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Building a world class mine at Kibali in the DRC …planning to expand our footprint

Willem Jacobs, GM Operations Central & East Africa

Kibali

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Kibali…building blocks

Sept 2009…Randgold Resources acquired Moto Goldmines in a public international auction and entered into a JV with AngloGold Ashanti with a combined holding of 70% - the remaining 30% held by OKIMO2009…Randgold Resources/AngloGold Ashanti JV acquired an additional 20% from SOKIMO based on the value of the Moto transaction plus a 10% transaction premium ($9.6 million) as well as a social premium ($8.0 million)2010…feasibility study was updated and reserves were more than doubled to over 10m ounces of gold as predicted in Randgold’ s bidding model and shared with government ahead of bidMar 2010…Formal notice was given to illegal miners and alternate work programme startedJul 2010…MOU signed with Catholic Church and executed with SOKIMO in Jan 2011Nov 2010…Aru-Doko road completedFeb 2011…Established Kokiza for resettlementAugust 2011…Revised Feasibility tabled with partners October 2011… Construction startedMay 2012… Partners sign Feasibility off as basis for investment

The Kibali acquisition…some of our contracts with the Government

The Moto transaction was preceded with a written approval from Government regarding the proposed transaction

The 20% Sokimo transaction were characterized by the following separate agreements with Government:

A Cabinet minute whereby the DRC Government certifies that no new legislation is being considered where the tenure and tax position described in the current Mining Code will be changed

A specific stability Clause in the 20% Agreement allowing for complete tax and fiscal stability for at least 10 years after the current Mining Code may be changed

An agreement based on UN principles regulating the actions of the DRC Army in the event of armed conflict in the area

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Important notes on Human Rights…

Randgold has implemented a Human Rights Policy for the group. Policy aligned with International Labour Organisation (ILO), United

Nations Global Compact and Voluntary Principles on Security and Human Rights

All security personnel at Kibali and gendarmes posted to the area have been trained on the United Nations Voluntary Principles

Have a code of conduct agreement with the authorities All employees are made aware of Human Rights through the site

induction process Although no indigenous peoples (as defined by the IFC) are affected

by the project, policy and practise takes cognisance of these unique rights

Grievance mechanism categories Human Rights grievances separately from others to facilitate appropriate response

Kibali project evaluation…Assumptions Moto Feasibility Study Randgold Optimised Feasibility

ProductionLife of mine 16 years 17 yearsOpen pit ore processed 30.7 mt 37.2 mtGrade 3.21 g/t 2.68 g/tU/g ore processed 11.6 mt 36.3 mtGrade 6.17g/t 5.84 g/tTotal Ore processed 42.3 mt 73.5 mtGrade 4.04 g/t 4.24 g/tRecovery rate 87.3% 87.80%Gold produced 4.8 Moz 8.8MozAnnual throughput 2.8 mtpa 6.0 mtpa

CostsO/p mining cost per t mined $2.52 $3.98

U/g mining cost per ore t mined $29.33 $51.45

Prcessing cost per t milled $15.45 - $18.77 $14.33

SG&A per t milled included in processing $6.37

LOM cash cost per ounce $318 /oz $ 515 / oz

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Investment phases…

050010001500200025003000

Expenditureto 31 Dec

2011includes

acquisition

Phase 12012-2013

Phase 22012-2015

Total

Phase 2 capital programme is estimatedat US$650m before escalation provisionsand contingencies which will runconcurrently with Phase 1 but will extendover four years, is focused primarily onthe underground development andincludes a twin decline and vertical shaftsystem as well as three hydropowerstations. This is expected to bring theunderground into first production by theend of 2014, with steady state productiontargeted for the end of 2015.

Estimated costs in US$ million before escalation contingencies and provisions

Phase 1 capital programme is estimatedat US$920m before escalation provisionsand contingencies and will cover themetallurgical facility, one hydropowerstation and back-up thermal powerfacility, construction of the tailings storagefacility, relocation of villages, open pitmining and all shared infrastructure. Thiswill run over a two year period.

Kibali 4 year forecast…

-

1.0

2.0

3.0

4.0

0

100

200

300

400

500

600

700

800

2013 2014 2015 2016

Kibali producyion (100%) Total cash cost/oz Grade

Oz 000

Grade g/t

g/t

Totalcash costs

US$/oz

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Twin Circuit Schematics…

CIL F

lota

tion

Ba

ll 1

Ba

ll 2

CIL F

lota

tion

1

Ba

ll 1

Ba

ll 2

Flo

tatio

n 2

Conc.

Oxide + Sulphide treatment Sulphide Only treatment

Conc.

