Resolute Mining Limited — Investor Presentation 2014

Sep 2, 2014

01

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ASX ANNOUNCEMENT
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3 September 2014

CHIEF EXECUTIVE OFFICER’S PRESENTATION AT AFRICA DOWN UNDER CONFERENCE

Attached is a copy of the Chief Executive Officer’s presentation to be given at the Africa Down Under Conference.

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GREG FITZGERALD

Company Secretary

About Resolute:

Resolute is an unhedged gold miner with two operating mines in Africa and Australia. The Company is one of the largest gold producers by volume listed on the ASX. Resolute’s flagship Syama project in Mali is on track for an increase in production to 270,000oz of gold a year following an approved expansion to be undertaken through FY2016. At its Ravenswood mine in Queensland Resolute is investigating a number of opportunities to add value by increasing gold production and lowering operating costs. In Ghana, the Company is now the owner and operator of the advanced Bibiani gold project where work is being undertaken on an underground feasibility study including a 20,000m drill program. The Company controls an extensive footprint along the highly prospective Syama Shear and Greenstone Belts in Mali and Cote d’Ivoire. Resolute has also identified a number of highly promising exploration targets at its Ravenswood operations and holds a number of exploration projects in Tanzania surrounding its now completed Golden Pride mine.

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AFRICA DOWN UNDER

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Why Africa?
Opportunities, risks, experience…
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Africa remains an attractive mining destination for Australian companies

• Hosts 30% of world mineral reserves and even higher proportion of deposits of Gold, Platinum, Bauxite, Diamonds and Manganese.

• Reported that <5% of the total global mineral exploration and extraction budget is invested in the Continent.

• Around 220 Australian exploration and mining companies operate in Africa, more than any other foreign region.

• Ghana, Tanzania, Mali, Guinea and Burkina Faso account for around 9% of world gold production.

• Opportunities for mining, resources and infrastructure companies are extensive.

But … the business risks also present challenges

• Many pitfalls remain to establishing and operating mining projects in African countries.

• Different countries have different levels of risk. Apart from political stability and regulatory frameworks, key challenges facing countries include inadequate data on minerals, capacity to monitor fiscal payments, planning and forecasting, funding etc.

Therefore … having experience in Africa is a valuable commodity

• Resolute is an established Australian miner in Africa with a proven and long term track record of development and production.

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2
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A sustainable gold producer
Long term operator in Africa and Australia
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• One of the largest gold producers listed on the ASX

• Long term operator in Africa and Australia

• FY2015 guidance of 315,000oz at A$890/oz

• 100% unhedged, strong leverage to gold price

• Cash generating over wide range of gold price

• Pursuing organic growth opportunities

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• Lightly geared balance sheet provides flexibility for capital management and future growth

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3
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Corporate overview
About Resolute Mining Limited
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Key information
ASX Code RSG
80%
Shares 641M Resolute share price vs ASX All Ords Gold Index
60%
Share Price [1] $0.55 40%
Market Cap [1] A$353M 20%
Daily Turnover [2] 5.3M shares 0%
-20%
Cash/Bullion/Liq Inv [3] A$69M
-40%
Debt [3] A$104M
Hedging NIL Resolute Mining Limited (ASX:RSG) S&P/ASX ALL ORDINARIES Gold (Sub Industry) Index (XGD)
Key Shareholders ICM 35.3%
Van Eck 8.3% 1. At 1 September 2014
2. Average 12 month period to 30 June 2014
3. At 30 June 2014
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4
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Asset Portfolio
Australian gold company with a focus on Africa
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• Long term gold producer

• Experienced project operator and developer

• • Operated 9 mines across Australia and Africa (incl. 7 mines developed and closed) • ~7Moz gold produced since 1989

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FY2014 in review
Focus on cash │Solid financials through the gold cycle
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• Operating versatility and cash generating, shows flexibility in a year of fluctuating gold price

• Revenue of $527M at average gold price received of A$1,413/oz (FY13: A$1,562/oz)

• Reported NPAT of $33M impacted by closure of Golden Pride and tighter profit margins

• Implementing modified mine plan for Syama, with reduced capital expenditure

• Ongoing commitment to capital management ensures strong financial position retained

• Over $104 million cash flow from operations in FY14, despite weaker gold price

	Financial Highlights FY14	Financial Highlights FY14	Financial Highlights FY14
	Gold production Cash Costs		342,774 oz A$922/oz
	Gold price received		A$1,413/oz
	Net profit after tax		A$33.3M
	Cash flow from operations		A$104.7M
	Cash/Bullion/Liq Inv		A$69M
	Net Assets		A$699M
	Gearing1		~13%
	1.	Gearing = Debt / (Debt + Equity)

