Investor Presentation 2010 February 2010 F b C Cautionary note - - PDF document

SLIDE 1

F b 2010

Investor Presentation

February 2010

SLIDE 2

C ti t Cautionary note

DISCLAIMER

• The information contained in this confidential document ("Presentation") has been prepared by Avocet Mining PLC (the "Company").

This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 and therefore 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 ithi th i t t i A ti l 49 f th O d th i itt d t i it A th h i thi 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 or act upon it. By accepting this Presentation, the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive the Presentation.

• While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors,
• fficers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or

implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or p ) y y p y

• f any other written or oral information made or to be made available to any interested party or its advisers (all such information being

referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information

• r for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the

use of this Presentation.

• Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company

to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.

www.avocet.co.uk

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SLIDE 3

O i f A t Mi i Overview of Avocet Mining

Gold mining company, active in 2 highly prospective districts

• South East Asia
• West Africa
• Group Reserves and Resources of 1.5 Moz and 5.3 Moz respectively

Excellent growth profile

• 2009 production: 109,000 oz

2010 t t d ti 200 000

• 2010 target production: 200,000 oz
• 2011 target production: +230,000 oz

West Africa – new mine set to double group’s production in 2010 West Africa new mine set to double group s production in 2010

• Inata (Burkina Faso)

South East Asia – two operational mines with positive cash flow

• Penjom (Malaysia)
• North Lanut (Indonesia)

3

SLIDE 4

C h t Company snapshot

PENJOM (0.9 Moz) NORTH LANUT (South East Asia) (0.9 Moz) LANUT & Bakan (1.0 Moz) Seruyung Doup (1 0 Moz) Listing AIM (Ticker: AVM) 87 5 Doup (1.0 Moz) (West Africa)

South East Asian ounce figures are JORC-compliant Mineral Resource figures, 100% basis. See appendices for details

Share price close (28.01.10)

87.5 p 52 week low – high 107.0 – 48.0 p

• Av. daily volume (90 day)

778,000 Shares in issue 195.1m INATA (1.7 Moz) Belahouro Financial year end 31 December1 Market cap US$275.6 m Enterprise value US$315.6 m2 Elliott 16% Ownership Datum AS 13% Blackrock 5% JP Morgan 5% Management 5% I 4%

1 Effective 31 December 2009; previous year end: 31 March 2 Assuming net debt of US$40.0 m as of 9 November 2009

4

Koulekoun (0.7 Moz)

West African ounce figures are 43-101-compliant Mineral Resource figures, 100% basis. See appendices for details

Invesco 4%

SLIDE 5

A t B d f Di t d EXCO Avocet – Board of Directors and EXCO

Senior Management Board of Directors

• Has been Finance Director of Helical Bar plc since 1987.

Previously he was a director of Johnson Matthey Plc and held various positions in the Anglo American plc and Charter Consolidated groups.

N G McNair Scott Non-executive Chairman

• Appointed CEO in July 2006 having previously been FD

Jonathan Henry

• Eric is an experienced expatriate professional with over 20

years experience, having worked in Namibia, Australia, Papua New Guinea, Indonesia and Malaysia. In July 2006 he was appointed Chief Operating Officer after a two year period as Regional Director, South East Asia.

Eric Vesel Executive Vice President, Operations – South East Asia

• Appointed CEO in July 2006 having previously been FD

since October 2002. He has held several positions with Avocet since joining the Company in 1994

Jonathan Henry CEO

• Finance Director since July 2007 having previously been

CFO since February 2007. Chartered accountant at Coopers & Lybrand before holding senior financial and operational l t Ri Ti t PLC d A l A i PLC

Mike Norris Finance Director

• Richard joined Avocet in June 2009 following the acquisition
• f Wega Mining. He has had a successful career in

developing mining companies, including 15 years working in South Africa for Gencor Ltd, and 10 years in West Africa for Golden Star Resources Ltd.

Richard Gray Executive Vice President, Operations – West Africa

roles at Rio Tinto PLC and Anglo American PLC.

