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December 2011

Avocet Mining Investor Presentation 2012April 2012

DISCLAIMER

This Presentation is for information purposes in connection with Avocet Mining PLC’s (the “Company’s”) preliminary results presentation only. While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees, consultants or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability, completeness or suitability of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed.Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees, consultants or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising or out of or in connection with the use of this Presentation. Each party to whom this Presentation is made available must make its own independent assessment of the Company and the Presentation after making such investigations and taking such advice as may be deemed necessary. Any reliance placed on the Presentation is strictly at the risk of such person relying on such Presentation. This Presentation may contain forward-looking statements regarding the Company and its subsidiaries. These statements are based on various assumptions made by the Company. Such assumptions are subject to factors which are beyond our control and which involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements may in some cases be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. These forward looking statements are only predictions. Actual events or results may differ materially, and a number of factors may cause our actual results to differ materially from any such statement. Such factors include among others general market conditions, demand for our products, development in reserves and resources, unpredictable changes in regulations affecting our markets, market acceptance of products and such other factors that may be relevant from time to time. Although we believe that the expectations and assumptions reflected in the statements are reasonable, any person relying on such Information and Presentation are cautioned that we cannot guarantee future results, levels of activity, performance or achievement. In preparing this Presentation and except as required by law, we do not undertake or agree to any obligation or responsibility to provide the recipient with access to any additional information or to update this Presentation or Information or to correct any inaccuracies in, or omission from this Presentation or to update publicly any forward-looking statements for any reason after the date of this Presentation to conform these statements to actual results or to changes in our expectations. You are advised, however, to consult any further public disclosures made by us, such as filings made with the Alternative Investment Market, Oslo Stock Exchange or press releases.This Presentation does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. Copies of this Presentation should not be distributed to any affiliates, third parties or indirect recipients in any manner whatsoever. The distribution of this Presentation in or to persons subject to other jurisdiction may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdictions.United Kingdom: This Presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 and therefore it is being delivered for information purposes only to a very limited number of persons and companies who are persons who have professional experience in matters relating to investments and who fall within the category of person set out in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or are high net worth companies within the meaning set out in Article 49 of the Order or are otherwise permitted to receive it. Any person who receives this Presentation who does not fall within the category of person set out in Article 19 and Article 49 of the Order should not rely or act upon it. By accepting this Presentation, the recipient represents and warrants that they are a person who falls within the above description of persons entitled to receive the Presentation.

AVOCET MINING INVESTOR PRESENTATION * APRIL 2012


INTRODUCTION

2011 HIGHLIGHTS

Sale of South East Asian assets for US$199 million

Premium Listing on LSE Main Market achieved in December 2011

Dividend policy introduced, currently yielding 3.9%

Capacity and production at Inata Gold Mine ramped up to 167,000 oz.

Strong safety performance – 6M man hours LTI free to December 2011

Mineral Resource and Reserve at Inata expanded to 3.46M oz. and 1.85M oz. respectively

Mineral Resource at Koulékoun, Guinea tripled to 1.83M oz.

EBITDA from continuing operations up 54% to US$84 million

Restructured balance sheet, paid down US$49 million debt, year end cash of US$105 million


2012 KEY OBJECTIVES

Commence expansion construction at Inata Gold Mine

Implement cost saving initiatives at Inata Gold Mine

Progress near term exploration targets in Bélahouro

Improve confidence of Mineral Resource at Koulékoun

Commence Feasibility Study on Koulékoun


VALUATION METRICS

1. At current share price, balance sheet figures as at 31 December 2011


12 month high:low of 286p:162p

Cash balance US$105m and debt of US$29m at end of year 2011

P / NAV1 of 0.7x

EV / EBITDA1 of 5.2

EV / Resource1 of US$70.4

EV / Reserve1 of US$238.1

Regular dividend of US$20m pa, current yield of 3.9%1


OPERATIONS

AVOCET MINING OPERATIONS

Burkina Faso

• Mineral Resource of 4.02M oz.

• Mineral Reserve of 1.85M oz.

• Operating gold mine at Inata

• First gold poured Q4 2009

• Produced 167,000 oz. in 2011

• Forecast production of apx. 160,000 oz. in 2012

Guinea

• Mineral Resource of 2.24M oz.