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6
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Growth strategy
Pursuing a range of opportunities in CY2015
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– Syama Mali

• Expansion project +78% complete

• 70,000 oz/pa production lift to ~270,000oz/pa from 2015

• Independent underground Pre-Feasibility Study increased reserves by 54%

– Bibiani Gold Mine Ghana

• 90% ownership completed in June 2014, with Ghanaian Government to hold 10%

• Feasibility study for an underground operation planned to be completed within 24 months, including 20,000m drill program to better understand the resource

• 1.7Moz Mineral Resources, 3Mtpa CIL processing facility, and +4Moz of gold produced to date

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– Underexplored tenure Highly prospective

• FY2015 exploration budget of $10m

• Highly prospective, underexplored tenure across Mali, Cote d’Ivoire, Tanzania, Australia

• Regional drill programs ongoing in Mali and Australia; exploration work at Cote d’Ivoire

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7
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Reserves and Resources update
30 June 2014
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• Total Reserves and Resources  20%

Total Mineral Resource and Ore Reserve

• Reserves at +5Moz of gold:

•  30% compared to FY13 after mining depletion

• 1.1Moz underground Reserve added to Syama

  • 46%  to Mt Wright

• Resources  20% to 10.4Moz of gold

• New 1.28Moz Resource at Buck Reef West, Queensland

• Bibiani underground Resource 1.7Moz

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16
14
12
5.06
10
4.30
8
6
4
2
8.62 10.41
0
30 June 2013 30 June 2014
Mineral Resource Ore Reserve
Gold contained ounces (Moz)
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8
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OPERATING PROJECTS

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9

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Syama
A profitable, long life project
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	Key statistics	Key statistics
	RSG ownership	80%
	Commissioned	2009
	Production( FY14)	165,493 oz
	Production grade	3.73 g/t
	Cash costs( FY14)	US$922/oz
	Mine life(30 Jun 14)	10+ years
	Total reserves	3.2 Moz
	Reserve grade	2.5 g/t
	Total resources	3.5 Moz
	Resource grade	2.3 g/t

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“A major expansion of Syama is underway and scheduled to be completed in early 2015.”

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Syama: resetting the project
Expansion remains robust at current gold price
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Syama Gold Production

• Oxide Circuit Production

• Commissioning on schedule for January 2015

• 1mtpa throughput, 70,000oz/pa

• ~ US$700/oz cash cost

• +7 years Reserves

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200,000
175,000
150,000
125,000
100,000
75,000
50,000
25,000
0
09/10 10/11 11/12 12/13 13/14
ounces
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• High Voltage Grid Connection

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• US$28m for connection

• US$12m for regional distribution

• Halve energy cost

• ~US$100/oz reduction

• FY2016 spend

• Site Production  to average 270,000oz/pa

“Expansion ensures strong positive cash flow for the next 8 years”

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Syama at depth
Underground boosting ore reserves
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• Pre-Feasibility Study increases ore reserves by 54% to 3.2Moz[1]

• Supports viable underground operation extending long term mine life at least 7 years beyond 2025

• Further 10,000m drilling through 2014 to upgrade and extend, results support premise

• 55m @ 3.17g/t Au (from 398m) in SYRD388

• 39m @ 3.51 g/t Au (from 454m) in SYDD396

• Definitive feasibility study to commence 2015

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“Underground reserves support long term high volume, low cost production at this world class gold mine”

1 As announced 28 March 2014

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Ravenswood
Stable, long-term production
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	Key statistics	Key statistics
	RSG ownership	100%
	Commissioned	2004
	Production (FY14)	139,291 oz
	Production grade	2.75 g/t
	Cash costs (FY14)	A$832/oz
	Mine life (30 Jun 14)	10+ years
	Total reserves	1.4 Moz
	Reserve grade	0.9 g/t
	Total resources	3.0 Moz
	Resource grade	0.9 g/t

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Ravenswood: Mt Wright Mine delivering
Extended mine life
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• Ore production consistent 1.4Mtpa from sub-level shrinkage

• Grade dilution well within expectation

• 46% increase to Mt Wright ore reserve[1]

• Mining to extend below 600RL base

• Additional 1.7Mt of ore, 137,000oz gold extending mine life to Sep 2016[1]

