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December 2011

Avocet Mining PLC Cape Town February 2017

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Overview

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Overview of projects

Inata Gold Mine

o Producing mine with exploration

potential

o Inata Mineral Resources of 3.3

Moz, excluding Souma

o Reserve of 340k oz, LoMP runs to

end 2019

Tri-K Development Project

o Exploitation permit granted 27 March 2015, Mining Convention signed 19 Dec 2016

o Joint Venture signed with Managem in October 2016 to complete a feasibility study for

a CIL project with a 1m oz reserve by Q1 2018 – leaving Avocet with 30% interest

o Construction capex expected to be US$200-300m

Souma, Pali and Ouzeni Deposits

o Souma deposit 20km from Inata process

plant – currently 0.7Moz

o US$11-14m funding needed to add Souma

and other satellite deposits to Inata LoMP

o Target is to add 5-600k oz reserve and 5-7

years to the mine life

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Avocet Group

Avocet Mining PLC - UK head

office

Souma and Ouzeni/Pali – Burkina Faso

Inata Gold Mine – Burkina Faso

Tri-K project - Guinea

•Corporate head office • London and Oslo listing

•Mining permit for Heap Leach granted March 2015 • JV signed with Managem Oct 2016 •Managem to obtain 70% interest by

completing BFS for a CIL plant, increasing reserve to 1moz and investing US$10m •Capex for CIL plant est US$200-

300m . Avocet to contribute its post-debt share to retain 30% interest

• In production since 2009 •3 yrs of reserves remaining, 240k

oz at cash cost of cUS$900/oz (75-85k oz pa) •Debts of US$60m - bank debt of

US$24m (Ecobank and Coris), trade creditors of US$29m, government debts of US$7m

•Satellite deposits to Inata – under exploration permits •Souma most prospective – 675k

resource, expected to increase, 20km from site. •Funding of US$10-12m

exploration capex required •Ouzeni/Pali 15km from Inata •Funding of US$1-2m

exploration and capex required

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Listed on London and Oslo

Ticker: AVM.L

Ticker: AVM.OL

Listing date: London – Dec 2011 (previously AIM) Oslo Børs – June 2010 Shares in issue: 20,949,671 Market capitalisation : US$16m Major shareholder: Elliott1 13.5% Registered office: 5th Floor, 15 Old Bailey, London EC4M 7EF

1 Elliott is also interested in Ordinary Shares held through contracts for difference (CFDs), representing a further 14.2% of the Company’s issued share capital

1,000

1,100

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1,500

20

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140

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Au US$/ozShare price (pence)

AVM share price v Gold Price 2016

AVM

Gold price

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Burkina Faso – Inata, Bélahouro and Souma

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Burkina Faso – 8 mines in operation

Inata located c 200km North of Ouagadougou in the Soum province. Access is via road, and takes c 6hrs

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Inata

• Inata commenced production in Dec 2009 – after initial success, combination of falling gold prices, rising costs, and metallurgical issues impacted profitability and reduced profitability

• Focus since 2013 has been reducing costs, however this has also limited expansion work to extend mine life

• Latest Inata LoMP shows reserve of 340k oz, and production continuing to 2019 but not beyond – which will make repaying the mine’s US$60m of creditors challenging

• Additional deposits identified at Souma and Pali/Ouzeni – which require US$11-14m of funding to be developed

• Souma/Ouzeni/Pali targeted to add 500-600k oz production and extend mine life by 5-7 years – significantly improving economics of the mine, and the prospects for shareholders and creditors

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2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

US$/oz'000 oz

Production Cash cost Av realised gold price

Inata production – past, future and potential

Inata historic actuals Inata LoMP (reserve)

Targeted production from new deposits (unverified)

Souma Pali/ Ouzeni

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Overview – plan of mine area

• Open pit mining across five main pits (Inata North, Central, South-East, Far South and Minfo)

