Mali Senegal Burkina faso Cote d’ivoire Ghana Tanzania ‘the gold standard for value creation’ ‘the gold standard for value creation’ LSE (RRS) Nasdaq (GOLD)

A decade of growth with a focus on shareholder value… announced Morila Mine construction 1999 announced Morila Mine construction 2000 commissioned Morila Mine 2000 commissioned Morila Mine 2002 Listed on Nasdaq 2002 Listed on Nasdaq 2004 announced Loulo construction 2004 announced Loulo construction 2005 Loulo Gold Mine first production 2005 Loulo Gold Mine first production 1995 incorporated as private company 1995 incorporated as private company 1996 acquired BHP Mali 1996 acquired BHP Mali 1997 Listed on LSE 1997 Listed on LSE 2001 returned $81 million to shareholders 2001 returned $81 million to shareholders 2001 closed Syama 2001 closed Syama Randgold Resources Share price US$ 100 Gold Price US$ Gold Price US$

Gold companies are not homogenous when considering risk and return… SUSTAINABILITY VALUE CREATION ‘lower risk, higher reward ’ ‘lower risk, higher reward ’ Production Replacement Pipeline Replacement Pipeline Profitabilty… expanding or finding? Profitabilty… expanding or finding? Growth… at what price? Growth… at what price? Creating Value Financial Strength

market pays a premium market pays full value market pays full value valuation? Creating Value… investing in exploration Morila Loulo Tongon Mali / Senegal Mali / Senegal Tanzania New Opportunities Burkina Faso Ghana New Opportunities Burkina Faso Ghana Loulo U/G Loulo U/G exploration portfolio value creation production Loulo Gold Mine dev. Loulo U/G development Tongon prefeasibility Morila Mine

Converting value creation into operating profits…Morila Mine To date Morila has milled g/t for 3.3 Moz at a total cash cost of $115 / oz with total cash profits of $672 million Total dividends paid to date = $376m US$ million US$ million ounces million ounces Total production Total cash profit million ounces million ounces Resources Reserves Mali Africa

Sagala Kekoro Tiorola Morila Dionkala 20km N Diokelebougou Koba Mali - Morila… hunting additional reserves Mali Africa >5g/t 3-5g/t 2-3g/t 1-2g/t <1g/t Pit 5 Tonalite ext Pit 5 Tonalite ext Samacline target Samacline target N 800m Gold grades MSZ extension MSZ extension Morila pit Morila Mine Targeted for reconnaissance drilling

Faleme River Faleme River Loulo 0 deposit Loulo 0 deposit N Yalea Deposit Yalea Deposit 1km village construction camp/ single cuarters airstrip stream diversion dam Loulo rock dump pump station Faleme barrage pipeline 6km to tailings dam metallurgical plant and offices mine workshop Haulage Road Yalea open pit Yalea rock dump Loulo 0 open pit Mali - Loulo O/C Mine… our foundation for the future Loulo Gold Mine infrastructure Loulo Gold Mine infrastructure TOTAL RESOURCES : +8 Moz P125 Yalea Mali Africa 2.1km Loulo 0 1.7km g/t g/t g/t g/t g/t > 8.0 g/t g/t g/t g/t g/t > 8.0 g/t

Mali - Loulo 0 U/G… converting resources to reserves Loulo 0 Measured and Indicated Resource: 4.05g/t for 2.06Moz Total Resource: 4.17g/t for 2.35Moz

Mali - Yalea U/G… converting resources to reserves YY 7.21g/t 8.31g/t 11.10g/t 4.86g/t Yalea Pit Reserve: 3.98g/t for 0.95Moz -500m Total Resource: 4.74g/t for 5.2Moz YDH194: 5.72g/t incl. 8.80g/t YDH202: 7.21g/t YDH203: 8.31g/t YDH204: 11.10g/t YDH205: 4.86g/t YDH192: 4.62g/t incl. 14.5g/t YDH184: 4.73g/t incl. 8.85g/t YDH199: 7.31g/t YDH197: 4.45g/t YDH196: 3.24g/t incl. 8.7g/t YDH193: 3.17g/t incl g/t g/t g/t g/t g/t > 8.0 g/t 1000m Yalea measured and indicated resource: 4.05g/t for 2.0Moz YDH195: 10.45g/t 2.74g/t incl 6.53g/t 2.74g/t incl 6.53g/t 3.37g/t incl 5.15g/t 3.37g/t incl 5.15g/t Surface 20.14g/t 13.45g/t

