Exploiting market opportunity or building profitable businesses? Indaba 2007

Who remembers 1999?... Current 1999 $725.00 $252.80 Industry market cap $ 250bn 700 Listed companies 149 600 1999 Industry market cap $ 40bn 500 Listed companies 158 400 300 $252.80 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

44 corporate ”take-outs” Today… No. of listed companies Market Cap US$ bn 44 corporate ”take-outs” 35 new listings 160 250 150 200 140 150 130 100 120 110 50 100 1999 2007

Did we as an industry anticipate the rise in the gold price and invest in our future?... million US$ / oz Exploration spend Gold price 2500 300 400 500 600 700 2000 1500 1000 500 1997 2005 © Metals Economics Group – Corporate Exploration Strategies 2005

Real value creation or just another speculative bubble?... Gold production (tonnes) 700 600 3000 500 2500 Gold Price 400 2000 1500 300 1000 200 500 Cash Costs 100 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 est

Discovery opportunity and success rate New gold discoveries are a product of shift to emerging markets from the late 80’s to early 90’s… No. of new mines in the 10 years prior to 2005 with a production capacity > 200 000oz / year CIS North America 4 mines 23 Moz 6 mines 34 Moz Asia 4 mines 9 Moz Pacific Africa 2 mines 27 Moz 11 mines 57 Moz Latin America 7 mines 32 Moz Australia 6 mines 42 Moz Discovery opportunity and success rate

23 new mines developed in Africa outside South Africa…6 already closed Archean East Africa 6 mines Paleoproterozoic West Africa 17 mines

Not every gold deposit is world class… what defines a world-class deposit? …a long-term embedded option value allowing you to ride the downturns and pay back capital …potential to grow with time - brownfields exploration …contain plus 3 million ounces of profitable gold …are company makers …generate wealth over a long period of time …assist in socio-political development

The ‘big 6’ discoveries and developments in Africa since 1995…who made returns? Acquisition cost + capex Cumulative profit (attrib) US$ 000’s Sadiola 300 US$ 000’s Bulyanhulu 500 1000 200 100 H1 2006 1996 H1 2006 1999 Morila US$ 000’s Geita US$ 000’s $0 100 200 300 400 500 Randgold Resources 400 300 AngloGold Ashanti 200 100 H1 2006 2000 Tarkwa 2000 US$ 000’s H12006 400 US$ 000’s Yatela 50 100 300 200 100 1997 H1 2006 1998 H1 2006

What can we expect from this cycle… so far no significant discoveries Loulo Ahafo North Mara New Developments: Tongon Akyem Buswagi New Developments: Banro Moto Potential Projects

Randgold Resources…delivering long term shareholder value is the measure 12 months to Feb 2007 Nasdaq listing July 2002 Randgold Resources Barrick Newmont AngloGold Ashanti Goldcorp Meridian Iamgold

Converting from explorer to producer requires a long-term strategy and poses significant risk… US$ 000’s 100 80 60 40 20 -20 Exploration expenditure -40 Net profit / loss -60 -80 High risk phase Profitable phase allowing reinvestment in company future -100 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

A committed exploration strategy does pay… 5 10 15 Million oz Sold 40% of Morila to AngloGold Ashanti H2 2006 1997 1998 1999 2000 2001 2002 2003 2004 2005 Resources Reserves Mined attributable ounces excluding Syama

Mali - Morila Mine… value creation in practice Total Cash Profits (US$ m) Total production to date 4.3 million oz 100 200 300 400 500 600 700 800 900 1000 2000 2001 2002 2003 2004 2005 2006

Loulo Gold Mine…a profitable business with a substantial resource base Total ore milled: 3 146 000 t Total Cash Profits (US$ m) 10 20 30 40 50 60 70 80 Total production: 309 559oz 2005 Q4 2006 Q1 2006 Q2 2006 Q3 2006 Q4

Côte d’Ivoire…Bankable feasibility kicks off with a 30 000m drilling programme Northern Zone Length…2.1 km 34 DDH…4 050m, 50mx100m 38 DDH…3 700m,50mx50m Ave depth below surface…150m Southern Zone Length…1.6 km +76DDH…15 500m, 50mx50m Ave depth below surface…200m 2007 2008 2009 2010 30 000 m DDH 10 000m RAB Feasibility Studies Construction of mine

Summary Financials…a successful progression of the company’s profitable growth strategy Unaudited Quarter ended 31 Dec 2006 Quarter ended 30 Sept 2006 12 months ended 31 Dec 2006 12 months ended 31 Dec 2005 US $ 000s Restated+ Gold sales * Total cash costs* Profit from mining activity* Net profit Net profit (as previously reported) Net profit to equity shareholders Net cash generated from operations Bank and cash Attributable production**(ounces) Group total cash costs per ounce** *(US$) Group cash operating costs per ounce*(US$) 68 857 38 125 30 732 10 790 n/a 9 980 8 645 143 356 116 821 326 288 63 178 32 504 30 674 12 746 n/a 12 285 17 818 155 320 107 002 304 265 262 717 132 540 130 177 50 868 n/a 47 564 70 410 143 356 448 242 296 258 151 502 65 939+ 85 563+ 47 856+ 40 887 45 507+ 29 736 152 452 328 428 201+ 169+ * Refer to explanation of non-GAAP measures provided ** Randgold Resources consolidates 40% of Morila and 100% of Loulo + Restated due to change in accounting policy relating to deferred stripping See note on accounting policies n/a Not applicable

Suppliers and Contractors Randgold Resources… committed to partnerships which benefit all stakeholders Distribution of net cash flows Invested + US$ 1.1billion Returned to RRL shareholders US$ 81million Paid to Government + US$ 550 million Provided permanent employment for 3300 people and temporary employment for 3000 Equity Partners Employees Capital Investment Sundry Government Taxes Dividends paid to Government Exploration Suppliers and Contractors

disclaimer… The presentation is not for distribution in, nor does it constitute any offer of securities for sale . Statements made in this presentation with respect to Randgold Resources’ current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Randgold Resources. These statements are based on management’s assumptions and beliefs in light of the information currently available to it. 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. For a discussion on such risk factors refer to the annual report on Form 20-F for the year ended 31 December 2005 which was filed with the U.S. Securities and Exchange Commission on 29 June 2006. Randgold Resources undertakes no obligation to update information in this presentation.