Gold Ltd. Investor Update December 2012

Creating ’s Largest Gold Explorer & Mine Developer Disclaimer 2

This presentation, the slides and any other documents handed out at this presentation, all appendices to this presentation and all other material accompanying this presentation (together, the "Presentation") is confidential and has been prepared by, and is the sole responsibility of, Kolar Gold Limited (the "Company"). The Presentation is for information purposes only and does not constitute an offer or invitation to subscribe for or purchase any securities, and neither the Presentation nor anything contained therein nor the fact of its distribution shall form the basis or be relied on in connection with or act as any inducement to enter into any contract or commitment whatsoever. Information contained in the Presentation is believed to be reliable but none of the Company, its Directors, Singer Capital Markets or Ocean Equities Limited warrants its completeness or accuracy. 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Neither this Presentation nor any copy of it may be taken or transmitted into the United States (as defined in Regulation S under the Securities Act) or distributed, directly or indirectly, in or into the United States. Neither this Presentation nor any copy of it may be taken or transmitted into Australia, the Republic of South Africa, the Republic of Ireland Canada or Japan, or to Canadian persons or to any securities analyst or other person in any of those jurisdictions. Any failure to comply with this restriction may constitute a violation of the securities laws of the United States, Australia, the Republic of South Africa, the Republic of Ireland, Canada or Japan. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe any such restrictions. Certain statements and graphs used throughout this presentation are “forward-looking statements” and represent projections, expectations and beliefs concerning, among other things, future economic performance. Any such projections, expectations and beliefs necessarily involve known and unknown risks and uncertainties which may cause actual performance and financial results in future periods to differ materially form any such projections, estimates and beliefs. A Highly Prospective Gold Region 3

Realise the potential in India and repeat the successes in Western Australia over the last 30 years

India: 1 Gold Mine 2 tns gold production 2011 Archaean belts comparable to Australia, Canada and South Africa in 970 tns consumed 2011 geology and structure

Major assets of the Company: 1. Kolar Belt 2. South Kolar 3. North Kolar 4. East Kolar 5. BGML revival opportunity

Preliminary exploration has identified several drill ready targets

Large untapped potential Limited modern exploration Australia: ~50 Gold Mines undertaken 220 tns gold production 2011 Investment Highlights 4

Creating the largest gold explorer and mine developer in India

o India represents a substantial, under-developed gold growth opportunity India Gold o Achaean belts comparable to Australia, Canada and South Africa in geology and structure Opportunity o Liberalisation of Indian mining regulations o Good infrastructure in place due to long mining history and a ready skilled workforce

o To become the largest gold company in India via exploration and gold project acquisitions Strategic o Focus on acquiring and consolidating pan-India assets Vision o To consider dual listing on the Bombay Stock Exchange o Kolar Gold Belt has a long term exploration target of 2-10 million oz Au

o 1 granted PL under exploration and 13 preferential gold PL/ML applications covering 568 sq.km Operational o JORC resources of 226 koz Au Milestones o Combined medium term management resource target 3-5 million oz Au o 2 rig exploration, 8,000 metres drilling completed, maiden JORC Resource

o Experienced board and senior management with proven track record to expand resources Management and bring projects to production & Partners o Strong local partners: GMSI and SUN Group o HOA with BGML ex-employees unions to revive the historical BGML mine assets Portfolio Summary – Greater Kolar Belt 5

Long Term Exploration Target of 2 - 10 million oz gold1,2

 Established historic mining district

 Potentially world-class gold province

 Greater Kolar Belt: 80kms x 3-6kms highly prospective Greenstone Belt

 13 gold applications / leases covering 568km2 and 32 mineralised prospects

 226,186 oz JORC resources identified in South Kolar and East Population 8m BGML KGF Kolar 25Moz @ 15.9g/t 936 koz Resource  close to: 2-10Moz Target

 State and national highways 272 koz resources  Railway connectivity 1-10Moz Target

 Water

 Power

 Skilled workforce Notes: 1. Source: CPR A.Vigar December 2010 2. Includes Kolar Gold Belt and Central Kolar South Kolar Overview 6

Structures of Chigargunta mine and Bisanatham mine extend into KG’s granted PL area. 12 gold prospects and 2 deposits in the licence area Achievements and Future Plans  GP13 PL is granted to GMSI and option paid  8,000m of drilling completed as part of the budgeted 27,000m programme for 2011 / 2012  Encouraging results encountered at two prospects with historic resources, Mallappakonda (195,000oz @ 1.76 g/t Au) and Chigargunta NE (13,182oz @ 15.1g/t Au), validating and expanding known areas of mineralisation  40 line km of IP survey completed with multiple anomalies identified  Extensive data review underway to reinterpret and integrate all datasets and further define larger structural anomalies and mineralisation control trends  Chigargunta Eastern lodes confirmed as being extensions to the lodes mined in the historic Chigargunta Mine Existing Resources Estimates Licence Name Status Tonnage Gold g/t Resource (oz) GML18 Mallappakonda Applied ML 3,460,000 1.76 195,000 GML19 Chigargunta NE Applied ML 27,000 15.1 13,182 208,182 Chigargunta Note: 1) All resources are JORC: Measured, Indicated and Inferred except for Chigargunta GML6* Applied ML 2,134,000 5.66 388,660 NE Mine 2) * GMSI has an ML application over the expired BGML Chigargunta mine lease North Kolar Overview 7

