Massawa gold projectJanuary 2016

Senegal permits onto geology…

MajorStructures

SENEGAL

MALI

Sangola

Sadiola

Yatela

Gara

Yalea

Gounkoto

Tabakoto

Segala

Bambadji

Dalema

Massawa

Tomboronkoto

Miko

Kanoumba

Teranga

Permits Surface(Km2)Kanoumba 506Miko 61Dalema 228.3Tomboronkoto 225Bambadji 315Total 1335.3

100km

N

Senegal-key points to date…

Massawa does not yet meet Randgold’s filters for development, principally the requirement for a potential reserve of 3Moz at $1000/oz with an IRR of 20%Actions being taken to move the project up the value chain….

Understand the metallurgical domaining impact on Massawa and associated processing routes

optimisation based on a simple process route comprising gravity and CIL recoveryAssessing alternatives for refractory ores vs. non-refractory ores

Progress Sofia non-refractory target Find additional non-refractory satellite open pit resourcesIdentification of opportunities across the Mako belt and within Senegal

Resources…

Areas for infill or deep infill drillingAu (g/t)

Total 2014 measured + indicated + inferred at $1500/oz pit

Open Pit 40.71Mt 2.57g/t 3.36 MozUnderground 2.51Mt 4.40g/t 0.35 MozOpen pit satellites 16.51Mt 1.74g/t 0.93 MozTotal resources 59.74 Mt 2.42g/t 4.64 Moz

Central zone

DO zone

Massawa Central Zone - high gradequartz-stibnite mineralisation - drill orientation…

Orientation programme (15 x 10m) to test drilling and assay methods completed on Central Zone lodesObjective is to test the high grade qz-sb and Au variability by close drilling up to 100m vertical depth Compare the gold grade of the current drilling to the predicted BMResults show further work requires phased RC drilling and assay by Leachwell in the Central Zone Met test work on collected samples to differentiate met recovery by domain

N

Au (g/t)

>85 – 83 – 51 – 3

0.5 – 1

500m

Current GC RC Programme

Central Zone

Northern Zone

300m

Drill orientation block showing ore zones 4, 5 and 6, with phase 2 structure within boarder phase 1 envelope

COG Tonnes Grade Ounces2010 DO Area Reserve 0.5 960 727 3.17 97 9412015 DO Area Model 0.5 524 029 4.45 74 973Change % -45% 40% -23%

Massawa orientation drilling andCentral Zone remodelling…

The key items highlighted by this program are:If the predicted block model grade increase and volume reduction percentages were extrapolated to the rest of the Central Zone area mineralisation, then the total resource @ $1000 would be 7.7Mt @ 3.54g/t for 872koz, (representing a 261koz loss compared to the current public reserve)

The refractory phase 1 proportion of the resource Central Zone would be 4.2Mt @ 1.09g/t for 148.3koz

The vein style phase 2 portion of the resource would be 3.5Mt @ 6.52g/t for 724koz

Phase 2 style mineralisation contains 83% of the contained gold within 45% of the total ore tonnage

North Zone long section looking NW

Massawa ongoing work…

Central Zone gravity-leach response tests

Deportment on BLEG tails indicates incomplete dissolution of course gold (after 24 hour leach)

To better understand the met recovery in Central Zone, the two styles of ore are sampled separately

13 metallurgy results indicate high gravity component and further leach work on gravity tails underway

Northern Zone BIOX batch amenability tests

Flotation confirmation completed and concentrate production underway

Concentrate to be sent for BIOX bulk amenability test work

Previous Central Zone BIOX tests produced 90%+ results on ROM float and tails float concentrate

Prelim costs and reagent consumption to bring understanding to level of POX work

Massawa…processing cost sensitivities

Cost above used for Pre-feasibility compared with updated fuel costsAs an example of the impact of lower fuel prices, lower energy costs at Loulo (which has a much simpler process) have contributed to a reduction in process costs of approximately $5/ tonne in 2015 Expect to see a reduced process cost based on lower unit energy costs as the pre-feasibility is updated

