Werner P. Klemens, Head of Exploration CERBA Russia & CIS Mining Conference Toronto, March 9, 2011 Russian Regional and CIS Mining Opportunities – The Highland Gold Perspective

2 Certain statements within this presentation constitute forward looking statements. Such forward looking statements involve risks and other factors which may cause the actual results, achievements or performance of the Group to be materially different from any future results, achievements or performance expressed or implied by such forward looking statements. Such risks and other factors include, but are not limited to, general economic and business conditions, changes in government regulations, currency fluctuations (including the US$/RUR rate), the gold price, the Groups ability to recover its reserves or develop new reserves, competition, changes in development plans and other risks. There can be no assurance that the results and events contemplated by the forward looking statements contained in this presentation will, in fact, occur. These forward-looking statements are correct or represent honestly held views only as at the date of delivery of this presentation. The Company will not undertake any obligation to release publicly any revisions to these forward looking statements to reflect events, circumstances and unanticipated events occurring after the date of this presentation except as required by law or by regulatory authority. Disclaimer

3 Company incorporated in May 2002 and quoted on AIM (London Stock Exchange) since December 2002 Currently operating 3 producing mines, 1 development project and 4 exploration properties Major changes in operational management in Resources estimated at 6.8 million oz of gold (as at 31 December 2009 in accordance with JORC) Powerful combination of two strategic investors (Millhouse LLC and Barrick Gold) provides technological, financial and corporate input Focus on growth opportunities in Russia and Central Asia Company Profile

4 Millhouse LLC ( through Primerod International Ltd ) Moscow based Russian asset management company that oversees investments in metallurgy, mining, real estate, consumer goods and transport engineering Barrick Gold Worlds largest gold mining company based in Toronto, Canada, with mines in North and South America, Australia and Africa DescriptionNumber or % of shares Issued shares325,197,098 Shares not in public hands61%61% Market Cap at AIM LSE – March (in millions)US$ 890 Main Shareholders Interests Share Structure Other 39% Primerod 32.6% 8% Board & Mgt 20.4% Barrick Gold

5 Mine Location Bishkek Moscow Ulan Bator Chita Khabarovsk Vladivostok Blagodatnoуe Iska Novoshirokinskoye MNV Taseevskoye Lyubov Belaya Gora & Flanks BG Astana Regional office Exploration projects Development projects Operating mine Unkurtash

6 Highland Gold Three Years Ago Belaya Gora Lyubov – Sovinoye- Unkurtash Iska - Maya Inikan Novoshirokinskoye Mayskoye Taseevskoye MNV Operations Projects Exploration 1 3 7

7 Highland Gold Today Unkurtash Lyubov Blagodatnoe Belaya Gora Flanks Taseevskoe MNV Novoshirokinskoye Belaya Gora Operations Projects Exploration 3 1 4

Highlights The Company met its 2010 production guidance by producing 200,028 oz of gold and gold equivalents from Mnogovershinnoye (MNV), Novoshirokinskoye (Novo) (48.3%) and its newly commissioned third mine, Belaya Gora, a 23% increase year-on-year Unkurtash initial C1+C2 reserves estimate (1.70 Moz ) submitted to Kyrgyzstan GKZ for approval, JORC compliant audit underway with results expected during H JORC compliant audit confirms original Belaya Gora GKZ reserve (0.82 Moz) Novo continues to ramp up mining and processing levels 12,000 metres of resource conversion drilling completed at Lyubov Group currently debt free after fast tracking loan repayments

9 Mnogovershinnoye (MNV) – Khabarovsk Region 170,356 oz of gold produced at MNV, a 4.4% increase over the previous year Process milling and gravity upgrades are underway and expected to improve recoveries New capital equipment deliveries in 2010 improving productivity levels and helping to keep costs in check Diamond drilling programme adds near surface resources for future exploitation A solid performance in 2010

10 Extensive near-mine exploration programme ongoing to replace and grow reserves Targeting additional reserves in underexplored areas in-between and along strike of known ore zones Focus on surface exploration – 6,200 m of drilling completed at 4 targets in 2010 Pebble deposit returns positive results confirming strong potential for open pit reserve Positive drilling results obtained from other targets warrant follow-up work Near-mine exploration continues – 2011 budget allocates 8,000 metres of surface drilling and 16,000 metres of underground drilling MNV Exploration

