Investor Presentation

February 2011

African Barrick Gold

2010 Prelims Presentation

Disclaimer

Important Notice

This presentation has been provided to you for information purposes only. It does not constitute an offer, solicitation, invitation or inducement to purchase, subscribe or otherwise acquire or

to sell or otherwise dispose of any securities of African Barrick Gold plc ("ABG") or engage in any investment activity in connection with the capital of ABG in any jurisdiction. The information

or opinions contained in this presentation shall not form the basis of, or be relied on in connection with, or act as any inducement to enter into, any contract or commitment or investment

decision whatsoever in connection with ABG.

The information and opinions contained in this presentation are provided as of the date of this presentation and are subject to change without notice. ABG explicitly disclaims any

responsibility, obligation or undertaking to update or revise any information contained in this presentation after its date, whether as a result of new information, future events or otherwise.

No reliance may be placed for any purpose whatsoever on the information or opinions contained in this presentation or on its completeness and no liability whatsoever is accepted for any

loss howsoever arising from any use of this presentation or its contents.

Certain information, statements, beliefs and opinions in this presentation are forward looking. Forward-looking statements are statements that are not historical facts. These statements

include, without limitation, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future production,

operations, costs, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "plans," "expect," "anticipates,"

"believes," "intends," "estimates" and other similar expressions. All forward-looking statements involve a number of risks, uncertainties and other factors. Although ABG’s management

believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various

risks and uncertainties, many of which are difficult to predict and generally beyond the control of ABG, that could cause actual results and developments to differ materially from those

expressed in, or implied or projected by, forward-looking information and statements contained in this presentation. Factors that could cause or contribute to differences between the actual

results, performance and achievements of ABG include, but are not limited to, political, economic and business conditions, industry trends, competition, fluctuations in the spot and forward

price of gold or certain other commodity prices, changes in regulation, currency fluctuations (including the US dollar, South African rand and Tanzanian shilling exchange rates), ABG’s ability

to successfully integrate future acquisitions, to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources

or reserves and to timely and successfully process its mineral reserves, trespass, theft and vandalism, changes in its business strategy, as well as risks and hazards associated with the

business of mineral exploration, development, mining and production. Accordingly, investors should not place reliance on forward-looking statements contained in this presentation. Any

forward-looking statements in this presentation speak only as of the date of this presentation and only reflect information available at the time of preparation. Subject to the requirements of

the Disclosure and Transparency Rules and the Listing Rules or applicable law, ABG explicitly disclaims any obligation or undertaking publicly to update or revise any forward-looking

statements contained in this presentation, whether as a result of new information, future events or otherwise.

No statements made in this presentation regarding expectations of future profits are profit forecasts or estimates, and no statements made in this presentation should be interpreted to mean

that ABG’s profits or earnings per share for any future period will necessarily match or exceed the historical published profits or earnings per share of ABG or any other level.

You are reminded that you have received this presentation subject to the disclaimer and important notices contained herein and on the basis that you are a person to whom this presentation

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VIOLATION OF APPLICABLE SECURITIES LAWS.

1

ABG – a strong platform for growth

2

Location of assets

A major gold producer with significant growth optionality

Dar es Salaam

Buzwagi

Bulyanhulu

North Mara

Tulawaka

Mining operations

Over 700Koz of current gold production

Resource base of 26.9Moz

$434m net cash position

Four operating mines, stable environment

TANZANIA

Delivering on our strategy

3

Optimise

Expand

Grow Further grow asset base

organically and through

targeted acquisitions

Grow current production

through low capital high return

asset optimisation

Maintain efficient and

consistent production base

from existing operations

Growth – advanced projects complement strong financial position

4

Existing operations – Bulyanhulu

Three months

ended 31 March

Year ended

31 December

(Reviewed) 2011 2010 2010

Underground ore tonnes hoisted (ktpa) 267 245 958

Ore milled (ktpa) 253 231 954

Head grade (g/t) 8.9 9.0 9.2

Mill recovery (%) 91.8% 91.9% 92.2%

Ounces produced (oz) 66,265 61,669 259,873

Ounces sold (oz) 69,107 67,193 262,442

Cash costs/ounces sold ($/oz)

Cash costs/tonne milled ($/t)

