2

Certain information contained in this presentation constitutes forward looking information. This information may relate to future events or the Company’s future performance. All information other than information of historical fact is forward looking information. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe”, “predict” and “potential” and similar expressions are intended to identify forward looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking information. No assurance can be given that this information will prove to be correct and such forward looking information included in this presentation should not be unduly relied upon. This information speaks only as of the date of this presentation. Such forward looking information includes but is not limited to: the Company’s future income generation; expectations regarding the market price of commodities; strategic plans; future commercial production and production targets; timetables; the continued listing of the common shares of the Company on the TSX (as defined herein) and AIM (as defined herein); operating costs; the proposed exploration and development activities of the Company and the timing related thereto; the ability of the Company to develop the New Liberty Gold Project (as defined herein) into a mine and the proposed plans relating thereto regarding operations and mine design; estimates relating to tonnage, grades, waste ratios and production, throughput gold production, mill treatment, plant feed at the New Liberty Gold Project as well as the other forecasts, estimates and expectations relating to the New Liberty Gold Project contained in the New Liberty Technical Report (as defined herein); the life of the mine at the New Liberty Gold Project; power supply and infrastructure development at the New Liberty Gold Project; proposed exploration activities at the Silver Hills, Weaju, Ndablama, Gondoja and Leopard Rock projects; the proposed budget for the work program at the New Liberty Gold Project; capital expenditures; asset retirement obligations; and the quantity and quality of mineral resource and reserve estimates. With respect to forward looking information contained in this presentation, assumptions have been made regarding, among other things: general business, economic and mining industry conditions; interest rates and foreign exchange rates; mineral resource and reserve estimates; geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources and reserves) and cost estimates on which the mineral resource and reserve estimates are based; the parameters and assumptions employed in the New Liberty Technical Report, including (but not limited to) those relating to future mining and operating costs, processing rates, future gold prices, metallurgical rates, pit design, operations and management, grades, the base case analysis and the proposed budget for further exploration work at the New Liberty Gold Project; the supply and demand for commodities and precious and base metals and the level and volatility of the prices of gold; market competition; the ability of the Company to raise sufficient funds from capital markets to meet its future obligations and planned activities; the business of the Company including the continued exploration of its properties; the political environments and legal and regulatory frameworks in Liberia and Cameroon with respect to, among other things, the ability of the Company to obtain, maintain, renew and/or extend required permits, licences, authorizations and/or approvals from the appropriate regulatory authorities and the ability of the Company to continue to obtain qualified staff and equipment in a timely and cost-efficient manner to meet its demand. Actual results could differ materially from those anticipated in the forward looking information contained in this presentation as a result of the risk factors, including: risks normally incidental to exploration and development of mineral properties; the inability of the Company to obtain required financing on acceptable terms or at all; risks related to operating in West Africa; health risks associated with the mining workforce in West Africa; risks related to the Company’s title to its mineral properties; adverse changes in commodity prices; risks related to current global financial conditions; risks that the Company’s exploration for and development of mineral deposits may not be successful; risks normally incidental to exploration and development of mineral properties; the inability of the Company to obtain, maintain, renew and/or extend required licences, permits, authorizations and/or approvals from the appropriate regulatory authorities and other risks relating to the legal and regulatory frameworks in Liberia and Cameroon, including adverse changes in applicable laws; competitive conditions in the mineral exploration and mining industry; risks related to obtaining insurance or adequate levels of insurance for the Company’s operations; uncertainty of mineral resource and reserve estimates; the inability of the Company to delineate additional mineral resources; risks related to environmental regulations; uncertainties in the interpretation of results from drilling; uncertainties in the estimates and assumptions used, and risks in the methodologies employed, in the New Liberty Technical Report and that the completion of additional work at the New Liberty Gold Project could result in changes to the forecasts, estimates and expectations contained in the New Liberty Technical Report; risks related to the legal systems in Liberia and Cameroon; risks related to the tax residency of the Company; the possibility that future exploration, development or mining results will not be consistent with expectations; delays in construction; inflation; changes in exchange and interest rates; risks related to the activities of artisanal miners; actions of third parties that the Company is reliant upon; lack of availability at a reasonable cost or at all, of plants, equipment or labour; the inability to attract and retain key management and personnel; political risks; the inability to enforce judgments against the Company’s directors and officers; and future unforeseen liabilities and other factors. Information relating to “resources” and “reserves” is deemed to be forward looking information as it involves the implied assessment based on certain estimates and assumptions that the resource and reserves can be profitable in the future. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a given time may significantly change when new information becomes available. By their nature, mineral resource and reserve estimates are imprecise and depend, to a certain extent, upon statistical inferences which may ultimately prove unreliable. If such mineral resource estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. Accordingly, investors should not place undue reliance on forward looking information. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration. The forward looking information included in this presentation is expressly qualified by this cautionary statement and is made as of the date of this presentation. The Company does not undertake any obligation to publicly update or revise any forward looking information except as required by applicable securities laws.

