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European Gold Forum 14-15 April 2015

Amara Mining plc Developing a Top African Gold Mine

2 www.amaramining.com

Disclaimer

This document comprises an institutional presentation (the “Presentation”) which has been prepared by and is the sole responsibility of Amara Mining plc (“the Company”). The content of this Presentation has not been approved by an authorised person within the meaning of section 21 of the Financial Services and Markets Act 2000 ("FSMA"). Reliance on this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. Peter Brown is a “Qualified Person” within the definition of National Instrument 43-101 and has reviewed and approved the information contained within this Presentation. Dr Brown (MIMMM) is the Group Exploration Manager for the Company. This Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever or constitute an invitation or inducement to engage in investment activity under section 21 of the FSMA. Notwithstanding the above, in the United Kingdom, this Presentation is only being given to persons reasonably believed by the Company to be investment professionals within the meaning of paragraph (5) of Article 19 or to high net worth companies or unincorporated associations within the meaning of paragraph (2) of Article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529), and any will only be available to such persons who are also qualified investors within the meaning of section 86(7) of the FSMA purchasing as principal or in circumstances under section 86(2) of the FSMA. This Presentation is only being sent to persons reasonably believed by the Company to be investment professionals or to persons to whom it may otherwise be lawful to distribute it. If you are not such a person (i) you should not have received this Presentation and (ii) please return this Presentation to the Company's registered office as soon as possible and take no other action. By accepting this Presentation the recipient represents and warrants that it is a person who falls within the above description of persons entitled to receive this Presentation. The Company does not undertake any obligation to provide the recipient of this Presentation with access to any additional information or to correct any inaccuracies herein which may become apparent. This Presentation is not intended to be distributed, or passed on, directly or indirectly, to any other class of person and in any event under no circumstances should persons of any other description rely or act upon the contents of this Presentation. This Presentation and its contents are confidential and must not be distributed or passed on, directly or indirectly, to any other person. This Presentation is being supplied to you solely for your information and may not be reproduced, further distributed or published in whole or in part by any other person. No representation or warranty, express or implied, is made or given by or on behalf of the Company, its advisers or any of their respective parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertakings or any of the directors, officers or employees of any such person as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions. No person has been authorised to give any information or make any representations other than those contained in this Presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorised. The contents of this Presentation are not to be construed as legal, financial or tax advice. The information has not been verified by the Company nor independently verified by the Company’s advisers. In Canada this presentation is only to be distributed to persons or companies reasonably believed to be "accredited investors" within the meaning of NI 45-106.

Neither this Presentation nor any copy of it may be taken or transmitted into the United States of America or its

territories or possessions (the “United States”), or distributed, directly or indirectly, in the United States, or to any U.S Person (as defined in Regulation S under the Securities Act 1933 as amended), including U.S resident corporations or other entities organised under the laws of the United States or any state thereof or non-U.S branches or agencies of such corporations or entities, except as permitted under the Securities Act 1933 or to any U.S. Person to whom this Presentation may be lawfully distributed in reliance on an exemption from registration that is available under the Securities Act 1933 and by persons authorized to do so, or into Australia, Japan, South Africa or the Republic of Ireland. Neither this Presentation nor any copy of it may be taken or transmitted into or distributed in Australia, Japan, South Africa or the Republic of Ireland, or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of United States or other national securities law. By accepting this Presentation, the recipient represents and warrants that they are a person who falls within the above description of a person entitled to receive this Presentation. The Company's ordinary shares have not been registered under the Securities Act 1933. The Company has not been, and will not be, registered under the United States Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act. Forward-Looking Statements: Information contained in this Presentation may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including exploration and development plans and acquisition opportunities) are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors which could cause the actual results, performance or achievements of the Company or the markets and economies in which the Company operates to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results or events to differ from current expectations include, among other things, political, regulatory and economic risks and other risks involved in the mineral exploration industry. The Company believes that the assumptions inherent in the forward-looking statements are reasonable; however, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this Presentation to reflect any changes in its expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based, save as required by relevant law or regulatory authority. Any mineral resource figures referred to in this Presentation are estimates and no assurances can be given that the indicated levels of minerals will be produced. 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 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. 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. Mineral resources that are not mineral reserves do not have demonstrated economic viability.