Finance Director

• He is the Chief Executive Officer of Datum AS, Avocet's

second largest shareholder. Mr. Arnet previously held the position

• f

Senior Vice President, Corporate Finance, Norway for Svenska Handelsbanken

Harald Arnet Non-executive Director

• Peter is a geologist with over 20 years experience in gold

and copper exploration, resource evaluation and reserve development in South East Asia, Central Asia and North America. He joined the Group as Chief Geologist in May 2002 following 12 years with Newmont Mining Corporation.

Peter Flindell Executive Vice President Exploration

• Serves on the board of Fidelity Special Values PLC and is

chairman of other investment entities associated with J O Hambro Investment Management Ltd.

Sir Richard Brooke Bt. Non-executive Director

• Managing Director of UBS Investment Bank and also a

director of ASA Limited an investment trust investing

R A Pilkington N ti

• Hans-Arne

joined Avocet in June 2009 following the acquisition of Wega Mining. Previously he was Acting CEO

• f Wega Mining, having joined from Vyke Communications

Plc, where he served as CEO. Prior to that position, he was CEO of Birdstep Technologies, Inc.

Hans-Arne L’orange

• Exec. Vice President

Business Development & Investor Relations

director of ASA Limited, an investment trust investing principally in South African gold mining companies.

Non-executive Director

• He is a mining engineer with over 30 years experience in

mining operations and new mine developments in Africa, Australia, South East Asia and Europe.

M J Donoghue Non-executive Director

• Brett joined Avocet in November 2009 following a six month

consulting assignment with the Company. A human resources and

• perations

executive, with previous experience at operational and head office level. Brett’s previous employers include Katanga Mining, Kinross Gold, and Co Steel.

Brett Richards Executive Vice President Corporate Affairs

• He has over thirty years experience in extractive industry

and was previously Chief Executive of Tarmac and Anglo Industrial Minerals.

R S Robertson Non-executive Director

5

• Jim joined Avocet in November 2008 and was appointed

Company Secretary in January 2009. He is a Chartered Accountant and was previously employed by Anglo American PLC where he held a number of roles within the Anglo Industrial Minerals division, notably Finance Manager.

Jim Wynn Company Secretary

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SLIDE 6

St t i di ti Strategic direction

“A t Mi i i itt d t b i l di ld i i d “Avocet Mining is committed to becoming a leading gold mining and exploration company”

+300,000 oz pa and growing

Junior gold Mid-tier gold

growing +5 Moz reserves

Avocet Mining

Junior gold producers Mid-tier gold producers

.......

+10 year mine lives Cash costs <$500/oz

Avocet’s medium-term strategy is to build a portfolio of gold mines to produce in excess of 300,000 oz p.a.

6

SLIDE 7

St t i di ti Strategic direction

Annual gold production (k oz p a )

• Acquisitive growth

f

00 600 (k oz p.a.)

• Ramp up of Inata will allow Avocet

to become a +200,000 oz p.a. producer in 2010

400 500

M&A

• Organic growth
• Prospective pipeline of projects in

both regions

300

Guinea

both regions

• Existing portfolio has potential to

add further growth beyond 300 000 oz p a

200

Burkina Faso

300,000 oz p.a.

100

Indonesia Malaysia

2010 2011 2012 2013 2014

7

SLIDE 8

I t t k Inata – ramp-up on track

• First gold pour 20 Dec ‘09
• First gold pour 20 Dec. ‘09
• Gold production of 3,200 oz in Jan. ‘10
• Ramp up continues as scheduled
• Mining update:

AVM Ownership 90% Location Burkina Faso

• Owner-operated fleet operating well
• 24 hr/day operations since Oct. ‘09
• Plant update:

Reserves (oz) 1 944,000 Resources (oz) 1 1,694,840 P d ti ( ) 2010

• c. 100,000

Plant update:

• All sections of plant handed to operational

teams

• Ongoing removal of bottlenecks during ramp-

Production (oz) 2011

• c. 140,000

Cash costs ($/oz) LoM 500-550 Estimated Mine Life (years) +7

• Ongoing removal of bottlenecks during ramp-

up

8

Estimated Mine Life (years) 7

1 NI 43-101-compliant, reserves and resources as of July 2007.

SLIDE 9

P d ti Production ramp-up

Ramp-Up Production (January June 2010) Steady State (from July 2010) (January – June 2010) (from July 2010) Milled (t th) 56,000 increasing t +180 000 +180,000 (t per month) to +180,000 , Mill Grade (g/t) 2.4 +2.0 Recovery 65% increasing to +90% +90% Production 2,500 increasing to +10 000 (oz per month) +10,000 +10,000 Cash costs US$5m-US$6m per month US$500-550/oz

9

SLIDE 10

P j t bl d ti

• Mining (Dec. ‘09 quarter):

Pit i i

Penjom – stable production

• Pit expansion ongoing
• Grades of 2.95 g/t reduced to below

average

• Processing (Dec. ‘09 quarter):
• Mill liner change in Oct. ‘09
• Recoveries remain consistent at 80-85%
• eco e es e

a co s s e a 80 85%

• Updated Resource Model
• Incorporates additional 80,000 m of

AVM Ownership 100% Location Malaysia

p , resource drilling

• Drilling continues into 2010
• Model undergoing independent review

Reserves (oz) 1 298,500 Resources (oz) 1 891,700 P d ti ( ) FY20092 68,902

• New mine plan to follow in Mar. ‘10

Production target of 60,000 oz in 2010

Production (oz) Q3 FY20093 14,512

Cash costs($/oz)

FY20092 610 Q3 FY20093 811

g ,

Q3 FY2009 811 Estimated Mine Life (years) +4

10

1 JORC-compliant, reserves and resources as of 31 March 2009 2 Twelve months to 31 March 2009 3 Three months to 31 December 2009

SLIDE 11

P j b d t ti l Penjom – orebody potential

(Chargeability anomaly)

Measured and Indicated ore Planned deep drill holes Inferred ore

150m

• Open along strike
• Known mineralisation extends +3 km beyond

existing open pits

• Open at depth
• Only Kalampong pit exploits the mineralisation at

depth

• Underground mining of high grade ore to

supplement mill feed – studies underway

11

SLIDE 12

N th L t f th ld i ti di t i t North Lanut – foothold in prospective district

• Mining (Dec ‘09 quarter):

O i i R ik i b l

• Ore gains in Rasik pit, but at lower

grade than plan

• Higher tonnages mined have resulted in

hi h t higher costs

• Processing (Dec ‘09 quarter):
• Recoveries affected by supply shortage
• Recoveries affected by supply shortage
• f lime in late December; supply now

restored

• Leach pad area further increased

AVM Ownership 80% Location Indonesia Reserves (oz) 1 215 700

• Leach pad area further increased
• Recent ore gains have added up to

12 months to life of mine plan

Reserves (oz) 1 215,700 Resources (oz) 1 552,100 Production (oz) FY20092 41,017

3

12 months to life of mine plan Production target of 48,000 oz in 2010

( ) Q3 FY20093 11,365 Cash costs ($/oz) FY20092 588 Q3 FY20093 710

12

Estimated Mine Life (years) +4

1 JORC-compliant, reserves and resources as of 31 March 2009 2 Twelve months to 31 March 2009 3 Three months to 31 December 2009

SLIDE 13

N th L t i it id

f

North Lanut – near mine site upside

• New areas of in-pit mineralisation

discovered as mining progresses

• Example: Beringin extension at Riska

p g

• Near pit discoveries
• Extensions of the in-pit mineralisation
• Ayam Putih, South Rasik and Jhosiab
• Prospects immediately S-SE of current

pits

• Region has excellent track record of

exploration upside; Avocet’s regional fi ld di i i l d greenfield discoveries include:

• Bakan (0.6 Moz)*
• Doup (+1.0 Moz)*

13

*Figures are JORC-compliant Mineral Resource figures, 100% basis. See appendices for details