• Exploration drilling continues, seeking further mineralisation extension

Ravenswood Gold Production

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150,000
125,000
100,000
75,000
50,000
25,000
0
09/10 10/11 11/12 12/13 13/14
ounces
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1 As announced 20 February 2014

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Ravenswood: Beyond Mt Wright
New resource provides potential extension to Ravenswood
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Buck Reef West

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• New 1.3Moz gold resource defined[1]

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• Opportunity for a larger scale open pit

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• Reserves close to Ravenswood processing facility

• Scoping study commenced to assess open pit mining schedule options, maximise resource conversion, minimise capital using existing processing and tailings storage facilities

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Re-opening Sarsfield

• Potential to re-opening Sarsfield pit:

• Reserve/Resources of 2.5Moz

• Additional 110kozpa output

• 9 year mine life extension

• Feasibility Study estimated capital cost of $123M and LOM average cash costs of $1106/oz

• Opportunities to improve returns being examined

1 As announced 20 June 2014

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Golden Pride
End of a long mine life
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• Closure of Golden Pride end of 2013 after 15 years in production

• Rehabilitation well advanced as progressively undertaken since commencement

• Spend of ~US$5M to complete

• Demolition of treatment plant completed

• Handover to Government planned Dec 2014

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Key statistics RSG ownership 100% Commissioned 1998 Production (FY14) 37,989 oz Production grade 0.89 g/t Cash costs (FY14) US$814/oz Total Mine Life 15 years Total Production 2.2 Moz

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DEVELOPMENT PROJECTS

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Bibiani
Advanced Ghana gold project
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• Advanced gold project in West Africa:

• 1.7Moz Mineral Resources

• 3Mtpa CIL processing facility

• +4Moz historic production

• Fully developed site, recommencing production primarily a mine planning exercise

• 90% ownership completed in June 2014, with Ghanaian Government to hold 10%, in line with Ghanaian Mining code

• Feasibility study for an underground operation:

• Planned completion within 24 months

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• 20,000m drill program to better delineate and enhance the underground resource

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Bibiani Underground Mineral Resource
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	Category Indicated	Tonnes 7.6 Mt	Grade 3.4 g/t	Ounces 0.8 Moz
	Inferred	7.7 Mt	3.5 g/t	0.9 Moz
	Total	15.3 Mt	3.4 g/t	1.7 Moz

• Bibiani Resource at >2.0 g/t Au Cut-off

• Coffey Mining Resource Study (June 2012)

• JORC 2004 Compliant Resource

• Coffey Mining are internationally recognised mining consultants

• Validation of resource model data indicates the process complies with Industry standards

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Bibiani Feasibility Drilling
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• Historic underground workings over 2.0km strike length and 800m depth, reported 2.0Mozs @ 9.5g/t recovered

• Decline for mechanised equipment down 200m beneath pit with 500m total development strike length

• Drilling to infill and test depth and strike extensions

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Surface drilling Surface drilling target
target (South Hill) (Main Pit North & Big Mug)
Underground
drilling target
(Central Panel)
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Tanzania
Potential to leverage experience
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• Nyakafuru located 120km NW of now completed Golden Pride mine

• 388,000oz Reserve and 900,000oz in Resources

• RC / diamond drilling along Kanegele shear continues to deliver very good results over a 5 kilometre strike

• Studies continue to evaluate future development at Nyakafuru

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High value exploration portfolio
Prospective upside
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• Highly prospective, underexplored tenure spread across Mali, Cote d’Ivoire, Tanzania and Australia

• Strong balance sheet enables renewed exploration focus to unlock value and add exploration premium

• Exploration budget for FY15 US$10M

• Multiple high quality targets close to existing infrastructure at Syama in Mali and Ravenswood in Queensland

• Drilling currently ongoing in Mali, Cote d’Ivoire and Australia

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Syama regional exploration

“Resolute is exploring more than 13,500km[2] of prospective tenure across three countries in Africa”

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OUTLOOK

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Strategic focus
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• Production growth and extension

• Syama sulphide and oxide to 270koz pa

• Bibiani step change to production profile

• Syama underground extension- current +1Moz Reserve

• Ravenswood extension - Buck Reef West, Nolans East and Sarsfield open pits

• Retain focus on costs

  - Syama grid power

• Strong operating cash flow to fund activities

Resolute Production Potential

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600,000
500,000
with Bibiani
opportunity
400,000
300,000
Current producing
200,000 mines
100,000
0
FY14 FY15 FY16 FY17
Golden Pride Syama Mt Wright Bibiani
ounces
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• Robust balance sheet

