Scotland: An Emerging Gold Province

Scotgold: An Imminent Gold Producer

AMEC National Investor Briefing 2009

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Important NoticeThis presentation is provided for the sole purpose of providing technical, financial and other background information to enable you to review the business activities of Scotgold Resources Limited (“Scotgold”, the “Company”). The material provided does not constitute an invitation, solicitation, recommendation or an offer to purchase or subscribe for securities. The information in this document will be subject to completion, verification and amendment and should not be relied upon as a complete and accurate representation of any matters that a potential investor should consider when evaluating Scotgold. This document may contain “forward looking statements” which are made in good faith and are believed to have reasonable basis. However, such forward looking statements are subject to risks, uncertainties and other factors which could cause the actual results to differ materially from the future results expressed, projected or implied. Neither the Company nor any of its partners, officers, employees and/or agents or advisers make any express or implied representation or warranty, and no responsibility or liability is accepted by any of them with respect to the adequacy, accuracy, completeness or reasonableness ofthe facts, opinions, estimates, forecasts, projections or other information set out in this or any further information, written or oral, notice or any other document at any time supplied in connection with it, and nothing contained herein, or therein, shall be relied upon as a promise or representation regarding the historic or current position or performance of the Company or its assets or any future events or performance of the Company or its assets. The information contained in this presentation is confidential and proprietary to Scotgold and has been prepared to assist the recipient in gaining some initial familiarity with the Company, its business and assets. Any securities referred to in this presentation should be considered speculative. Scotgold reserves the right to decide whether or not to make offers and to issue Shares to any persons in its absolute discretion.F

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Competent Persons Statement:The information in this report that relates to Exploration Results is based on information compiled by Mr David Catterall. Pr Sci Nat, who is a member of the South African Council for Natural Scientific Professions. Mr Catterall is employed as a consultant to Scotgold Resources Ltd. Mr Catterall has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Catterall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears

The Information in this report that relates to Mineral Resources is based on resource estimates complied by EurGeol Dr S C Dominy FAusIMM (CP), FGS (CGeol), MIMMM (CEng), MAIG, General Manager (UK) and Executive Consultant with Snowden based in the London, England Office. Dr. Dominy has sufficient experience that is relevant to the style of deposit under consideration and to the activity which he is undertaking to qualify as Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore reserves. Dr Dominy consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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Scotgold Resources Limited (ASX: SGZ)A company with near-term gold production and significant

exploration upside in Scotland

• Three granted Crown Licenses (100%) covering ~ 2,200 sq km in Central Scotland (Grampian Gold Project)

• Cononish Gold and Silver Deposit (100%)

• Principal Zone of Interest - 7 km x 37 km of untested gold mineralisation surrounding Cononish Project

• Experienced management and staff

Principal Assets:

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Scotgold Resources Directors

• John Bentley (Chairman) Metallurgist - London

• Chris Sangster (CEO) Mining Engineer – Scotland

• Shane Sadleir (Non Exec Director) Geologist – Perth WA

• Phillip Jackson (Non Exec Director) Lawyer – Perth WA

• Ed Edwards (Non Exec Director) Accountant – Perth WA

• Adam Davey (Non Exec Director) Securities Broker – Perth WA

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Corporate Snapshot (as at 20 August 2009)

Shares on issue: 72.9m

Options exercisable at A$0.30 each before 30/4/2010: 38.8m

Market Capitalisation at share price of A$0.13: A$9.5m

Cash at bank A$1.5m

Top 20 shareholders: 54.9% (35m)• Shane Sadleir (co-founder / Director) 15.9%• Other Directors 10.4%• Australia – (707 shareholders) 87.5%

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Scotgold’s Grampian Gold Project

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Cononish Gold Project

Cononish Mine

Trace of Cononish Vein

Ben Lui Ben Chuirn

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Cononish Background• Discovered in 1984 by Ennex Int

• 86 diamond drill holes (15,700m)

• Vertical quartz vein – av 1.7m wide

• 1,280m of underground development

• Completed Feasibility (1990 – 95)

• Planning approval (1996)

• Care and maintenance due to low gold price (2000)

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Cononish Project – Recent work

• Initial JORC statement – completed June 2008

• Scoping Study based on 20,000 oz gold/year – completed Feb 2009

• Metallurgical tests and plant design work underway

• Currently updating planning approval for 25,000 oz gold/year

• Resource expansion and exploration program underway to:

- Expand high grade gold resource inventory

- Drill test high grade targetsFor

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Cononish Project - Key Targets and Milestones

• Complete metallurgical tests by Oct 2009

• Complete upgraded plant design (max 35,000 oz/yr) by Oct 2009

• Submit updated plans for approval by Nov 2009

• Target approval / go ahead – March 2010

• Bankable Feasibility Study or In-House Development Plan – Q1/Q2 2010

• Seek to expand total gold resources to 300,000 oz by Q3 2010

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Cononish ProjectJORC compliant resource statement by Snowden May 08