New Liberty, Liberia

• The only gold mine under construction in West Africa – 1st gold pour due Q1 2015

Funding

• Fully financed:

- US$100m debt – average cost of 5.2 % p.a at current LIBOR (first draw-down of US$32m in April 2014)

- Equity fundraising of US$111m since November 2012

- IFC to invest US$11m in July 2014

Robust Project

• High grade reserve of 8.5m tonnes at 3.4 g/t

• All in Sustaining Cash Costs US$850/oz*

• CapEx of US$152m (inc. contingency)

• Free cash (after debt repayment) of US$206m at US$1,250/oz gold

Exploration

• Secured 1,470km2 footprint on major gold bearing structures

• Total Resource base of 2.4Moz Au grading 2.9g/t, including 1.14Moz grading 3.6g/t M&I

* World Gold Council definition

3

• Democratically elected government since 2006

• Madame Ellen Johnson Sirleaf re-elected in 2012 for a term of five years. Awarded the Nobel Peace Prize

• Fast growth economy with GDP expanding 13% in 2013, forecast to be 6.7% in 2014 (IMF)

• Rich in natural resources, notably gold, iron ore, diamonds, rubber and timber

• Robust mining law based upon well established Australian system

• Member of EITI (Extractive Industries Transparency Initiative) since 2009

• US$19 billion foreign direct investment committed over the next 6 years

4

5

New Liberty is the only gold mine under construction in West Africa

6

Tarmac Road from Monrovia to Sierra Leone

New Laterite Road (20km)

Ball Mill En Route To New Liberty Via Tarmac Road from Monrovia to Sierra Leone

7

• CapEx of US$152 million*

• First gold pour on track for March 2015

• 8 year mine life on current reserves

• Average annual production of c.120Koz for first 6 years

• Plant throughput of 1.1 Mtpa

• Conventional Gravity & CIL processing (93% Recovery)

• LOM production of 859Koz

• All in Sustaining Cash Cost of US$850/oz**

*DFS capex of US$150 million, including $14 million contingency plus US$2 million additional contingency post bank technical due diligence

**World Gold Council definition

Classification Tonnes Gold (g/t) Gold (koz)

Proven 700,000 4.4 99

Probable 7,800,000 3.3 825

Total Reserve 8,500,000 3.4 924

LOM Production and Grade

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

0

20

40

60

80

100

120

140

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8Production + Inferred (koz) Production (koz) - LHS

Head Grade (g/t) - RHS Head Grade + Inferred (g/t)

Pit Design

Total Tonnes (Mt) 140

Ore Tonnes (Mt) 8.5

Waste Tonnes (Mt) 132

Ore Grade (g/t) 3.38

Strip Ratio 15.4

Contained Au (koz) 924

Recovered Au (koz) 859 8

Larjor

Latiff

Kinjor

Marvoe

Stage 3 Stage 2

Stage 1

Stage 4

Stage 5

Stage 6

9

0

10

20

30

40

50

60

-

1

2

3

4

5

6

7

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Conatined G

old

(Koz)

