Nordgold: Exploring for Resource Growth

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Howard Golden, Exploration Director / NORD LI (LSE)

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Disclaimer

Information contained in this presentation concerns Nord Gold N.V., a company organized and existing under the laws of Netherlands (the “Company”, and

together with its subsidiaries, the “Group”), and is for general information purposes only. The opinions presented herein are based on general information

gathered at the time of writing and are subject to change without notice. The Company relies on information obtained from sources believed to be reliable but

does not guarantee its accuracy or completeness.

These materials may contain forward-looking statements regarding future events or the future financial performance of the Group. One can identify forward

looking statements by terms such as “expect”, “believe”, “estimate”, “anticipate”, “intend”, “will”, “could”, “may”, or “might”, the negative of such terms or other

similar expressions. These forward-looking statements include matters that are not historical facts and statements regarding the Group’s intentions, beliefs or

current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the

industry in which the Group operates. By their nature, forward-looking statements involve risks and uncertainties, because they relate to events and depend on

circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance

and that the Groups’ actual results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the

Group operates may differ materially from those described in or suggested by the forward-looking statements contained in these materials. In addition, even if

the Group’s results of operations, financial condition, liquidity, prospects, growth, strategies and the development of the industry in which the Group operates

are consistent with the forward-looking statements contained in these materials, those results or developments may not be indicative of results or

developments in future periods. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof

or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in forward-looking

statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in the states

where the Group operates, changes in the world [gold] market, as well as many other risks specifically related to the Group and its operations. No reliance may

be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness.

The information in this presentation is subject to verification, completion and change. Accordingly, no representation or warranty, express or implied, is made

or given by or on behalf of the Company or any of its shareholders, directors, officers or employees or any other person as to the accuracy, completeness or

fairness of the information or opinions contained in these materials. None of the Company nor any of its shareholders, directors, officers or any other person

accepts any liability whatsoever for any loss howsoever arising from any use of the contents of this presentation or otherwise arising in connection therewith.

The presentation and the information contained herein does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in

the United States. The securities of the Company have not been, and will not be, registered under the US Securities Act of 1933, as amended (the “Securities

Act”). Accordingly, the securities of the Company may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not

subject to, the registration requirements of the Securities Act. The Company does not intend to conduct a public offering of any securities in the United States

3 3 Actual production in 2015

Operating Mines

Developing Assets

Exploration Areas

Exploration Assets

Suzdal

75 koz

Taparko

83 koz

Lefa

214 koz

Bissa

235 koz

Aprelkovo

20 koz

Neryungri

84 koz

Gross

230E+ koz*

Berezitovy

125 koz

Buryatzoloto

113 koz

Montagne d’Or Bouly

120E+ koz*

Pistol Bay

37%

8% 23%

33%

2015 Revenue by Geography

Russia

Kazakhstan

Guinea

Burkina Faso

Nordgold: Diversified Asset Base Across 4 Continents

* Expected average annual production

4 4

International gold producer with operations in Russia, Kazakhstan, Burkina Faso and Guinea

Diversified asset portfolio: 9 producing mines, 2 development projects and 4 advanced exploration projects

World class board and management team with a commitment to high standards of corporate governance

Low-cost producer with 2015 AISC down 10% YoY to US$793/oz, maintaining its position within the industry lowest cost quartile

Strong Free Cash Flow generation of US$158.1 million in 2015 despite investing in construction of new Bouly mine

Track record of delivering on promises, both in operations as well as in project development from exploration to construction and to ramp-up

2015 Key Highlights

950.0 koz Gold Production

TCC US$604/oz

AISC US$793/oz TCC & AISC

US$520 million

46% EBITDA & Margin

26% Production CAGR

2008 – 2015

2016 Outlook

Nordgold – a Premium Gold Mining Company

950 – 1,010 koz Gold Production

US$800-850/oz AISC

c.US$370 million

incl. US$195m for Bouly

&Gross construction

Capex

5 5

Nordgold is a LOW COST Producer

Compared to Peers

0

200

400

600

800

1,000

1,200

1,400

0 5,000 10,000 15,000

No

rdg

old

Gold production, koz

722

H1 2015 All-In Sustaining Cost, US$/oz Au Eq.