What are we building?...plant model and shaft design

Processing plant

Vertical shaft for underground mine

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Mill Shell and CIL Tanks…

CIL Tank Progress…

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What are we building?...opencast & underground mines

OPENCAST Six pits to be mined over 10 yearsSurface work shopsRoM pad at primary crusher

UNDERGROUNDRock hoisting vertical shaft – 3.2 Mt per year capacityUnderground primary crusher & conveyor to shaftWater settlers and pumping facilityTrain operated ore gathering and tipping levelDecline access for men, material, rockLong hole open stoping ore productionPaste fill facilityAir refrigeration facility

What are we building?...a fully integrated mine

9000 lode

5000 lode

Shaft

BoxcutOpen pit

Mine design

Haulage level

Crusher and Pumping stations

1km

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Shaft terrace, boxcut and UG Workshops…

Open Pit…

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What are we building?...our power strategy

Supply concept is a hybrid arrangement

Peak power

Deliver peak power on the available river schemes average flows

Dry season low flow power

Maximize the number of stations supplying to maximize the power available in the low flow periods.

Diesel back-up generation

For start-up of shaft winder and Met Plant

Initially provide dry season make-up power from high speed diesel units

Substitute (diesel generation) with smaller hydro stations as overall power demand grows

Our plan…the supply of power via hydro

Station Plan Min output (low flow MW)

Target Output (peak MW)

Nzoro 2to be designed and

constructed by Kibali5

22

Kibali 1(Azambi)

to be designed and constructed by Kibali

2.5 10

Kibali 2(Ambarau)

to be designed and constructed by Kibali

2.5 10

Kibali 3(Sessenge)

to be designed and constructed by Kibali

4 5

Total Main 14 47

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Resettlement (RAP)…

PurposeAllow the development of the project

Guidelines and benchmarkIFC guidelines and DRC laws

ProcessIssuance of a moratorium by the DRC Government in 2010Comprehensive surveys completed (household count, socio economic baseline studies, health impact assessment, Env & Social Impact Assessment, agricultural survey)Consultation with affected partiesResettlement Action Plan – RAP document Consultants (locals and international ) facilitating the process as independent parties

Key figures– 4232 households – 14 schools– 2 clinics, 5 health posts and 2

dispensaries – +/- 17,000 people– +/- 3000 graves– 39 worship places– 5 markets– 7 soccer fields and 1 volley field

RAP Consultation process– Democratic election of the

Resettlement Working Group – RWG-: 56 elected representatives to serve as medium for consultation

– Each of the 14 villages represented and each social group (youth, women, male, sages)

Completion: July 2013

Resettlement & community…

RAP implementationTotal of 1407 families ( from 8 villages) resettled to date

A total of 1780 houses completed

1731 graves relocated to date

Key community infrastructures in place

Newly built houses Quality control protocols in place with the

community

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Resettlement and community…

Livelihood strategyGardening activities with the community

120 women trained into agriculture activities

2 operational agri-cooperatives , 12 more to be set by December 2013

140 ha of maize farm

> 70 ha of vegetable gardens

22 fish ponds

1 piggery

Honey production

900 ha of farming land to be handed over

• Production of food and distribution to each resettled family for 30 days

• Selection of 20 to 40 farmers out of initial group

• Establishment of the cooperative

• Training and start of farming

• Involvement of trainee students and local consultants

• Identification of agri-mind villagers; average 80 per village

Step 1: Agri awareness, 3 months

ahead of relocation

Step 2: Training

and farmingStep 3: Relocation/physi

cal moveme

nt

Step 4: Establishment of

agricooperat

=ives

Community empowerment and capacity building Going beyond food security by

establishing agriculture 14 cooperatives

Each village garden converted into a cooperative

4 cooperatives established to date

120 self dependant women, potential to empower 500

Federation of the 14

Cooperatives

Cooperative 14

Cooperative ..6..9

Cooperative 1, 2…

Resettlement – community empowerment and capacity building

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Resettlement & community…

Impact of the project on communitiesChanged the local economy from artisanal mining into a vibrant and dynamic society

Direct impact on local economy: $ 5.5 m (April 2010 to July 2012) spent on purchase of aggregate and sand

Direct spending on community projects: $ 5.2 m (2010 to July 2012)

Development of an established agri-economy with establishment of agribusinesses and cooperatives

RAP construction, mainly undertaken by local companies after intensive training

Opening of the area to the outside world with roadsDoko-Aru: 180km; Aru-Ariwara: 45 km; Doko-Nzoro: 40km; Kokiza internal roads: 110km

Price drops due to road development: eg. Tomato paste (-25%); Sugar (-17%); soap (-40%); batteries (-42%)