• Extensive land package across three key areas – Tri-K, Balandougou, Kankan

• Feasibility study at Tri-K expected in 2012


BURKINA FASO

• Rapidly expanding mining sector

- Only one gold mine in 2007

- Six gold mines operational by 2010

- Gold production doubled from 2009 – 2010, with over 700,000 oz. produced in 2010

• By 2010 gold was the main source of export revenue

• Over 30 listed gold producers and explorersin country

• Ranked 2nd most favourable African mining code in 2010/2011 Fraser Institute’s Survey

• Candidate country for EITI


INATA GOLD MINE

• First gold poured 2009• Open pit mining across three operational

pits• Ore body consists of Inata and Minfo

trends- Mining on Inata trend to date

• Mining licence extends to 2027• Production of 167,000 oz. in 2011

(2010: 138,000)• Exceptional safety performance – 6M

injury free hours achieved by end 2011• Mineral Resource expanded to 3.46M oz.

- Ore body open at depth and along strike

• Mineral Reserve of 1.85M oz.- 1.7 g/t Au Mineral Reserve grade


INATA GOLD MINE - 2012 AND BEYOND

• Forecast production of 160,000 oz. at US$800 – 850 for 2012

• Mine licence covers 26km2, with significant exploration potential included under licence

• Further Mineral Resource and Mineral Reserve development ongoing

- Building out pipeline to support sustainable resource development in future years

• Large system developing in southern corridor

- Inata Far South- Parallel trends of Minfo and Minfo East

• 2012 exploration budget of US$20m to develop resources and replenish reserves

Minfo21m @ 4.72 g/t Au from 5m

Inata North Extension39m @ 3.01 g/t Au from 93m

Inata North44.6m @ 3.73 g/t Au from 266.4m

Inata Central9m @ 10.3 g/t Au from 122m

Inata South8m @ 5.08 g/t Au from 61m

Inata Far South26m @ 7.35 g/t Au from 97m

Minfo East45m @ 3.26 g/t Au from 49m

Filio

Sayouba4m @ 48.5 g/t Au from 173m


Image: VTEM survey overlain with existing drill hole data.

BÉLAHOURO - 2012 AND BEYOND

WESTERNDOMAIN

CENTRALDOMAIN

EASTERNDOMAIN

INATA

Dynamite

Miilam

GasselGarafo

FeteKole

Pali

Kourfadie

Dambaa

Oka Gakinde

5km

GomdeBarrage

Priority drilling target N

SOUMA TREND

OuzemiFilio



• Current plant capacity of 160,000 oz. pa at LOM grade• Mineral Reserve recently doubled to 1.85M oz. extends LOM to 12.5 years

- Optimal LOM below 10 years

• Scoping study initiated in H2 2011 to significantly increase production • Emphasis placed on maximising existing Mineral Reserve as well as

exploitation of new reserves within Bélahouro- Study considering ore sources from within mine licence area, as well as

mineralisation in exploration licence area- Souma- Damba, Pali, Ouzemi, Filio, Kourfadie

• Findings to date indicate new stand alone processing plant is optimal• Anticipated capex of US$120 – 150M

- To be confirmed in study

• Scoping study to be concluded end Q2 2012, construction late 2012, production late 2013




• Cost increases in 2011 driven by fuel, reagents, explosives, labour and higher royalties due to higher gold prices

• Cost reduction and operating efficiency a core focus area in 2012- Preparing for expansion to 240koz

• Cost reductions anticipated from:- Reduce cyanide usage through online controller/analyser - already commissioned- Reduce lime usage through automated dosing - commissioning mid-2012- Reduce power plant diesel usage through generator cooling and other

improvements – commissioning mid-2012- Reduce expat numbers supporting current production levels

• Operating efficiency- Improved mobile fleet availability and utilisation- Improved coarse gold recovery through gravity circuit – commissioning Q1 2012- Optimisation of component lives and maintenance costs

• From 2014, Inata expansion expected to reduce unit costs by US$50/oz.