SLIDE 14

Fi i l

Cash position Project finance f ilit Gold hedge Corporate f ilit

Financial summary

Cash position

• Cash at bank

US$54m1

facility

• US$65m project

finance facility with

Gold hedge

• 400,000 oz at an

average US$970/oz,

facility

• US$25m corporate

revolving credit

• Net debt US$40m1
• Inata fully funded

Macquarie Bank

• First repayment Q3

2010 required by project finance facility

• Unhedged production

until September 2010 facility with Standard Chartered Bank until September 2010

• c.20% group

production in 2010

• c.40% group

production in 2011

14

1 As of 9 November 2009

SLIDE 15

E l ti i li

Generative Scout Drilling Pre-Feasibility Feasibility Mine - Resource

Exploration pipeline

Generative Scout Drilling Pre-Feasibility Feasibility Development

• Two Asian mines developed from exploration stage

Bakan Penjom North Lanut

• Bakan awaiting final permitting approvals

Lanut Doup Inata Koulékoun Seruyung Souma y g Legend Pani

Malaysia Mali Burkina Faso Guinea Indonesia

Bubble size reflects current resource estimate

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SLIDE 16

I t t llit t t th S T d Inata satellite targets – the Souma Trend

• Close to Inata mill
• Close to Inata mill
• 20 km from the mill
• Favourable topography

+24ppb gold in soil anomaly

+24ppb gold anomaly Avocet Mining controlled licence No previous exploration

• 16 km strike length
• Similar geology to Inata

Avocet controlled licence No previous exploration

Avocet Mining controlled licence High priority exploration target

• 22 soil anomalies; only 4 drilled
• Prospects recently all cleared
• f illegal miners ahead of 2010

exploration campaign

• Work to commence in Q1 2010
• Work to commence in Q1 2010

Inata

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SLIDE 17

T i K Bl k G i t ti l Tri-K Block – Guinean potential

• Multiple untested gold-in-soil anomalies
• Resource – 225 holes, 19,208 m drilled

13 4 Mt @ 1 6 g/t A (0 67 Mo A )

• 13.4 Mt @ 1.6 g/t Au (0.67 Moz Au)
• Drilling – KOD-1 Zone (23 holes, 2,358 m)
• 60 m @ 2 01 g/t Au
• 60 m @ 2.01 g/t Au
• 20 m @ 6.43 g/t Au
• Prospect largely untested

O l t ik

• Open along strike
• Open at depth

Avocet 95%

17

SLIDE 18

B k i d f d l t Bakan – poised for development

• Located 25km west of North Lanut;
• Located 25km west of North Lanut;

falls under the same corporate umbrella A iti l f Pi j P k i

• Awaiting approval of Pinjam Pakai

by the Government

• Technical aspects of 2007 PFS

remain robust

• Targeting 50,000 oz p.a. from

500,000 oz resource 500,000 oz resource

• Regional exploration upside

Avocet 80%

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SLIDE 19

D i th h th i li Doup – progressing through the pipeline

• Inferred Resource (CSA)

GARINI

• 25 Mt @ 1.2 g/t Au (1.0 Moz)

at 0.5 g/t cut off

• Not including 181 m @ 15.1 g/t

O d h i fill d illi h ld

HULU SITA TAIMANUK BAYUG

• Open at depth, infill drilling should

increase grade

• New IUP licences granted

TAPABEKEN PANANG BENTENG

New IUP licences granted

• Scoping work ongoing

T ti

BENTENG

• Targeting:
• +2 Moz resource
• +100,000 oz p.a. Mine

Kotabunan KP

2km

New Resources District Target Generative Target

• Metallurgical test work ongoing

Avocet 60%

2km

Generative Target

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SLIDE 20

S i 2010 Seruyung – resource in 2010

• Heap leachable gold resource in a
• Heap leachable gold resource in a

favourable location

• New IUP licences granted

g

• Targeting:
• +500,000 oz resource

50 000 i

• +50,000 oz p.a. mine
• Potential extensions under review
• Scout drilling completed highlights

Scout drilling completed, highlights include:

• 70m @ 3.84 g/t

77 @ 3 44 /t

• 77m @ 3.44 g/t
• 68m @ 1.53 g/t

Gold in soil anomaly map – red areas indicate +0.2 g/t

Avocet 80%

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SLIDE 21

I t t C Investment Case

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SLIDE 22

I t t Investment summary

Resources (Moz)

Resources (M&I)

500 000 Oz

2010 production estimates

• Also second quartile...
• Second quartile in our peer group....