11 First ore hauled to and processed at MNV in November ,000 oz produced from 10,971 tonnes of ore The stand-alone process plant design and construction works now initiated with anticipated launch expected by mid-2012 Recent acquisitions of nearby deposits provide additional resource potential Expected contribution: approx. 1,000 oz per month during 2011 Belaya Gora initial production launch increases the Highland stable to three operating mines Belaya Gora – Khabarovsk Region

12 28,672 oz (48.3%) of gold and gold equivalents from 397,075 tonnes of ore in 2010 Approx. 450,000 t of ore are expected to be processed in 2011 with 550,000 t as the projected plant capacity Approx. 70% of 2010s concentrate value was attributed to precious metals Expected production over the life of mine – 1.5 million oz of gold and gold equivalents (100%) Novoshirokinskoye - Chita Region The ramp up of mined and processed tonnes remains on track

13 Semi-industrial pilot test work (POX) Development of a full feasibility study expected by year end 2011 Reviews will also include ZIF-1 and Sredne-Golgotayskoe deposits to demonstrate the benefits of introducing them into the current economic model TASEEVSKOYE TAILINGS ZIF-1 SREDNE- GOLGOTAYSKOYE BALEY TOWN Taseevskoye – Chita Region Process test work continues

km 2 license in active placer mining region with excellent infrastructure Targeting bulk-mineable gold ore for low-cost open-pit operation at two sites Favorable metallurgy suitable for low-cost gravitational processing Scoping study for Evgraf target defines resource potential of 1.6 M 1.7 g/t including C1+C2 reserves* of 0.6 M oz to depth of 200 – 250 m Adding reserves – 12,000 m resource conversion drilling completed in 2010 Company plans to submit for approval to the State Committee on Reserves of the Russian Federation (GKZ) in H A JORC compliant resource audit is expected prior to the year end * cut-off grade 0.5 g/t; unregistered reserves EVGRAF EVGRAF-West Emerging development project in the Chita region Lyubov – Chita Region

15 63 km² license covering 4 km long gold mineralisation zone – exploration continues at 3 distinct sites Targeting bulk-mineable gold ore for large low-cost open-pit operation 2010 and ongoing drilling programme returns positive intersects confirming resource model Initial 1.7 M oz (C1+C2) reserves* delineated (Unkurtash, Karatube) – submitted in 2010 for registration to GKZ Large upside potential in underexplored areas – a four fold increase in drilling is planned in 2011 (+50,000m) at 3 targets plus 3,000 metres of u/g development Advanced exploration project with high potential for world class deposit Unkurtash Sarytube Karytube Baikonur Unkurtash – Kyrgyzstan * planned to be registered in Q W 80 E 720

16 Long section with drill hole projections, intersects, and distribution of grades >1 g/t (red) NESW Unkurtash - Kyrgyzstan 2010 – 2011 Programme – Conversion of P1 into C1+C2 through drilling and u/g exploration Area to be explored by deep drilling in m 1800 m 1900 m 2000 m 2100 m 3,000 m of new underground exploration development planned 80 m W 80 E 720 Central Unkurtash

17 Production in 2011 (MNV, Novo and Belaya Gora) is forecasted in the range of 210,000 – 220,000 oz of gold and gold equivalents MNV – improve productivity, recovery rates and maintain production Novo – continue to ramp up mining and processing levels Belaya Gora – progress construction of a stand-alone processing facility with an anticipated commissioning date of mid-2012 Unkurtash – conclude JORC compliant audit on initial submitted Kyrgyzstan GKZ reserve estimate and build on this success Lyubov – prepare reserve estimate for submittal to Russian GKZ Group will continue to evaluate possibilities for new acquisitions Goals for 2011

Russian Regional and CIS Mining Opportunities – The Highland Gold Perspective Werner P. Klemens, Head of Exploration CERBA Russia & CIS Mining Conference Toronto, March 9, 2011