GUINEA

• Untapped mineral potential- Two +5M oz. and three

~1M oz. Au deposits- Extensive under-explored

Birimian geology- Two strongly mineralised

belts extend from Mali

• Three producing mines in operation since 2007

• Candidate country for EITI• New Mining Code gazetted

in January 2012- Further changes to the

Mining Code anticipated


KodiafaranAnomalous gold over NW-oriented linear conductors

Kourounin25m @ 1.34 g/t Au 8m @ 1.79 g/t AuCurrently drillingAnomalous gold low conductivity (granite) margin along major magnetic linearFowara

12m @ 6.28 g/t Au20m @ 3.70 g/t AuAnomalous gold over low conductivity (granite) body

Koulékoun1.83 M oz. aloneAnomalous gold on margin of low-high conductor

2km

Kodiéran0.41 M oz. alone60 m @ 2.01 g/t Au20 m @ 6.43 g/t AuCurrently drillingAnomalous gold low conductivity (granite) margin along major magnetic linear

• Extensive land package across twelve exploration licences

• Located on the Birimian greenstone belt

• Most developed project is Tri-K, consisting of:

- Koulékoun- Kodieran- Kodiafaran

• Mineral Resource of 2.24M oz.• Mineral Resource grade of 1.36 g/t

Au

TRI-K


• Within Tri-K, Koulékoun project most advanced

• Mineral Resource tripled to 1.83M oz. (2010: 0.67M oz.)

- Us$20 million exploration commitment

- Mineral Resource grade of 1.31 g/t Au

• Primary quartz-feldspar porphyry structure with shallow cross cutting dolerite

• Anticipated circular pit with low strip ratio

• Infill drilling ongoing to improve Mineral Resource confidence

• High level Government discussions commenced in early 2012

- Stability agreement sought

KOULÉKOUN - 2011


W E

Mineralised drill

intercept

Dolerite

Porphyry

Outline of gold

mineralisation

Cross section Koulékoun deposit

3D model Koulékoun deposit

KOULÉKOUN – 2012 AND BEYOND

• Current resource of 1.8M oz. to be infill drilledbefore construction commencesResourceResource

• Regulatory framework clarified before commencement• Study to be completed by in 2013FeasibilityFeasibility

• Targeting initial plant capacity similar to Inata – further construction / development in phase IIPlantPlant

• Total capital outlay +US$250 million• Ground breaking in 2013, production start-up 2014CapexCapex

• Anticipated Mineral Reserve grade of 2 g/t Au • 90% recovery estimatedGradeGrade

CostsCosts

Subject to Mining Code,

viable opportunity to developmine of sim

ilar scale to Inata

• Like for like - slightly higher costs than Inata (power)• Lower strip ratio anticipated



WAY FORWARD

PRODUCTION GROWTH

167,000 160,000 160,000 160,000 160,000

Start-up 80,000 80,000

Start-up 80,000

Start-up

250,000 +

0

100,000

200,000

300,000

400,000

500,000

600,000

2011 2012 2013 2014 2015

An

nu

al p

rod

uct

ion

(oz

.)

Inata Inata expansion (phase 1)

Inata expansion (phase 2) Koulekoun, Guinea

On track to exceed production of 500,000 oz by 2015


AVOCET MINING

Established production base of ± 160,000 oz. pa at Inata1

Expansion of Inata Mine to minimum of 240,000 oz.2

Development of existing resource at Koulékoun to 250,000 oz. pa mine3

Driven by strong management team with extensive local and global experience4

Achieved with strong balance sheet and cash generative earnings5


Avocet Mining – a leading West African gold mining and exploration company


• 1996 - Listed on LSE with a market capitalisation of £72m- Gold deposits in Peru- Operating gold mine in Penjom, Malaysia- Tungsten interests in Portugal, Peru and California

• 1999 - Divested tungsten operations to focus on gold• 2002 - Moved to AIM, with a market capitalisation of £12m

- Acquired 80% in North Lanut, Indonesia- Acquired 49% interest and management control in gold mining company

ZGC in Tajikistan • 2007 - Disposed of Tajikistan gold operations ZGC• 2008 - Acquisition of the Seruyung gold exploration project in Kalimantan, Indonesia• 2009 - Acquired Wega Mining and the Inata gold project, Burkina Faso

- Poured first gold at Inata Mine• 2010 - Disposed of the Houndé licences in Burkina Faso to Avion

- Listed on the Oslo Axess list of the OSE - Agreed disposal of all South East Asian assets

• 2011 - Listed on Main Market of LSE- Market capitalisation of £434m- Joined FTSE 250 index in March 2012

