Getting it right managing our reserve profile while ensuring we are sustainably profitable

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1 Getting it right managing our reserve profile while ensuring we are sustainably profitable Rod Quick, Group GM Evaluation Getting it wrong Nevsun took a $81 million impairment on the assets of the Tabakoto project in 2007 and eventually sold the project after making a loss for a year. Kinross took a $2.49-billion write down on the assets acquired in the Tasiast deal and currently fighting a lawsuit claiming that Kinross made "materially false and misleading statements Barrick changes CEO due to shareholder unhappiness with the $7.3-billion acquisition of Equinox Minerals which was considered overpriced and out of place with Barrick s alleged gold focus 1

2 Getting it right Geology, Geology, Geology get the orebody right! Granite Volcanics Incorporate lithology, weathering, redox, structure, alteration, mineralisation, assay, pathfinder elements, petrography to generate a holistic 3D geological model within which one can complete reliable estimate Granite Volcanics Getting it right Group Resources and Reserves and Feasibilities completed 30 Gounkoto Kibali Morila Loulo UG Loulo OP Tongon Attributable Mineral Resources Attributable Mineral Reserves 2

3 strategy GM Evaluation co-ordinates the feasibility drawing on in house skills in geology, mining, metallurgy, HR and logistics, while pulling in experts in mine design, costing, environment, plant and infrastructure design Geological and resource model together with geotechnical rock mass defines the mining method, mine optimisations and mine design, which encompasses a capital mine design followed by production design and then schedule Upfront trade off studies required on principal concepts open pit vs underground, decline vs shaft, mining method cave or open stope, backfill options CAF, paste etc. Geometallurgy drives metallurgical testwork, representativity of samples critical, metallurgical domains are geologically driven, design plant for the bulk ore type. strategy Knowing and being able to demonstrate the original baseline socioeconomic and environmental conditions prior to the mine being built is critical: Socio-economic Household asset register Medical Demographics Environmental Dust Surface water Ground water Flora / Fauna / Aquatics 3

4 Strategic filters Does it apply principally to gold? Have we identified and understood the country risks? Does it fit our values? Will we have active management participation Will it enhance our partnering network Does it diversify our geographical exposure? Does it have a reserve potential greater than 3 million ounces of gold? Does it have the potential to be + 200,000 oz per year producer Can we move it up the value curve? Does it have the potential to be in the lowest total unit cost quartile? Can it produce an IRR in excess of 20%? Does it have a payback of less than 2 years? Is it accretionary to our share value? Resource and Reserve management Resource declaration at $1500/oz, using LOM costs Closer to the current spot price Identifies short term opportunities Material is profitable at current prices Only material that falls with an economic pit shell or above a calculated UG cut-off must have the intention to mine Reserves declared at $1000/oz, using LOM costs Longterm gold price and costs Reduces risk ensures long term sustainability Profitability over ounces Include dilution and ore loss (not gold loss!) Requires prefeasibility level study before declaration Only Indicated and measured resources can be converted to reserve Mining cut off grades Full Grade Ore, Marginal Ore and Mineralised waste Based on annual budget gold price and costs within the reserve declaration Adjusted annually 4

5 Profitability curves OP UG interface Deposits with underground potential require an interface analysis Au (g/t) > $/oz shell Ore tonnes Waste tonnes Jog zone and underground target Strip Ratio Incremental Cost increase $/ore t increase ( ) ( ) ( ) ( ) ( )

