L D E X P LO R AT I O N IMPORTANT NOTICE This presentation has been prepared by Kodal Minerals plc (Kodal Minerals or the Company) and does not constitute


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SLIDE 1

C O R P O R AT E P R E S E N TAT I O N

JULY 2016

W E S T A F R I C A N G O L D E X P LO R AT I O N

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SLIDE 2

IMPORTANT NOTICE

This presentation has been prepared by Kodal Minerals plc (“Kodal Minerals” or the “Company”) and does not constitute an offer or invitation for the sale or purchase of any securities, nor does it, nor does it purport to, set out or refer to all or any of the information an investor might require or expect in making a decision as to whether or not to deal in shares in the Company. This presentation does not constitute and is not a prospectus or listing particulars (under either the Prospectus Regulations 2005 (as amended), the Financial Services and Markets Act 2000 (“FSMA”) or the Prospectus Rules of the Financial Conduct Authority) nor does it comprise an AIM admission document for purposes of the AIM Rules for Companies published by the London Stock Exchange plc and should not be construed as such. No representation or warranty or other assurance, express or implied, is made by or on behalf of the Company or any of its respective directors, officers, employees, advisers or any other persons as to the fairness, accuracy or completeness of the information or estimates or opinions or other statements about the future prospects of the Company or any of its respective businesses contained in or referred to in the presentation given in connection therewith and no responsibility, liability or duty of care whatsoever is accepted by any such person in relation to any such information, projection, forecast, opinion, estimate or statement. This presentation has not been approved as a financial promotion for the purposes of section 21 of FSMA or otherwise. Accordingly, it is being delivered for information purposes only to a very limited number of persons and companies who are persons who have professional experience in matters relating to investments and who fall within the category of person set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or are high net worth companies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it. Any other person who receives this presentation should not rely

  • r act upon it. By accepting this presentation and not immediately returning it, the recipient represents and warrants that they are a person who falls within the above

description of persons entitled to receive the presentation. This presentation may not be (i) taken or transmitted into the United States of America, (ii) distributed, directly or indirectly, in the United States of America or to any US person (within the meaning of regulations made under the Securities Act 1933, as amended), (iii) taken or transmitted into or distributed in Canada, Australia, the Republic

  • f Ireland or the Republic of South Africa or to any resident thereof, or (iv) taken or transmitted into or distributed in Japan or to any resident thereof. Any failure to

comply with these restrictions may constitute a violation of the securities laws or the laws of any such jurisdiction. The distribution of this document in other jurisdictions may be restricted by law and the persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. This presentation must not be copied, reproduced, published, distributed, disclosed or passed to any other person at any time without the prior written consent the Company. SP Angel Corporate Finance LLP (the "Broker") is acting in the provision of corporate finance business to the Company, within the meaning of the Financial Conduct Authority’s Conduct of Business Sourcebook (“COBS”), and no-one else in connection with the proposals contained in this presentation. Accordingly, recipients should note that the Broker is neither advising nor treating as a client any other person and will not be responsible to anyone other than the Company for providing the protections afforded to clients of the Broker under the COBS nor for providing advice in relation to the proposals contained in this presentation. Please note that the information in this presentation has yet to be announced or otherwise made public and as such constitutes relevant information for the purposes of section 118 of FSMA and non-public price sensitive information for the purposes of the Criminal Justice Act 1993. You should not therefore deal in any way in the securities of the Company until after the formal release of an announcement by the Company as to do so may result in civil and/or criminal liability. By accepting a copy of the presentation you agree to be bound by the foregoing provisions. Forward-looking Statements This presentation may contain forward-looking statements. These statements relate to the future prospects, developments and business strategies of the Company and its subsidiaries (the “Group”). Forward-looking statements are identified by the use of such terms as “believe”, “could”, “envisage”, “estimate”, “potential”, “intend”, “may”, “plan”, “will” or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements contained in the presentation are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Group’s actual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking

  • statements. These forward-looking statements speak only as at the date of the presentation.

