Kenor ASA Nov 2003

AgendaCorporate ProfileAnimationLarge Exploration ProgramScoping studyPrivate placement and Rights issueNext phase

KENOR – Corporate ProfileNorwegian Gold mining and Exploration

Company18 years of experience in GuineaGold production increased from 35 – 108 000650 000 oz produced since 1995Listed on Oslo Stock ExchangeContinued focus on TSE listing

KENOR – Corporate Profile

142 mill shares after rights offering 69 % overseas shareholders9 % Management and Board74 % of shares 20 largest shareholders

20 largest shareholders

18.587.000 13,06 STATE STREET BANK & CLIENT OMNIBUS D USA12.807.824 9,00 PRECO AS NOR12.000.000 8,43 BROWN BROTHERS HARRI S/A SCUDDER GOLD/PRE USA11.469.994 8,06 MERRILL LYNCH PIERCE, FENNER & SMI USA9.950.000 6,99 BANK OF NEW YORK, BR S/A US BANK/FUND REC USA7.837.960 5,51 BEAR STEARNS SECURIT CUSTOMER SAFE CUSTOD USA6.996.000 4,91 JPMORGAN CHASE BANK CLIENTS TREATY ACCOU GBR4.959.009 3,48 ROYAL TRUST CORPORAT CLIENT TREATY ACCOUN GBR2.730.745 1,91 CITIGROUP GLOBAL MAR CLIENT ACCOUNT USA2.405.000 1,69 THE NORTHERN TRUST C USL TREATY ACCOUNT GBR2.073.428 1,45 TINE PENSJONSKASSE NOR1.981.865 1,39 EUROCLEAR BANK S.A./ 25% CLIENTS BEL1.717.915 1,20 GOLDMAN SACHS & CO EQUITY NONTREATY CUS GBR1.610.899 1,13 OPPENHEIMER FUNDS, I CITIBANK, N.A. USA1.536.000 1,07 HJELDE KLAUS NOR1.500.000 1,05 BROWN BROTHERS HARRI S/A WORLD PRECIOUS M USA1.394.951 0,98 SIS SEGAINTERSETTLE CHE1.249.000 0,87 HETLAND MORTEN NOR1.127.648 0,79 MELLON BANK AS AGENT MELLON BANK NA A/C MELLON NOMINEE 1 USA1.055.914 0,74 BANK OF NEW YORK, BR S/A BMO NESBITT BURN CAN

Animation

The animation is available at www.kenor.no

Objects 2002 - The Large Exploration Program

Financed June 2002 – USD 20 millLEP commenced 1 September 2002 1st Phase target: 1.5 ys – 6.75 m oz resource

Cost: USD 9 m2nd Phase target: 1.5 ys - 1.9 m oz resource

- 3.8 m oz reserveCost: USD 12.5NPV (10) USD 192 m

Exploration cost USD 2,50 per resource ozCost of converting to reserve USD 3,50 per oz reserveConversion rate 65 %Reserve grade 1,85 g/tonesStripping ratio: 3.5:1

Scoping Study– 1st phase projected results by Dec 03

60 Mt economic mineralization Grade 1.5 g/t / stripping ratio 2.4:1 4.5m oz resource/2.9m oz reserve (64 %) Cost: USD 9m• USD 6 per resource oz (total average USD 4/oz)• USD 10 per oz reserve

Scoping Study– New plant

Throughput 8 t/y (oxide and sulphide)Average production 360k/year/7.6 ys (500k

y1 and 415 y2)Low stripping ratio 2.4:1 Capex USD 124 mNPV (8) USD 123 mPayback 20 months

Scoping Study summer 03 – key findings

LEP strategy to focus on higher grade, medium size deposits in the LEFA Corridor impacting positively on the new CIL project NPV and project life

Reasonable possibility for a much larger mineralized system in the LEFA Corridor

Offerings Fall 2003 Successful LEP and promising scoping studyPrivate placement 11m shares–NOK 52.25/USD7mRights issue 20m shares–NOK 95m/USD 12.7 Subscription price NOK 4.75Use of proceeds:

USD 8m Feasibility study USD 5 continued exploration in the LEFA corridor USD 5 general corporate purposes

Creating Shareholder value

4.5 million ounces resource in the LEFA CorridorTransactions in the market: average market cap per resource oz:

USD 82KENOR current market cap USD 100 mill ( market cap per oz:

USD 22)Potential market cap USD 315 mill

Based on Placer Dome acquisition - 4.5 mill resource ounces x USD 70

Creating Shareholder value

Historic Transactions Aquiror Target DateAdjusted Acq. Cost

BMO NB Assumed Ounces

Market Cap per Ounce

Barrick (2) Stutton 1999 $619m 5.2m $119

Resolute (2) Golden Pride 1999 $46m 0,94m $149

Anglo Morila (40 %) 2000 $169m 2.12m $80

Anglo (2) Geita (50 %) 2000 $295m 4.04m $73

Barrick (2) Pangea 2000 $185m 2.95m $63

GoldFields/Repadre Damang 2001 $45m 1.24m $36

Weighted Average         $82

Source: BMO Nesbitt Burns March 2003          

           

Recent Transactions          

Placer Dome East African Gold Mines 2003 $298 (1) 2.94M (3) $101

Placer Dome East African Gold Mines 2004 $298 (1) 4.25m (4) $70

           

(1) Purchase price plus debt          

(2) Tanzanian projects (as undeveloped at the time)          

(3) Proven and probable reserves          

(4) Measured and indicated resources including reserves  Source:www.placerdome.com        

Key financials

Cash generated from production Q2 USD 1.8 milion

H1 USD 2.7 million Cash cost Q2 isolated – 03 USD 254 / oz

Key financials (IFRS)

All data is reported according to IFRS.

USD (000) 2000 2001 2002 2002 2003 2002 2003Total operating income 22,399 28,584 34,930 8,610 7,596 18,325 15,263Operating result (loss-/profit+) -2,376 -1,886 -6,459 8 -1,749 1,106 -9,200Result for the period -2,440 -2,754 -7,962 -438 -1,762 130 -9,412Earnings per share, USD -0.04 -0.05 -0.10 -0.01 -0.02 0.00 -0.08

Total non-current assets 5,610 3,538 3,649 3,399 3,832 3,399 3,832Total current assets 10,631 15,271 25,170 31,281 17,886 31,281 17,886Total assets 16,241 18,809 28,819 34,680 21,718 34,680 21,718

Total non-current liabilities 2,738 3,566 4,509 8,109 4,391 8,109 4,391Total current liabilities 5,880 10,392 9,053 11,616 10,887 11,616 10,887Total shareholders' equity 7,623 4,851 15,257 14,954 6,440 14,954 6,440

Six months ended June 30Year ended December 31 Q2UnauditedUnaudited

Next phase

Financing the new CIL project Export credits Bank loan combined with purchasing puts Equity financing Combination of these

Safe Harbour Statement

Certain statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, constitute "forward-looking statements" and are made pursuant to applicable and relevant national legislation (including the Safe-Harbour provisions of the Private Securities Litigation Reform Act of 1995) in countries where KENOR is conducting business and/or investor relations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties are outlined in the company's Annual Report. The company is not obligated to revise or update any forward-looking statements in order to reflectevents or circumstances that may arise after the date of this presentation.

http://www.kenor.comKENORs history

The Large Exploration ProgramCurrent Operations

Annual reports, news, presentations, teleconferences, webcasts, press releases

Key figuresUpdated shareholder register