584

159

513

149

539

148

Capital expenditure ($’000s) 16,216 13,401 80,539

5

Key operating statistics

Upper East

Zone

Existing

1.8km

decline

Optimisation project – Upper East Zone

Completed review of planning models and action plan

formulated

Dewatering and rehabilitation of existing decline underway

Feasibility study contract award made and work commenced

with completion targeted during the first half of 2011

Project execution decision following feasibility study

completion and work starting shortly after

Existing operations – North Mara

6

Key operating statistics

Three months ended

31 March

Year ended

31 December

(Reviewed) 2011 2010 2010

Tonnes mined (ktpa) 6,136 4,510 20,106

Ore tonnes mined (ktpa) 279 683 2,624

Ore milled (ktpa) 750 647 2,860

Head grade (g/t) 2.0 3.2 2.8

Mill recovery (%) 78.7% 81.2% 82.9%

Ounces produced (oz) 37,599 53,908 212,947

Ounces sold (oz) 35,950 54,468 218,684

Cash costs/ounces sold ($/oz)Cash costs/tonne milled ($/t)

76036

44537

472

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Capital expenditure ($’000s) 27,675 16,460 91,442

Optimisation project – Gokona/Nyabigena Underground

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12300

12300

12500

12500

12700

12700

12900

12900

13100

13100

13300

13300 13500

500 500

600 600

700 700

800 800

900 900

1000 1000

1100 1100

1200 1200

1300 1300

1400 1400

GKD180W6

23m @ 8.61g/t

GKD214W2

17m @ 12.11g/t

GKD160 16m @ 11.9g/t

40 - 6020 - 40<20

60 – 80>80

Au_grammeter

200m

Stage 2 Pit

Proposed

Stage 3 Pit

Assays PendingDD Complete

Fault

Legend

Abandoned

Gokona Fault

Gokona West Fault

GKD169

30m @ 8.00g/t incl 4m @ 42.6g/t

GKD239

13m @ 6.71g/t incl 1m @ 74.3g/t

GKD240NSR

GKD242

13m @ 2.72g/t incl 6m @ 4.35g/t

GKD244

GKD246

GKD247W14m @ 8.78g/t & 7m @ 14.6g/t

Positive scoping study completed for the Gokona-Nyabigena

underground project

Feasibility study underway and scheduled for completion

during H1 2011

Initial high-grade resource of 370koz @ 8.29 g/t announced

during Q4 2010

Existing operations – Buzwagi

7

Key operating statistics

Three months ended

31 March

Year ended

31 December

(Reviewed) 2011 2010 2010

Tonnes mined (ktpa) 5,326 4,562 18,848

Ore tonnes mined (ktpa) 1,032 1,172 4,285

Ore milled (ktpa) 841 890 3,553

Head grade (g/t) 2.4 2.2 2.0

Mill recovery (%) 86.9% 80.2% 81.0%

Ounces produced (oz) 56,313 51,304 186,091

Ounces sold (oz) 54,101 51,082 198,221

Cash costs/ounces sold ($/oz)Cash costs/tonne milled ($/t)

66743

58534

685

38

Capital expenditure ($’000s) 2,984 5,434 29,781

Optimisation project – Golden Ridge satellite deposit

Infill resource drilling and metallurgical drilling completed

Geotechnical studies & metallurgical test work for feasibility

study completed

Environmental and social impact assessments continue

Initial mineral resource declared – 527Koz @ 2.94g/t

indicated and 152Koz @ 2.52g/t Inferred

Feasibility study on track for completion in H1 11

Existing operations – Tulawaka

8

Key operating statistics

Reflected as 70%

Three months ended

31 March

Year ended

31 December

(Reviewed) 2011 2010 2010

Underground ore tonnes hoisted (ktpa) 30 19 103

Ore milled (ktpa) 77 83 340

Head grade (g/t) 5.9 4.1 4.1

Mill recovery (%) 93.6% 93.6% 93.2%

Ounces produced (oz) 13,731 10,214 42,094

Ounces sold (oz) 12,845 11,980 44,736

Cash costs/ounces sold ($/oz)

Cash costs/tonne milled ($/t)