AVOCET MINING HISTORY


AVOCET MINING LEADERSHIP

Russell Edey

Chairman

• Ex AngloGold -Ashanti Chairman

• Ex Anglo American

• Rothschild Advisory

Brett Richards

CEO

• Extensive African experience

• Ex Katanga Mining

• Ex Kinross Gold

• Mechanical Engineer, MBA Cornell

Mike Norris

FD

• Ex Rio Tinto

• Ex Anglo American

• CA by profession

Richard Gray

VP – Operations

• Extensive West African experience

• Ex Golden Star Resources

• Mining Engineer, Royal School of Mines

Pete Flindell

VP - Exploration

• Over 25 years experience as field geologist

• Ex Newmont Mining

• Discovered and developed two gold mines in Indonesia


2011 CASH COSTS

• Fuel price - US$1.13/litre versus US$0.82/litre in 2010- Includes 18% previously recoverable VAT from change in Government policy

- Impact over US$60/oz. on mining fleet and mill power plant; indirect impact on freight costs

• Realised gold price - US$1,301/oz. versus US$1,141/oz. in 2010- Impact of US$31/oz. on royalty

• Explosives and reagent prices increased mining and plant costs by US$50/oz.• Total mining costs driven by increase in tonnes mined during the year, allowing

increased gold produced despite lower grades• Input price inflation mitigated by ramp up and plant capacity expansion, tonnes up by

55%, reducing cost by US$195/oz.

531.1692.9

195 20 72 5 125 96

48 31

0

200

400

600

800

2010Actual

Tonnestreated

Grade Recovery GIC change Miningcosts

Mill costs Admin Royalty 2011Actual


• Total costs driven by increase in tonnes mined during the year, allowing increased gold produced despite lower grades

• Fluctuation in cost per tonne caused by maintenance


US$6.5m

US$7.9mUS$8.5m

US$13.3m

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

Q1 Q2 Q3 Q4

Total mining costs in US$m

Other

Labour

Explosives

Maintenance

Fuel

US$1.23

US$1.78

US$1.25

US$1.53

-

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

Q1 Q2 Q3 Q4

Cost per tonne mined US$

2011 MINING CASH COSTS

5.3mt 4.4mt 6.8mtTonnes mined: 8.7mt

• Cost per tonne stable except for irrecoverable VAT on fuel in Q3 and Q4

• Higher maintenance in Q4 reflects annual SAG mill liner change.


US$9.8m US$9.4m US$10.0m

- 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0

10.0 11.0

Q1 Q2 Q3 Q4

Total processing costs in US$m

Other

Labour

Reagents

Maintenance

Fuel

US$15.27US$16.01

US$17.13 US$17.42

-

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

Q1 Q2 Q3 Q4

Cost per tonne processed US$

2011 PROCESSING CASH COSTS

645kt 586kt 585ktTonnes processed: 654kt

US$11.4m

MINERAL RESOURCES AND RESERVES: INATA

Gross Net attributable (90%)

Tonnes(Mt)

Grade(g/t)

Containedounces

Tonnes(Mt)

Grade(g/t)

Containedounces

Mineral Reserves

Proven 16,091,000 1.72 888,000 14,482,000 1.72 799,000

Probable 17,234,000 1.70 940,000 15,510,000 1.70 846,000

ROM Stockpiles 497,000 1.25 20,000 447,000 1.25 18,000

Reserves total 33,822,000 1.70 1,848,000 30,440,000 1.70 1,663,000

Mineral ResourcesMeasured 17,881,000 1.68 963,800 16,093,000 1.68 867,400

Indicated 39,446,000 1.35 1,712,000 35,501,000 1.35 1,541,000

Measured + Indicated 57,327,000 1.45 2,676,000 51,594,000 1.45 2,409,000

Inferred 17,846,000 1.36 779,000 16,061,000 1.36 701,000

Resources total 75,173,000 1.43 3,455,000 67,655,000 1.43 3,110,000

Mineral Reserves and Mineral Resources as at 31 December 2011

1. Mineral Resources are inclusive of Mineral Reserves and reported above 0.5g/t Au cut off and below the 31 December 2011 topographic surface. The Mineral Resources were estimated by Mr David Williams (MAusIMM, MAIG) and Mr Sam Beckett (MAIG), both of whom are consultants employed by CSA Global Pty Ltd. Both Mr Williams and Mr Beckett have the experience relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Persons as defined by the Australasian JORC Code (2004) for the reporting of Exploration Results, Mineral Resources and Ore Reserves and as Qualified Persons as defined by the Canadian National Instrument 43-101 for the reporting of Exploration Results, Mineral Resources and Mineral Reserves (NI 43-101). Mr Williams and Mr Beckett have consented to the inclusion of the technical information in this report in the form and context in which it occurs.

