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1 ASX Announcement 29 January 2014 Quarterly Activities Report December 2013 Project geologists inspecting new drill core from the Natougou Gold Project. Orbis Gold Limited ACN ASX Code : OBS Head Office Level 32, AMP Place, 10 Eagle Street Brisbane QLD 4000 Ouagadougou Office Section 281, Secteur 15 Quartier Ouaga 2000 Telephone: Facsimile: Website: info@orbisgold.com Quarterly Activities Report December

2 Highlights West African Gold Natougou Project Scoping Study Positive Scoping Study results received for Natougou Gold Project significant gold production, significant free cashflows and low cash costs outlined over the life of mine across a range of mill capacities (based on a US$1,300/oz gold price): Mill Capacity Mine Life Average Gold Production Total Cash Cost Project NPV (10%) Project IRR Project Free Cashflow (after tax & capex) Payback 1.5Mtpa 8.2 yrs 154koz pa US$652/oz US$259m 43% US$476m 1.8 years 2.0Mtpa 6.2 yrs 213koz pa US$590/oz US$356m 60% US$560m 1.4 years Cautionary Statement Regarding Natougou Production Targets / Scoping Study The Company advises the Natougou Scoping Study results and production targets reflected in this presentation are preliminary in nature as conclusions are drawn partly from Indicated Mineral Resources and Inferred Mineral Resources. The Natougou Scoping Study is based on lower level technical and economic assessments, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Natougou Project Drilling Results Subsequent to end of the quarter new near surface high grade drill intersections announced from Mineral Resource infill drilling program. New intersections indicate potential to incorporate additional high grade gold mineralisation into early stages of the mine schedule currently being assessed in detailed development studies. New high grade gold intersections included: o 18.33g/t Au (from 65.85m) in BODD091 (incl g/t Au from 65.85m) o 9.66g/t Au (from 58.40m) in BODD093 (incl g/t Au from 61.00m) o 38.69g/t Au (from 53.40m) in BODD094 (incl g/t Au from 56.00m) o 13.89g/t Au (from 54.00m) in BODD096 (incl g/t Au from 56.00m) o 11.40g/t Au (from 46.00m) in BODD098 (incl g/t Au from 48.00m) 2

3 o 8.06g/t Au (from 47.00m) in BODD099 (incl g/t Au from 49.00m) o 29.12g/t Au (from 99.37m) in BODD116 (incl g/t Au from m) o 30.74g/t Au (from 39.03m) in BODD135 (incl g/t Au from 41.00m) o 19.64g/t Au (from 62.00m) in BODD137 (incl g/t Au from 63.00m) Multi rig drilling program to continue during March 2014 quarter targeting upgrade and extension of Natougou Project Mineral Resources. Natougou Project Development Studies Natougou Project development studies commenced during the quarter (following receipt of positive Scoping Study results). Mr Andrew Skalski appointed as Manager Projects to lead the advancement of all technical studies for the Company focussed initially on the Natougou Gold Project. Recent development study activities included expansion of metallurgical test work program and commencement of environmental and social baseline survey programs. Bantou Project Expanded induced polarisation (IP) geophysical survey commenced survey to define structural gold targets within large scale gold in soil anomalies at Bantou, Tankoro and Safia Prospects. Drilling of multiple gold targets across the Bantou Project area scheduled to commence during March 2014 quarter. Nabanga Gold Project Internal Scoping Study assessing selective underground mining of Nabanga deposit continued. 3

4 Exploration West Africa Orbis Gold holds a large portfolio of highly prospective exploration permits in Burkina Faso, West Africa (Figure 1). On ground exploration recommenced in Burkina Faso during the quarter following the end of the annual wet season rains. Field activities are currently focussed on the high grade Natougou Gold Project in eastern Burkina Faso (drilling program in progress), and the Bantou Gold Project in western Burkina Faso (geophysical program in progress) (Figure 1). Figure 1 Orbis Burkina Faso location diagram. Natougou Gold Project During the quarter Orbis achieved further significant progress on the advancement of the Natougou Gold Project including: completion of a development Scoping Study confirming potential for development of a robust large scale low cost gold mine at Natougou (subject to completion of formal feasibility studies). appointment of Mr Andrew Skalski as Manager Projects to lead the completion of a formal Feasibility Study for the Natougou Project, commencement of development studies for the Natougou Gold Project, and recommencement of resource definition drilling with new near surface high grade assay results reported subsequent to the end of the quarter. An overview of the results of these activities is provided below. 4

