2012/11/28

1

• Investor day presentation

• November 2012

Financial discipline to match our entrepreneurial spirit…Graham Shuttleworth, Financial Director and CFO

Managing our growth…

Randgold still thinks of itself as a small company, cash constrained, and cares about every dollar it spends (our DNA)

The flat management structure and hands on approach still allows for a high level of executive involvement in the day to day running of the business:

Aligned with entrepreneurial and fast paced decision making

High level of effective control but also a drive to reduce bureaucracy

That has not stopped the company from evolving, leveraging technology and increasing the effectiveness of the business:

This is particularly important given the remote locations of the operations and the lack of a physical ‘head office’

The flat, hands on structure can only be maintained if the business works smarter given the growth in operations

A number of initiatives have been undertaken over the past year, including:

SAP BPC for group reporting, budgeting and consolidation

Fixed and Variable costing analysis across operating units

Standardised group reporting

2012/11/28

2

Clear Item Specifications, Collaborative Demand Planning and Approved Suppliers, with effective change control management

SAP Best Practice Supply Chain processes, with clear KPIs, monitored and reported in the Supply Chain Dashboard, with transparency to all partners in Supply Chain

SAP, Supply Chain and Partnerships…

Reorganise Group and Mine Supply Chain structure in conjunction with a Partner Improvement Plan for a seamless Supply chain

IntegratedSupply Chain

Project

SAP inventory system installed at operating mines in West Africa and supply chain partner Afrilog

Integrated SAP Supply Chain and Finance Solution being implemented at Kibali and with East Africa supply chain partner Freight Forwarders – target date May 2013

Blue print for integrated system to be rolled back to all group operations by 2013 year end

Process

People & Partners

Technology

Randgold Resources…summary financialsQuarter ended 9 months ended

30 Sep2012

30 Jun2012

30 Sep2011

30 Sep2012

30 Sep2011

Gold sales* 319 869 345 359 309 610 937 007 817 775

Total cash costs* 143 607 151 623 135 147 414 849 373 987

Profit from mining activity* 176 262 193 736 174 463 522 158 443 788

Exploration and corporate expenditure 8 766 14 292 9 298 33 919 31 810

Profit for the period 121 349 141 875 122 865 367 232 297 229

Profit attributable to equity shareholders 103 341 117 463 106 779 310 244 261 583

Net cash generated from operations 126 975 157 948 124 540 360 575 414 492

Cash and cash equivalents 443 511 452 881 432 837 443 511 432 837

Gold on hand at period end* 33 025 7 965 8 748 33 025 8 748

Group production§ (oz) 204 475 210 534 182 362 580 452 506 476

Group sales§ (oz) 194 969 215 825 181 017 570 015 530 490

Group total cash cost/ounce*§ (US$) 737 703 747 728 705

Group cash operating cost/ounce*§ (US$) 654 618 666 644 634

Basic earnings per share (US$) 1.12 1.28 1.17 3.38 2.87Refer to Q3 2012 quarterly report for footnotes

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70%57% 53% 49% 48%

36% 34% 33%24% 23% 21% 20% 20%

5%

35%

0%

20%

40%

60%

80% % Growth FY 2010A – Q3 2012(a)

Average 35%

Industry cost escalation continues…

164%160%

111%110%106%105%81%

56% 53%44% 43%

26%10%

(16%)

Average 75%

(50%)

0%

50%

100%

150%

200% % Growth FY 2010A – FY 2012E(c)

Cash cost escalations Gold miners have experienced significant cash cost and capex escalations over the past few years, driven by a combination of: declining grade profiles, labour cost inflation, higher input costs (driven by in particular higher steel and energy pricing)

Average cash cost escalation of 35% from FY2010 to Q3 2012, compared with 35% increase in the gold price

Margin erosion for a large part of the sector as costs have increased more quickly than the gold price

Furthermore average annual capex spend has increased by 75% from 2010A to 2012E

A series of operational set-backs for a number of the gold majors have dampened investor sentiment and had a pronounced downwards impact on share prices and valuation multiples

Source: Lazard, FactSet as of 15 November 2012, company filingsNote: Financials annualised to 31 December year enda Total attributable cash costs as reported, net of by-product credits, royalties and production taxes. Represents Q2 2012 for Gold Fields and H1 2012

for Polyus. Represents cash costs per gold equivalent ounce for Kinross, co-product cash costs for Goldcorp, co-product cash costs per gold equivalent ounce for Yamana and consolidated total cash costs for Randgold

b Represents change in average gold price over the period from FY 2010 to Q3 2012c 2012E capex as per analyst consensus estimates

Capex escalations

(b)