2. The Mineral Reserves were estimated by Mr Clayton Reeves (MSAIIM), Principal Mining Consultant, CSA Global (UK). Mr Reeves is a Competent Person as defined by the JORC Code and a Qualified Person as defined by NI-43-101. Mr Reeves has consented to the inclusion of the technical information in this report in the form and context in which it occurs.

3. Avocet owns 90% of Société des Mines de Bélahouro SA, owner of the Inata Gold Mine.4. Rounding errors may occur.


MINERAL RESOURCES AND RESERVES: SOUMA


Tonnes(Mt)

Grade(g/t)

Containedounces

Tonnes(Mt)

Grade(g/t)

Containedounces

Mineral ReservesProven ‐ ‐ ‐ ‐ ‐ ‐

Probable ‐ ‐ ‐ ‐ ‐ ‐

ROM Stockpiles ‐ ‐ ‐ ‐ ‐ ‐

Reserves total - - - - - -

Mineral ResourcesMeasured ‐ ‐ ‐ ‐ ‐ ‐

Indicated 324,000 1.44 15,000 324,000 1.44 15,000

Measured + Indicated 324,000 1.44 15,000 324,000 1.44 15,000

Inferred 10,376,000 1.64 545,600 10,376,000 1.64 545,600

Resources total 10,700,000 1.63 561,000 10,700,000 1.63 561,000

Mineral resource estimate as at 31 October 2010

1. Mineral Resources are reported above 0.5g/t Au cut off. The Mineral Resources were estimated by Mr David Williams (MAusIMM, MAIG), a consultant employed by CSA Global Pty Ltd. Mr Williams has the experience relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined by the Australasian JORC Code (2004) for the reporting of Exploration Results, Mineral Resources and Ore Reserves and as a Qualified Person as defined by the Canadian National Instrument 43-101 for the reporting of Exploration Results, Mineral Resources and Mineral Reserves (NI 43-101). Mr Williams consents to the inclusion of the technical information in this report in the form and context in which it occurs.

2. Avocet owns 100% of the Souma property through its wholly-owned subsidiary, Goldbelt Resources (West Africa) SARL.3. Rounding errors may occur.


MINERAL RESOURCES AND RESERVES: TRI-K


Tonnes(Mt)

Grade(g/t)

Containedounces

Tonnes(Mt)

Grade(g/t)

Containedounces

Mineral ReservesProven ‐ ‐ ‐ ‐ ‐ ‐

Probable ‐ ‐ ‐ ‐ ‐ ‐

ROM Stockpiles ‐ ‐ ‐ ‐ ‐ ‐

Reserves total - - - - - -

Mineral ResourcesKoulékoun

Measured ‐ ‐ ‐ ‐ ‐ ‐

Indicated 21,610,000 1.44 1,001,000 21,610,000 1.44 1,001,000

Measured + Indicated 21,610,000 1.44 1,001,000 21,610,000 1.44 1,001,000

Inferred 22,600,000 1.15 832,000 22,600,000 1.15 832,000

KodiéranInferred 7,260,000 1.76 411,000 7,260,000 1.76 411,000

Resources total 51,470,000 1.36 2,244,000 51,470,000 1.36 2,244,000

Mineral Resources as at 20 December 2011

1. TMineral Resources are reported above 0.5g/t Au cut off. The Company owns 100% of Wega Mining Guinée SA, owner of the Koulékoun gold project. The Mineral Resources were estimated by Mr David Williams (MAusIMM, MAIG), a consultant employed by CSA Global Pty Ltd. Mr Williams has the experience relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined by the Australasian JORC Code (2004) for the reporting of Exploration Results, Mineral Resources and Ore Reserves and as a Qualified Person as defined by the Canadian National Instrument 43-101 for the reporting of Exploration Results, Mineral Resources and Mineral Reserves (NI 43-101). Mr Williams consents to the inclusion of the technical information in this report in the form and context in which it occurs.

2. Note: rounding errors may occur.


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