Min

ed T

onnes (M

t)

Material Movement by Stage & AU Oz Mined

LATKIN STAGE1 LATKIN STAGE2 LARJOR STAGE3 LATKIN STAGE4 MARVOE STAGE6 MARVOE STAGE5 CONTAINED GOLD

10

• Aureus have partnered with MonuRent to engage in owner mining with a fleet rental agreement

• MonuRent will purchase and maintain a new mining fleet, matched to the New Liberty mining schedule

• MonuRent guarantees fleet availability at a minimum of 85%

• MonuRent has a proven Liberian track record and an established west African business and logistics network

• MonuRent’s current fleet consists of over 350 units operating at New Liberty as well as in Nigeria, Sierra Leone, Ghana, Liberia and Botswana.

• Fleet rental model is used extensively in Australia, North & South America and south east Asia

• Allows Aureus to focus on mine planning, scheduling and mine production

• Allows MonuRent to focus on the delivery, maintenance and support of a mining fleet

MonuRent Front End Loader at New Liberty

11

Current Owner Mining – MonuRent fleet

US$ / tonne

Plant & equipment + 1.51

Fuel & oils 0.49

Labour 0.36

Light vehicles 0.10

Infrastructure and maintenance

0.10

Blasting 0.30

Establishment (included in capex)

0.04

Others* 0.11

3.01

+ Includes ROM re-handle, drilling and spares and consumables * Includes site services, travel & accommodation, office sundries, safety, insurances, water management, training, testing, freight, lighting towers etc

Previous Contract Mining – Banlaw

US$ / tonne

Operating cost (including establishment)

2.43

Equipment lease and finance

0.52

ROM re-handle 0.05

3.00

Wo

rksh

op

o

utl

ine

Skyway @10%

gradient

HG

LG

SH

G

Ultimate Pit Footprint

Ore Direct Tipping

North

Service Road

Haul Road

Mine Office

Strategic Ore

Stockpile

12

250 metres

13

• Final mine schedule and mine plan in progress

• Optimise haul profiles and ramp designs

• Maintain haul road surfaces to a high standard to focus on tyre life in wet conditions

• Improving equipment utilisation by practicing ‘hot seat changeover’ and 12 hour shifts

• Maximise productivity by matching truck allocation to shovels and minimising idle times

• Minimise equipment damage by using experienced operator trainers and supervisors

• Optimise drilling patterns and blast designs (fragmentation)

• Minimise ore dilution and avoid ore loss (RC Drilling in progress)

• Manage Drainage – using experienced dewatering crews

W

E

2 Km

14

• 60% of EPCM mine build completed and on budget

Milestone Completion Date Status

Commenced Marvoe Creek Diversion Channel Excavations, Process plant bush clearing, TSF bush clearing, RAP village bush clearing.