Partnerships and opportunities…

Partnership and opportunities5263 employees (nationals)

7 Congolese contractors (RAP) employing a combined 2100 workers

50 000 bricks per day

60 houses per week

2 Congolese contractors awarded contracts for road maintenance

350 km of road maintenance per annum with an annual budget of $3.5 million

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Kibali project / construction structure…

Project SponsorWillem Jacobs

Project DirectorJohn Steele

Project ManagerMet & Infrastructure

Gary Short

Project QSHenk Oosthuizen

Owners TeamRRL ExecutivesKibali Corporate

Kibali ConstructionManager

John Kretzen

Kibali EngineeringDepartment

Project Surveying

RAP ConstructionSupport

DRA ProjectManager

Christoff Badenhorst

Met Plant Tailings & Water Power HydroBackup

Infrastructure

Epoch HPP

APS

Project DirectorJohn Steele

Project ServicesPACE

Project ManagerMining

Bruce Ferreira

Owners TeamDecline

Owners TeamShaft

Owners Team OP

DevelopmentContractor

Shaft SinkingContractor

KMS MiningContractor

The Kibali execution strategy…the Randgold way

Establish a strong in country team will enable execution under tight deadlines:

Camp management

Labour coordination

Government (local and National) relations

Establish three focus areas with specific Owners Teams reporting to RRL Project Executive :

Mining (Open pit and UG)

Metallurgical and Infrastructure

RAP

Weekly review of performance of all contractors against defined dates and Feasibility

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The Kibali execution strategy….

On-going engagement with Government on all matters in a transparent way:

Quarterly feedback meetings with appropriate Ministers with written feedback against agreed performance objectives

Quarterly open press conferences as part of Public Participation

On-going Public Participation through:

Open press days

Monthly phone in radio programs

Actively developing local supply relationships where all relationships make commercial sense

Actively manage and measure logistics – weekly measurement of all parameters with logistics contractors

Actively staffing locally

Facilitate Corporate buy inn:

Monthly Oversight Meetings between Partners

Monthly RRL review meetings

Engineering, Procurement, Construction & Commissioning

Status

2011 2012 2013 2014 2015 2016 2017 2018

Metallurgical Plant

Tailings & Water

Backup Power

Hydro Power

Infrastructure (DRA)

Vertical Shaft

Decline Shaft

Grade Control Drilling

Open Pit Mining, Workshops & Offices

RAP Relocation Action Plan

RAP Infrastructure

Kibali schedule summary Nov 2012…

Progress – CriticalProgress – CompleteProgress – Planned

- All storm damage houses completed

- Catholic church construction in progress

- 1600 Houses completed

- CIL bases pours in progress- CIL Platework Commenced- Mill bases poured- First mill shells arrived on site- TSF construction underway

1st

Go

ld &

Ram

p u

p t

o

Han

do

ver

- Box cut completion 15 December

- Mining progressing to plan

- Shaft Sinkers Contractual Completion 8 April 2016

Nov 12

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Met plant critical areas at the middle of Nov 2012…

How will we get there?...

Mills on Site

Complete Boxcut

Nzoro 2

Ready for Plant Commissioning

Complete RAP

Commence decline QTR4 ‘12

Mills on Bearings QTR1 ‘13

Shaft Pre-Sink QTR1 ‘13

Open Pit Stockpiles QTR3 ‘13

First Gold QTR4 ’13

First Hydro on lne QTR1 ’14

Second Hydro online QTR1

Shaft Completion QTR2 ’16

Mobilise Shaft Sinkers

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Operational readiness

Key staff (local and expatriate) is being appointed as we speak. May already appointedPotential operators are being tested by means of psychometric tests from current contract labour in construction.End of Q1 and Q2 chosen operators will be send to our plants in West Africa to undergo on the job trainingDRA contracted to assist not only with commissioning, but also with training of key staff after formal commissioning and sign of plantWe follow the tried and tested RRL recipe of expatriate employment only when a local cant be found, and then the expatriate will be shadowed by a local to learn and ultimately take over.We draw heavily from the mining and plant skill base in Katanga –but concentrate on staff working at leading mining companies not State enterprises

