African Barrick Gold

Company Presentation
November 2012

Disclaimer
Important Notice This presentation has been provided to you for information purposes only. It does not constitute an offer, solicitation, invitation or inducement to purchase, subscribe or otherwise acquire or to sell or otherwise dispose of any securities of African Barrick Gold plc ("ABG") or any of its affiliates or engage in any investment activity in connection with the capital of ABG or any of its affiliates in any jurisdiction. The information or opinions contained in this presentation shall not form the basis of, or be relied on in connection with, or act as any inducement to enter into, any contract or commitment or investment decision whatsoever in connection with ABG or any of its affiliates. The information and opinions contained in this presentation are provided as of the date of this presentation, are subject to change without notice and are not purported to be comprehensive. ABG explicitly disclaims any responsibility, obligation or undertaking to update, correct or revise any information contained in this presentation after its date, whether as a result of new information, future events or otherwise. No reliance may be placed for any purpose whatsoever on, and no representations or warranties, express or implied, are given in respect of, the information or opinions contained in this presentation or on or in respect of its accuracy or completeness and no liability whatsoever is accepted by ABG or any of its affiliates, or any of their respective directors, officers, employees or agents, in respect of the accuracy or completeness of the information contained in this presentation or for any loss howsoever arising from any use of this presentation or its contents. Certain information, statements, beliefs and opinions in this presentation are forward looking. Forward-looking statements are statements that are not historical facts. These statements include, without limitation, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future production, operations, costs, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "plans," "expect," "anticipates," "believes," "intends," "estimates" and other similar expressions. All forward-looking statements involve a number of risks, uncertainties and other factors. Although ABGs management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of ABG, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, forward-looking information and statements contained in this presentation. Factors that could cause or contribute to differences between the actual results, performance and achievements of ABG include, but are not limited to, political, economic and business conditions, industry trends, competition, fluctuations in the spot and forward price of gold or certain other commodity prices, changes in regulation, currency fluctuations (including the US dollar, South African rand and Tanzanian shilling exchange rates), ABGs ability to successfully integrate future acquisitions, to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves and to timely and successfully process its mineral reserves, trespass, theft and vandalism, changes in its business strategy, as well as risks and hazards associated with the business of mineral exploration, development, mining and production. Accordingly, no reliance should be placed on forward-looking statements contained in this presentation. Any forward-looking statements in this presentation speak only as of the date of this presentation and only reflect information available at the time of preparation. Subject to the requirements of the Disclosure and Transparency Rules and the Listing Rules or applicable law, ABG explicitly disclaims any obligation or undertaking publicly to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise. No statements made in this presentation regarding expectations of future profits are profit forecasts or estimates, and no statements made in this presentation should be interpreted to mean that ABGs profits or earnings per share for any future period will necessarily match or exceed the historical published profits or earnings per share of ABG or any other level. 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Investment Proposition

Four producing mines in Tanzania with a long life, high grade reserve base

Average annual production of approximately 700,000 ounces of gold per year

Total Reserves and Resources in excess of 32 million ounces

(1)

Strong balance sheet with net cash position of US$452 million as at 30 September 2012

Disciplined allocation of capital while maintaining commitment to returning capital to shareholders

Exciting pipeline of growth projects, enhanced by recent Kenyan acquisition

(1) Comprised of the Reserves and Resources estimates stated as at 31 December 2011 and the further Resource declared at Nyanzaga on 3 April 2012

Our Strategy

Optimise the existing asset base

Expand through near mine projects

Grow through greenfield opportunities and acquisitions in Africa

Responsible Mining - maintaining our licence to operate

Optimising our existing asset base

Financial Strength Supports Continued Investment

Delivering Solid Financial Results YTD 2012 Enabling capital allocation to create shareholder value

Additional cash generated post IPO: US$152m1

+131%

(1) Pro forma cash includes A$20m cost of the proposed acquisition of Aviva Mining Kenya Limited