Pre-feasibility costs used Current costs

Oxide Transition Fresh Latest energy costs

Diesel – 33 c/kwh $24/t $25/t $53/t Diesel – 20 c/kwh

HFO – 20 c/kwh $20/t $25/t $43/t HFO – 13 c/kwh

Grid – 10 c/kwh $17/t $18/t $33/t Grid – 11 c/kwh

Massawa - satellites and potential…

Four satellites proximal to Massawa host 0.92Moz @ 1.74 g/t: Sofia, Bambaraya, Delya and Tina

Preliminary metallurgical work shows a good recovery of between 75% and 97% in all satellites except Delya which has a similar refractory nature to Massawa

Two additional satellites host a combined potential of 1.9Moz @ 0.7g/t.

Large portfolio of exploration targets along 70km of strike of the Mako Belt

New targetExisting deposit

^

^

^

Massawa3.36Moz @ 2.57 g/t

Delya122,675oz @ 3.85 g/t

SR:10.2 (15km) R:39%

Kawsara1,413,374oz @ 0.65 g/t

SR:2.2 (5.5km) R:75-90%Tombo579,587oz @ 0.97 g/t

SR: 3.12 (30km) R:93%

Sofia730,846oz @ 1.66 g/t

SR:3.26 (10km) R:92%

Tina50,126oz @ 1.06 g/t

SR:3.2 (4km) R: 70-97%

Bambaraya21,114oz @ 2.33 g/t

SR:9.24 (16km) R:80-94%

15km

N

Sofia target delivers encouragingresults…

At Sofia, located 10km from Massawa, five RC holes were completed, and three confirmed a hypogene source for high grade mineralisationResults include 35m @ 3.06 g/t, 34m @ 5.31 g/t and 25m (tw) @ 6.16g/t in 3 separate sections over 280m strike Sofia South drilling confirms main zone over 650m

Further trenching and drilling were completed in Q4 with good potential to increase Sofia resource. Results are pending

SSOFIA730,846oz @ 1.66g/t

SMassawa

3.36Moz @ 2.57g/t

1000m

Infill section 7-8 SFRC061

44m @ 6.16g/t21m @ 0.81g/t

Section 7 SFRC060

34m @ 5.31g/t

Section 6 SFRC05935m @ 3.06g/t

Sofia typical section and met samplesresults…

The main ore zone is hosted in a strongly sheared gabbro and felsic intrusive units with silica flooding and carbonate-sericitealteration11 bottle roll results confirm non-refractory nature of Sofia ore with results averaging >90%

Sofia corridor - new targets withinpermits...

2016 Greenfields outputsReview all data within the Sofia region to evaluate the potential and initiate follow-up drilling to add ounces by testing models

Sofia region shows a potential of +3Moz over 2g/t along the Sabodala mineralised structure which host Sofia-Mikona-Matiba and its splays Sofia east target and Makana 2. Trenching /drilling on track.

Mikona-Matiba shows continuous alteration/Mineralisation. Significant Trenchesresults along N010 Shear including13m@1,48g/t; (MBTR001), and 24m@0,57g/t (MBTR002).Makana 2: trenching program over 600m shows: 16m @ 2.47g/t (KMTR002); 29.5m@1.08g/t (KMTR006).Sofia East target, northern continuity of Sofia NE branch, show a linear soil anomaly on insitu laterite (3 km x 800-1000m > 25ppb).