Disclaimer…

Competent persons:Loulo mineral resources were calculated by Mr Abdoulaye Ngom, an officer of the company, under the supervision of Mr Jonathan Kleynhans, an officer of thecompany and competent person. Morila mineral resources were calculated by Mr Adama Kone, an officer of the company, under the supervision of Mr JonathanKleynhans, an officer of the company and competent person. The Tongon and Massawa mineral resources were calculated by Mr Babacar Diouf and Mr Mamadou Ly,both officers of the company, reviewed by Mr Jonathan Kleynhans, an officer of the company and competent person. Kibali mineral resources were calculated by MrErnest Doh under the supervision of Mr Jonathan Kleynhans, an officer of the company and competent person. The Gounkoto mineral resources were calculated by MrAbdoulaye Ngom, under the supervision of Mr Jonathan Kleynhans, an officer of the company and competent person. All mineral resources were reviewed andapproved by Mr Rodney Quick, general manager evaluation and a lead competent person. Mr Johan Kleynhans and Mr Rodney Quick are members of SACNASP andboth have sufficient experience in the style of mineralisation and types of deposits under consideration and the activity which they are undertaking as competentpersons as defined in the 2004 addition in the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’.The Loulo and Gounkoto open pit mineral reserves were calculated by Mr Shaun Gillespie, an independent consultant, competent person and member of SAIMM.Loulo underground reserves were calculated by Mr Juan Mitchell, an officer of Randgold, reviewed by Mr Mark Odell, an independent consultant, competent personand practising professional engineer. The Tongon Northern Zone mineral reserves were calculated by Mr Samuel Baffoe, under the supervision of Mr Onno ten Brinke,an officer of the company and competent person. The Tongon Southern Zone mineral reserve was calculated by Mr Nicholas Kingaby, an independent consultant,competent person and member of SAIMM. Massawa mineral reserves were calculated by Mr Onno ten Brinke in the capacity as an independent consultant, competentperson and member of AusIMM, and reviewed and verified by Mr Rodney Quick, an officer of the company and competent person. The mineral reserves of Morila werecalculated by Mr Stephen Ndede, an officer of the company, competent person and member of AusIMM. Kibali open pit mineral reserves were calculated by Mr Onnoten Brinke and Mr Nicholas Coomson, both officers of the company, competent persons and members of AusIMM. Underground mineral reserves were calculated byMr Dan Donald and Mr Tim Peters, both independent consultants, competent persons and members of AusIMM. All competent persons have sufficient experience inthe style of mineralisation and types of deposits under consideration and the activity which they are undertaking as competent persons as defined in the 2004 additionin the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’.

Cautionary note to US investors: The United States Securities and Exchange Commission (the SEC) permits mining companies, in their filings with the SEC, to discloseonly proven and probable ore reserves. Randgold uses certain terms in this report such as ‘resources’ that the SEC does not recognise and strictly prohibits the companyfrom including in its filings with the SEC. Investors are cautioned not to assume that all or any parts of the company’s resources will ever be converted into reserveswhich qualify as ‘proven and probable reserves’ for the purposes of the SEC’s Industry Guide number 7.

CAUTIONARY NOTE REGARDING FORWARD‐LOOKING STATEMENTS: Except for the historical information contained herein, the matters discussed in this presentationare forward‐looking statements within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934, andapplicable Canadian securities legislation. Forward‐looking statements include, but are not limited to, statements with respect to the future price of gold, theestimation of mineral reserves and resources, the realisation of mineral reserve estimates, the timing and amount of estimated future production, costs of production,reserve determination and reserve conversion rates. Generally, these forward‐looking statements can be identified by the use of forward‐looking terminology such as‘will’, ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, orvariations of such words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will be taken’, ‘occur’ or ‘be achieved’.Assumptions upon which such forward‐looking statements are based are in turn based on factors and events that are not within the control of Randgold ResourcesLimited (‘Randgold’) and there is no assurance they will prove to be correct. Forward‐looking statements are subject to known and unknown risks, uncertainties andother factors that may cause the actual results, level of activity, performance or achievements of Randgold to be materially different from those expressed or impliedby such forward‐looking statements, including but not limited to: risks related to mining operations, including political risks and instability and risks related tointernational operations, actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to berefined, as well as those factors discussed in the section entitled ‘Risk Factors’ in Randgold’s annual report on Form 20‐F for the year ended 31 December 2011 whichwas filed with the US Securities and Exchange Commission (the ‘SEC’) on 30 March 2012. Although Randgold has attempted to identify important factors that couldcause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated,estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially fromthose anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. Randgold does not undertake to updateany forward‐looking statements herein, except in accordance with applicable securities laws. CAUTIONARY NOTE TO US INVESTORS: The SEC permits companies, intheir filings with the SEC, to disclose only proven and probable ore reserves. We use certain terms in this presemtation, such as ‘resources’, that the SEC does notrecognise and strictly prohibits us from including in our filings with the SEC. Investors are cautioned not to assume that all or any parts of our resources will ever beconverted into reserves which qualify as ‘proven and probable reserves’ for the purposes of the SEC’s Industry Guide number 7.