6 Gounkoto open pit feasibility The feasibility demonstrated the toll treatment of the Gounkoto ore at an expanded Loulo gold plant was the preferred option. Allowed for the better utilization of the current Loulo infrastructure and human capital. Had significant synergies with the open pit mining fleet at Loulo that was nearing the completion of major open pit activities at Loulo. Allowed for the faster realisation of value from Gounkoto and as such is better use of Randgold s capital. Did not require the construction of additional facilities like the plant and tailings dam and as such has a significantly smaller footprint and lower environmental impact Allowed for the opportunity to split the Loulo permit into Loulo and Gounkoto mining permits and as such realise earlier dividend payments from Gounkoto to both shareholders. Loulo Permit Gara Loulo 3 Loulo Plant Yalea Gounkoto Faraba Gounkoto Permit Kibali Original due diligence conducted 2007 confirmed the presence of significant orebody By following subsequent press releases and public data released on updated feasibility was able to predict the orebody should contain 10Moz reserve though Moto March 2009 feasibility was only reporting 5.5Moz Post acquisition was able to confirmed reserve of 9.2Moz by end of 2009 and currently reserve at 10.2Moz RRL feasibility focussed on improving geological, geotechnical and backfill understanding to allow significantly higher underground production through the development of vertical shaft and twin decline system to rapidly open up the value of the 5000 and 9000 lodes Current haulage level 760m below surface, shaft will service KCD and Gorumbwa down plunge potential 1500m below surface m b s 6

7 Reconciliations Tonnage comparison (call tonnes vs checkout tonnes) Weeks 16 to 20 plant consistently reporting higher tonnage Investigation shown due to inconsistent loading of trucks from Gounkoto crusher. Issue was addressed and reconciliation rectified Reconciliations Weekly grades comparison (GC call grade vs plant checkout grade vs Carbon loading) Plant showing high grade bias from week 13 to 28 Investigation shown it to be associated with a slight underestimation of Gounkoto grade, which was rectified and grade reconciliations improved. 7

8 Reserves per share Million ounces 30 Moz Reserves, Resources and Reserve oz/share Reserve oz/share Oz/share Reserves Moz Resources Moz Reserve oz/share Disclaimer CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: Except for the historical information contained herein, the matters discussed in this presentation are 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, and applicable Canadian securities legislation. Forward looking statements include, but are not limited to, statements with respect to the future price of gold, the estimation 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, or variations 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 Resources Limited ( Randgold ) and there is no assurance they will prove to be correct. Forward looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Randgold to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to mining operations, including political risks and instability and risks related to international operations, actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, 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 which was filed with the US Securities and Exchange Commission (the SEC ) on 30 March Although Randgold has attempted to identify important factors that could cause 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 from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements. Randgold does not undertake to update any forward looking statements herein, except in accordance with applicable securities laws. CAUTIONARY NOTE TO US INVESTORS: The SEC permits companies, in their 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 not recognise 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 be converted into reserves which qualify as proven and probable reserves for the purposes of the SEC s Industry Guide number 7. 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 the company and competent person. Morila mineral resources were calculated by Mr Adama Kone, an officer of the company, under the supervision of Mr Jonathan Kleynhans, 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 Mr Ernest Doh under the supervision of Mr Jonathan Kleynhans, an officer of the company and competent person. The Gounkoto mineral resources were calculated by Mr Abdoulaye Ngom, under the supervision of Mr Jonathan Kleynhans, an officer of the company and competent person. All mineral resources were reviewed and approved by Mr Rodney Quick, general manager evaluation and a lead competent person. Mr Johan Kleynhans and Mr Rodney Quick are members of SACNASP and both have sufficient experience in the style of mineralisation and types of deposits under consideration and the activity which they are undertaking as competent persons 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 person and practising professional engineer. The Tongon Northern Zone mineral reserves were calculated by Mr Samuel Baffoe, under the supervision of Mr OnnotenBrinke, 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, competent person and member of AusIMM, and reviewed and verified by Mr Rodney Quick, an officer of the company and competent person. The mineral reserves of Morilawere calculated by Mr Stephen Ndede, an officer of the company, competent person and member of AusIMM. Kibali open pit mineral reserves were calculated by Mr Onno ten Brinke and Mr Nicholas Coomson, both officers of the company, competent persons and members of AusIMM. Underground mineral reserves were calculated by Mr Dan Donald and Mr Tim Peters, both independent consultants, competent persons and members of AusIMM. All competent persons have sufficient experience in the style of mineralisation and types of deposits under consideration and the activity which they are undertaking as competent persons as defined in the 2004 addition in 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 disclose only 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 company from 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 reserves which qualify as proven and probable reserves for the purposes of the SEC s Industry Guide number 7. 8