Mali - Loulo upside… the nucleus of an emerging goldfield? N Randgold permits 10km Sitakily Baboto West Baboto West PQ10 P129 Yalea S Loulo 1,2.3 Sakola Segala Tabakoto P64 Faraba Loulo Permit Loulo Permit Selou Permit Selou Permit Sinsinko Boulandissou Yalea Loulo 0 MALI 25 km LOULO REGION LOULO REGION SENEGAL Yatela Sadiola Etruscan Tabakoto Segala Sitakili Newmont / Axmin Loulo 0 Yalea Mali Africa Randgold Resources’ permits with satellite deposits and gold targets

TANZANIA creating value… replacing production 125 exploration targets 125 exploration targets Morila Identified geological anomalies 70 Exploration targets 43 Côte d’Ivoire Côte d’Ivoire Senegal Mali Tanzania Burkina Faso Burkina Faso Ghana Tomboronkoto Kanoumering Kounemba SENEGAL COTE D’IVOIRE COTE D’IVOIRE N Tongon Deposit Inferred resource: g/t Tongon Deposit Inferred resource: g/t Morila Mine Loulo Gold Mine Dev Morila Mine Loulo Gold Mine Dev 12 Feasibility Projects Reserve / Resource definition Feasibility Projects Reserve / Resource definition Danfora Ouagadougou Kiaka BURKINA FASO BURKINA FASO GHANA

We are a return driven business… Net profit vs Market Cap Randgold Resources Randgold Resources Goldcorp Meridian Iamgold Golden Star Bema Cambior Net profit US $ million Market Cap US $ million Market Cap US $ million

ounces Randgold Resources… delivering growth Loulo O/C Loulo U/G Tongon Organic growth through exploration M&A Morila ? ? ? ? MorilaLoulo attributable production: total attributable production total attributable production

discovering resources and converting to profits… RESOURCES RESERVES million ounces Discovered Morila Discovered Yalea Sold 50% share of Morila Morila +7Moz Loulo added oz Loulo +8 Moz Discovered Tongon Organic growth through exploration Organic growth through exploration Loulo U/G

Randgold Resources is return driven and committed to investing in the future… US $ 000s Quarter ended 31 Mar 2005 Assets Liabilities and Equity US$ 000s At 31 Mar 2005 Consolidated Income Statement: Consolidated Balance Sheet: Cash and equivalents Current assets Current liabilities Property plant and equip.- net Other long - term assets Long-term debt Deferred liabilities on financial instruments Rehabilitation provision Outside shareholders’ interest in subsidiaries Shareholders’ funds (10 623) Gold sales Profit from mining Depreciation Explor. and corp. expenditure Profit from operations Interest, rehab and other Profit for the period Minority interest and tax Net profit

Loulo Gold Mine, Mali DISCLAIMER: Statements made in this presentation with respect to Randgold Resources’ current plans, estimates, objectives, strategies and beliefs and other statements that are not historical facts are forward looking statements about the future performance of Randgold Resources. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “intends”, “expects”, “estimates”, “may”, “could”, “would”, “will” or “plan”. Such forward-looking statements are made pursuant to the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Randgold Resources cautions you that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore you should not place undue reliance on them. The potential risks and uncertainties include, among others, risks associated with: fluctuations in the market price of gold, gold production at Morila, the development of Loulo and estimates of resources, reserves and mine life. Further information regarding such risk factors and other factors which may cause results to differ materially from those discussed in the forward-looking statements are included in the annual report on Form 20-F for the year ended 31 December 2003, which was filed with the United States Securities and Exchange Commission (the “SEC”). Randgold Resources assumes no obligation to update information in this presentation or that may be made from time to time by Randgold Resources or on its behalf. CAUTIONARY NOTE TO U.S INVESTORS: The SEC permits companies, in their filings with the SEC, to disclose only proven and probable ore reserves. We use certain terms in this presentation, such as “resources”, that the SEC does not recognise and strictly prohibits us from including in our filings with the SEC. Investors are cautioned not to assume that all or any part of our resources will ever be converted into reserves which qualify as ‘proven and probable reserves’ for the purposes of the SEC’s industry guide number 7.