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Flexibility for future growth
A sustainable gold producer
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• One of the largest gold producers listed on the ASX

• Long-term operator in Africa and Australia

• FY2015 guidance of 315,000oz at $890/oz

• 100% unhedged – strong leverage to gold price

• Cash generating over wide range of gold prices

• Growth opportunities

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Thank you

DISCLAIMER

• This presentation includes certain statements, estimates and projections with respect to the future performances of Resolute Mining. Such statements, estimates and projections reflect various assumptions concerning anticipated results, which assumptions may prove not to be correct. The projections are merely estimates by Resolute Mining, of the anticipated future performance of Resolute Mining’s business based on interpretations of existing circumstances, and factual information and certain assumptions of economic results, which may prove to be incorrect. Such projections and estimates are not necessarily indicative of future performance, which may be significantly less favourable than as reflected herein. Accordingly, no representations are made as to the fairness, accuracy, correctness or completeness of the information contained in this presentation including estimates or projections and such statements, estimates and projections should not be relied upon as indicative of future value, or as a guarantee of value of future results. This presentation does not constitute an offer, invitation or recommendation to subscribe for or purchase securities in Resolute Mining Limited.

• The information in this report that relates to the Exploration Results, Mineral Resources and Ore Reserves is based on information compiled by Mr Richard Bray who is a Registered Professional Geologist with the Australian Institute of Geoscientists and Mr Andrew Goode, a member of The Australasian Institute of Mining and Metallurgy. Mr Richard Bray and Mr Andrew Goode both have more than 5 years’ experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person, as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Richard Bray and Mr Andrew Goode are full time employees of Resolute Mining Limited Group and each hold equity securities in the Company. They have consented to the inclusion of the matters in this report based on their information in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code 2004. Except where noted, it has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

• In providing this presentation, Resolute Mining has not considered the objectives, financial position or the needs of the recipient. The recipient should obtain and rely on its own financial advice from its tax legal accounting and other professional advisers in respect of the recipients objectives financial position and needs. To the maximum extent permitted by law neither Resolute Mining nor its related corporations ,directors, employees or agents nor any other person accepts liability for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. You represent and confirm by attending and or retaining this presentation that you accept the above conditions.

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JORC Reserves	JORC Reserves	JORC Reserves	JORC Reserves	JORC Reserves	JORC Reserves	JORC Reserves
RESOLUTE GROUP RESERVES and RESOURCES
Reserves and Resources comply with the Australian code for reporting of Mineral Resources and Reserves (The JORC Code 2004 and JORC Code 2012)
Reserves and Resources Statement as at 30 June 2014		As at 30 June 2	013
Gold Reserves Gold Project Group Group		Gold Project	Group	Group
(includes stockpiles) Project grade Contained Share Share		Project grade Contained	Share	Share
Tonnes (g/t) Ounces % Ounces		Tonnes (g/t) Ounces	%	Ounces
RESERVES		RESERVES				Comments on Differences
Reserves ( Proved)		Reserves ( Proved)
Australia Mt Wright (insitu)3 2,655,000 2.7 226,000 100% 226,000		3,271,000 2.8 290,000	100%	290,000		Depletion due to annual production offset by reserve extension (February 2014) -JORC 2012
Sarsfield (insitu)2 28,450,000 0.8 747,000 100% 747,000		28,450,000 0.8 747,000	100%	747,000		No change
Mali
Syama (insitu) 9,026,000 2.9 856,000 80% 685,000		11,191,000 3.0 1,077,000	80%	862,000		Depletion due to annual production
Stockpiles 196,000 3.2 20,000 80% 16,000		249,000 2.6 21,000	80%	17,000		Movement in operating stockpiles
Syama Satellites (insitu) 3,122,000 2.2 224,000 80% 179,000		3,122,000 2.2 224,000	80%	179,000		No change
Tabakoroni (insitu) 1,335,000 3.1 133,000 85% 113,000		1,335,000 3.1 133,000	51%	68,000		Increase in Group share due to ownership change
Total (Proved) 44,784,000 1.5 2,206,000 1,966,000		47,618,000 1.6 2,492,000		2,163,000		Decrease in Proven Reserves mainly due to MTW & Syama annual production
Reserves ( Probable)		Reserves ( Probable)
Australia
Mt Wright (insitu)3 626,000 1.8 37,000 100% 37,000		0 0.0 0	100%	0		Reserve extension (February 2014) -JORC 2012
Mt Wright Stockpiles3 9,000 2.5 1,000 100% 1,000		60,000 2.9 6,000	100%	6,000		Movement in operating stockpiles -JORC 2012
Sarsfield (insitu)2 18,640,000 0.7 423,000 100% 423,000 Mali		18,640,000 0.7 423,000	100%	423,000		No change
Syama (insitu) 2,955,000 2.6 243,000 80% 194,000		3,439,000 2.6 288,000	80%	230,000		Depletion due to annual production
Syama UG (insitu)5 14,296,000 2.4 1,103,000 80% 882,000		0 0.0 0	80%	0		Additional reserves from UG Pre-Feasibility (March 2014) -JORC 2012
Stockpiles 2,627,000 1.9 157,000 80% 126,000		2,199,000 1.9 136,000	80%	109,000		Movement in operating stockpiles
Syama Satellites (insitu) 4,986,000 2.1 337,000 80% 270,000		4,986,000 2.1 337,000	80%	270,000		No change
Tabakoroni (insitu) 1,821,000 2.8 163,000 85% 139,000		1,821,000 2.8 163,000	51%	83,000		Increase in Group share due to ownership change
Tanzania
Nyakafuru JV (insitu)2 7,360,000 1.6 388,000 98% 380,000		7,360,000 1.6 388,000	98%	380,000		No change
Golden Pride (insitu) 0 0.0 0 100% 0		480,000 2.0 30,000	100%	30,000		Depletion due to annual production - Operation closed 2014
Golden Pride Stockpiles 0 0.0 0 100% 0		1,264,000 0.9 37,000	100%	37,000		Depletion due to annual production - Operation closed 2014
Total (Probable) 53,320,000 1.7 2,852,000 2,452,000		40,249,000 1.4 1,808,000		1,567,000		Increase in Probable Reserves mainly from Syama Underground and MTW
Proved and Probable 98,104,000 1.6 5,058,000 4,418,000		87,867,000 1.5 4,300,000		3,730,000		Increase in Reserves exceeds the 401koz. 2013/14 production depletion

