Operating one of the largest gold mines in the world… Tahirou Ballo
Loulo District… a world class destination Baboto System Discovered in 1997. 250Koz @ 2g/t (4.2Mt) Loulo 3 Discovered in 2007. 370Koz @ 3.4g/t (3.4Mt)
Baboto
N
Gara
Loulo3
Yalea
Gara System Acquired in 1996. 2.6Moz @ 3.8g/t (21Mt)
Loulo District Rejuvenated resource triangle, nine priority exploration targets on major structures.
Faraba System Discovered in 1998. 320Koz @ 2g/t (4.7Mt)
Yalea System Discovered in 1997. 5.4Moz @ 4.9g/t (34Mt)
Gounkoto System Discovered in 2009. 4.2Moz @ 4.3g/t (30Mt)
Total Ore Reserves… 7.8Moz @ 4.5g/t (52Mt)
Gounkoto 2km
Faraba
Deposit Priority Target Major Structure Faleme Mafic Suite Iron Skarn Limestone Conglomerate 50 ppb Au soil
Discovery and evolution of LouloGounkoto Complex... 2012
2014
2014
Loulo plant expansion
Gounkoto UG feasibility commences
Production exceeds 600 000oz
2015
Transition to UG owner mining
2011 Gara UG first gold
2010
2009 Gounkoto discovery resource
Gounkoto incorporated as separate company
2011
2008
Gounkoto first gold from open pit
1981
Syndicat Or discovered Loulo-0 deposit
2004
1997
1992
BHP Mali acquired Yalea discovery BRGM shares in resource Syndicat Or
1989
Somilo was created in purpose to mine Loulo-0 deposit
1996 Randgold acquired BHP Mali
Loulo construction starts
2005 Loulo UG feasibility approved
2003
2005
Updated feasibility study Total reserve 1.28Moz
Loulo mine opening
Yalea UG first gold
2006 Loulo UG development starts
Loulo-Gounkoto organogram…
GM Loulo/Gounkoto Tahirou Ballo
Human Resources Samba Diallo
Health & Safety Dr Mama Kanta
Financial & Admin Daouda Dembele
Open pit Mining Cheick A K Sangare
Security Harry Jooste
Engineering Abbas Coulibaly
Mineral Environment Resources /Community Ousmane Moussa I Traore Kante Supply Chain Zoumana Gakou
UG Mining Mahamadoun
Cisse Processing Abdoulaye Kone
Loulo-Gounkoto Complex...employees Nationals: 94% Expats: 6% Mine Expats 155 (4%)
Contractors Nationals 1962 (48%)
Contractors Expats 66 (2%)
Mine Nationals 1734 (42%)
Temporary Nationals 179 (4%)
Investing in our people for the future… Transition to UG owner mining was successful thanks to the success of our strategy of empowerment of the host country national employees and our skills development: including bursaries and executive development training. Some high flying students sponsored by Randgold are now key leaders of the company
Hilaire Bebian Diarra: Group Environment and Social Development Manager Mohamed Cisse: Loulo Underground mining Manager Cheick Sangare: Gounkoto Mining Manager
One Team, One Mission Sustain production of 600Koz over the next 10 years Deliver value to all our stakeholders whilst strive to maintaining global best practice and investing in our people
Loulo-Gounkoto…safety, health and environmental performance Proactive management of H&S risks
0,40 0,30 0,20 0,10 0,00
Malaria eradication programme being implemented Health programme against hepatitis B launched
2,5
No major environmental incident reported
1,5
CN Management code compliance Both operations are certified OHSAS 18001: 2007 and ISO 14001:2004
2 1 0,5 0
80
m3/t
Loulo
m3
Fresh water 1,50
Gounkoto
m3/t
1,00 0,50 0,00 2011 2012 2013 2014 2015 YTD 2016
3 LTIFR 2,5 2 1,5 1 0,5 0
2012 2013 2014 2015 YTD 2016
100 Malaria incidence rate
Environmental assessment 60 concluded - good conservation condition of site biodiversity 40
80 60 40
20
20
0
0 2011 2012 2013 2014 2015 2016
2011 2012 2013 2014 2015 2016
7
Loulo mining schedule… Development towards the South of Yalea commenced Developed reserves Mine expansion at Gara with the addition of the Far South Moz decline 5 4 3 2 1 0 YALEA
GARA
Mineable reserves 240 Oz 000 220 200 180 160 YALEA
GARA
Loulo UG mining shows a steady improvement since owner mining started…
Owner mining commences
Tonnes mined kt
80
800
Yalea
Gara
Cost/t
700
70
600
60
500
50
400
40
300
30
200
20
100
10 0
0 Q1-2015
Q2-2015
Q3-2015
Q4-2015
Q1-2016
Q2-2016
Q3-2016
Owner miner success story… Successful transition from contract mining to owner operator Commissioning of the UG refrigeration project
Steady state availability in UG fleet help in achieving production…. Availability
Q1
Q2
Q3
YTD
Planned
83%
83%
85%
83%
UG Fleet
84.52%
83.26%
83.01
83.59
Automated loaders have significantly improved productivity Longhole drilling performance has improve by 16% Truck performance has improved by 14% Production cost reduced by 13% Development cost reduced by 15%
Still mining opencast pits… End September 2016 Topo Surface End September 2016 Topo Surface
Current LOM Pit
Super-pit
400
Oz 000
Gounkoto production without and with Super Pit
300 200 100 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 GKT LOM Oz Without Superpit
GKT LOM Oz With Superpit
Loulo-Gounkoto development… We are here
4 3 2
Gounkoto OC Mining
1 Yalea and Gara contract UG mining