10 known gold prospects and 1 deposit. 9km of mineralised zones. High grade samples and shallow intersections

Achievements and Future Plans

 Trenching, RAB, IP, ground magnetics, sampling, mapping completed under RP but only limited drilling  Exploration identified 9.2km of mineralised zones  Belt bounded by NW-SE trending faults as in the BGML mine  Major synformal fold closure found in the north  2 rig drill plan once the licences are granted  PL application is in final stage of Government approval

North Kolar Prospects Prospect Features Jaderi-Arikere 3km long discontinuous zone. Samples 48g/t, 24g/t Au. 2km of mineralised quartz-sulphide vein. Samples 37g/t, Sygattur 19g/t Au. 2km long mineralised zone. Samples 81g/t, 1m@69g/t, Manighatta 4m@10g/t, 1m@22g/t Au.

Existing Resources Estimates Resource Licence Name Status Tonnage Gold g/t (oz) GP2 Manighatta Applied PL 1,420,000 1.0 45,654

Note: Non JORC Resource to be validated East Kolar Overview 8

1 deposit and 5 prospects. 2 Large distinct gold soil anomalies identified

Achievements and Future Plans

 3 key licence areas surrounding the historic BGML mine

 Surapalle Mine has historic underground workings on 2 lodes. Resources delineated by GSI to 120m

 A large soil gold anomaly identified – 2km x 1km

 Felsic volcanic terrane comparable to Kanowna Belle located north east of Kalgoorlie, Australia

 Potential to host large open pit targets

 Main PL GP33 is in final stage of application process

 These strategic licence areas surround old BGML mine

Existing Resources Estimates Resource Licence Name Status Tonnage Gold g/t (oz) GM15 Surapalle Applied ML 114,000 4.9 18,004

Note: JORC Indicated Resource BGML Acquisition Opportunity 9

Targeted acquisition of BGML will significantly enhance scale

Stoped out Mining Potential  Tailings Mining  Open Pitable Mining  Underground Mining

25 million oz at 15.9 g/t over 120 years

Size of the Opportunity Transaction Background

 Large 12,500 acre mine site with offices, headframes  BGML mine shutdown in 2001 and infrastructure  Ex-employee Industrial Co-operative Society is JV partner  Total JORC Resource: 936koz Society = 17 Unions united with 2,900 members o Mine Tailings: 733koz (32MT @ 0.72g/t -  Federal Cabinet approved tender sale of BGML based on measured, indicated and inferred) KG/employees proposal o Shallow Underground Mining: 203koz (1.3MT @  KG agreement with Society who have Right of First Refusal 4.8g/t – measured and indicated)  Binding HOA in place, compensation for retirement and  Potential Open Pit Mining social programs  Exploration target 2-10moz  Supreme Court currently reviewing BGML tender sale and revival plan

Strategy 10

Strategy based on exploring, licensing and consolidating the most attractive gold assets in India

Licensing / Exploration Acquisition Consolidation

• GMSI • Licence holders • GMSI • Sun Mining • BGML ex-employees • State and Central Partners • Local mining partners • Gold explorers Government

Leverage technical skills, Deal structuring and Corporate leverage, PR, Approach funding and local partners corporate reputation funding and local partners

Kolar Gold Belt Central Kolar (BGML) and other Pan India Gold portfolio Opportunity 2-5Moz gold licences / applications and Bombay Stock Exchange listing Sth Kolar exploration and Status priority licences with Pending Court and Govt Approval 2013/14 partners

Exploration Long term exploration target of 6-20Moz Gold Target *

* CPR December 2012

Group Structure 11

Kolar Gold 8% Limited SUN Group (AIM) Guernsey

100%

100% Kolar Gold Kolar Gold Pty Resources Ltd Ltd Australia Mauritius

100%

Kolar Gold Resources GMSI (India) Pvt Ltd Option Agt Mine Operator Agt

100%

BGML Ex-employees Kolar Gold Plc Cooperative Society Heads of Agt Strong Partners 12

Local, Operational and Technical partners to operate and secure licences in India.