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JORC Measured & Indicated Resources

Gold Resources1 Gold Project Group Group		Gold Project Group Group
(includes stockpiles) Project grade Contained Share Share		Project grade Contained Share Share
Tonnes (g/t) Ounces % Ounces		Tonnes (g/t) Ounces % Ounces
RESOURCES1		RESOURCES 1		Comments on Differences
Resources (Measured)		Resources (Measured)
Australia
Mt Wright (insitu)3 281,000 2.9 26,000 100% 26,000		0 0.0 0 100% 0		Upgrading of Resources from Indicated and Inferred -JORC 2012.
Stockpiles (Mt Wright) 42,000 2.1 3,000 100% 3,000		0 0.0 0 100% 0		Movement in operating stockpiles
Sarsfield (insitu)2 16,185,000 0.8 393,000 100% 393,000		16,185,000 0.8 393,000 100% 393,000		No change
Buck Reef West (insitu)2 17,857,000 1.1 598,000 100% 598,000		0 0.0 0 0% 0		New Resource identified at Ravenswood (June 2014) -JORC 2012
Mali
Syama (insitu) 6,900,000 2.4 525,000 80% 420,000		14,769,000 2.6 1,256,000 80% 1,005,000		Resources converted to Reserves
Syama Satellites (insitu) 1,051,000 1.7 56,000 80% 45,000		1,051,000 1.7 56,000 80% 45,000		No change
Tabakoroni (insitu) 996,000 2.7 87,000 85% 74,000		996,000 2.7 87,000 60% 52,000		Increase in Group share due to ownership change
Tanzania
Golden Pride (insitu) 3,786,000 2.0 238,000 100% 238,000		3,786,000 2.0 238,000 100% 238,000		No change
Total (Measured) 47,098,000 1.3 1,926,000 1,797,000		36,787,000 1.7 2,030,000 1,733,000		Increase in Measured Resources mainly due to new resources offset by conversion to Reserves
Resources (Indicated)		Resources (Indicated)
Australia
Mt Wright (insitu)3 290,000 2.8 26,000 100% 26,000		604,000 3.2 63,000 100% 63,000		Resources converted to Reserves (February 2014) -JORC 2012
Sarsfield (insitu)2 20,384,000 0.7 444,000 100% 444,000		20,384,000 0.7 444,000 100% 444,000		No change
Buck Reef West (insitu)2 11,582,000 0.9 323,000 100% 323,000		0 0.0 0 0% 0		New Resource identified at Ravenswood (June 2014) -JORC 2012
Mali
Syama (insitu) 12,482,000 2.9 1,153,000 80% 922,000		19,285,000 2.6 1,595,000 80% 1,276,000		Resources converted to Reserves
Stockpiles 4,069,000 1.4 177,000 80% 142,000		3,774,000 1.3 164,000 80% 131,000		Movement in operating stockpiles
Syama Satellites (insitu) 4,840,000 1.9 288,000 80% 231,000		4,840,000 1.9 288,000 80% 231,000		No change
Tabakoroni (insitu) 2,674,000 2.6 224,000 85% 190,000		2,674,000 2.6 224,000 60% 134,000		Increase in Group share due to ownership change
Tanzania
Golden Pride (insitu) 6,744,000 1.8 401,000 100% 401,000		6,744,000 1.8 401,000 100% 401,000		No change
Nyakafuru JV (insitu)2 19,067,000 1.1 672,000 95% 638,000		19,067,000 1.1 672,000 95% 638,000		No change
Ghana
Bibiani (insitu)4 7,629,000 3.4 834,000 90% 751,000		0 0.0 0 0% 0		New Project - Coffey2012 study (Refer to Table 1)
Total (Indicated) 89,761,000 1.6 4,542,000 4,067,000		77,372,000 1.5 3,851,000 3,318,000		Increase Indicated Resources mainly due to new resources and New Project
Measured and Indicated 136,859,000 1.5 6,468,000 5,860,000		114,159,000 1.6 5,881,000 5,051,000		Increase in Resources due to New project and new resources offset by conversions to Reserves