4.24

3.84

3.71

2.90

2.80

2.40

2.07

1.77

1.70

1.31

1.18

1.15

1.15

1.13

1.13

0.95

0.87

0.81

0.80

0.73

0.48

0

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

Afr

ican

Bar

rick

Ran

dgo

ld

Ag

nic

o-E

agle

Cen

terr

a

Po

lym

etal

Go

ld F

ield

s

Po

lyus

An

glo

Gol

d A

shan

ti

Ala

cer

IAM

GO

LD

Bar

rick

No

rd G

old

Eld

ora

do

Pet

rop

avlo

vsk

Cen

tam

in

Har

mo

ny

Gol

d

New

mo

nt

Go

ldco

rp

New

cres

t

Kin

ross

Yam

ana

Head grade for quarter ending 30-Sep-12 (g/t)

1.65

1

Reserve grade (g/t)

Source: Company information.( 1) As per Brook Hunt.

(2) 9M head grade.(3) Q2 head grade.

Reserve Grade-Weighted Avg.: 1.36 g/t

Reserve grade, head grade and costs…

C1 Cash Cost 2012 by Company (1)

2.78 2.79

2.22

(3)

2.33

2.79

1.96

1.42

1.02

0.83

3.71

3.32

(2)

1.66

1.74

1.60

1.60

2.10

1.031.

26

1.43 0.

95

2.14

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Breakdown of current operating costs

Fuel (Diesel) is the single largest cost driver in the business at present (25%)

Employment is not a large contributor to costs given the mechanised nature of the mining

Contractors - mining OC includes the labour cost of our contractors, but excludes fuel which is a variable cost

Other Contractors include drilling and explosives

Other Costs include the corporate recharge for the time spent on the operations by corporate exec’s

Cyanide, lime and steel balls makes up approximately 85% of reagents 0

10

20

30

40

50

60

70

80

90

100Other costs

11%

Contractors-other 12%

Mining UG (excllabour) 8%

Contractors-Mining OC 19%

Employment 5%Power 4%

Fuel 25%

Stores(consumables) 8%

Reagents & grinding media 8%

Group cost breakdown

Brent vs Diesel $/l

Managing the cost of power…

Diesel and consequently power is the single largest contributor to costs

Currently the group is generating power at 25 cents/kwh and fuel makes up 25% of group costs

Over the next 3 years, the cost of power is expected to drop to approximately 17 cents/kwh, whilst fuel will fall to less than 20% of group costs:

Kibali is expected to produce power on a blended basis at approximately 10 cents/kwh

Tongon should produce power at approximately 12 cents/kwh, prior to infrastructure rebate

Loulo should reduce power costs by +-16% when HFO conversion completed

0.90

0.95

1.00

1.05

1.10

1.15

80

90

100

110

120

130

140

Brent $/Barrel (1 month lag) Diesel $/l

Diesel $/litreBrent $/barrel

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Cost drivers checklist…

The average head grade of production is expected to increase steadily and rise by approximately 20% over the next 2 years

On a like for like basis, power costs across the group are expected to drop by approximately 30% per kwh from 2012 to 2015

Approximately 40% of the group’s operating costs are estimated to be Euro denominated, but this is expected to drop to approximately a third in 2014 when Kibali comes online

Direct payroll costs make up only 5% of our costs and with mining contractors less than 15%

Other drivers of cost include reagents and grinding media, equipment, explosives, steel, drilling

?

Randgold Resources…actual and forecast

0

1

2

3

4

0

200

400

600

800

1000

1200

1400

1600

2011 2012 2013 2014 2015 2016

Loulo/Gounkoto (100%) Tongon (100%) Morila (40%)

Kibali (50%) Massawa (100%) Total cash cost/oz

Grade

Oz 000

Grade g/t

g/tConsolidated actual and forecast production

Totalcash costs

US$/oz

2012/11/28

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All in costs…

Over and above Total Cash Costs, the business has 3 additional buckets of costs making up the all in costs:

Corporate and exploration costs (R&D)

Depreciation (Capital)

Tax

-

200

400

600

800

1 000

2012 2013 2014 2015 2016

Total Cash Cost/oz Corporate & Exploration/oz

Depreciation/oz Corporate Tax/oz

All in cost / oz

World gold supply vs gold price…

Source: Thomson Reuters, GFMS, World Gold Council

Tonnes produced Gold price US$/oz

800

900

1000

1100

1200

1300

1400

1500

1600

1700

1800

-200

0

200

400

600

800

1000

1200

1400

Q209

Q309

Q409

Q110

Q210

Q310

Q410

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Mine production Net producer de-hedging Recycled gold Gold price