Building on Exploration Success

• AIM-listed West African focused gold explorer/developer

• Largest resource base of any London-listed junior miner1 – 6.7 Moz M&I, 2.9Moz Inferred

• Yaoure Gold Project has potential to be

one of top 15 largest gold mines in Africa by production

• Yaoure is located in central Côte

d’Ivoire – low cost power and reliable infrastructure

• Fully-funded to the point of a construction decision for Yaoure following US$22m placing

• Second strong growth opportunity through high grade Baomahun Gold Project

1. A junior miner is defined here as an explorer/developer or a producer with projected FY14 production of <200koz

Brownfield site Hydro-electric power Dual carriageway within 40km

Baomahun (Amara)

SIERRA LEONE

FREETOWN

Ity (La Mancha)

Tongon (Randgold)

Yaoure (Amara)

Bonikro (Newcrest)

Agbaou (Endeavour)

CÔTE d’IVOIRE

Abidjan

YAMOUSSOUKRO

GUINEA

LIBERIA

BURKINA FASO

GHANA


Strong Board and Technical Leadership

Hendrik Faul Mining engineer

Held a number of senior roles within Anglo American plc

Peter Hain UK Member of Parliament Former Minister of State

with responsibility for Africa

Geoff Stanley Geologist

Former mining analyst with capital markets experience

Peter Cowley Geologist

Extensive experience leading African mining companies

John McGloin, Chairman and CEO Geologist

Former mining analyst with extensive African mining experience

Pete Gardner, Finance Director Chartered Accountant

Corporate finance experience and former FD of Alexander Mining

EXECUTIVE DIRECTORS

Alex Davidson Geologist

Former EVP of Exploration and Corp. Dev. at Barrick Gold

NON-EXECUTIVE DIRECTORS

Peter Brown Group Exploration Manager

Geologist with 25 years’ experience including working for Gold Fields

Nigel Tamlyn Senior Project Manager

Mining engineer, formerly COO of La Mancha, GM of Bogoso Prestea mine

TECHNICAL LEADERSHIP


0

2

4

6

8

10

12

2007 2008 2009 2010 2011 2012 2013 2014 2015

Mill

ion

ou

nce

s A

u

Years

Amara’s Resource Growth1

Inferred

M&I

Yaoure: A Rapid Growth Story

Yaoure US$950/oz in

pit resources2,3

Tonnes

(Mt)

Grade

(g/t)

Gold

(Moz)

Indicated 64.8 1.48 3.08

Inferred 20.2 1.28 0.83

Total 85.0 1.43 3.91

1. Resource numbers exclude Kalsaka and Sega 2. See slide 22 for resource footnotes regarding assumptions

3. Using a 0.5g/t cut-off grade

Yaoure: Key Milestones To Date Delivered

Resources increased from 249koz to 2Moz March 2013

Resources increased from 2Moz to 6.3Moz December 2013

Compelling PEA delivered based on 8Mtpa plant March 2014

Placing completed – fully-funded to deliver PFS March 2014

Extensive drilling programme commenced in both CMA and Yaoure Central zones

April 2014

Alternative throughput scenarios announced - 5Mtpa and 6.5Mtpa plants

May 2014

NI 43-101 compliant technical report published following PEA

May 2014

Encouraging drilling results announced May-November 2014

First of two Mineral Resource updates September 2014

Second of two Mineral Resource updates January 2015

Placing completed – fully-funded to the point of a construction decision (including BFS)

January 2015

2007-2011: Growth of Baomahun resource

2012-2015: Growth of Yaoure resource


Yaoure: Mineral Resource increased to 6.8 Million Ounces

Significant intercepts from 2014 Drilling Programme

Zone Boreholes Length (m) Grade (g/t) From (m)

CMA YDD0240 10 6.1 158

CMA YRC0682 31 5.4 184

CMA YRC0688 22 9.1 48

CMA YRC0698 36 4.2 108

Yaoure Central YDD0215 17 7.3 180

Yaoure Central YDD0216G 42 3.2 249

Yaoure Central YDD0229R 5 17.0 179

Yaoure Central YDD0273 20 4.1 239

• 65% of Mineral Resources now in higher confidence category

• Almost 80% of Mineral Resources within US$950 and US$800/oz pit shells are in higher confidence Indicated category

• Further exploration upside as deposit remains open along strike – potential to add further ounces into pit shells

• Results from CMA zone confirmed high grade nature and strong continuity

• Results from Yaoure Central zone confirmed moderate grade nature, with some high grade areas