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 2

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SLIDE 3

P r o v e n t e a m

KODAL SNAPSHOT

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 3

W e s t A f r i c a f o c u s e d E x c e l l e n t J V p a r t n e r s

Signific an t exposur e to a prospec tiv e portfolio of gold explora ti on projects in Cote d’Ivoire and Mali – a platform for

  • rganic growth and value

accre tiv e corporat e actions Joint venture agree m e nt s in place with major global gold producing compani e s – significa nt l y de -ris k s project s

O p p o r t u n i s t i c a c q u i s i t i o n s t r a t e g y U p s i d e N e w s f l o w

Prospe c tiv e portfolio of gold explora ti on projects in Cote d’Ivoire and Mali and upside from copper -zin c and phosphat e /i ro n concent r a t e project s in Norwa y Near- t er m explor at ion results from West African project s with work programme s on -going throughout 2016 and project pipeline genera ti on Active & experi e n c ed manag e m e nt team with ability to ensure continued succes s fu l implem e nt a ti on of strate g y Active apprai s al strat eg y targetin g advanc ed project s and strate gi c mineral s in West Africa – asses s ing potentia l for lithium minera li s a tio n

  • n existing tenemen t s plus wider
  • pportuniti e s
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SLIDE 4

THE MODEL

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 4

Target prospective geological region - identify areas with limited exploration but with artisanal mining Compare targets to

  • ther mines in the

region Geological mapping, geochemical sampling and reconnaissance drilling Prioritise areas for more detailed exploration to prove prospectivity Identify JV Partner - mining & E&P companies with a strong technical focus Negotiate farm-in terms and build a portfolio of projects that have JV partners Develop pipeline to evaluate and implement strategy

This model has resulted in JV and farm-out agreements on four licence areas with exploration spend of up to US$4.7 million providing Kodal with a free-carry and upside

P ro ven an d effect ive lo w - co s t develo pm en t m o del t h at creates valu e

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SLIDE 5

KEY DATA

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 5

T i c k e r M a r k e t C a p S h a r e P r i c e S h a r e s i n I s s u e 5 2 W e e k R a n g e B r o k e r N o m a d

K O D . L £ 1 . 3 8 m 0 . 0 3 7 p 3 , 7 7 4 , 8 5 4 , 8 4 9 0 . 2 3 - 0 . 0 3 p S P A n g e l A l l e n b y C a p i t a l

1 Year Share Price Graph

23.7 6.6 5.3

Key Shareholders

Pelamis & D Steinepreis Tetra Minerals Directors

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SLIDE 6

BOARD OF DIRECTORS

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 6 Robert Wooldridge – Non Executive Director

Chartered Accountant qualified from PWC in 1989 following a degree in Natural Sciences from Cambridge

  • University. He joined the international equity capital markets division of HSBC Investment Bank in 1994 where he was

responsible for completing a number of landmark equity transactions across Europe, India and the Middle East &

  • Africa. Robert is currently a partner at SP Angel (founding partner). SP Angel is an independent corporate finance

and broking operation which focuses on advising small and mid cap companies in the mining, oil and gas and technology sectors.

Luke Bryan – Chief Technical Officer

Luke is a mining engineer with over 20 years of international experience. Most recently he was chief executive officer

  • f North River Resources, an AIM quoted mineral exploration company and prior to that he worked as

an independent consultant. Luke has worked throughout Africa, Australia, the Former Soviet Union and Europe. He holds degrees in Mining Engineering and Economics from Auckland University.

Bernard Aylward – Chief Executive Officer

Geologist and Manager who has over 20 years experience across West Africa, Australia and Europe. Bernard has relevant extensive experience in West Africa project acquisition, exploration and development. He was a founding Director of ASX listed Taruga Gold Limited and has been instrumental in Kodal’s acquisition of the International Goldfields (Bermuda) Limited projects.

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SLIDE 7

WEST AFRICAN PROJECT LOCATIONS

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 7 M A L I C O T E D ’ I V O I R E W E S T A F R I C A – H O S T T O S I G N I F I C A N T G O L D M I N E S :

  • A H A F O

– G H A N A , O P E R A T E D B Y N E W M O N T M I N I N G C O R P .