December 2012

Plant Earthworks Complete September 2013

First Concrete Pour October 2013

Bush Clearing Completed November 2013

Civil Works Commenced December 2013

Steel work erection commenced, Store and Workshop Civil Work Commenced

February 2014

Ball Mill Foundations Poured March 2014

CIL Tank Bases Completed April 2014

Upgrade Work on Daniels Town Road Completed May 2014

Steel Work Erection for Primary Crusher, Screening & Gold Room Commenced

May 2014

Ball Mill arrives at site June 2014

15

16

0% 20% 40% 60% 80% 100%

Process Plant Commissioning & First Gold Pour

Ball Mill Fabrication & Transportation to Site

Process Plant Steel Erection

CIL Tank Bases and Erection

Process Plant Civil Construction

Camp David Accommodation Construction

Upgrade Work on Daniels Town Road

TSF Dam Wall Construction

TSF Bush Clearing

MCDC Dam 1 & 2 Construction

MCDC Spillway Construction

Project Earthworks

0%

100%

50%

30%

50%

98%

100%

70%

100%

82%

55%

95%

Completion

EPCM Progress and Gold Pour

17

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Octo

ber

2012

January

2013

April 2013

July 2

013

Octo

ber

2013

January

2014

April 2014

July 2

014

Octo

ber

2014

January

2015

April 2015

July 2

015

Pro

ject Pro

gre

ss

Overall Project Progress - May 2014

Current Date First Gold Actual Early Start Curve Late Start Curve

1st Gold Target - 31 March 2015

• Mining fleet supply and maintenance contracted

• Jozi Power contract signed and gensets expected on site July 2014

• Ball mill on site and currently being installed

Q2 2014

Ball Mill Arrives on

Site

Complete MCDC Dam Walls and Spillway

Q3 2014

Complete TSF Dam Walls

Commence Pre-Strip &

Grade Control Drilling

Q1 2015

Start Open Pit Mining

Operations

Plant Commissioning

First Gold Pour

Q2 2015

Ramp up process plant

Achieve Steady State

Production

18

Q4 2014

Complete Mill Installation

Complete Plant Civil

Construction

Complete Kinjor Village Relocation

19

• New Liberty fully financed:

- US$100m financing package (US$88m debt financing and US$12m subordinate debt) at average cost of capital of 5.2% per annum

- Raised US$111m in equity since November 2012 to fund:

- Mine build, ongoing exploration and support costs

• US$ 75m spent to date on construction

• 92% of CapEx budget contracted

• Winner of the Mining Journal Outstanding Achievement Development Funding of the Year Award, 2013

20

Aureus CEO David Reading Collects the Mining Journal Development Funding of the Year Award, December 2013

• Cash:

– 31st March 2014 Balance Sheet of US$18.3 million

• Funding:

– US$15 million private placement closed in April 2014

– Drawn down US$47 million from US$100 million project debt facility (US$13 million expended to date on Project CapEx)

– US$11 million IFC investment to be completed in July 2014

• Fully funded beyond production:

– Approximately US$75 million expended on Project CapEx to date (US$62 million equity, US$13 million debt)

– Required equity spend on Project CapEx has been fully contributed

– Debt facilities to fund all remaining Project CapEx

– Existing cash and recent investment proceeds available for non-CapEx activities

21

Revenues - US$1.1 billion

• Average 120,000 oz. p.a. for first 6 years for a total LoM of 859,000 oz at US$1,250 per oz over 8 year LoM

Low cash costs

• US$850/oz. all in sustaining cash costs*

Cash Flow

• Generates free cash over 8 year LoM after debt repayment and interest of;

– US$206 million @ US$1,250 / oz

– US$300 million @ US$1,400 / oz

* World Gold Council definition

22

Ball Mill On Site At New Liberty

23

• The community is 100% involved in building New Kinjor Township

• New Kinjor Township construction ~ 80% complete

• 318 permanent houses, 265 temporary houses

• 115 families successfully relocated to date

• Houses and land will be owned by the local community

• Township includes a community centre, market, mosque, church, school buildings, water-wells and ablution facilities

• Hydraform brick making machines will be handed over to a community cooperative

RAP Village – New Housing Units

• Committed to empowering the local community

• We aim to remove dependence on artisanal mining

• Community co-operatives formed to date include:

• Hydraform brick-making partnership

• Wood-working / Carpentry

• Roofing

• Farming: fresh vegetables, livestock, cashew nuts

• Sewing workshop

• Training, Health and Education programs

24

Wood-Working Facility

Sewing Workshop Co-operative

25

New Liberty M&I 9,796 1,143 3.6 1.0

New Liberty Inferred 5,730 593 3.2 1.0

Ndablama Inferred 6,829 451 2.1 0.5

Weaju Inferred 2,680 178 2.1 1.0

A

B

26

E

W

Resource:

• Measured: 651,000t at 4.8 g/t (for 100,000 ounces)1

• Indicated: 9,145,000t at 3.6 g/t (for 1,043,000 ounces)1

• Total M & I: 1.14 Moz at 3.63g/t;