Focus on Addressing Cost Pressures

Initiatives focused on reducing cash costs G&A Formal review of corporate G&A costs and practices Improved freight procedures and supply chain efficiencies Labour Focused on reducing number of expatriates

Energy
Investment in grid stabilisation equipment to improve quality of power supply Assessing options to reduce reliance on diesel power generation, including solar and natural gas

Maintenance
Implementation of advanced maintenance tracking and updated routines Operational Efficiencies Expansion of Buzwagi fleet to improve reliability and maintain capacity Gold recovery project at North Mara, to increase recoveries by 4%
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Expanding through near mine projects

Bulyanhulu Upper East Acceleration

Focus on accelerating reserves at Upper East zone due to existing ramp access to the zone making it possible to bypass the existing shaft Project previously focused solely on Reef 1, which contains 1.2Moz at 10.6 g/t Opportunity exists to incorporate Reef 2 into the project, bringing an additional 0.9Moz at 9.7g/t
Reef 1 Upper East
3.49Mt @ 10.6g/t Au for 1.19Moz

Reef 2 Upper East

2.89Mt @ 9.71g/t Au for 0.91Moz

Plan to construct additional box cut and decline to maximise tonnage from the two reefs
Designed as a stand-alone operation, distinct from the current operations

Currently undertaking a pre-feasibility and feasibility study into mining both reefs simultaneously
Studies scheduled to be completed by the end of Q1 2013

Bulyanhulu Upper East Acceleration - LOM

Incorporation of Reef 2 significantly improves overall project returns: Brings forward 2 million ounces at 10.2g/t gold (already in reserves) LOM incremental production of over 90koz per annum at a cash cost of $608 / ounce Strong return with a post tax IRR of 34%(1) First production targeted for late 2014 Board approved order of certain long lead items

Key Life of Mine metrics Tonnes Processed Head Grade Recovery Brought forward ounces Operating Cost Total Cash Cost 6.89Mt 9.05g/t 95% 1.86Moz $164.2 / tonne milled $608 / ounce

Pre-production capital
LOM capital required

$99 million(1)
$379 million(1)

(1) Capital costs are estimated to a +/- 15% accuracy

Bulyanhulu CIL Expansion

Summary
Construction of new Carbon in Leach (CIL) circuit at Bulyanhulu process plant to process both historic tailings from the tailings storage facility and current tailings from the flotation circuit Board approved project in May 2012 Adds estimated LOM production of over 600Koz at a cash cost of $554 per ounce Project pre-tax IRR of 22.1% at current gold prices Provides longer term flexibility in developing the Bulyanhulu ore body Currently in project execution phase, with completion expected in 2014

Schematic of New CIL Circuit

New CIL Circuit

Upper East Zone

10

North Mara Gokona Expansion

Summary Ongoing review of potential opportunity to expand the Gokona open pit at North Mara Infill drilling continues to return very positive assays showing good continuity of mineralised zones Improvement in community relations provides opportunity to re-site a public road which previously constrained expansion Initial re-working of mine plan has added approximately 0.5Moz to the resource into the open pit Drilling has also delineated a revised underground resource >850Koz Additional deep drilling could further expand the underground resources 3D view of Gokona Open Pit & U/G Block Model

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Growing through greenfield opportunities

Optimise

Maintain and increase efficient and consistent production base from existing operations

To be updated for 2011 AR and include responsible mining

Expand

Grow current production through low capital, high return asset optimisation

Grow

Further grow asset base organically and through targeted acquisitions

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Nyanzaga Progressed into Pre-feasibility Study

Summary Declared in-pit resource of in excess of 4.6Moz Au
3.75Moz at 1.42g/t Au Indicated 0.85Moz at 1.81g/t Au Inferred Tusker and Kilimani zones in a single open pit Nyanzaga Drill Plan Showing Outline of Open Pit