2012/11/28

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Disclaimer…

Competent persons:Loulo mineral resources were calculated by Mr Abdoulaye Ngom, an officer of the company, under the supervision of Mr Jonathan Kleynhans, an officer of thecompany and competent person. Morila mineral resources were calculated by Mr Adama Kone, an officer of the company, under the supervision of Mr JonathanKleynhans, an officer of the company and competent person. The Tongon and Massawa mineral resources were calculated by Mr Babacar Diouf and Mr Mamadou Ly,both officers of the company, reviewed by Mr Jonathan Kleynhans, an officer of the company and competent person. Kibali mineral resources were calculated by MrErnest Doh under the supervision of Mr Jonathan Kleynhans, an officer of the company and competent person. The Gounkoto mineral resources were calculated by MrAbdoulaye Ngom, under the supervision of Mr Jonathan Kleynhans, an officer of the company and competent person. All mineral resources were reviewed andapproved by Mr Rodney Quick, general manager evaluation and a lead competent person. Mr Johan Kleynhans and Mr Rodney Quick are members of SACNASP andboth have sufficient experience in the style of mineralisation and types of deposits under consideration and the activity which they are undertaking as competentpersons as defined in the 2004 addition in the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves’.The Loulo and Gounkoto open pit mineral reserves were calculated by Mr Shaun Gillespie, an independent consultant, competent person and member of SAIMM.Loulo underground reserves were calculated by Mr Juan Mitchell, an officer of Randgold, reviewed by Mr Mark Odell, an independent consultant, competent personand practising professional engineer. The Tongon Northern Zone mineral reserves were calculated by Mr Samuel Baffoe, under the supervision of Mr Onno ten Brinke,an officer of the company and competent person. The Tongon Southern Zone mineral reserve was calculated by Mr Nicholas Kingaby, an independent consultant,competent person and member of SAIMM. Massawa mineral reserves were calculated by Mr Onno ten Brinke in the capacity as an independent consultant, competentperson and member of AusIMM, and reviewed and verified by Mr Rodney Quick, an officer of the company and competent person. The mineral reserves of Morila werecalculated by Mr Stephen Ndede, an officer of the company, competent person and member of AusIMM. Kibali open pit mineral reserves were calculated by Mr Onnoten Brinke and Mr Nicholas Coomson, both officers of the company, competent persons and members of AusIMM. Underground mineral reserves were calculated byMr Dan Donald and Mr Tim Peters, both independent consultants, competent persons and members of AusIMM. All competent persons have sufficient experience inthe style of mineralisation and types of deposits under consideration and the activity which they are undertaking as competent persons as defined in the 2004 additionin the ‘Australasian Code for Reporting Exploration Results, Mineral Resources and Ore 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 discloseonly proven and probable ore reserves. Randgold uses certain terms in this report such as ‘resources’ that the SEC does not recognise and strictly prohibits the companyfrom including in its filings with the SEC. Investors are cautioned not to assume that all or any parts of the company’s resources will ever be converted into reserveswhich qualify as ‘proven and probable reserves’ for the purposes of the SEC’s Industry Guide number 7.

CAUTIONARY NOTE REGARDING FORWARD‐LOOKING STATEMENTS: Except for the historical information contained herein, the matters discussed in this presentationare 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, andapplicable Canadian securities legislation. Forward‐looking statements include, but are not limited to, statements with respect to the future price of gold, theestimation 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’, orvariations 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 ResourcesLimited (‘Randgold’) and there is no assurance they will prove to be correct. Forward‐looking statements are subject to known and unknown risks, uncertainties andother factors that may cause the actual results, level of activity, performance or achievements of Randgold to be materially different from those expressed or impliedby such forward‐looking statements, including but not limited to: risks related to mining operations, including political risks and instability and risks related tointernational operations, actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to berefined, as well as those factors discussed in the section entitled ‘Risk Factors’ in Randgold’s annual report on Form 20‐F for the year ended 31 December 2011 whichwas filed with the US Securities and Exchange Commission (the ‘SEC’) on 30 March 2012. Although Randgold has attempted to identify important factors that couldcause 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 fromthose anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. Randgold does not undertake to updateany forward‐looking statements herein, except in accordance with applicable securities laws. CAUTIONARY NOTE TO US INVESTORS: The SEC permits companies, intheir filings with the SEC, to disclose only proven and probable ore reserves. We use certain terms in this presemtation, such as ‘resources’, that the SEC does notrecognise 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 beconverted into reserves which qualify as ‘proven and probable reserves’ for the purposes of the SEC’s Industry Guide number 7.