• Inferred: 5,730,000t at 3.2 g/t (for 593,000 ounces)1

2km

500m

Note 1: Resource Cut off grade = 1.0 g/t, Reserve reported at a cut-off grade of 0.8g/t Au and ore grading between 0.8 & 1.0 g/t cut-off is stockpiled for processing towards the end of the mine life

Note 2: A dilution skin of 0.5m added and minimum width of 2.5m applied

Note 3: A gold price of US$ 1,300 was used for pit optimisation

27

¹• Holes drilled to test the down dip extension of the mineralised shoots have intersected good grades at depths of up to 500m

• Inferred resources below the pit floor have the potential for being mined through underground methods

28

29

Magnetics RTP 1VD Radiometrics Total Count

Yilgarn Block, Western Australia, Magnetics

Kanowna Belle

Kalgoorlie

Paddington

Lady Bountiful

Kundana East

Banduli

Broad Arrow

30

¹

¹• Soil geochemistry, radiometrics and geophysics defines 13km gold corridor

• Reconnaissance drilling and trenching confirms in-situ bedrock mineralisation

• Maiden resource defined at Ndablama Central, mineralisation remains open

31

¹Cut-off grade

Tonnes Au

Grade Contained

Gold

(Au g/t) (Kt) (g/t) (Koz)

0.3 9,848 1.5 488

0.5 6,829 2.1 451

1.0 3,692 3.2 381

31

1,3

00m

• Phase 4 drilling program underway

• 21 diamond holes announced (5,038m). Results confirm down dip and strike extension

• 28 further diamond holes planned for 6,000m

• 41 RC infill holes planned for 7,000m

• Down dip testing of the current mineralization down to a vertical depth of 250m

• N and S strike extension testing

32

Section 790720

Section 790850

33

¹14

0m

12

0m

34

Gondoja

Gbalidee

Koinja

Koinja

Gondoja

Gbalidee

Ndablama

• SZ geological mapping

• Koinja, Gbalidee and

Gondoja detailed mapping

and interpretation

• Target drilling (next season)

Trench:

22 m @ 3.4 g/t

Trenches:

6 m @ 2.2 g/t

18 m @ 0.9 g/t

Trenches:

7 m @ 13.1 g/t

38 m @ 1.2 g/t

DDH:

30 m @ 3.9 g/t

3 m @ 14.8 g/t

4.3 m @ 3.6 g/t

35

¹

• Shear Zones represent extensive conceptual targets extending for an overall 150 km over the licence area

• Regional mapping has highlighted new targets, mainly Welinkua, Diabobo and Mabong

• Current BLEG coverage on new licenses to deliver stream anomalies to generate targets

20 km

Mabong License

Archaen West License

Yambesei License

Mafa West License Archean

Gold

Diabobo

Welinkua

35

Ndablama

New Liberty

36

1,000

1,200

1,400

1,600

1,800

2,000

April 2011 August 2011 December 2011 April 2012 August 2012 December 2012 April 2013 August 2013 December 2013 April 2014

Gold

Price U

S$/

oz

Listed on TSX & AIM

Raised US$40m

First Drawdown on US$100m project finance

facilities

Rasied US$26m

M&I Resource

increased to 2.4Moz @

2.9g/t

Resource of 1.7Moz @

3.6g/t declared

Raised US$80m

from equity offering

DFS Completed

Reserves of 924koz @

3.4g/t declared

US$100m debt financing

& credit approval secured

Raised US$16m

from equity offering

New Liberty Feasibility

Study completed

Maiden Reserve of 873Koz @

3.1g/t declared

Feasibility drilling

completed

13Km gold corridor outlined

Earthworks & early

construction commence

on site

RAP & CDP approved for New Liberty

Nedbank & RMB

mandated for project financing

Mill foundations completed & steel work

commenced

New Liberty (Aureus, 2013) Karma

(True Gold, 2014)

Singuida (Shanta, 2011)

Tri-K (Avocet, 2013)