Project moved into pre-feasibility stage in Q3 2012

Focus YTD on drilling for technical studies and deep exploration under Tusker Preliminary geotechnical studies are complete which should result in a reduction in the strip ratio Metallurgical test work in line with expectations Property wide exploration continues to target resource extensions and satellite opportunities

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West Kenya Highly Prospective Exploration Potential

Acquired Aviva Mining (Kenya) Limited for initial cash consideration of A$20 million
Forms part of our strategy of geographic diversification in Africa Opportunity to earn up to 75% in a number of highly prospective licences covering 2,800km, in central western Kenya Sporadic, historic and current exploration activities have identified a large number of targets that justify extensive follow-up ABG will implement a systematic and focused gold exploration programme Targets represent a significant addition to the grassroots and target delineation segments of our exploration pipeline In-country exploration team with established government and community relations
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Continuing to unlock the potential of the resource base

Continue to advance our high return growth projects

Focus on adding production at Bulyanhulu where high returns on capital can be generated

Benchmark all future expenditure against Bulyanhulu growth opportunities (e.g. Gokona U/G)

Potential to accelerate cash flow generation from Buzwagi

Review potential for future mine life extensions of Tulawaka

Focus on disciplined allocation of capital while maintaining commitment to returning capital to shareholders
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Appendix

1. Financial & Operating Statistics

2. Growth Projects

16

YTD 2012 Financial Highlights

Financial Summary
Revenue of US$799 million Average realised gold price of US$1,657 per ounce Cash margin of US$711 per ounce EBITDA of US$254 million

Financial Results
Unaudited ($'000) Revenue Cost of sales Gross profit Corporate administration Exploration and evaluation costs CSR expenses Other charges EBIT Finance income Finance expense Profit before taxation Tax expense Net profit for the period Profit attributable to: - Non-controlling interests - Owners of the parent EPS (cents) 3 94,167 23.0 7,481 222,213 54.2 YTD 2012 799,395 (584,911) 214,484 (39,195) (17,698) (9,713) (4,693) 143,185 1,674 (6,809) 138,050 (43,880) 94,170 YTD 2011 932,717 (526,659) 406,058 (34,430) (22,950) (5,257) (11,252) 332,169 1,171 (6,317) 327,023 (97,329) 229,694

Net profit of US$94 million

Interim dividend of US4.0 cents per share paid in September Capital expenditure of US$217 million Net cash position of US$452 million

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Bulyanhulu
Key Focus Areas Return to delivering on the mine plan Increase availability of higher grade stopes Resolve paste fill plant issues & implement revised maintenance routines Operating Statistics
YTD 2012 Ore tonnes hoisted Ore milled Head grade Mill recovery Ounces produced Ounces sold Kt Kt g/t % oz oz $/oz $/t 746 782 YTD 2011 795 815 % change (6.2%) (4.0%)

8.3
90.7% 188,499 189,104 762 184 4,897 4,602 67,163

8.3
91.1% 197,601 204,849 590 148 6,058 5,930 65,667

(0.4%) (4.6%) (7.7%) 29.2% 24.3% (19.2%) (22.4%) 2.3%

Commission full back-up power generation

Progress the Upper East Reef 1 & 2 feasibility study Start the construction phase of the new CIL Circuit

Cash cost per ounce sold Cash cost per tonne milled

Copper production
Copper sold Capital expenditure

Klbs
Klbs $(000)

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Buzwagi
Key Focus Areas Optimise power mix to reduce cost and ensure uptime Operating Statistics
YTD 2012 Tonnes mined Ore tonnes mined Ore milled Head grade Mill recovery Ounces produced Ounces sold Cash cost per ounce sold Cash cost per tonne milled Copper production Copper sold Capital Expenditures Kt Kt Kt g/t % oz oz $/oz $/t Klbs Klbs $(000) 20,655 2,908 2,653 1.4 85.2% 100,942 104,058 1,189 47 3,713 3,683 65,822 YTD 2011 15,329 2,748 2,350 2.4 88.1% 158,625 161,972 649 45 5,928 5,916 55,429 % change 34.7% 5.8% 12.9% (41.7%) (3.3%) (36.4%) (35.8%) 83.2% 4.4% (37.4%) (37.7%) 18.8%