Prioritise regional targets and propose work programs including geochemistry, field reconnaissance plus litho-sampling to identify anomaly and gold bearing structures

Randgold / Senegal labourers85% came from surrounding villages/regions

(Kedougou and Tamba)Dakar (4.28%)

Diourbel (0.13%)

Fatick (1.65%)

Kaffrine (0.08%)

Kaolack (3.96%)

Kedougou (74.94%)

Kolda (1.43%)

Community…

2 Waterbore2 class rooms +Office + 2 rooms

School

Labour: 85% of the labourers come from the surrounding villages / region

Social:5 millet machines for 5 villages around Massawa for the ladies3 boreholes water for Tinkoto and Mandinkole villages4 equipped classrooms (computers and solar panels)Emergency room at Kédougou hospital2 classrooms at KarakaeneVarious actions in the surrounding villagesScholarship for students at Dakar universityEquipment at Kédougou hospitalVarious social actions at Kédougou

Conclusion and way forward…

Outputs for Massawa complex

Complete test work on Central Zone gravity-leach program and BIOX batch test work on Northern Zone sulphides

Understand metallurgical domaining on the Massawa strike and create options for alternative development strategies

Continue to expand non-refractory Sofia resource, grade and tonnes

Discover and expand further non-refractory satellite pits as contributors to the Massawa complex

Update prefeasibility of combined Sofia and Massawa project

Disclaimer…

Randgold reports its mineral resources and mineral reserves in accordance with the JORC 2012 code. As suchnumbers are reported to the second significant digit. They are equivalent to National Instrument 43-101. Mineralresources are reported at a cut-off grade based on a gold price of US$1 500/oz.The reporting of mineral reserves is also in accordance with Industry Guide 7. Pit optimisations are carried out at agold price of US$1 000/oz, except for Morila which is reported at US$1 300/oz. Mineral reserves are reported at acut-off grade based on US$1 000/oz gold price within the pit designs. Underground reserves are also based on agold price of US$1 000/oz. Dilution and ore loss are incorporated into the calculation of reserves. Cautionary noteto US investors: The United States Securities and Exchange Commission (the SEC) permits mining companies, intheir filings with the SEC, to disclose only proven and probable ore reserves. Randgold uses certain terms in thisannual report such as ‘resources’, that the SEC does not recognise and strictly prohibits the company fromincluding in its filings with the SEC. Investors are cautioned not to assume that all or any parts of the company’sresources will ever be converted into reserves which qualify as ‘proven and probable reserves’ for the purposes ofthe SEC’s Industry Guide number 7.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Except for the historical informationcontained herein, the matters discussed in this presentation are forward-looking statements within the meaning ofSection 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, statementswith respect to the future price of gold, the estimation of mineral reserves and resources, the realisation of mineralreserve estimates, the timing and amount of estimated future production, costs of production, reservedetermination and reserve conversion rates. Generally, these forward-looking statements can be identified by theuse 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’, or variations ofsuch words and phrases or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will betaken’, ‘occur’ or ‘be achieved’. Assumptions upon which such forward-looking statements are based are in turnbased on factors and events that are not within the control of Randgold Resources Limited (‘Randgold’) and thereis no assurance they will prove to be correct. Forward-looking statements are subject to known and unknownrisks, uncertainties and other factors that may cause the actual results, level of activity, performance orachievements of Randgold to be materially different from those expressed or implied by such forward-lookingstatements, including but not limited to: risks related to mining operations, including political risks and instabilityand risks related to international operations, actual results of current exploration activities, conclusions ofeconomic evaluations, changes in project parameters as plans continue to be refined, as well as those factorsdiscussed in Randgold’s filings with the US Securities and Exchange Commission (the ‘SEC’). Although Randgoldhas attempted to identify important factors that could cause actual results to differ materially from those containedin forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated orintended. There can be no assurance that such statements will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in such statements. Accordingly, readers should not placeundue reliance on forward-looking statements. Randgold does not undertake to update any forward-lookingstatements herein, except in accordance with applicable securities laws.CAUTIONARY NOTE TO US INVESTORS: The SEC permits companies, in their filings with the SEC, to discloseonly proven and probable ore reserves. We use certain terms in this release, such as ‘resources’, that the SECdoes not recognise and strictly prohibits us from including in our filings with the SEC. Investors are cautioned notto assume that all or any parts of our resources will ever be converted into reserves which qualify as ‘proven andprobable reserves’ for the purposes of the SEC’s Industry Guide number 7.