KGL RESOURCES LIMITED — AGM Information 2012

May 23, 2012

24 May 2012

Australian-based Kentor Gold Limited (ASX: KGL) is entering the ranks of operating gold mining companies in 2012. The Company is progressing a pipeline of advanced projects in Australia and the Kyrgyz Republic.

The Murchison Gold Project in Western Australia -scheduled to commence high grade gold mining at the Burnakura plant in mid-2012, with the potential to add goldcopper production from the neighbouring Gabanintha deposit.

The high grade, very low cost Andash Gold-Copper Project in the Kyrgyz Republic – development-ready, awaiting site access and targeting 2013 to commence production at 70,000 oz gold and 7,400 tonnes copper pa for an initial six years, with high potential for expansion.

The Jervois Copper-Silver-Gold Project in the Northern Territory – targeting 2014 startup following current studies into developing the high grade copper-silver resource with potential for gold, magnetite and other base metals.

Issued capital:

106.2 million ordinary shares 2.9 million unlisted options

Market Capitalisation

23 May 2012: \$ 88 million

Annual General Meeting Addresses

Kentor Gold Limited provides the following addresses to be given at today's Annual General Meeting.

For further information contact:

Mr Simon Milroy Managing Director Phone: (07) 3071 9003 Email: info@kentorgold.com.au

Mr. David Waterhouse Investor Relations Phone (03) 9670 5008 Email: dwaterhouse@waterhouseir.com.au

CHAIRMAN'S ADDRESS TO THE ANNUAL GENERAL MEETING OF KENTOR GOLD LIMITED, MELBOURNE, 24 MAY 2012

Ladies and gentlemen,

What a time in our history to be holding an AGM, especially in the light of the severe fall in price which our stock- and other too of course- has recently experienced. Undoubtedly a major contributor to this fall has been the Eurozone problems, but falls in the prices of both gold and copper have also been a contributing factor. We do acknowledge of course that our share price did begin to suffer a fall prior to Eurozone problems We believe these falls were caused in the main, by uncertainties relating to our association with the Andash goldcopper project in Kyrgyzstan. These uncertainties would relate essentially to the nature our ongoing association with Andash not forgetting capital requirements for any future development of the project. Simon will provide you with more information on these matters in his address to you.

Despite having had to wait at least 18 months now, if not more, to receive the appropriate approval from the relevant Kyrgyz authorities - both at senior government and village levels it is still our intention to maintain our equity position in the project and to pursue a development program in the future.. Let me add that we will continue to give a high priority to the development of the Andash Gold Copper project. We feel we cannot ignore a project which has the potential to deliver a unit cash cost of \$29/oz. It goes without saying that your Board and senior management are both totally disappointed and frustrated that we have not as yet been able to communicate to you a development date for the project. We have in Kyrgyzstan, a team, actively and ably lead by Hugh McKinnon, our executive director in residence, all working very hard to obtain the necessary approvals for development to commence.

We do of course still have some encouraging news to report to you. The development of the Murchison Gold Project at Burnakura in Western Australia is on schedule for a mid-year start-up.

Let me at once stress that, while gold production at Burnakurra in WA will be a major milestone for your Company in making the transition from explorer to producer, the achievement of this goal in no way marks the end of the journey.

As the first of your Company's pipeline of project to enter production, Murchison represents the successful application of a clear and consistent strategy to acquire advanced projects and progress them through exploration and development to production.

Murchison's Burnakura and Gabanintha sites in WA, together with the Jervois copper-silvergold project in the Northern Territory, were acquired little more than a year ago with the purchase of Jinka Minerals Limited. Murchison and Jervois not only add to our project pipeline, but also diversify the Company's interests geographically to encompass Australia as well as central Asia.

Shareholders can be well pleased with the value being added to the Company's acquisitions in Australia. We moved quickly to establish Resources at both the Murchison and Jervois Projects, then undertook intensive drilling programs at both projects with some outstanding results, as we advance both projects towards development.

At Jervois, the exploration and metallurgical test work has indicated the potential for a major multi-metal mine based on what is emerging as one of Australia's significant copper

Resources with valuable silver and gold and the additional presence of lead and zinc, as well as magnetite. After a scoping study found Jervois to be capable of producing strong financial returns, we moved directly into the current full feasibility study which is already being boosted by recent high grade, near surface drill results.

At Murchison, value is also being increased through drilling even as the mining activity gets under way. Gold production will soon commence at a modest rate of 24,000 oz a year. This is expected to increase rapidly over the ensuing two years for minimal capital requirement. Increasing gold output will be accompanied by reduced unit production costs.

Let me say a little more about Andash. Since we acquired the majority interest in Andash in 2009, we have brought this high grade, exceptionally low cost property to the point of development. . The Andash project was initially delayed following the political upheaval of 2010. However, since that time, the country has experienced increasingly stable parliamentary democratic government. Progress is now being made towards achieving sustainable agreement with the local community, and we feel that we are now moving closer to the point of being able to commence the construction phase and so bring one of the world's lowest cost gold-copper projects into production.