5 Natougou Project Scoping Study During the quarter Orbis announced that it had received positive results from the development Scoping Study for the Natougou Gold deposit. The Scoping Study evaluation was managed by Lycopodium Minerals Pty Ltd, with input from a range of specialist consultants, and was completed to a +/ 50% input cost estimate. The Scoping Study assumes development of the Natougou deposit by a conventional open pit mining method comprising drill, blast, load and haul (Figure 2). Total production over the life of mine is estimated at 3.5g/t Au for 1.41 million ounces of contained gold. Figure 2 Natougou Project 3D view of notional staged open pit design from Scoping Study. The Scoping Study assessed two alternate mill throughput scenarios 1.5Mtpa and 2.0Mtpa and used a base gold price assumption of US$1,300/oz. The Scoping Study indicates potential for significant positive financial outcomes for both mill capacity scenarios evaluated and indicates potential for development of a large scale low cost gold mine (subject to completion of formal feasibility studies). Summary financial and physical KPI's derived from the Scoping Study are provided as follows: Mill Capacity Mine Life Average Gold Production Total Cash Cost Project NPV (10%) Project IRR Project Free Cashflow (after tax & capex) Payback 1.5Mtpa 8.2 yrs 154koz pa US$652/oz US$259m 43% US$476m 1.8 years 2.0Mtpa 6.2 yrs 213koz pa US$590/oz US$356m 60% US$560m 1.4 years Table 1 Natougou Summary financial KPI's (100% project basis, US$1,300/oz gold price). The Scoping Study included sensitivity analysis based on movements in the gold price within the range US$1,000/oz to US$1,600/oz (+/ US$300/oz). 5

6 The results of the sensitivity analysis (summarised in Table 2) indicate potential for a robust project with strong returns and significant free cashflows (after tax and capex) across a range of gold price scenarios. Scenario 1.5Mtpa 2.0Mtpa Gold Price US$1,000/oz US$1,300/oz $1,600/oz Cashflow (after tax) US$175m US$476m US$760m NPV 10 (after tax) US$54m US$259m US$453m IRR (after tax) 17% 43% 65% Cashflow (after tax) US$246m US$560m US$857m NPV 10 (after tax) US$125m US$356m US$574m IRR (after tax) 29% 60% 87% Table 2 Natougou Sensitivity analysis versus gold price (100% project basis). A provisional site layout for the Natougou site (as defined in the Scoping Study) is provided at Figure 3. Further details on the Natougou Scoping Study can be found in the Company's ASX release "Natougou Positive Scoping Study Results" dated 15 October Figure 3 Natougou Provisional site layout. Natougou Project Drilling Results Subsequent to the end of the quarter Orbis announced new high grade drill assay results from the Natougou Gold Project. The assays comprised initial results for an infill drilling program (being completed on a 40m x 40m drill grid) that is targeting an upgrade of a significant proportion of the Natougou deposit to an Indicated Mineral Resource status. 6

7 The assay results (for the initial 34 diamond drill holes) tested the up dip extension of the deposit in the area to the immediate south east of the current Indicated Mineral Resources (Figure 4). The drilling results confirmed near surface high grade gold mineralisation within the Natougou deposit and indicate potential for additional high grade mineralisation to be incorporated into early stages of the mine production schedule currently being assessed in detailed development studies (Figures 5 and 6). The drill holes intersections (including multiple drill holes with visible free gold) included: 18.33g/t Au (from 65.85m) in BODD091 (incl g/t Au from 65.85m) 9.66g/t Au (from 58.40m) in BODD093 visible gold observed (incl g/t Au from 61.00m) 38.69g/t Au (from 53.40m) in BODD094 visible gold observed (incl g/t Au from 56.00m) 13.89g/t Au (from 54.00m) in BODD096 visible gold observed (incl g/t Au from 56.00m) 11.40g/t Au (from 46.00m) in BODD098 visible gold observed (incl g/t Au from 48.00m) 8.06g/t Au (from 47.00m) in BODD099 (incl g/t Au from 49.00m) 29.12g/t Au (from 99.37m) in BODD116 visible gold observed (incl g/t Au from m) 30.74g/t Au (from 39.03m) in BODD135 visible gold observed (incl g/t Au from 41.00m) 19.64g/t Au (from 62.00m) in BODD137 visible gold observed (incl g/t Au from 63.00m) Further details on the drill hole results shown above (including location data) can be found in the Company's ASX releases "Natougou Near Surface High Grade Gold Intersections" dated 13 January The multi rig drilling program at Natougou will continue during the March 2014 quarter. In addition to "infill" drilling the current drilling program will also target: extensions to the Natougou deposit in particular hangingwall structures previously intersected along the south west margin of the deposit, and additional gold targets within the surrounding large scale (50km 2 ) gold in soil anomaly. 7

