PLANNING FOR THE NEXT 10

YEARSexpanding and managing

our mineral resource base
Rodney Quick
Group GM Evaluation

Mineral resource management strategy

Manage the orebody from gold in the ground to profits only possible by
ownership of the orebody
Responsible for resource sustainability and thus responsible for feasibility
and replenishment gatekeepers to ensure reserves pass our filters
Geological, resource and geotechnical model defines the mining method
Upfront trade off studies required on principal concepts open pit vs
underground, decline vs shaft, mining method cave or open stope,
backfill options CAF vs paste
Optimisations and mine design, which encompass a capital mine design
followed by production schedule
Geometallurgy drives metallurgical testwork, representativity of samples
critical

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

Resources declared at $1500/oz, using
LOM costs
Upside long term gold price and costs
Identifies short term opportunities
Ensures infrastructure does not sterilise
upside

Reserves declared at $1000/oz, using

LOM costs
Long-term 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

Resource triangle
Morila
Loulo
Tongon
Gounkoto
Kibali

Operating
Mines
Reserve
definition
Measured and
Indicated
Resources
Inferred
Resource

5 1

Mali

Senegal Cte dIvoire

Exploration Targets

DRC

Resource and Reserve declaration

Moz

Grade g/t
5,00

35
30

4,00

25
3,00

20
15

2,00

10
1,00

5
-

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Attributable Mineral Reserves
Attributable Mineral Resources outside Reserves
Reserve Grade

Tongon
2014 model with 2014 drill data

2013 model with 2013 drill data

1000/oz pit

Southern Zone - looking North

Significant orebody thickening leads to a 450koz increase in the in pit
resources
Updated scarn type model
The widening orebody at the intersection of steep and shallow dipping
zones

Gounkoto UG Feasibility

Updated UG mine design

1Moz reserve potential
Looking to start decline in
2018 and be at full
production when pit
completes in 2020
Extends Loulo-Gounkoto
plan to achieve close to
+600koz for 10 years
Low capital design
Decline from pit
CAF plant on surface
No underground crushing
Vent raises to hole into the pit

Yaleadrill results show high grade

extension to orebody
Yalea long section looking west

Dip change
(Yalea Shear)

Intersection
Yalea Structure
(lower strand)

2.7Km

Intersection
Yalea Structure
(upper strand)

60o dip
80o dip

Open
Conversion Target
potential for
200 000oz @ +3g/t

Open
Gold g/t
>8g/t
58g/t
35g/t
0.53g/t
<0.5g/t

YaDH13
41.0m @ 3.56g/t

YaDH15
30.7m @ 6.42g/t

Conversion Target
potential for
700 000oz @ +4g/t

High grade open to the south as well as at depth below the block
model, generating several new exploration targets
Underground optimisation focussing on extending the reserves

Garafocus on extending high

grade mineralisation
Gara long section
looking east

L0CP174
11.0m @ 5.88g/t

L0CP176
8.50m @ 6.74g/t
2Km

L0CP175
16.20m @ 5.96g/t
L0CP185
9.30m @ 10.48g/t

Open

L0CP179
8.40m @ 3.15g/t
Gold g/t
>8g/t
58g/t
35g/t
0.53g/t

Conversion Target
potential for
400 000oz @ +5g/t

L0CP177
4.50m @ 5.63g/t

L0CP183
2.30m @ 8.33g/t

Warp Fold
Axis

Open

L0CP186
12.80m @ 1.08g/t

S Fold
Axis

High grade mineralisation open down plunge

Kibali Gorumbwa deposit

SW

Gorumbwa
historical pit

Current $1000/oz
Shell

Historical Shafts

NE
Historical
Underground
Depletion

Additional
potential
lodes

Potential +300koz within $1000/oz shell

90% recovery

100m

Shafts and voids within the pit

Mineralised
lodes

Massawa
BM Validation
Comparison
of assay
results

Original Fire Assay

Au Leachwell

Au Screen Fire Assay

Total

11.70

24.07

28.39

Low grade

1.48

1.60

1.23

High grade

19.08

40.29

48.01

2
3
4

2 phased approach Integrated orientation

programme to test different
drill and assay methods
Based on results - a phased
drilling process to drill out the
Central Zone using optimal
drill spacing and assay
methods

Central Zone - block models

of high grade lodes

Ten Year Plan

10 Year production profile including Gounkoto UG and Massawa
Oz 000
1 600

5 year plan

10 year plan

1 400
1 200

LOULO
GOUNKOTO OP

1 000

GOUNKOTO UG

800

MORILA (40%)
TONGON

600

KIBALI (45%)
MASSAWA

400
200
-

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

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 Randgolds 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 SECs Industry Guide number 7.
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 companys
resources will ever be converted into reserves which qualify as proven and probable reserves for the purposes of
the SECs Industry Guide number 7.