• H1 2015 Nordgold’s AISC was US$722/oz - one of the lowest compared to peers

• FY 2015 Nordgold AISC was US$793/oz (down 10% YoY)

• Free Cash Flow of US$158.1m in 2015 while investing in construction of Bouly mine

6 6

Construction Phase Development Phase Advanced Exploration Early Exploration

(1) JV with a partner (50/50)

FS completed

In engineering or construction

Pilot production at Gross

Pro

du

cti

on

in

2-5

ye

ars

Pro

du

cti

on

in

6-8

ye

ars

Pro

du

cti

on

in

1-2

ye

ars

Satellite

Standalone

Nordgold Pipeline is Robust and Balanced with Early Stage and Advanced Projects

Pro

du

cti

on

in

3-5

ye

ars

Significant drilling performed

Established resources

Scoping/PEA completed or underway

Potential resource identified

Target delineation

Established resources

PEA completed or FS underway

Onot-Kitoy

Russia

Pistol Bay

Canada

Zhanok

Russia

Lefa Corridor

Guinea

Kolbachi

Russia

Goengo

Burkina Faso

Nerchinsk

Russia

Uryakh

Russia

Prognoz(1)

Russia

Kangarse

Burkina Faso

Yimiougou

Burkina Faso

Yeou

Burkina Faso

Montagne d’Or

French Guiana

Zinigma

Burkina Faso

Ronguen

Burkina Faso

Gross

Russia

Bouly

Burkina Faso

4.5 Moz reserves

8.8 Moz resources

1.3 Moz reserves

3.5 Moz resources

Robust Pipeline to Underpin Future Growth

7 7

Compelling Economics of New Projects

New projects are efficient: low construction capex and low production costs

• Nordgold projects are capital-efficient: low capex per ounce of production

• Nordgold projects are competitively positioned at the low end of the global AISC curve

0

200

400

600

800

1,000

1,200

1,400

0 5,000 10,000 15,000

Nordgold’s New Projects AISC ($/oz) vs H1 2015 Global AISC Curve

koz

Bouly US$730/oz

Gross US$750/oz

Montagne d’Or US$711/oz

No

rdg

old

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22

0 400 800 1,200 1,600 2,000

Bissa

Blagodatnoye

Gross

Montagne d'Or

Bouly

Copler

Essakane

Twanziga

Tongon

Phoenix

Nzema

Tropicana

Buzwagi

Selected Gold Projects - Capex per ounce of Production, US$/oz

8 8

2015 – discovered or converted

more gold than was mined

Focus on near-mine, greenfield

and M&A potential in a good

market for buyers

2016 – robust budget;

aggressive exploration planned

Exploration – Delivering the Future

9 9

Bouly – Exploration Success

Bouly (Burkina Faso): Location and

Geology

Bouly – large consistent

porphyry-hosted gold

deposit open at depth

10 10

Bouly – Exploration Success

Large ore body: 1.3 Moz at 0.56 g/t in Probable Reserves and 3.5 Moz at 0.57g/t in M,I&I Resources

Straightforward heap leach metallurgy with superior gold recovery at above 83%

Low cost mining at strip ratio of 0.7 t/t

Located within 5 km from Nordgold’s operating Bissa mine with key infrastructure already in place

Feasibility Study with strong project economics: 26% IRR at a gold price of US$1,100/oz

US$85 million invested in 2015, additional US$70 million will be invested in 2016

Construction continuing on schedule and within budget, Production expected to start in H2 2016

Lo

cati

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Location Burkina-Faso, 5 km east from Bissa mine