Yaoure: Strong Continuity Throughout Deposit

Yaoure Section 7300N Yaoure Section 7500N

Yaoure Section 6900N Yaoure Section 7100N


Yaoure: Top 15 Producer, Bottom 5 Operating Costs

• Yaoure is expected to be one of top 15 largest gold mines in Africa in both throughput scenarios

• Total costs rank bottom 5 lowest in African gold mines in both scenarios

• AISCs of US$624/oz (6.5Mtpa scenario) – less than 50% of African average (US$1,280/oz)3

• Low costs driven by cheap power, economies of scale and simple metallurgy (>90% recovery rate)

• One of the few projects that is expected to remain robust at a gold price of US$1,000/oz

1. Source: and Intierra (SNL) database 2. Source: Intierra (SNL) database and company data

3. In the Canaccord Genuity coverage universe

0100200300400500600700800900

20

13

To

tal C

ash

Co

sts

(US$

/oz)

Top 10 African Gold Mines for Lowest Total

Costs2

Yaoure 8Mtpa Yaoure 6.5Mtpa

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

20

13

Pro

du

ctio

n (

oz)

Top 15 Gold Mines in Africa by 2013 Production1

Yaoure 8Mtpa Yaoure 6.5Mtpa

0

10

20

30

40

50

60

70

80

0

500

1,000

1,500

2,000

2,500

IRR

(%

)

NP

V (

US$

m)

IRR and NPV Sensitivity to Gold Price

8Mtpa NPV 6.5Mtpa NPV 8Mtpa IRR 6.5Mtpa IRR


Yaoure: Low-Cost Power from Nearby Hydro-Electric Dam

Producing Mine Company 2014 Production (oz) Cost per kWh

Tongon Randgold Resources 227,1031 11

Agbaou Endeavour Mining 146,7571 8

Bonikro Newcrest Mining 94,9941 7

Ity La Mancha 70-75,0002 83

1. Actual production 2. Forecast production

3. Estimated as this data has not been published

Yaoure

Tongon

Agbaou Bonikro

Ity

Map of the Power Grid of Côte d’Ivoire and Producing Gold

Mines

Kossou dam and hydro-electric power station

Yaoure resource area

Lake Kossou

Hydro-electric power station

Satellite image of Yaoure’s proximity to hydro-electric power

5km

Source: Enerdata


Yaoure: Compelling Economics Reported in PEA

1. US$/t mined

Total Cash Cost Breakdown –

6.5Mtpa

US$/oz

produced US$/t processed

Mining 305 2.411

Processing 217 10.13

G&A 15 1.03

Operating Cash Costs 537

Freight and refining 7

Royalties / CSR fund 50

Total Cash Costs 594

Sustaining Capex 30

All-In Sustaining Cost 624

Mining Unit Medium Case

Plant Throughput Mtpa 6.5

Mine Life Years 10

Ore Mined Mt 63.9

Average Head Grade g/t 1.53

Waste Mined Mt 314

Total Material Mt 378

Strip Ratio w:o 4.9

Processing

Contained gold Moz 3.1

Recovery rate % 95

Gold Produced Moz 3.0

Annual Average Production Koz 279

Pre-Production Capital

Plant & Infrastructure Cost US$m 244

Total Pre-Production Capital Cost US$m 357

Results at US$1,250/oz

Post-tax NPV at 8% discount US$m 613

Post-tax IRR % 33

Capital efficiency Ratio 1.72:1

Payback Years 2.6

Capital Costs (US$m) - 6.5Mtpa

Process plant 124.0

Plant infrastructure including TMF 32.5

Other infrastructure 26.6

Miscellaneous 18.0

EPCM and Indirects 43.2

Plant and Infrastructure Capital Cost 244.3

Contingency 37.4

Mining fleet 75.0

Total Pre-Production Capital Cost 356.7


Yaoure Proposed Site Layout

Yaoure: Optimisation Opportunities

US$950/oz open pit shell

Tailings Storage Facility

Heap leach pads (not currently

used)

Waste dump

ROM pad

Processing plant

Tailings Storage Facility

• Staged development - Potential to decrease upfront capex in terms of mill capacity, process route and targeting oxides for soft start to production

• Selective mining - Bulk mining approach assumed - selective mining of higher grade zones may result in lower dilution and higher grade plant feed