  • T O N G O N

– C O T E D ’ I V O I R E , O P E R A T E D B Y R A N D G O L D R E S O U R C E S L I M I T E D

  • S Y A M A

– M A L I , O P E R A T E D B Y R E S O L U T E M I N I N G L I M I T E D

  • L O U L O

– M A L I , O P E R A T E D B Y R A N D G O L D R E S O U R C E S L I M I T E D

  • O B O U A S I

– G H A N A , O P E R A T E D B Y A N G L O G O L D A S H A N T I L I M I T E D

KODAL’S WEST AFRICAN PORTFOLIO

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SLIDE 8

WEST AFRICAN OPPORTUNITY

  • Africa has high discovery rate per exploration dollar invested
  • Projects located in proven gold mineralised districts with highly prospective

geology

  • Excellent locations with access to infrastructure and cost efficient exploration
  • Under-explored region highly leveraged to early stage exploration success
  • Increasing corporate activity from other gold operators
  • Perseus Mining Limited acquisition of Amara Mining Plc
  • Additional exploration in the region e.g. Randgold Resources in Cote

d’Ivoire C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 8

Source MinEX Consulting, July 2013 Source USGS Mineral Commodity Summary, 2009

Country % Birimian Greenstone Gold Discovered % Gold Cote d’Ivoire 35% 8Moz 4% Burkina Faso 22% 12Moz 7% Ghana 19% 110Moz 62% Guinea 11% 12Moz 7% Mali 10% 33Moz 19% Senegal 3% 3Moz 2%

Wes t African B irim ian G reen s to n e s equ en ce h as a go ld en do wm en t of

  • ver 170

m illio n o u n ces

Region Exploration Spend Number Discoveries Latin America $28 (23%) 118 23% Canada $22 (18%) 65 12% China and Rest of World $22 (19%) 77 15% Africa $17 (14%) 116 22% Australia $12 (10%) 83 16% USA $9 (8%) 20 4% Pacific / SE Asia $6 (5%) 23 4% Western Europa $3 (3%) 22 4%

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SLIDE 9

PORTFOLIO

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 9

KODAL

PROJECTS

JOINT VENTURE

PROJECTS

PIPELINE

PROJECTS

N A N G A L A S S O

G o l d i n M a l i

K O R H O G O

G o l d i n C o t e d ’ I v o i r e

B O U N D I A L I

G o l d i n C o t e d ’ I v o i r e

S L A M

G o l d i n M a l i

N I E L L E

G o l d i n C o t e d ’ I v o i r e

T I E B I S S O U

G o l d i n C o t e d ’ I v o i r e

M ’ B A H A I K O

G o l d i n C o t e d ’ I v o i r e

D A B A K A L A

G o l d i n C o t e d ’ I v o i r e

G R I M E L I

C o p p e r - Z i n c i n N o r w a y

K O D A L

P h o s p h a t e & i r o n i n N o r w a y

A D D I T I O N A L W E S T A F R I C A N O P P O R T U N I T I E S

Total spend commitments

  • f US$4.7

million on the West African Gold Projects

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SLIDE 10

MALI PROJECTS – NANGALASSO

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 10

Tw o l i c e n c e a r e a s l o c a t e d i n a h i g h l y - m i n e r a l i s e d d i s t r i c t a n d j u s t 3 0 k m f r o m R e s o l u t e ’s S y a m a m i n e

  • Concessions held under option

agreements

  • Reconnaissance drilling returned 3m at

7.12g/t gold within 21m at 1.25g/t gold, 1m at 7.8g/t gold and 3m at 7.84g/t gold

  • High-grade mineralised results from

reconnaissance trench sampling of 7m at 4.3g/t gold in quartz veining and alteration located 200m north of previous drilling

  • Vertical sampling targeting the profile of

the trench returned assays up to 2.9 g/t gold from surface

  • Extensive artisanal workings not previously

targeted by further testing

  • 2016 work programme:
  • Trenching results in July
  • Air core drilling in

September/October

  • RC drilling to follow
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SLIDE 11

COTE D’IVOIRE PROJECTS – WHOLLY OWNED

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 11

L o c a t e d i n g o l d m i n e r a l i s e d b e l t s , w i t h e a r l y s t a g e e x p l o r a t i o n r e t u r n i n g g o l d a n o m a l i s m

  • Additional wholly owned projects in central

and northern Cote d’Ivoire

  • Korhogo
  • First pass geochemical sampling

completed

  • Additional geochemical sampling

planned in 2016

  • Boundiali
  • Application in process
  • Geochemical sampling planned
  • nce licence awarded
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SLIDE 12

MALI PROJECTS – SLAM

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 12

R i g h t s t o t w o l i c e n c e s a r e a s , K a m b a l i a n d D j e l i b a n i , a c q u i r e d f r o m N e w m o n t M i n i n g C o r p .

