1. Exploiting market opportunity or building profitable businesses?
Indaba 2007

2. 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

3. 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

4. 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

5. 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

6. 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 > oz / 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

7. 23 new mines developed in Africa outside South Africa…6 already closed
Archean
East Africa
6 mines
Paleoproterozoic
West Africa
17 mines

8. 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

9. 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

10. 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

11. 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

12. 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

13. 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

14. 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

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

16. 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
m DDH
10 000m RAB
Feasibility
Studies
Construction
of mine

17. 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
326
288
63 178
32 504
30 674
12 746
n/a
12 285
17 818
304
265
50 868
n/a
47 564
70 410
296
258
40 887
29 736
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

18. 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

19. 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 Randgold Resources undertakes no obligation to update information in this presentation.