Banfora (Gryphon, 2013)

Obotan (Asanko, 2012)

Hounde (Endeavour, 2013)

Esaase (Asanko, 2013) Fekola

(Papillion, 2013)

Kiaka (B2Gold, 2012)

Banfora (Gryphon, 2014)

Bombore (Orezone, 2014)

Dugbe (Hummingbird, 2013)

Natougou (Orbis, 2013)

Yaoure (Amara, 2014)

Bombore (Orezone, 2011)

0

100

200

300

400

500

600

700

0.0 1.0 2.0 3.0 4.0 5.0 6.0

Pro

ject CapEx

(US$m

)

Average Gold Grade Mined (g/t) 37

BFS DFS FS PFS PEA Stage of Project:

• President Ellen Johnson Sirleaf visited New Liberty in mid May

• The delegation, including the Ministry of Lands, Mines and Energy toured the Project and were presented with Aureus’ Corporate and Social Responsibility initiatives

Key Feedback:

• Commended the company on:

• The sustainable employment and training opportunities

• The unique RAP Project: title-deeds of the houses are handed over to their local owners

• The community cooperative initiatives

38

Duplex Housing Units at the RAP Village

President Ellen Johnson Sirleaf Visits New Liberty

39

• Only fully financed gold project under construction in West Africa

• First gold pour due Q1 2015

• Project provides real investment value

• Sufficient cash resources available post construction

• Project fully derisked following BFS + bank due diligence

• Project endorsed by the lending banks, IFC, shareholders and Government of Liberia

• Further upside around New Liberty and resource expansion underway at Ndablama

New Liberty Plant Site Overview

Thank you

www.aureus-mining.com

41

Proposed Water dam

Line @ 1.1KM

Sediment Control dams

Fill over low ground

0.4M cum

Waste Dump

Diversion Berm 14000 cum fill

Proposed Water Dam

Marvoe Creek Dams

North

Plant Outline

MCDC

Dam Wall 16000 cum fill

1,000 metres

42

New Liberty Plant Site

43

CIL & Thickener Foundations

44

Gold Room, Secondary Screening & Ball Mill Area

45

Thickener Foundation

46

Ball Mill & Vertimill Foundations

47

Ball Mill Arrival at New Liberty

48

Gold Apron Feeder

49

Rom Tip & Primary Crushing Structure

50

Stockpile Tunnel

51

Detox Tank Foundations

52

Tailings Storage Facility

53

MCDC Spillway

54

MCDC Spillway

55

MCDC Dam Wall

56

MCDC Re-vegetation

57

Camp David Mine Personnel Accommodation

58

Camp David Mine Personnel Accommodation

59

Completed RAP Houses

60

RAP Village – New School Buildings

Debar Allen– General Manager - Monrovia

• MBA & 17 years experience with US based companies; managed private construction company since returning to Liberia in 2003

• Vice Chairman of the Board of Directors for the Liberian Maritime Authority

David Reading – CEO and Director

• 35 years experience in global mining: exploration, feasibility, project development and production

• Former CEO, European Goldfields. Former GM Exploration, RRL. MSc Econ. Geology

David Netherway – Chairman and Director

• Mining engineer with >35 years of experience. Former CEO of Shield Mining

• Involved in development & construction of Iduapriem, Siguiri & Kiniero gold mines in West Africa

Adrian Reynolds – Non-executive Director

• At RRL, compiled feasibility studies at Morila, Loulo and Tongon gold mines in West Africa

• 30 years experience in the industry. MSc Geology & GDE in Mining Engineering

Luis da Silva – Non-executive Director

• CEO of GB Minerals. Former CEO of Afferro Mining & of African Aura pre split. Continuity with New Liberty

• Graduate Mining Engineer and MBA. Extensive international experience with Lafarge & Blue Circle

Loudon Owen – Non-executive Director

• Successful international business man and lawyer, founder of McLean Watson Capital

• Extensive public and private company board experience, including Kilo Gold Mines