0 Yalea and Gara contract OC Mining Power plant 15MW 6 tanks for CIL 2 x 4.5 MW ball mills
Achieve full production and paid off capital investment Additional 5 year of production added to open pit mine life as result of extra GC drilling
Power upgrade 29 MW UG conveyor/crushing Ventilation and pumping 10 tanks for CIL 1 X 7 MW ball train upgrade
UG transition to owner Mining Power upgrade 50 MW Refrigeration plant Additional Elution circuit Additional Regeneration kiln Replace aging 15 Cat generators (1MW)
UG owner Mining Improved efficiency Lower cost margins Safety through Automation Refrigeration Local empowerment
Plant throughput ramp up… project-to-date Throughput ramp up along with CIL circuit and oxygenation upgrade 5,0 4,5 4,0
Tonnes million
4.8Mt Sustainability and Efficiency for LOM
Throughput ≈ 1.2Mt average per quarter On the back of M2M Project and efficient use of mine assets Upgrade Secondary crusher
3,5 3,0 2,5
Primary mill commissioning
2,0 1,5 Upgrade crushing plant
1,0 0,5
Underground Overland conveyor Screening plant
START-UP 2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
0,0
Plant recovery ramp up…project-to-date Recovery ramp up with CIL Circuit upgrade Number of CIL Tanks
Overall Recovery
Recovery trend 97
14 Recovery ramp-up : Extra Tanks Additional oxygen plant and gravity concentrators
Yalea OC High copper
12
96 95
10
94 93
8
92 6
91 90
4
89 88 2016
2015
2014
2012
2011
2010
2013
14 x CIL Tanks 350 - 400 kt/month
14 x CIL Tanks 300 - 350kt/month 2008
2007
2006
2005
0
06 x CIL Tanks 250kt/month
2009
2
87
Loulo-Gounkoto complex… operating results 9 months ended 30 Sep 2016
12 months ended 31 Dec 31 Dec 2015 2014
Mining Tonnes mined (000)
28 753
31 360
27 025
3 287
4 513
4 539
3 612
4 543
4 396
4.7
4.8
5.0
90.9
90.1
90.2
Ounces produced
500 993
630 167
639 219
Ounces sold
496 780
630 627
631 124
1 257
1 148
1 267
Cash operating costs* ($/oz)
524
606
597
Total cash costs* ($/oz)
599
675
672
15 952
8 133
9 708
Profit from mining activity* ($000)
326 892
298 396
375 293
Gold sales* ($000)
624 673
724 167
799 718
Ore tonnes mined (000) Milling Tonnes processed (000) Head grade milled (g/t) Recovery (%)
Average price received ($/oz)
Gold on hand at period end# ($000)
Refer to Q3 2016 quarterly report for footnotes
Loulo-Gounkoto…actual and forecast production Production Oz 000 Total cash cost/oz Capex $m
Grade g/t
800
6
700
5
600 4
500
3
400 300
2
200 1
100
0
0 2012
2013
Oz actual
2014
2015
Oz forecast
2016
2017
2018
Total Cash Cost/oz
2019
2020
Capital
2021
Grade
Strategic Imperatives… Drive the hunt for next world class discovery - plan to replace whatever we mined Focus on our DNA and develop leaders at each level in the organization Better selection and development to ensure we have the right people in the right seats Better engagement of our peoples’ hearts, minds and bodies Contract review, understanding and ownership at operational level – maintaining core skills all the time. Show people we can build a world class company in Africa with Africans. We said that we would do U/G mining ourselves and we did because we have the right skills Improve our Gap management and execution Understand and own our orebodies Improved cost control and continuous improvement in cost effectiveness Capital, Engineering and Metallurgy to become more innovative and driven by engineered cost efficient solutions We can be innovative. We can engineer our solutions. Improved stakeholder engagement - We need to improve our stakeholder engagement. Our stakeholders are an integral part of our organization - partners, employees, government, communities. Run our operations like businesses Develop and deliver an efficient and cost effective Open cast mining solution. Ensure our underground owner mining business is sustainable (maintenance and backfill). World class UG maintenance and backfill
Contribution to Malian economy… to date LOULO Royalties and taxes $ 0.5 billion
Local suppliers, local salaries, community investment $ 1.6 billion
Total payment $2.1 billion
GOUNKOTO Royalties and taxes $ 0.3
Divends to the State $84 million
Local suppliers, local salaries, community investment $ 0.3 billion
Total payment $0.7million
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. Randgold reports its mineral resources and mineral reserves in accordance with the JORC 2012 code. As such numbers are reported to the second significant digit. They are equivalent to National Instrument 43-101. Mineral resources are reported at a cut-off grade based on a gold price of US$1 500/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$1 000/oz, except for Morila which is reported at US$1 300/oz. Mineral reserves are reported at a cut-off grade based on US$1 000/oz gold price within the pit designs. Underground reserves are also based on a gold price of US$1 000/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.