Cononish Main Vein Mineral Resources (3.5 g/t Au cut off) reported using 2004 JORC Code

Classification Tonnes(t)Grade (g/t) Ounces (oz)

Gold Silver Gold SilverMeasured 53,000 17.9 75.0 31,000 128,000Indicated 63,000 10.1 42.2 20,000 85,000Inferred 285,000 11.2

(11-16)41.0 103,000 376,000

Total 401,000 11.9 45.7 154,000 589,000

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Snowden Resource Report (May 08)Cononish / Near Mine

“… potential to prove up further resources close to the mine (within a few km). This could be in the region of 0.5Mt to 1.0Mt for between 0.16Moz Au to 0.32Moz Au”

“Cononish has the potential to be an small high-grade narrow-vein underground mining operation producing between 20,000 oz Au to 30,000 oz Au per annum and around 80,000 oz Ag to 120,000 oz Ag per annum

Regional

“There is additional strong potential to prove up resources within Scotgold’s exploration leases ………

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Cononish Long Section - Resource Categories and Recent Drilling

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• Eastern offset extension from aditentry

• Western extension (Anomaly B)

• Coire Nan Sionnach• Halladays Vein• Kilbridge• Garbh Choirean Vein

Near Cononish Targets

W E

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• Mining Inventory 454 kt @ 10.2 g/t Au, 40 g/t Ag (diluted)• Milling – 72kpta – 6.5 years• Production – 20,000 ozs per year Au, 80,000 ozs Ag per year• Sublevel open stoping on retreat, narrow vein mechanized

equipment

• Gravity / flotation mill – 93% overall recovery Au (25% as ‘free gold)

• Smelter treatment of sulphide concentrate

Scoping Study Basis

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Base Case

Gold price US$720 / oz

Pre Production Expenditure US$19.7 M (AU$26.9 M)

Operating Cost US$ 368 / oz (AU$501 / oz)

NPV 10% – US$ 10.6 M (AU$14.5 M)

IRR – 28%

Spot Price (12/2/2009)

Gold price US$ 944 / oz

NPV 10% – US$ 40.9 M (AU$56.0 M)

IRR – 74%

Scoping Study Financial Results

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• Higher Inferred Resource grade - could be up to 16 g/t Au (11.2g/t used for scoping study)

• Higher rate of gold production - plant to have in-built capacity for up to 35,000 oz/year

• Additional gold resources – further 300,000 oz of gold being targeted by exploration in the vicinity of Cononish

• Reduced operating costs – improvements to plant design, underground processing facility and alternatives for concentrate treatment

• Scottish Gold - potential to add value downstream by brand marketing (premium to spot gold price)

Scoping Study Upside Potential

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Cononish – Potential Impact on Profitability of Higher Production Rates

Higher Production

Scoping

Design Capacity

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A$M

A$12.8

A$20.5

A$26.7

23000 oz/y 37000 oz/y 49000 oz/y

Annual Gold Production oz/y

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Gekko Systems ‘Python’

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• Principal zone of interest (37 km x 7 km) centred on Cononish

• 114 outcrop and boulder samples greater than 10 g/t Au

• 13 samples greater than 100 g/t(max 399 g/t Au)

• Strong correlation between gold mineralization and regional structures

• Field program underway to validate data and outline drill targets

Historic Database(announced 20/7/09)

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Tom a Chro

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Tom a Chro• Located 7km north west of

Cononish

• Vein outcrop 247 g/t Au

• High grade boulder field ( 6 boulders average 88 g/t Au)

• 100ppb Au in DOB contour with a maximum gold value of 2.38 g/t Au

• 50ppb Au in soil contour suggests a 2km-long mineralized structure trending NE-SW

• Drill target for 2010

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Scotgold Resources Exploration Program

• Complete validation/checking of historical database by Sep 2009• Drill out east and west extensions of Cononish by Q2 2010• Explore exploration targets at Coire Nan Sionnach, Ben Udlaigh,

Halladays Vein

• Generate model for gold mineralisation

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Diamond drilling at Cononish 2008

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Portable diamond drill rig at Ben Udlaigh July 2009

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Rubber tracked ATV support vehicle for small diamond drill rig

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Scotgold ASX announcement 25 May 09“Cononish Gold Mine – Funding into Production”

• Heads of Agreement to enter into Joint Venture

• Subject to due diligence

• Free-carry for Scotgold into production based on current cost estimates

• Scotgold to be mine operator

• Limited to small area around Cononish deposit (78 sq km)

• Would leave Scotgold debt-free and well funded

• Potential partner for future developments

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Why Scotland?

• Low sovereign risk

• Emerging gold province

• Large prospective areas yet to be drill tested

• High grade gold exploration targets

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Why Cononish?

• High grade gold JORC compliant resource

• Potential for additional, near-mine gold resources

• Gold production at expanded rate in near future?

• Positive scoping study at 20,000 oz gold/year

• Imminent gold producer

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