Disclaimer Information contained in this presentation concerns Nord - PowerPoint PPT Presentation

Nordgold: Profitable Growth in the Challenging Market Environment Oleg Pelevin, Head of Strategy NORD LI (LSE) March 2015 1

Disclaimer Information contained in this presentation concerns Nord Gold N.V., a company organized and existing under the laws of Netherlands (the “Company”, and together with its subsidiaries, the “Group”), and is for general information purposes only. The opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. These materials may contain forward-looking statements regarding future events or the future financial performance of the Group. One can identify forward looking statements by terms such as “expect”, “believe”, “estimate”, “anticipate”, “intend”, “will”, “could”, “may”, or “might”, the negative of such terms or other similar expressions. These forward-looking statements include matters that are not historical facts and statements regarding the Group’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Group operates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that the Groups’ actual results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Group operates may differ materially from those described in or suggested by the forward-looking statements contained in these materials. In addition, even if the Group’s results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Group operates are consistent with the forward-looking statements contained in these materials, those results or developments may not be indicative of results or developments in future periods. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in the states where the Group operates, changes in the world [gold] market, as well as many other risks specifically related to the Group and its operations. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its shareholders, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in these materials. None of the Company nor any of its shareholders, directors, officers or any other person accepts any liability whatsoever for any loss howsoever arising from any use of the contents of this presentation or otherwise arising in connection therewith. The presentation and the information contained herein does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities of the Company have not been, and will not be, registered under the US Securities Act of 1933, as amended (the “Securities Act”) . Accordingly, the securities of the Company may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Company does not intend to conduct a public offering of any securities in the United States 2 2

Nordgold at a Glance  Leading emerging markets gold producer with 2014 Key Highlights operations in Russia, Kazakhstan, Burkina Faso and Guinea Gold Production, FY14 985koz  Diversified asset portfolio: operating 9 producing mines, 2 development projects and 4 advanced TCC US$675/oz exploration projects TCC & AISC, 2014 AISC US$887/oz  Large JORC resource base, exceeding 34.7 Moz US$487M (2) EBITDA & Margin, 2014 gold-equivalent (1) , and reserves at 12.6 Moz with life 40% of approximately 13 years Production CAGR 17%  Low-cost producer, with FY2014 AISC declined 19% 2012 – 2014 YoY to US$887/oz put us among lowest-cost global gold producers 2014 Revenue by Geography  World class board and management team, with a commitment to high standards of corporate governance 34%  Commitment to a solid dividend plan, as Nordgold Russia 38% pays quarterly dividends with payout ratio at 30% Kazakhstan Guinea  London Stock Exchange listed GDR (ticker: NORD) Burkina Faso with 11.8% free float 8% 20% 3 3 (1) Total resources (measured, indicated and inferred) including silver resources (2) Normalised EBITDA is presented / used, before year-end adjustments

Nordgold: Diversified Asset Base Buryatzoloto Neryungri 120 Koz 66 Koz Gross 220E+ Koz Pistol Bay Montagne Bissa Bouly Berezitovy d’Or 140E+ Koz 251 Koz 123 Koz Suzdal Aprelkovo 77 Koz 32 Koz Taparko 112 Koz Lefa 205 Koz Operating Mines Developing Assets Exploration Assets Exploration Areas 4 4 Actual production in 2014

Peer-leading Track Record of Growth 1,200 985 koz (7) 924 koz (6) 1,000 754 koz (4) 717 koz (5) 800 37% 589 koz (3) 534 koz (2) 600 21% 400 8% 193 koz (1) 200 35% 0 2008 2009 2010 2011 2012 2013 2014 Dynamic growth 6 out of 7 years (1) Taparko, Berezitovy and Buryatzoloto production included as of acquisition in November 2008 Figures shown on a 100% consolidated basis. Includes 5.3 koz gold equivalent (“GE”) of silver production (2) (3) Includes production from acquisition of LEFA (Guinea) as of August 2010 and 4.2 koz GE of silver production (4) Includes 7.1 koz GE of silver production 5 5 Russia Kazakhstan Guinea Burkina Faso (5) Includes 5.2 koz GE of silver production (6) Includes 6.9 koz GE of silver production (7) Includes 6.4 koz GE of silver production

Nordgold is a Low Cost Producer Compared to Peers • In June 2013 the World Gold Council published guidance on AISC metrics which is proposed to be applied starting from January 2014. The general approach is: AISC = EBITDA-based TCC (1) + Sustaining CAPEX (2) • Nordgold’s AISC was US$887/oz in FY2014, which is one of the lowest compared to peers 2014 All In Sustaining Cost ($/oz Au Eq.) 1,002 1,023 1,026 1,053 1,101 1,105 1,118 1,225 1,228 1,246 973 949 954 899 887 864 841 779 779 * Based on 9m 2014 data Source: Company information 6 6 (1) Including stock-piles / product inventory write-down (2) Maintenance, Capitalized stripping, Exploration capex

Proven Strategy in a Lower Price Environment Positive Free Cash Reduce Leverage Pay Dividends to Continuation of 2014 Flow Generation at Through Effective Growth Shareholders Objectives All Operating Mines Debt Management  Comprehensive cost  Interim dividend for Q4  Reduced cost of debt  Pilot stage operation at reduction program in 2014 of USc1.33/GDR, and improved liquidity Gross ongoing since place at all mines bringing total 2014 and debt profile Q1 2014  FY 2014 Consolidated dividend to through refinancing in  Feasibility Study at USc10.31/GDR March 2014 AISC of US$887/oz, Bouly on track to be  The record date for Q4  Net debt on 31 Dec representing a 19% completed in Q1 2015 2014 improvement YoY 2014 is set on March 2014 at US$627.3 m,  Resource update at Achievements  All mines generated 5, 2015 and payment and cash position at Montagne d’Or on March 20, 2015 US$317.1 m positive FCF in Q3 & expected in Q1 2015  Bond buy-back Q4 2014, FY2014 consolidated FCF program in progress reached US$180.7m ♦ Continue to improve ♦ ♦ ♦ Dividend payout ratio Continue to reduce Start construction of efficiency of 30% of net profit leverage with target Bouly or Gross 2015 Strategy ♦ Further upside for FCF attributable to level Net debt/LTM ♦ Continue to invest in generation in 2015 shareholders EBITDA at 1.0x the pipeline 7 7

Robust Pipeline to Underpin Future Growth Development projects Advanced exploration projects Early exploration projects Delineated resources / reserves Significant drilling performed Potential resource identified Feasibility underway or completed Scoping underway Target delineation Trial production ongoing at Gross Zinigma Kaya Wayin Burkina Goengo Burkina Faso Burkina Faso Production in 1-3 years Production in 6-8 years Production in 3-6 years Burkina Faso Faso Prognoz (1) Gross Russia Russia 13.3Moz resources Uryakh Lefa Corridor Vitimkan 4.6Moz reserves Nerchinsk Russia Guinea Russia Russia Montagne Bouly d’Or Tanzaka Burkina Faso French Yeou Guiana Burkina Banora Faso Burkina Faso Corridor Guinea Brownfield / Satellite Greenfield / Standalone Nordgold pipeline is robust and balanced with early stage and advanced projects 8 8 (1) JV with a partner (50/50)