6 0 8.0 10.0 (Moz)

Resources (M&I)

300,000 400,000 500,000

2010 production estimates

2.0 4.0 6.0 100,000 200,000 0.0 7 000 US$/oz

Enterprise Value / 2010 Prod

1,400 US$, millions

E t i V l

• ...discounted production

4,000 5,000 6,000 7,000

Enterprise Value / 2010 Prod.

800 1,000 1,200 1,400

Enterprise Value

• ....upside potential

1,000 2,000 3,000 4,000 200 400 600

(Data as of 28/01/10, production estimates taken from company presentations. All figures on a 100% basis.)

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SLIDE 23

S l ki h h ld l

• Track record of building and

Summary – unlocking shareholder value

Track record of building and

• perating mines
• Two mines operating in South East

Asia

• Commercial production by end-

May ‘10 at our third mine in West Africa

• Emergence as a mid-tier gold

producer with a clear path to producer, with a clear path to future growth

• Pipeline of projects to grow

p p j g

• rganically
• Management focused on

unlocking shareholder value

23

SLIDE 24

A di Appendices

24

SLIDE 25

Fi i l lt Financial results

12 months ended 31 Mar. 2007 12 months ended 31 Mar. 2008 12 months ended 31 Mar. 2009 6 months ended 30 Sept. 2009 Net cash generated from operations (US$000) 25,844 65,435 23,659 12,557 Average realised gold price (US$/oz) 607 767 870 946 Cash production costs* (US$/oz) 428 316 551 702

• before deferred stripping adjustment

428 358 602 595

• deferred stripping adjustment
• (42)

(51) 107 Profit/(loss) before tax for the period (US$000) 23,628 37,583 33,879 (4,750)

• before exceptionals

23,212 52,407 15,004 3,425 before exceptionals 23,212 52,407 15,004 3,425

• exceptionals

416 (14,824) 18,875 (7,957) Profit/(loss) for the period (US$000) 17,344 31,911 24,323 (3,064)

25

* For continued operations.

SLIDE 26

P j ti t ti ti Penjom – operating statistics

Year ending Quarter ending 31 Mar. 07 31 Mar. 08 31 Mar. 09 30 Jun. 09 30 Sept. 09 31 Dec. 09 Ore mined (tonnes) 443,000 561,000 699,000 372,145 247,958 86,285 Waste mined (tonnes) 16,941,000 16,697,000 16,939,000 4,396,358 4,165,516 4,124,764 Ore and waste mined (tonnes) 17,384,000 17,258,000 17,638,000 4,768,503 4,413,474 4,211,049 Ore processed (tonnes) 570,100 596,100 718,900 179,146 185,767 179,658 Average ore head grade (g/t) 5.67 4.84 3.47 3.38 3.34 2.95 Recovery 92% 91% 86% 80% 82% 85% Gold produced (ozs) 95,966 83,724 68,902 15,664 16,401 14,512 Cash costs (US$/oz):

• mining

212 239 349 395 390 476 processing 80 97 167 170 168 215

• processing

80 97 167 170 168 215

• royalties and overheads

59 78 94 104 102 120 Total before deferred stripping (US$/oz) 351 414 610 669 660 811

Avocet 100%

Note: the above figures are rounded up/down where appropriate.

• deferred stripping
• (80)

(82) 307 75

• 26

SLIDE 27

N th L t ti t ti ti North Lanut – operating statistics

Year ending Quarter ending 31 Mar. 07 31 Mar. 08 31 Mar. 09 30 Jun. 09 30 Sep. 09 31 Dec. 09 Ore mined (tonnes) 1,157,000 1,969,000 1,301,000 300,837 422,528 396,136 Waste mined (tonnes) 1,431,000 1,144,000 1,595,000 457,032 554,861 579,875 Ore and waste mined (tonnes) 3,577,000 3,114,000 2,905,000 757,869 977,389 976,011 Ore leached (tonnes) 1,157,000 1,683,000 1,338,000 319,399 333,346 366,692 Average ore head grade (g/t) 1.86 2.54 2.10 2.04 1.54 1.41 R t 69% 54% 45% 57% 75% 68% Recovery rate 69% 54% 45% 57% 75% 68% Gold produced (oz) 48,170 74,183 41,017 11,899 12,333 11,365 Cash costs (US$/oz) Cash costs (US$/oz)

• mining

188 140 272 275 271 350

• processing

68 67 175 125 123 188

• admin. and royalties

98 89 141 101 113 172 Total cash cost (US$/oz) 354 296 588 501 507 710 Note: the above figures are rounded up/down where appropriate.