  • Licence areas held under option agreements
  • Extensive artisanal workings highlight near surface gold mineralisation
  • Located in “Siguiri Basin” sequence, host to extensive gold mineralisation

including Siguiri Mine (AngloGold Ashanti Limited), Lefa Gold Mine (Nord Gold N.V.) and Tri-K Project (Avocet Mining plc)

  • Extensive geochemical anomalies, with surface samples up to 6g/t gold
  • returned. Anomalous zones of greater than 1g/t gold extend for over 500m
  • Wide-spaced reconnaissance drilling at Kambali returns highly encouraging

results including:

  • 3m at 5.64g/t gold from 3m within a zone of 6m at 2.88g/t gold from

3m

  • 6m at 1.12g/t gold from 30m to end of hole within a broad zone of

15m at 0.62g/t from 21m

  • Work programme in 2016
  • Geochemical sampling at Djelibani Sud
  • Follow up drilling at Kambali
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SLIDE 13

COTE D’IVOIRE PROJECTS – RESOLUTE JOINT VENTURE

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 13

  • Agreement signed February 2015
  • Following completion of earn-in phase (to Feb

2019), Kodal will have continued 25% interest in projects with a free carry through to completion of feasibility studies

  • Exploration activity commenced at Tiebissou:
  • Geological mapping
  • Geochemical sampling
  • First-pass Aircore drilling in February 2016
  • Minimum spend of US$500,000

Expenditure commitment of US$3.0 million by Resolute Earning a 75% interest in three licences – Tiebissou and Nielle exploration licences and the M’Bahaikro licence application Two licence areas located in a highly-mineralised district just 30km from Resolute’s Syama mine

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SLIDE 14

COTE D’IVOIRE PROJECTS – NEWCREST FARM-IN

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 14

  • Agreement signed December 2015
  • Newcrest confirmed anomalous gold trends

through regional stream sediment, rock chip and laterite sampling programme as part of its project review

  • Major exploration campaign planned to infill

strong geochemical anomalies prior to drilling

Expenditure of US$1.7 million by Newcrest Earning a 75% interest in Dabakala Project US$750,000 minimum spend in first 12 months (by 14 December 2016)

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SLIDE 15

NORWEGIAN PROJECTS

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 15

K o d a l M i n e r a l s h a s t w o l i c e n c e g r o u p s i n N o r w a y, t h e G r i m e l i P r o j e c t i n t h e w e s t a n d t h e K o d a l P r o j e c t i n t h e s o u t h

  • The Grimeli Project is a copper-zinc

exploration project 150km north of Bergen

  • The Grimeli Project licences cover three

historic copper mines

  • The Kodal Project is an advanced resource

project which has the potential to produce phosphate and iron concentrates

  • The Kodal Project has a JORC compliant

resource of:

  • 14.6Mt at 2.26% P (5.18% P2O5)

and 24.12% Fe (Indicated)

  • 34.3Mt at 2% P (4.59% P2O5) and

20.38% Fe (Inferred)

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SLIDE 16

ACTIVE NEWSFLOW

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | 16

RESULTS FROM

NANGALASSO

TRENCHING

AIRCORE DRILLING RESULTS FROM NANGALASSO GEOCHEMISTRY RESULTS FROM COTE D’IVOIRE

RESULTS FROM

NEWCREST JV

WORK

RC DRILLING AT NANGALASSO GEOCHEMICAL SAMPLING AT SLAM

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SLIDE 17

INVESTMENT CASE

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | 17

Significant gold mines Clear Strategy Low cost exploration & expansion potential Team Capital structure & news JV & Farm-In