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JORC Inferred Resources	JORC Inferred Resources
Gold Resources1 Gold Project Group Group (includes stockpiles) Project grade Contained Share Share		Project Group Group Project Gold grade Contained Share Share
Tonnes (g/t) Ounces Gold % Ounces		Tonnes (g/t) Ounces % Ounces		Comments on Differences
Resources (Inferred) Australia Mt Wright (insitu)3 967,000 3.1 95,000 100% 95,000		Resources (Inferred) 1,090,000 3.1 108,000 100% 108,000		Resources converted
Sarsfield (insitu)2 22,192,000 0.7 521,000 100% 521,000		22,192,000 0.7 521,000 100% 521,000		No change
Buck Reef West (insitu)2 12,360,000 0.9 356,000 100% 356,000		0 0.0 0 0% 0		New Resource identified at Ravenswood (June 2014) - JORC 2012
Welcome Breccia (insitu) 2,036,000 3.2 208,000 100% 208,000		2,036,000 3.2 208,000 100% 208,000		No change
Mali
Syama (insitu) 3,403,000 2.3 249,000 80% 199,000		3,425,000 2.3 251,000 80% 201,000		Resources converted
Syama Satellites (insitu) 6,946,000 2.1 479,000 80% 383,000		6,946,000 2.1 479,000 80% 383,000		No change
Tabakoroni (insitu) 3,132,000 2.2 219,000 85% 186,000		3,132,000 2.2 219,000 60% 131,000		Increase in Group share due to ownership change
Tanzania
Golden Pride (insitu) 12,945,000 1.7 724,000 100% 724,000 Nyakafuru JV (insitu)2 6,312,000 1.1 227,000 90% 204,000 Ghana Bibiani (insitu)4 7,667,000 3.5 866,000 90% 779,000		12,945,000 1.7 724,000 100% 724,000 6,312,000 1.1 227,000 90% 204,000 0 0.0 0 0% 0		No change No change New Project - Coffey 2012 study (Refer to Table 1)
Total (Inferred) 77,960,000 1.6 3,944,000 3,655,000		58,078,000 1.5 2,737,000 2,480,000		Increase in Inferred Resources mainly due to new resources and New Project
Total Resources 214,819,000 1.5 10,412,000 9,519,000		172,237,000 1.6 8,618,000 7,531,000		Increase in Resources due to New project and new resources offset by conversions to Reserves

1)	Mineral resources are exclusive of the Reserves - differences mayoccur due to rounding.
2)	All Resources and Reserves are reported above 1.0g/t cut-off except Nyakafuru and Buck Reef West above 0.5g/t cut off and Sarsfield above 0.4g/t cut off.
3)	Mt Wright Reserves are reported above 2.3g/t cut off and Resources above 1.8g/t cut off.
4)	Bibiani Resourcesquoted above a 2.0g/t cut off.
5)	Syama Underground Reservesquoted above a 1.8g/t cut off.

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