As you will be aware five resolutions are proposed today to award executive and nonexecutive directors options in the company. It is worth noting that the vesting of the options is contingent upon the three major projects of the company coming to production. This is appropriate, as the board believes that these projects will add enormous value to the Company as they are enhanced and developed into producing operations. .

I would like to thank the Company's management and staff for their highly valued efforts during the year. Managing Director Simon Milroy has provided energetic and skilful executive leadership, together with our Executive Director in the Kyrgyz Republic, Hugh McKinnon.

I extend sincere appreciation to all board members for their work as they continue to contribute their considerable expertise and experience on behalf of shareholders.

I also wish to express the thanks of directors to you, the shareholders for your continuing support of the Company.

In conclusion, let me say that these are not exactly easy times for us especially with regards to Andash. However, it is pleasing to report that we are now in the process of making the transition from explorer to gold producer. Important though that is in itself, its real significance lies in its position at the beginning of a growth strategy that we are successfully implementing – to increase production and aggressively reduce costs at Murchison. We also placea high priority on bringing the extraordinarily low cost Andash project into production, and to create at Jervois a strong, multi-metal operation.

I now ask Simon Milroy to report further on the activities of the Company.

Kentor Gold

24 May 2012 AGM Presentation

Corporate Structure

ANDASH PROJECT

Andash Summary

• Developing one of the world's lowest cost gold mines
• Government has asked Parliament to change the Andash resolution of July 11
• Independent Environmental Review to go ahead
• Project to proceed when review completed and reach agreement with local community

Jervois Project Northern Territory

JERVOIS PROJECT

Reward Ore body Long Section

• Inferred Copper Resource of 11.9 Mt @ 1.3% Cu and 25.2 g/t Ag
• 150,500t of contained copper and 9.7 m oz contained silver

JERVOIS PROJECT

Jervois Copper Project

3,044m of the planned 10,447m RC drilling is completed. 2,926m of the planned 5,459m diamond drilling is completed including all PQ and HQ size metallurgical test holes.

Murchison Gold Project Western Australia

Federal North Pit

12

Alliance Pit

13

Lewis Pit

14

4 Stage Growth Strategy

• 1. Refurbish and restart existing CIL Plant
• 1. Add a heap leach circuit to treat low grade ore
• 1. Expand plant to 500,000 tpa
• 1. Flotation of copper gold ore

Murchison Project Stage 1 Restart CIL Plant

• Convert from CIP to CIL
• Expand to 260,000 tpa
• Commence production in mid 2012
• Initial Production Rate 24,000 oz gold p.a.
• Capital cost \$14.8m
• Stage 1 cash cost \$1,224 / oz
• High grade ore 3 g/t gold

Murchison Gold Project

Crushing and Heap Leaching Equipment

23

Note: Photographs of equipment on site at the Indee mine site

Murchison Gold Project

KEY CONTACTS

For more information contact

Simon Milroy on +61 7 31213206

or visit www.kentorgold.com ASX Code: KGL

Level 9, 40 Creek Street, Brisbane, QLD, AUSTRALIA 4000

Fax: +61 7 3121 3030

Forward-Looking Statements:

This presentation includes certain "Forward-Looking Statements". All statements, other than statements of historical fact, included herein, including without limitation, statements regarding forecast cash flows and potential mineralisation, resources and reserves, exploration results and future expansion plans and development objectives of Kentor Gold Limited are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Competent Persons Statements

• The information in this report that relates to mineral resource estimation for Gabanintha and Burnakura is based on work completed by Mr Jonathon Abbott is a member of the Australasian Institute of Mining and Metallurgy. Mr Abbott 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 Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
• The data in this report that relates to Mineral Resource Estimates for Jervois is based on information evaluated by Mr Simon Tear who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience 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 (the "JORC Code"). Mr Tear is a full-time employee of Hellman & Schofield Pty Ltd and he consents to the inclusion in the report of the Mineral Resource in the form and context in which they appear.
• The Resource estimates for Andash in this report are based on information compiled by Dr. Phil Newall, who is a Chartered Engineer and Fellow of the Institute of Materials Minerals and Mining and a full time employee of Wardell Armstrong International. Dr. Newall has sufficient experience which is relevant to the style of the mineralisation and the type of deposit under consideration and to the activity to 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. Dr. Newall has consented to the inclusion of this information in the form and context in which it appears in this report.
• We advise in accordance with Australian Stock Exchange Limited Listing Rules 5(10) and 5(13) that the exploration results for Burnakura and Gabanintha are based on information compiled by Mr Nigel Cranley of Plutonic Geological Services who is a corporate member of the Australian Institute of Mining and Metallurgy. Mr Cranley is not a full time employee of Jinka Minerals Limited and has consented in writing to the inclusion in the presentation of matter based on the information so compiled by him in the form and context in which it appears.
• The exploration data in this report relating to the Jervois project is based on information compiled by Rudy Lennartz, who is a member of the Australian Institute of Mining and Metallurgy and a full time employee of Jinka Minerals Ltd. Mr. Lennartz has sufficient experience which is relevant to the style of the mineralisation and the type of deposit under consideration and to the activity to 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. Lennartz has consented to the inclusion of this information in the form and context in which it appears in this report.