8 Figure 4 Natougou drill status plan showing location of new drill holes and cross section. Figure 5 Natougou cross section "A B". 8

9 Figure 6 Natougou detailed drill status plan showing location of new drill hole intersections. Natougou Project Development Studies During the quarter Orbis announced the appointment of Mr Andrew Skalski as Manager Projects to lead to the advancement of all technical studies for the Company focussed initially on the Natougou Gold Project. Andrew is a metallurgist with 29 years experience in the mining industry and has previously held senior roles at KCGM, WMC Resources and several junior mining houses. He has been successful in the management and optimisation of complex processing operations, integration of major plant expansion, project management and new business development. Andrew has particular expertise in the management and preparation of feasibility studies for the mining industry in Australia, New Zealand, Indonesia, West and East Africa. Following the receipt of positive Scoping Study results during the quarter Orbis commenced detailed technical studies on the development of the Natougou gold deposit. Development study activities during the quarter focussed on expansion of the metallurgical test work program and commencement of environmental and social baseline survey programs. The development studies will provide input into a formal Definitive Feasibility Study (DFS) for the Natougou Gold Project. Orbis anticipates that it will provide a timetable for completion of the DFS at the completion of the current infill drilling program and Mineral Resource upgrade. 9

10 Bantou Gold Project During the quarter the Company continued to advance exploration activities within the Bantou Project area in western Burkina Faso (Figure 1). The Bantou Project includes a number of highly prospective gold targets within the Dynikongolo exploration permit including the Bantou, Tankoro and Safia Gold Prospects (Figure 7). Figure 7 Bantou Project showing location of prospect areas / Orbis discoveries. 10

11 IP Geophysical Survey Program During the quarter Orbis commenced an expanded program of induced polarisation (IP) geophysical surveys across the Bantou Project area. The expanded IP surveys are seeking to define new gold mineralised structures within the Bantou, Tankoro and Safia Prospect areas (Figure 7). The IP survey technique has proven to be very effective in the definition of potential new gold mineralised structures in the Bantou area. Reconnaissance IP surveys completed by Orbis in 2013 (with subsequent drilling) led to new gold discoveries in the Bantou East and Tankoro East areas (Figure 7). Nabanga Gold Project During the quarter Orbis continued to advance an internal Scoping Study assessing the potential for future development of the high grade Nabanga gold deposit. Studies are currently focussed on the assessment of selective underground mining methods targeting higher production grades and lower annual production rates. Exploration Mount Isa Region Orbis Gold Limited holds an interest in approximately 2,700km 2 of granted exploration permits in the Mount Isa region of north west Queensland. Orbis' permits in the Mount Isa region are prospective for a range of mineral deposit styles including ironoxide copper gold (IOCG) deposits and shear hosted copper deposits. The Company s strategy for its Mount Isa region projects is to advance exploration by third party funding under joint venture type arrangements. Boomara Project No significant results were received during the quarter for the Boomara Project. Corporate Orbis Cash Reserves Cash reserves and liquid investments held by the Company totalled approximately $5.6 million at 31 December 2013 (includes $0.15 million held by Harmattan Gold Limited). Capital Structure (at 28 January 2014) Share price (OBS): $0.32 Issued shares: 219.5m Unlisted options: 4.8m Market Capitalisation: $70.2 million (at 28 January 2014) 11

12 Major Shareholders Shareholder Shares Held % DGR Global Ltd 39,000, % HSBC Custody Nominees (Australia) Limited 26,890, % Tenstar Trading Limited 20,593, % UBS Nominees Pty Ltd 8,840, % Other 124,212, % Total 219,536, % Table 3 Summary of major shareholders at 16 January For further information please contact: Mr Peter Spiers Managing Director Ph: (07) or Mr Peter Harding Smith Company Secretary Ph: (07) or info@orbisgold.com Further information on Orbis Gold can be found on our website Competent Persons Statement The information in this report that relates to Exploration Results is based on information compiled by Mr Peter Spiers, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Spiers is a full time employee of the company. Mr Spiers has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken 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 Spiers consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Drill Hole Intersections Drill hole intersection lengths reported in this announcement represent down hole lengths and do not equate to true widths. The conversion from down hole lengths to true widths will be variable from hole to hole due to variability of the dip of the targeted structures and variability in the inclination (dip) of individual drill holes. 12