Both Mali & Cote d’Ivoire host significant gold mines and have supporting infrastructure Low cost exploration methods to highlight value and significant upside potential from large strategic licence areas Clear strategy to acquire prospective ground and develop through joint venture partnerships Expansion and strengthening of management team Operating Joint Venture and Farm-In with major gold producing companies in Cote d’Ivoire Recent capital raising to support ongoing exploration activity and drive strong pipeline of news through 2016

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SLIDE 18

CONTACTS

JUNE 2016

K O D A L M I N E R A L S

B E R N A R D AY L W A R D T: +61 418 943 345 E: bernard@kodalminerals.com L U K E B R YA N T: 020 3470 0470 E: luke@kodalminerals.com

S P A N G E L

R I C H A R D PA R L O N S / E L I Z A B E T H J O H N S O N T: 020 3470 0472 / 0471 E: richard.parlons @spangel.co.uk E: elizabeth.johnson@spangel.co.uk

S T B R I D E S PA R T N E R S

L O T T I E B R O C K L E H U R S T / S U S I E G E L I H E R T: 020 7236 1177 E: lottie@stbridespartners.co.uk

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SLIDE 19

JUNE 2016

APPENDIX

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SLIDE 20

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | 20

  • Resolute mining is a global gold producer, explorer and developer. The company is

listed on ASX and has a market cap of AUD $368.91mn (c. £195mn).

  • The Company has 25 years of experience of gold production and has operated 9

gold mines across Australia and Africa, producing over 7mn oz of gold.

  • Currently, Resolute operates 2 gold mines, the Syama mine in Africa and the

Ravenswood mine in Australia.

  • The company is also expecting to complete the feasibility study of the Bibiani Gold

Project in Ghana by June 2016. The scoping study derived a mining inventory of 4.3Mt @ 4.2g/t Au for 574,000 ounces for a 5.5 year mine life from the indicated resource. 2015 highlights:

  • Over 328,000oz of gold produced at AUD $845 per oz.
  • Record gold production achieved at Syama mine, demonstrating solid asset base

and robust cash generation capabilities.

  • Golden Pride Project closure handover to the Government of Tanzania completed.

FY2016 guidance:

  • Production: 315,000oz Au
  • Cash cost: AUD $990 per oz.
  • All-in-sustaining cost: AUD $1,280 per oz

RESOLUTE MINING

Share price: 1 year

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SLIDE 21

RESOLUTE MINING

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | 21

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SLIDE 22

RESOLUTE MINING

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | 22

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SLIDE 23

COTE D’IVOIRE PROJECTS – RESOLUTE JOINT VENTURE

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 23

E x p e n d i t u r e o f U S $ 3 . 0 m i l l i o n b y R e s o l u t e t o e a r n 7 5 % i n t e r e s t i n 3 l i c e n c e s – T i e b i s s o u a n d N i e l l e e x p l o r a t i o n l i c e n c e s a n d t h e M ’ B a h a i k r o l i c e n c e a p p l i c a t i o n

  • Agreement signed February 2015
  • Following completion of earn-in

phase (to Feb 2019), Kodal will have continued 25% interest in projects with a free carry through to completion of feasibility studies

  • Exploration activity commenced at

Tiebissou:

  • Geological mapping
  • Geochemical sampling
  • First-pass Aircore drilling

completed

  • Minimum spend of US$500,000

KODAL’S JV CONCESSIONS WITH RESOLUTE

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SLIDE 24

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | 24

  • Newcrest mining is the largest ASX-listed gold producer with a

market capitalisation of AUD $13.30bn (c. £6.87bn). The Company is also listed on the Port Moresby Stock Exchange.

  • The Company is well-known for operating and owning a portfolio
  • f low cost, long-life mines. Newcrest also has a significant

pipeline of brownfield and greenfield exploration projects.