• Owner-operator mining fleets – although equipment is ageing

• Processing via conventional CIL plant – nameplate capacity 1.6mtpa

• Original mine licence covered 26km2 - increased by 50% in 2014

• Water sourced from purpose-built barrage (Gomdé)

• Site includes office block, accommodation camps, canteen etc

TMF1

TMF2

Plant

North Pit

Central Pit

South Pit

Minfo Pit Filio

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Inata – 2017 outlook and challenges

• Production expected 75-85,000 oz at cash cost US$900-

1,000/oz

• Key challenges are:

- Creditor pressure

- Security threat – incidents have increased in Sahel region

- Mechanical availability of mine fleet and plant

- Tight margins in the context of volatile gold prices

- Legal issues with workforce

- Royal gold – disputed US$7m

• Mine has total debts of cUS$60m as at 31 January 2017

- Ecobank loan - c US$20m – repayable c US$1m per mth

until Oct 2018

- Coris Bank - 2.5bn CFA loan (US$4m) granted Oct 2016 -

repayment due end Mar 2017

- Trade creditors of US$28m at 31 Jan 2017

- Further US$1m due to as bank drafts (invoice advances)

- US$1m of government royalties/taxes outstanding

- US$6m due in respect of restoration bond

Inata LoMP, excluding Souma & Pali/Ouzeni, runs to 2019. At current gold prices, cash generated will contribute to reducing substantially, but not repaying in full, the mine’s debts.

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Inata and satellite deposits

Pali

Ouzeni

Filio

5km

Souma

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Souma – overview

Dynamite

N’DargaMiilam

North

Miilam

Central

Miilam

South

Gomde

Barrage

2km

• 20km from Inata Mine – within hauling distance across flat terrain

• 16 km gold in saprolite anomaly

• Mineral Resource currently 0.7Moz. at 1.81 g/t

• High grade core of +2 g/t material

• Entirely different geological setting – quartz hosted gold, no preg-robbing characteristics as seen at Inata

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Souma - location 20km from Inata plant

QUARTZ VEINS

INATA PIT

GOMBE DAM/ IMPOUNDMENT

MINERALIZED ZONE

PERMIT BOUNDARY

2.5 Km

BELAHOUROU

SOUMA

0.7 Moz Au

INATA MINE

FILIO, PALI, OUZENI

0.48 Moz Au

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• A total of 676koz have been defined at Souma within five deposits

• Upgrade in resource on Dynamite targeted – increase of some 100-200k ounces realistic once work complete

Souma – current resource

CLASS Tonnes Grade Au (g/t) Metal

(ozs)

Measured - - -

Indicated 2,410,000 2.32 179,500

Meas+Indicated 2,410,000 2.32 179,500

Inferred 9,220,000 1.67 496,100

Meas+Ind+Inf 11,630,000 1.81 675,600

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Satellite deposit for Inata

• Processing strategy for Souma is that it will serve as a satellite deposit for Inata

• Ore will be trucked c 20km to Inata plant for treatment

• Feasibility study will confirm details of metallurgy, costs etc

• High level estimates have assumed US$4 per tonne additional haulage for the ore

• US$10-12m funding needed:

• US$5-7m to complete drilling and documentation for feasibility study and permit application by end 2017

• US$5m capex (haul road, enhancements to crusher, pit works)

US$10-12m needed to bring Souma into production by 2020 – potentially adding 3 years of production to Inata mine life

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Ouzeni/Pali

• Ouzeni/Pali – located 7-8km SE/7km SW of the plant respectively.

• Although both lie outside the Inata mining permit, it is hoped that the government would allow an extension to the permit area to include these deposits, without the need for a full feasibility study.

• A drilling campaign estimated to cost US$1-2m would be required to confirm the existing 5m tonnes of inferred resource at 1.61g/t (270k ounces)

• However reserves of 100-150k ounces would not be an unreasonable outcome.