Revised maintenance routines to minimise unplanned mill downtime

Achieve increase in throughput in Q4 and sustain into 2013

Continue the waste stripping programme to remain in line with mine plan
Expansion of mining fleet to improve reliability and maintain capacity

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North Mara
Key Focus Areas Increase waste movement at Gokona to access higher grade zones in Q4 Step up in production and step down in cash costs from improved grade profile Ensure delivery from gold plant recovery project Reduce illegal intrusions onto the mine site Progress land acquisitions around the Nyabirama pit Operating Statistics
YTD 2012 Tonnes mined Ore tonnes mined Ore milled Head grade Mill recovery Ounces produced Ounces sold Cash cost per ounce sold Cash cost per tonne milled Capital expenditure Kt Kt Kt g/t % oz oz $/oz $/t $(000) 12,603 1,016 2,046 2.4 83.9% 129,996 129,800 984 62 56,647 YTD 2011 18,216 1,705 2,297 2.2 81.1% 129,128 130,625 793 45 85,314 % change (30.8%) (40.4%) (10.9%) 9.1% 3.5% 0.7% (0.6%) 24.1% 37.8% (33.6%)

Finalise lifting of EPO and renewal of SML

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Tulawaka
Key Focus Areas Continue exploration programme in order to understand potential to extend the mine life beyond 2013 Operating Statistics
YTD 2012 Ore tonnes hoisted Open pit ore tonnes mined Open pit waste tonnes mined Ore milled Head grade Mill recovery Ounces produced Ounces sold Cash cost per ounce sold Cash cost per tonne milled Capital expenditure (100%) Kt Kt Kt Kt g/t % oz oz $/oz $/t $(000) YTD 2011 % change

91
43 222 151 5.6 95.7% 26,091 26,705 1,128

106
2 59 218 6.4 94.9% 42,904 43,225 707

(14.2%)
nm nm (30.7%) (12.5%) 0.8% (39.2%) (38.2%) 59.5%

Increase mining rates to maintain throughput

Increase grade profile through the year Progress development of second access portal

200
17,202

140
17,390

42.9%
(1.1%)

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Evolution of Direct Mining Cash Costs

Direct Mining Cash Cost (pre Capitalised Costs) Commentary Direct mining costs have remained flat YTD 2012 Increased ounce profile as a result of improved grade across each of the mine will drive a reduction in cash cost per ounce in Q4 Cost containment and efficiency drives now in place across:

Costs (US$mm)

Labour
G&A Power Maintenance

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Appendix

1. Current Operating Statistics

2. Growth Projects

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Exploration and Growth Projects

Tulawaka Extensions Gokona Expansion

Mine life extended to mid 2013 Drilling continues to extend mineralisation

1Moz of additional resource delineated around current open pit Feasibility due for completion in Q4 2012

Bulyanhulu CIL Expansion

Nyabirama Expansion

Board approved project in May 2012 Adds LOM production of >600Koz from 2014
Bulyanhulu Upper East

Estimated underground resource of 0.5Moz delineated Expanded drill programme to be undertaken

Ordered certain long lead items Studies underway to mine Reef 2 in parallel with Reef 1 Final Board approval early 2013
Nyanzaga

Golden Ridge

Declared 4.6Moz in-pit resource Moved into pre-feasibility in H2 2012 Ongoing property wide exploration

Looking at alternatives to develop deposit, including trucking to Bulyanhulu Update due in Q4 2012

Project Execution

Feasibility Study

Scoping/Pre- feasibility Study

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