Infrastructure Bissa infrastructure is available to support

Bouly

Ex

plo

rati

on

His

tory

1996 Rangold defines low-grade Au/Cu soil

anomaly

2004 High River Gold acquires property

2005 One hole drilled – low grade zone

2009 Nordgold acquires HRG – recognizes

porphyry style and pursues drilling

2010 JORC resource defined

2014 Met testing and decision to mine

Bouly – Exploration Overview

Project Summary

Bouly Deposit Construction Phase

11 11

Burkina Faso – Exploration Growth Continues

Noungou and Yimiougou (Burkina

Faso): Location and Geology

10m @ 6.78g/t Au

11m @ 4.53g/t Au

Yimiougou Section 4039N

Weathered

Zone

Moderately Weathered

Zone

Slightly Weathered

Zone

25m

12 12

Gross– Exploration Success

Gross (Russia): Location and Geology

Oxide ore

Transition ore

Primary ore

Gross Cross-section

13 13

World class ore body: 4.5 Moz at 0.73 g/t in P&P Reserves and 8.6 Moz at 0.67 g/t in M,I&I Resources

Straightforward low cost heap leach metallurgy with excellent recovery rate at above 82.5%

Located just 5 km from Nordgold’s Neryungri mine with all necessary infrastructure in place

Feasibility study indicates very strong project economics with IRR above 25% at a gold price of US$1,100/oz

Construction has been approved by the Board to start in early 2016, with 2016 capex of US$125M

Production start up expected two years later

Lo

cati

on

Location Russia, Yakutia

Infrastructure 5 km from Neryungri operating mine, access

by all-season road

Ex

plo

rati

on

His

tory

1982 Occurrence discovered by government

geologists

1993 Preliminary government resource calculated

2005 Neryungri mine carries out exploration

2013 Mining license granted

2015 Feasibility based on P&P reserves of

4.5 Moz at 0.73 g/t Au

Gross – Exploration Overview Gross Exploration Drilling

Project Summary

Gross– Exploration Success

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Project Update

The successful pilot production confirmed

project recovery, low cost profile and robust

economics and also reduces execution risk

AISC of the pilot production in 2015 at

US$638/oz

Detailed design work was commenced in Q3

2015 and has continued in Q4 2015

Engineering and long-lead equipment ordering

related to ore processing system including the

primary gyratory crusher, as well as turbines

and boilers for 16MW power plant, were

ramped up

In Q1 2016, project design and purchasing will

accelerate to support 2016 construction

activities

Earthworks and construction works on-site will

commence in March-April 2016

Gross – Fully Permitted and Ready for Construction

15 15

Montagne d’Or - Exploration Success

47m at 4.0g/t

50m at 4.6g/t

18m at 1.9g/t

12m at 5.6g/t

8m at 4.2g/t

Cross Section and Notable Intervals

Montagne d’Or (French Guiana):

Location and Geology

16 16

Montagne d’Or - Exploration Success

Project Summary

World-class high-grade ore body: 3.8 Moz at 2.14 g/t of

in-pit Indicated and Inferred Resources

Favorable stripping ratio

Straightforward metallurgy: gravity + cyanidation.

Excellent recovery - averaged at above 95% in lab tests

Located in politically stable and low-risk jurisdiction

Significant reserve upside potential at strike and in depth

Pre-feasibility Study finalized in June, 2015 and

demonstrated positive economic data with CIL

technology

Preliminary ESIA were completed in Q1 2015,

completion of full ESIA is expected by Q4 2016

Lycopodium won tender to complete Feasibility Study,

will be delivered in Q4 2016

Nordgold became project operator from January 2016

Montagne d’Or Camp Montagne d’Or Project Overview

Lo

cati

on

Location French Guiana, 80 km from

port of St Laurent

Infrastructure Airstrip, all-season road, camp

Ex

plo

rati

on

His

tory

1994-2011 Guyanor-Golden Star drills out resource of

1.9 Mz @ 1.6 g.t Au

2010-2013 Columbus Gold does extensive drilling

2014 Nordgold definitive option agreement signed

2015 PEA complete – BFS commenced –

Completion in 2016

17 17

Nordgold New Project Criteria

♦ Located in mining-friendly geographies

♦ With gold as the primary metal

♦ Non-refractory ores

♦ Not less than 2Moz of reserve potential with grade at

above 2g/t, low to medium strip ratio

♦ Potential annual production at above 150 koz

What We Look For in Greenfield Projects

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For further information please visit www.nordgold.com