Jean-Guy Martin – Non-executive Director

• Extensive experience advising multinationals looking to complete acquisitions & divestitures

• 35 years experience financial reporting. Former partner of PwC Canada

61

Thinus Strydom – GM Construction & Mine Operation

• Mining engineer with >16 years of experience in the design, construction, development & operation of mines

• Experience includes key roles at Loulo for RRL and at Bisha for Nevsun Resources

Paul Thomson – CFO

• Chartered Accountant with 19 years global experience in the energy and mining industries

• Formerly with Ernst & Young and Kazakhmys PLC

Germain Crestin – VP Exploration

• 20 years experience for RRL in Burkina Faso & Mali, European Goldfields & Eldorado in Turkey, Greece & SE Europe.

• Chief Geologist in Mali when 7Moz Yalea gold deposit was discovered

62

Capitalisation Summary at May 31, 2014

AIM / TSX Ticker AUE LN / CN

Shares in Issue 286.14

Warrants 27.85

Options 15.0

Fully Diluted 328.9

Market Cap US$ 135million

4 Will increase to 310.6m after completion of IFC transaction due July 2104 5 Will increase to 40.1m after completion of IFC transaction due July 2014

Balance Sheet at March 31, 2014 (in millions)

Cash US$ 18.31,2

Debt Nil3

1 Does not include US$15m private placement closed in April 2014 2 Does not include US$11m IFC investment to be completed in June 2014 3 First drawdown of US$100m project debt facility occurred end April 2014 (US$ 32m)

Share Price – Last Twelve Months

Source: Bloomberg

BlackRock 9.1% Mackenzie 5.1%

JP Morgan 7.6% Macquarie 4.0%

Blakeney 7.5% GCIC 3.9%

Genesis 6.1% Investec 3.5%

Baker Steel 5.9% Wells Capital 2.5%

RBC AM 5.7% Odey 2.5%

-

2,000

4,000

6,000

8,000

10,000

12,000

-

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

0.45

Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14

Volu

me (

'00

0)

Price (£

)

Volume

Share Price

63

Numis Securities Cailey Baker Buy 45p

GMP Brock Salier Buy 46p

RBC Capital Markets Jonathan Guy Outperform 60p

Clarus Securities Nana Sangmuah Buy 49p

Shore Capital Yuen Low Buy 47p

BMO Capital Markets Andrew Breichmanas

Market Perform 27p

RFC Ambrian Duncan Hughes Buy 47p

finnCap Martin Potts Buy 66p

Investec Marc Elliot Buy 45p

Goldman Sachs Eugene King Neutral 42p

* As at 2 May 2014

64

Deposit Category Tonnage (Kt)

Gold (Koz)

Grade (g/t)

Above Cut-Off (g/t)

New Liberty M&I 9,796 1,143 3.6 1.0

New Liberty Inferred 5,730 593 3.2 1.0

Ndablama Inferred 6,829 451 2.1 0.5

Weaju Inferred 2,680 178 2.1 1.0

Deposit Category Tonnage (Kt)

Gold (Koz)

Grade (g/t)

Above Cut-Off (g/t)

New Liberty Proven 700 99 4.4 0.8

New Liberty Probable 7,800 825 3.3 0.8

New Liberty Total Reserve 8,500 924 3.4 0.8

Mineral Resources

Mineral Reserves

Note 1: Mineral Resources for the New Liberty & Weaju deposits are reported to a cut-off grade of 1.0 g/t Au. The Ndablama deposit is reported at a cut-off grade of 0.5 g/t Au Note 2: The effective date of the Ndablama & Weaju gold deposits mineral resource estimates is 11 November 2013. Note 3: The effective date of the New Liberty gold deposit mineral resource estimate is 1 October 2012 and the mineral reserve estimate is 20 May 2013. Note 4: Canadian Institute or Mining, Metallurgy and Petroleum (CIM) definitions were used for both mineral resources and reserves Note 5: Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Note 6: Totals and average grades are subject to rounding to the appropriate precision