Location of significant gold and base metals drill results announced 2013

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1 Exploration, development and mining mining codes and their role in attracting long term investment ensuring a balanced participation in benefits IPAD 214 Location of significant gold and base metals drill results announced 213 Source: SNL Metals and Mining 1

2 Global gold discovered and produced with gold price 199 to 213 New gold discoveries have dropped to their lowest since 199 Gold discovered Moz Gold discovered Gold price World mine production Gold price US$/oz Source: SNL Metals and Mining Global gold exploration budgets On the back of lower exploration expenditure, the number of new resources has also dropped significantly US$ million Source: Data: SNL Metals and Mining USA Rest of World Pacific/SE Asia Latin America Canada Australia Africa 2

3 African countries share of global gold exploration budgets 213 Total budget US$m 25 % of global 3, Total Budget ($M) Share of Global Budget (%) 3 2,5 2 1,5 1,5 Source: Data: SNL Metals and Mining Exploration budget trends Mining companies profit margins are coming under a lot of pressure due to depressed metal prices and very little funding is available from the equity markets for exploration projects They are therefore cutting back on exploration spend in all jurisdictions, which means that in future only those which offer a legal and fiscal framework in which companies feel comfortable to invest, will attract new exploration funding Burkina Faso Mali Ghana Cote d Ivoire Senegal 3

4 Gold exploration spending in the DRC Greenfields exploration expenditure in the DRC is coming under pressure with only 5 or 6 companies involved at the moment Greenfields Exploration Spending in the DRC 29 to 213(Gold) Source: Data: SNL Metals and Mining US$m Lindian Resources Limited Elemental Minerals Limited Banro Corporation Mazorro Resources Inc. Gold Fields Limited Managem, Société Anonyme El Niño Ventures Inc. MMG Limited Loncor Resources Inc. Blackcomb Minerals Inc. Kilo Goldmines Limited Mwana Africa Plc Africo Resources Limited Banro Corporation Cardinal Resources Limited Explaurum Limited AngloGold Ashanti Limited Randgold Resources Limited Regal Resources Limited Casa Mining Ltd. The proposed New Mining Code in the DRC In 213 the Commission was appointed by the Minister of Mines in the DRC to review the Mining Code Initial work produced by the Commission created a real concern that the DRC was moving in a direction which would seriously damage its already fragile position in the international mining investment community However, through dialogue between the Commission and the mining industry it appears that the Commission has shifted it position on various contentious issues to be more in line with the current mining code The draft report compiled by the Commission, which still shows differences between the State and the Mining Industry on fiscal issues, is currently being reviewed at ministerial level 44 experts from the Ministries of Mines and Finances met in early August 214 and have recommended that the State organises study tours in other mining jurisdictions to get a better understanding of what needs to be included in the mining code in order to ensure international competitiveness, equity and efficiency Various issues on the proposed new mining code have still to be ironed out between government and the mining industry In our view the current mining code is, in general, good but lacks effective implementation 4

5 Proposed New Mining Code in the DRC Progress made in the work done between the Commission appointed by the Minister and the Mining Industry Topic Initial position of the Commission Indication of current position of the Commission State participation in projects 3% 1% Corporate tax rate 35% 3% Mining Royalty (Gold) 6% 3.5% Tax on excess profits 5% Removed Stability Stability clause modified to allow for only 3 year stability No clear position on where the commission is intending to go. Accelerated depreciation Allowance removed Allowance as per current code Deductibility of interest modified Conditions on deductibility of interest made more onerous Conditions on deductibility of interest made more onerous Surface fees 1% increase 1% increase What we believe should be included in the code and why Maintain stability clause: State should honour its commitment and not undermine the basis for a long run investment decision International competitiveness: DRC should incentivise to be competitive Differentiation: Taxation regime should support the characteristics and settings for different minerals and metals eg requires more capital investment to develop a gold mine in NE DRC than a copper mine in Katanga Mineral resources focus: Taxation should be levied on the primary resource profits only and not on dividends and repatriation of profits after tax (double taxation) Equity and efficiency: Tax regime should be mutually equitable and promote efficiency, economic activity, and competitiveness Growing the pie rather that dividing a shrinking pie. 5

6 Government portion of net project cash flows Gold price sensitivities 1% discount rate Discount rate 2% Cash operating costs US$ 7/oz Gold Price (US$ / oz) % Rank % Rank Argentina 4% 4 3% 3 Australia 51% 1 4% 1 Brazil 47% 9 4% 11 Chile 34% 2 3% 2 China 43% 6 33% 4 Côte d Ivoire 43% 7 35% 7 DRC 54% 14 47% 16 Ghana 44% 8 35% 5 Khazakstan 43% 5 37% 8 Mali - old code 51% 11 39% 9 Mali new code 58% 16 46% 15 PNG 53% 13 45% 14 Peru 39% 3 35% 6 Russia 56% 15 44% 12 Senegal 29% 1 22% 1 South Africa 61% 17 48% 17 Tanzania 52% 12 45% 13 Côte d Ivoire a go to country for mining investment Cote d Ivoire has recently adopted a new mining code The review process started off on a confrontational path with the mining sector Quickly brought on track by sound leadership which acknowledged that the development of the mining industry in that country requires the input and cooperation of all role players Understanding that a sound and investor friendly code would attract exploration funds and increase new investment, increasing economic development and funds flowing to the state Mining ministry closely involved all interested parties in the industry - mining companies, current and potential explorers, representative organisations from civil society, various government departments - in drafting the new mining code Inclusive, consultative and iterative process led by the Department of Mines in Cote d Ivoire resulted in mining framework which is acceptable to the vast majority of interested parties The newly adopted Code is seen as competitive by both the government and the mining industry Considering industry associated risks, it includes most of the elements mining investors regard as essential in order to make a mining investment decisions: Stability provisions Upfront corporate and duty tax holidays Reasonable royalty rates, taking into account the current state of the mineral markets Reasonable corporate tax rates Mining sector set on a competitive path for future exploration and project investment, and consequently growth of the industry in that country 6

7 Randgold Resources our partnership philosophy Responsibility of mining companies: Attract first world finance Guard against exploitation of equity markets at expense of host country Deal honestly and transparently with governments Create jobs Transfer skills Support local suppliers Have meaningful social responsibility programmes Mining Companies and Investors Governments NGO s and Regulators Employees and communities Responsibility of Governments: Provide enabling platform for business Provide or incentivise development of infrastructure Mining code conducive to fiscal and legal stability, and good governance 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 Randgold s filings with the US Securities and Exchange Commission (the SEC ). 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 release, 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. Randgold reports its mineral resources and mineral reserves in accordance with the JORC 212 code. As such numbers are reported to the second significant digit. They are equivalent to National Instrument Mineral resources are reported at a cut-off grade based on a gold price of US$1 5/oz. The reporting of mineral reserves is also in accordance with Industry Guide 7. Pit optimisations are carried out at a gold price of US$1 /oz, except for Morila which is reported at US$1 3/oz. Mineral reserves are reported at a cut-off grade based on US$1 /oz gold price within the pit designs. Underground reserves are also based on a gold price of US$1 /oz. Dilution and ore loss are incorporated into the calculation of 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 annual 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. 7

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