  • Newcrest’s mines are located in Australia, Papua New Guinea

(PNG), Indonesia, and in Côte d’Ivoire, West Africa. Current

  • perations include:

Cadia Valley Operations (near Orange, New South Wales) Telfer (Pilbara Region, Western Australia) Gosowong (Halmahera Island, Indonesia) Lihir (New Ireland Province, PNG) Hidden Valley (Morobe Province, PNG) Bonikro (Côte d’Ivoire, West Africa)

NEWCREST MINING

Share price: 1 year

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SLIDE 25

NEWCREST MINING

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | 25

slide-26
SLIDE 26

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | 26

NEWCREST MINING

  • F Y 2 0 1 5 h i g h l i g h t s :
  • G o l d p r o d u c t i o n : 2 . 4 2 m
  • z

( u p 1 % o n F Y 2 0 1 4 )

  • C o p p e r p r o d u c t i o n :

9 6 , 8 1 6 t n ( u p 1 2 % o n F Y 2 0 1 4 )

  • G r o u p A I S C : U S $ 7 8 9

p e r o z ( d o w n 1 2 % o n F Y 2 0 1 4 )

  • G r o u p A I S C m a r g i n

i n c r e a s e d t o U S $ 4 4 7 p e r o z

  • N e t d e b t r e d u c t i o n o f

A U D $ 1 7 4 m ( c . £ 9 2 m )

2 0 1 6 P r o d u c t i o n G u i d a n c e

slide-27
SLIDE 27

NEWCREST MINING

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | 27

slide-28
SLIDE 28

COTE D’IVOIRE PROJECTS – NEWCREST FARM-IN

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 28

E x p e n d i t u r e o f U S $ 1 . 7 m i l l i o n b y N e w c r e s t t o e a r n 7 5 % i n D a b a k a l a P r o j e c t

  • Agreement signed December 2015
  • Newcrest confirmed anomalous gold

trends through regional stream sediment, rock chip and laterite sampling programme as part of its project review

  • Major exploration campaign planned

to infill strong geochemical anomalies prior to drilling

  • Preliminary results expected in H2

2016

  • US$750,000 minimum spend in first

12 months (by 14 December 2016)

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SLIDE 29

CONCESSION SUMMARY

Details of Licences NAME Holder Size km2 Expiry Date Renew- able Comment Cote d'Ivoire Korhogo IGS CIV SARL 360.6 07/01/2017 Y Dabakala IGS CIV SARL 394.5 07/01/2017 Y Newcrest JV Niele Corvette CIV SARL 388 11/03/2017 Y Resolute JV Tiebissou-Didievi Corvette CIV SARL 306.7 30/09/2018 Y Resolute JV Mali Nangalasso Gold Corporation Mali SARL 95 03/02/2020 Y Held under Option Sotian La Societe Drame et Freres SARL 250 29/04/2017 n Held under Option Djelibani Sud Gold Corporation Mali SARL 106 28/10/2016 Y Held under Option Kambali Tourekounda SARL 33 13/07/2016 n Held under Option

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | | 29

Option Agreements Nangalasso and Sotian (Nangalasso Project) Exclusive access rights for exploration and devlopment Annual fees of US$40,000 (Nangalasso) and US$30,000 (Sotian) Option to acquire for US$500,000 each Payment of NSR royalty:

  • Nangalasso

3%

  • Sotian

2% Option Agreements Djelibani Sud and Kambali (SLAM Project) Exclusive access rights for exploration and devlopment Will attain full ownership on payment of final amounts:

  • Djelibani Sud

US$25,000

  • Kambali

US$80,000 (reduction under negotiation)

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SLIDE 30

COMPETENT PERSONS’ STATEMENT

C O R P O R A T E P R E S E N T A T I O N | J U N E 2 0 1 6 | 30

The information in this presentation that relates to geological information and exploration results concerning the IGS assets is based on information compiled by Mr Bernard Aylward. Mr Aylward is the Managing Director of Taruga Gold Limited and is a full-time employee. Mr Aylward is a proposed director of the Company. Mr Aylward is a member of The Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant 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 Aylward consents to the inclusion in this presentation of the matters based on information in the form and context in which it appears. The Grimeli Project drilling results contained in this presentation have been reviewed by Mr. Galen White - Principal Geologist, CSA Global (UK) Ltd. Mr White is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy (FAusIMM) and a Fellow of the Geological Society of London (FGS) with sufficient experience to act as Competent Person under the JORC Code (2012). Mr White has reviewed the information contained herein, alongside drill logs, sampling information, core photography and SGS laboratory analysis data. Mr White consents to the disclosure of drilling results in the form and context in which they appear.