738

123

558

81

709

93

Capital expenditure ($’000s) (100%) 3,895 2,279 15,513

100m

20000 20100 20200 20300 20400 20500 20600 20700 20800

850 850

900 900

950 950

1000 1000

1050 1050

1100 1100

1150

1200 1200

West East

Surface

MINED OUT

PIT

2010 – Q4 Intersections

2010 – PRE Q4 Intersections

Reserve

Mined Stope

Level 10

ZONE

150ZONE

250

ZONE 400 ZONE 550MAGAZINE

ZONE

ZONE 800

1150

Underground exploration & definition drilling to extend the East

Zone underground resource continues

Drilling to date shows the mineralised quartz veins extend at

least down to Level 10 at Zone 150

Encouraging results show support for life of mine being further

extended

9

Exploration and Project Development Pipeline

10

2011 has started on track

Three months

ended

31 MarchYear Ended

31

December2011 2010

Operating results

Tonnes mined (kt) 11,760 9,337 40,016

Ore tonnes mined (kt) 1,608 2,119 7,970

Recovery rate (percent) 87.2% 85.0% 86.1%

Average grade (grams per ton) 3.2 3.5 3.3

Attributable Gold production

(ounces)1 173,907 177,095 700,934

Per ounce data ($)

Average spot gold price 1,386 1,109 1,225

Average realised gold price 1,392 1,110 1,240

Total cash costs per ounce sold 658 516 569

Three months ended

31 MarchYear Ended

31

December$’000s (Unaudited) 2011 2010

Revenue 266,627 221,618 975,021

Cost of sales (168,152) (136,470) (589,039)

Gross profit 98,475 85,148 385,982

Corporate administration (12,858) (7,617) (35,436)

Other charges (12,128) (5,088) (40,894)

Profit before net finance costs 73,861 72,595 310,854

Net finance expense (1,881) (487) (1,777)

Net profit before taxation 71,980 72,108 309,077

Taxation expense (20,168) (19,055) (86,471)

Net profit attributable to equity

shareholders50,362 53,054 218,103

EPS (cents) 12.3 12.9 53.2

2011 milestones

11

Golden Ridge – declaration of initial resource Completed

Nyanzaga Project – resource update Ongoing

Tulawaka - mine life extension to mid 2012 Completed

Bulyanhulu Upper East – completion of feasibility study Ongoing

Golden Ridge – completion of feasibility study Ongoing

North Mara Underground – completion of feasibility study Ongoing

Tulawaka – further mine life extension Ongoing

North Mara Underground – resource update Ongoing

Buzwagi – stabilise production at targeted run rate Ongoing

Deliver on operational targets Ongoing

12

Appendix

ABG Senior Management Team

13

Greg Hawkins, Chief Executive Officer

Greg Hawkins is the Chief Executive Officer of the ABG Group. He was previously employed by Barrick where he served as Chief

Financial Officer of the Australia Pacific Business Unit from June 2006 onwards. From 1999 to 2006, Greg served in finance

management roles for Barrick Australia/Africa, and for Homestake Mining before its acquisition by Barrick. He previously held roles

as the Finance Manager for Normandy Mining and as an Audit Manager for Deloitte.

Kevin Jennings, Chief Financial Officer

Kevin Jennings is the Chief Financial Officer of the ABG Group. He was previously employed by Barrick where he served as Vice-

President of Corporate Development. Kevin has held a variety of senior management positions in the mining industry over the last

ten years, including Director Business Optimisation at Xstrata plc, Director Strategic Business Analysis at Falconbridge Ltd, and CFO

at American Racing Equipment Inc, a wholly owned subsidiary of Falconbridge.

Marco Zolezzi, Chief Operating Officer

Marco Zolezzi is Chief Operating Officer of the ABG Group. Prior to this, he was Director of Technical Services for Barrick’s Australia

Pacific Region since 2006. Marco has held a number of senior project roles in the industry including five years with Newcrest Mining

as General Manager of the Telfer Mine and 13 years with WMC Resources in a number of senior operational and technical roles. He

has over 30 years of experience in complex open pit and underground operations in Australia and South Africa with a variety of

operational, technical and project management roles.

Andrew Wray, Head of Corporate Development and Investor Relations

Andrew Wray is the Head of Corporate Development and Investor Relations for the ABG Group. He was previously employed by JP

Morgan Cazenove in the Corporate Finance Team. Andrew has over 10 years of experience in advising a range of mining and other

companies in their capital-raising activities and in other strategic objectives. Prior to joining JP Morgan, he worked for the Kuwait

Investment Office in London, dealing with their portfolio of investments in Spain.

Peter Spora, Vice President - Exploration

Peter Spora is the Vice President, Exploration of the ABG Group. He was previously employed by Barrick where he served as

Principal Geologist Africa from 2006 to 2008 and Exploration Manager Africa from 2008. Peter has over 15 years of experience as a

geologist in Australia and Africa. He is currently the Chairman of the Exploration Committee of the Tanzanian Chamber of Minerals

and Energy, and is a member of the Society of Economic Geologists.