Avocet 80%

27

SLIDE 28

A t Avocet – peer group

Company Name

Abbrieviation

Listing(s)

Allied Gold Ltd ALD ASX, AIM Anatolia Minerals ANA TSX Avion Gold Corp. AVN TSX Avoca Resources Ltd AVO ASX Capital Gold Corp CGC TSX Capital Gold Corp. CGC TSX CGA Mining Ltd CGX ASX, TSX Cluff Gold PLC CLF AIM, TSX Crew Gold Corp CRU TSX, OSE Dioro NL DIO ASX, TSX , Dominion Mining Ltd DOM ASX Etruscan Resources Inc EET TSX High River Gold Mines Ltd HRG TSX Kingsgate Consolidated Ltd KCN ASX La Mancha Resources Inc LMA TSX Medusa Mining Ltd MML ASX, AIM Mineral Deposits Ltd MDL TSX, ASX Norseman Gold plc NOGO AIM, ASX Norton Gold Fields Ltd NGF ASX Norton Gold Fields Ltd NGF ASX OceanaGold Corporation OGC TSX, ASX Resolute Mining Ltd RSG ASX SEMAFO SMF TSX St Barbara Ltd SBM ASX Troy Resources NL TRY ASX, TSX Vatukoula Gold Mines plc VGM AIM 28

SLIDE 29

G R d R Group Reserves and Resources

AVOCET GROUP Gross Net attributable Tonnes Grade (g/t) Contained Ounces Tonnes Grade (g/t) Contained Ounces Mineral Reserves

• Proven

9,779,000 1.98 619,300 8,550,000 1.98 547,600

• Probable

13,031,000 1.96 838,900 11,833,200 1.96 772,400 Reserves subtotal 22 810 000 1 99 1 458 200 20 383 200 1 99 1 320 000

• Reserves subtotal

22,810,000 1.99 1,458,200 20,383,200 1.99 1,320,000 Mineral Resources*

• Measured

21,250,100 1.56 1,058,980 17,815,700 1.56 905,500

• Indicated

42,220,260 1.63 2,211,950 38,281,800 1.63 2,035,800

• Measured + Indicated

63,470,360 1.61 3,270,930 56,097,600 1.61 2,941,300

• Inferred

44,773,900 1.40 2,019,610 32,424,500 1.40 1,545,475

• Resources subtotal

108,244,260 1.52 5,290,540 88,522,100 1.52 4,486,775

* Mineral Resources include Reserves. Note: the above figures are rounded up/down where appropriate. Figure as of 31 March 2009 g

29

SLIDE 30

M l i R d R Malaysian Reserves and Resources

PENJOM Gross Net attributable (100%) Tonnes Grade (g/t) Contained Ounces Tonnes Grade (g/t) Contained Ounces Mi l R Mineral Reserves

• Proven

1,398,000 2.16 96,900 1,398,000 2.16 96,900

• Probable

1,566,000 4.00 201,600 1,566,000 4.00 201,600 Reserves subtotal 2 964 000 3 13 298 500 2 964 000 3 13 298 500

• Reserves subtotal

2,964,000 3.13 298,500 2,964,000 3.13 298,500 Mineral Resources*

• Measured

1,470,000 2.16 102,100 1,470,000 2.16 102,100

• Indicated

3,089,000 3.51 348,300 3,089,000 3.51 348,300

• Measured + Indicated

4,559,000 3.07 450,400 4,559,000 3.07 450,400

• Inferred

3,959,000 3.47 441,300 3,959,000 3.47 441,300

• Resources subtotal

8,518,000 3.26 891,700 8,518,000 3.26 891,700

As at 31 March 2009. Note: the above figures are rounded up/down where appropriate. * Mineral Resources include Reserves.