Deposit Classification Tonnes Au g/t Ounces

Measured 590,000 1.81 34,400

Indicated 770,000 1.29 31,900

Meas + Ind 1,360,000 1.52 66,300

Inferred 1,860,000 1.39 83,400

Total 3,220,000 1.45 149,700

Inferred 2,260,000 1.83 133,500

Total 2,260,000 1.83 133,500

Inferred 2,930,000 1.45 136,200

Total 2,930,000 1.45 136,200

Filio

Pali

Ouzeni

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Guinea – Tri-K

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Tri-K location – in Siguiri basin

Tri-K Permits

Balandougou

Severstal (Lefa – 5.9Moz Au)

Cassidy (Kouroussa – 1.0Moz Au)

SEMAFO (Kiniero – 0.9Moz Au)

Kolenda

Avocet (TriK – 3.0Moz Au)

Kankan

50km

Burey Gold (Mansounia – 0.8Moz Au)

Conakry

Birimian geology Wega Mining Guinée permits Deposit size (production + resource)

Anglogold Ashanti (Siguiri – 5.6Moz Au)

Sovereign Mines of Africa (Mandiana – 0.6Moz Au)

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Summary

• Current resource of 3m oz at 1.41 g/t

• Mining permit granted 27 March 2015 for a low capex Heap Leach operation – Feasibility Study indicated initial reserve of 480k oz @ 1.41 g/t

• JV signed with Managem SA (Moroccon mining group) 7 October 2016

• Mining convention including fiscal concessions and extensions to mining and exploration permits signed by Minister of Mines and Minister of Budget 19 Dec 2016 – ratification by Guinean parliament expected Feb 2016

• Once Mining Convention has been ratified, Avocet will transfer 40% interest to Managem for a US$4m payment

• Managem will then commence 12 month US$10m work plan to complete a new Bankable Feasibility Study for a CIL plant, targeting 1m oz reserve

• Once BFS and work plan has been completed (H1 2018), Managem share to increase to 70%, and fundraising to begin for construction

• Construction capex not yet confirmed but likely to be US$200-300m

• Managem/Avocet to share post-debt funding 70:30, however Avocet can elect not to contribute and to have its ownership diluted

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Permits

• Permits consist of a Mining Permit (split into two zones – Koulékoun and Kodiéran) surrounded by 7 Exploration Permits

• Mining Permit awarded in March 2015 does not specify production method so will be retained and used for CIL

• Existing Exploration Permits expired on 27 Dec 2016, however under terms of Mining Convention, new Exploration Permits will be granted to the new JV structure once Mining Convention has been ratified by Guinean parliament (expected Feb 2017)

Koulekoun

Kodieran

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Tri-K – 3m ounce resource

Koulékoun Kodiéran Total

CLASS Tonnes

(000)

Grade Au

(g/t)

Au oz

(000)

Tonnes

(000)

Grade Au

(g/t)

Au oz

(000)

Tonnes

(000)

Grade

Au (g/t)

Au oz

(000)

Measured - - - - - - - - -

Indicated 31,500 1.38 1,402 9,700 1.91 596 41,200 1.51 1,998

Meas+Ind 31,500 1.38 1,402 9,700 1.91 596 41,200 1.51 1,998

Inferred

22,800 1.22 892 2,400 1.66 128 25,200 1.26 1,020

Meas+Ind+

Inf 54,300 1.31 2,294 12,100 1.86 724 66,400 1.41 3,018

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The deposits

• General NNW fabric to the geology

• NE and NW trending faults

• Gold associated with zones of intersection of NE and NW trending structures

• Gold associated with smaller intrusives

• Located in close proximity to large diorite intrusive centers

• Potentially larger NE trending corridors controlling diorite intrusives and gold mineralisation

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Tri-K district - additional exploration targets

Koroma

KOULÉKOUN

Marina

KODIÉRAN

Fowara

Kodiafaran

Gbinli

Drilling and arsenic in termite mounds on VTEM conductivity and Quickbird