Partner Description SUN Group: Background

GeoMysore • Strong Indian exploration company  SUN Group is a large gold explorer and Services India • Many permits, applications and skills investor in the emerging markets  Successful gold producer with resources of • Successful private equity investor in 12 Moz and acerage of over 1,300 sq. km India and Russia • Local mining and lobby partner  Owned by well known Khemka family

• Engineering partner Relationship with Kolar Gold: • Provides process infrastructure  Local mining and lobby partner

• Independent consultants o Government dealings and gold • QA & QC consultants consolidation • Project feasibility o Targeted acquisition and revival of historic BGML mining assets • Diamond drilling partner • Provides surface and underground rigs drilling services

• Reverse circulation drilling partner • Leading provider of drilling services based in South India Experienced Board of Directors 13

Harvinder Hungin

Non-Executive Chairman

Nicholas Stephen Coe Shiv Khemka Stephen Oke Richard Spencer Johnson Chief Non-Exec Non-Exec Non-Exec Executive Director Director Director COO Officer

Audit Committee Remuneration Committee

Name Status Name Status

Stephen Coe Chairman Stephen Oke Chairman

Harvinder Hungin Member Harvinder Hungin Member

Stephen Oke Member Stephen Coe Member Strong Management Team 14

Name Background Nicholas Spencer • Over 25 years of experience in mining, logistics, engineering services and fund management with BHP, TNT, Babcocks and Meggitts in Australia, Asia, UK and the Middle-East Chief Executive Officer • Co-founded Crescent Capital, a private equity fund manager. Holds an Engineer degree and an MBA from Cranfield, UK S C R Peshwa • Vast experience of 30 years in the field of mineral exploration and mining with specialization in gold, Ore body and Resource Modelling Exploration Geologist GMSI • Previously worked with ACC and Deccan Gold Mines and BGML Kolar Gold Fields • A Recognised qualified Person (RQP) for preparation of mine plans awarded by Indian Bureau of Mines Chris Clowes • Vast experience in the evaluation, feasibility and capital raisings of a number of projects encompassing gold, copper, alumina, opal, diamond and iron ore. Previously served as a Director, Australian Opal Mining .Joined Kolar Gold in 1997 General Manager • A qualified Geologist with Honours in Applied Science from the Queensland University of Technology Charles Furness • Over 15 years of experience in senior management positions in the mining, energy and biotechnology sectors Chief Financial Officer • Previously served as CFO and Company Secretary for Progen Pharmaceuticals and Waraluck. Also financial controller for Summit Fertilisers • A CPA and a Fellow of Charted Secretaries Australia Shamim Ishaq • Almost 40 years of experience in the mining and exploration industry in Australia and India Chief Executive of • Previously served as Managing Director and Principal Geological Consultant, Geo-Search Development • Also worked for Queensland Mines, Layton and Associates and the Queensland Department of Mines and Energy India Gold Production 15

Huge potential for based on historical evidences o Historically, India was a prolific gold producer

o 25 million oz (at a gold grade of 15.9g/t) from Kolar, 97,000 oz from Bisanatham and 50,000 oz from Chigargunta o Gold deposits are known to occur in the states of , , Rajasthan, Madhya Pradesh, Kerala and Jharkhand o In modern times, gold has only been mined in the eastern most belts of the Dharwar Craton in Karnataka and Andhra Pradesh, specifically at the Hutti Greenstone Belt and the Kolar Gold Belt o 2.1 tonnes of primary gold produced in 2010. Gold produced from primary gold sources and secondary by- product sources

o Primary gold is produced mainly from Hutti Gold Mine in Karnataka, around 99% of the India’s total production

o Most by-product gold is obtained from imported copper concentrates o Geological Survey of India (GSI) estimates more than 20,000 metric tonnes of in-ground gold resources in India

Source: World Gold Council (WGC) and Industry research Indian Gold Mining Industry 16

More liberalised and transparent regulatory environment

Regulatory Environment

o National Mineral Policy (NMP), 2008

o The NMP which was approved in March 2008, had liberalised the grant of licences and leases for most of the minerals and metals except atomic minerals and hydrocarbon energy minerals

o It proposes rights to next stage of mineral concession, transferability of mineral concessions and transparency in allotment of concessions

o Mines & Minerals Development & Regulations (MMDR) Bill, 2010 (Proposed)

o Establishment of a National Mineral Tribunal, which would have wide powers in relation to mineral matters, including setting aside or confirming any order passed by the Central or State Government

o The maximum area allowable per person per State for PLs, and MLs will be significantly increased. The bill also specifies new time limits within which the application for the grant of RPs, PLs, and MLs must be completed

o Also prescribes establishment of a new streamlined process for transferring licences

Source: Industry research Ground Floor 9 Buchanan Street West End Qld 4101 PO Box 3409 South Brisbane Qld 4101 Telephone: +61 7 3846 0211 www.kolargold.com.au

Nick Spencer +61 414 874 491 Kolar Gold [email protected] Will Slack +44 20 7786 4370 Ocean Equities [email protected] James Maxwell +44 20 7496 3000 N+1 Singer [email protected] Anand Agrawal +91 22 3953 7444 Churchgate Partners [email protected] Ed Portman +44 20 7920 3150 Tavistock Communications [email protected]