30

SLIDE 31

I d i R d R Indonesian Reserves and Resources

INDONESIA Gross Net attributable INDONESIA Gross Net attributable Tonnes Grade (g/t) Contained Ounces Tonnes Grade (g/t) Contained Ounces Mineral Reserves Mineral Reserves

• Proven

3,909,000 1.54 193,400 3,127,200 1.54 154,700

• Probable

513,000 1.35 22,300 410,400 1.35 17,800

• Reserves subtotal

4,422,000 1.52 215,700 3,537,600 1.52 172,500 Mineral Resources*

• Measured

14,563,000 1.24 578,400 11,650,400 1.24 462,800

• Indicated

6,598,000 1.01 213,200 5,278,400 1.00 170,500

• Measured + Indicated

21,161,000 1.16 791,600 16,928,800 1.16 633,300

• Inferred

32,999,000 1.17 1,245,900 21,395,200 1.17 803,300

• Resources subtotal

54,160,000 1.17 2,037,500 38,324,000 1.17 1,436,600

* Mineral Resources include Reserves. Resources include North Lanut, Bakan and Doup projects. Reserves figures are for North Lanut only (as at 31 March 2009). R fi i l d th N th L t R ( f 31 M h 2009) d D R ( l d 3 F b 2009) Resource figures include the North Lanut Resources (as of 31 March 2009), and Doup Resource (released 3 February 2009). Attributable ounces are based on 80% ownership of North Lanut and Bakan, 60% ownership of Doup. Note: the above figures are rounded up/down where appropriate.

31

SLIDE 32

B ki F R d R Burkina Faso Reserves and Resources

INATA Gross Net attributable (90%) Tonnes Grade (g/t) Contained Ounces Tonnes Grade (g/t) Contained Ounces Mineral Reserves

• Proven
• Probable

4,472,000 10,952,000 2.30 1.70 329,000 615,000 4,020,800 9,860,800 2.30 1.70 296,000 553,000

• Reserves subtotal

15 424 000 1 90 944 000 13 881 600 1 90 849 000 Reserves subtotal 15,424,000 1.90 944,000 13,881,600 1.90 849,000 Mineral Resources*

• Measured
• Indicated

M d I di t d 5,217,100 19,843,260 25 060 360 2.30 1.60 1 75 378,480 1,018,450 1 396 930 4,695,000 17,858,900 22 554 300 2.30 1.60 1 75 340,600 916,600 1 257 200

• Measured + Indicated
• Inferred

25,060,360 7,095,900 1.75 1.30 1,396,930 297,910 22,554,300 6,386,300 1.75 1.30 1,257,200 268,100

• Resources subtotal

31,156,260 1.65 1,694,840 28,940,600 1.65 1,525,300

Figures as at July 2007. (Reserves were calculated at a 0.8 g/t Au cut-off and a stock pile is developed for all low grade ore (0.5 – 0.8 g/t Au) that will be processed towards the end of the mine’s life.) Note: the above figures are rounded up/down where appropriate. * Mineral Resources include Reserves.

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SLIDE 33

G i R d R Guinean Reserves and Resources

KOULEKOUN Gross Net attributable (95%) Tonnes Grade (g/t) Contained Ounces Tonnes Grade (g/t) Contained Ounces Mineral Reserves

• Proven
• Probable
• Reserves subtotal

Reserves subtotal Mineral Resources*

• Measured
• Indicated

M d + I di t d 12,690,000 12 690 000 1.55 1 55 632,000 632 000 12,055,500 12 055 500 1.55 1 55 600,400 600 400

• Measured + Indicated
• Inferred

12,690,000 720,000 1.55 1.48 632,000 34,500 12,055,500 684,000 1.55 1.48 600,400 32,775

• Resources subtotal

13,410,000 1.55 666,500 12,739,500 1.55 633,175

Resources as at September 2008. * Mineral Resources include Reserves. Resources as at September 2008. Note: the above figures are rounded up/down where appropriate.

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