• Equipment optimisation - Larger equipment may be more appropriate for Yaoure given the bulk mining approach

• Project layout - Further potential to optimise locations of site infrastructure to take greater advantage of project topography, reducing operating costs

• Process selection - Pre-concentration via flotation and SAG milling warrant further testing


Yaoure: Long Term Exploration Potential

• Regional exploration potential on wider 317km2 licence area

• Resource area is very small part of total licence area

• Soil geochemistry has identified other areas similar to the Yaoure resource area – anomaly to south-west of resource area

• Low-cost regional exploration work undertaken in Q4 2014


Baomahun: A Second Strong Growth Opportunity

*According to Baomahun Feasibility Study (2Mtpa CIL plant)

Probable Mineral Reserves

1.2Moz

Head Grade of Mineral Reserves

1.62g/t

Indicated Mineral Resources

2.2Moz

Inferred Mineral Resources

0.5Moz

Average Production over life of mine*

98,460oz

Life of Mine*

12 years

• Feasibility stage project in central Sierra Leone

• Archean-age deposit with high grade core and grades that improve at depth

• Feasibility Study delivered in Q2 2013 based on 2Mtpa open pit only scenario – strong economics at US$1,350/oz gold price

• Potential to increase production to 100,000oz in 1Mtpa scenario


Strategy for Baomahun in 2015

• During 2014 Baomahun remained in an evaluative phase due to Ebola situation in Sierra Leone

• Focus at Baomahun in 2015 will continue to be on desk-top optimisation work to:

— Gain a better understanding of the high grade core of the deposit

— Further grow 2.8Moz Mineral Resource

• First step will be to re-log the core – ensure Amara has a through geological understanding of the deposit from the drilling conducted to date

• Second step will be to undertake a small-scale, low-cost drilling programme if appropriate

• Also improve Amara’s understanding of the optimal place in the orebody to transition between open pit and underground mining


-3.1

4.6 7.3 8.5 9.0 10.5 10.8 12.2 22.1 23.3 23.5 25.8

41.1 50.7

65.9

79.1

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

-20

0

20

40

60

80

100

120

140

160

Gra

de

(g/

t)

EV/M

I&I

Re

sou

rce

(U

S$/o

z)

Substantial Opportunity to Increase Value

Average discovery cost in Africa in 2013*

US$33/oz

Current EV/Resource Valuation for Amara

US$7/oz

1. Graph as at 09 April 2015 2. Amara’s resources no longer include Kalsaka/Sega 3. Roxgold’s weighted average grade is 12.6g/t

Source: Intierra RMG database and company disclosures *Source: Article by MinEx Consulting in Mining Journal, August 2014

Producer Developer Grade (g/t)

West African Gold Mining Companies’ EV/Resource Valuations

Valuation of later stage Papillon by

B2Gold bid

Valuation of earlier stage Orbis by Semafo

bid

US$113/oz US$90/oz

3


Focused On Delivery: Key Milestones For H2 2014-2015

First Yaoure Mineral Resource update

Delivered: September 2014

Second Yaoure Mineral Resource update

Delivered: January 2015

US$22m placing – funded to the point of a construction decision

Delivered: January 2015

Yaoure Pre-Feasibility Study

Expected: Early Q2 2015

Drilling updates from 2015 drilling programme

Expected: Throughout Q2 and Q3 2015

Yaoure Bankable Feasibility Study

Expected: December 2015


Amara Mining plc

Contact Us

John McGloin

Chairman and Chief Executive Officer

Katharine Sutton

Head of Investor Relations

+44 (0)20 7398 1420

[email protected]

mailto:[email protected]


Appendix: Market Information

1. As at 09 April 2015 2. As at 31 March 2015

One Year AIM Share Price Performance1

Listing Information1

AIM Ticker: AMA Shares Issued (undiluted): 420,386,077 Shares Issued (diluted): 444,808,577 Share Price: 15.12p Market Capitalisation: £66m (US$97m) 3 month average daily volume: 747k shares 1 year average daily volume: 1.1m shares

Analyst Coverage1 Recommendation TP BMO Capital Markets Outperform 30p Canaccord Genuity Buy 28p Cantor Fitzgerald Buy U/R Cenkos Securities Buy 40p GMP Europe Buy 34p Mirabaud Securities Buy 30p Oriel Securities Buy 30p Peel Hunt Buy 29p Whitman Howard Hold 30p

Top Shareholders2

Aurum Holdings (RDV Corporation) 15.2% Franklin Templeton 13.7% JP Morgan 7.7% Ingalls & Snyder 7.4% Tembo Capital 5.9% Van Eck 4.1% Sustainable Capital 3.4% Total Director’s Holding 0.7%


Benefits of Yaoure’s Infrastructure on Capex

• For the 6.5Mtpa scenario Yaoure’s total pre-production capital cost is US$357m

• Yaoure’s capex is positively impacted by a number of factors, which means it is significantly lower than for other projects of a similar size

COMPARISON: YAOURE VS SIMILAR MINE IN WEST AFRICA Key Parameters of Comparator Mine • Open pit mine – production of

315,000oz for 10 year LOM • 7.5Mtpa gravity circuit and CIL plant • Total pre-production capital cost of

US$420m (within past 5 years)

Water Supply: US$12m

Reservoir built to store water from nearby river to service mine during the dry season

Employee Camp: US$7m

Relocation of Local People: US$20m

2,562 households (over 11,000 people) had to be

relocated

Power Station: US$30m

Total cost of additional infrastructure at comparator mine: US$69m

A 26MW HFO power station, plus associated infrastructure, was built plus 3 800KW diesel gen sets as emergency back

up

Camp for 300 people was built with another 500

transported in from local villages daily


Benefits of Yaoure’s Infrastructure on Operating Costs

Cost Mine elsewhere in West

Africa using diesel Mine elsewhere in West Africa using grid power

Yaoure PEA

Power cost

Processing cost*

Total Cash Costs*

All-In Sustaining

Costs*

9 cents/kWh

US$10.13/t

US$624/oz

US$594/oz

16.5 cents/kWh

US$12.90/t

US$683/oz

US$653/oz

30 cents/kWh

US$17.87/t

US$893/oz

US$853/oz

*The average cost based on a 6.5Mtpa plant over a 10 year LOM


Kalsaka/Sega: Cessation of Mining

• Mining ceased at Kalsaka/Sega on 04 August 2014 – Directors put local Burkina Faso subsidiary SMSA into liquidation

• Decision followed the receipt of a default notice from BCM, mining contractor at Kalsaka/Sega

• Amara was due to begin liquidation of its operational subsidiaries in Q4 2014 anyway – does not materially change strategy for Kalsaka/Sega

• Following the transition from producer to developer, Peter Spivey resigned as CEO and John McGloin was appointed

KEY POINTS • All cash assigned to delivery of Yaoure PFS

remains committed to this aim

• Amara remains focused on the delivery of the the PFS for Yaoure

• US$3m bond in place to cover rehabilitation of Kalsaka/Sega site

• Amara’s financing strategy does not rely on receiving any funds from Burkina Faso

Structure of Amara Mining Group before the liquidation of SMSA


Group Resources and Reserves

Category Tonnage

(Mt) Grade (g/t)

Contained Gold (koz)

Baomahun1 Indicated 38.4 1.82 2,242

Inferred 6.6 2.52 535

Yaoure 2

Indicated 106.3 1.29 4,416

Inferred 63.0 1.19 2,405

TOTAL Indicated 6,658

TOTAL Inferred 2,940

1. Resources shown as inclusive of reserves. The reserves were calculated using a 0.5g/t cut-off and a US$1,100 gold price. The resources were calculated using a cut-off grade of 0.5g/t within a US$1,500/oz open pit shell and a 2.0g/t cut-off for resources suitable for underground mining. A technical report titled “Feasibility Study of the Baomahun Project in Sierra Leone NI 43-101 Technical Report” and dated 28 June 2013 is filed on SEDAR

2. The resources were calculated using a 0.5g/t cut-off and a US$1,500 gold price. A NI 43-101 compliant technical report entitled ‘Yaoure Gold Project, Côte d’Ivoire, Technical Report and Mineral Resource Estimates for Amara Mining Côte d’Ivoire SARL’ dated 05 January 2015 is available on Amara’s website.

Category Tonnage

(Mt) Grade (g/t)

Contained Gold (koz)

Baomahun1 Probable 23.3 1.62 1,210

Reserves

Resources

Group Reserves and Resources

Inferred Resources1: 2.9Moz

Reserves: 1.2Moz

Indicated Resources1: 6.7Moz

1. Inclusive of Mineral Reserves

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