Aureus Mining

Annual Results

March 2013

Disclaimer

2

Certain information contained in this presentation constitutes forward looking information. This information may relate to future events or the Company’s future performance. All information other than

information of historical fact is forward looking information. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe”, “predict” and

“potential” and similar expressions are intended to identify forward looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or

events to differ materially from those anticipated in such forward looking information. No assurance can be given that this information will prove to be correct and such forward looking information included

in this presentation should not be unduly relied upon. This information speaks only as of the date of this presentation. Such forward looking information includes but is not limited to: the Company’s future

income generation; expectations regarding the market price of commodities; strategic plans; future commercial production and production targets; timetables; the continued listing of the common shares of

the Company on the TSX (as defined herein) and AIM (as defined herein); operating costs; the proposed exploration and development activities of the Company and the timing related thereto; the ability of

the Company to develop the New Liberty Gold Project (as defined herein) into a mine and the proposed plans relating thereto regarding operations and mine design; estimates relating to tonnage, grades,

waste ratios and production, throughput gold production, mill treatment, plant feed at the New Liberty Gold Project as well as the other forecasts, estimates and expectations relating to the New Liberty

Gold Project contained in the New Liberty Technical Report (as defined herein); the life of the mine at the New Liberty Gold Project; power supply and infrastructure development at the New Liberty Gold

Project; proposed exploration activities at the Silver Hills, Weaju, Ndablama, Gondoja and Leopard Rock projects; the proposed budget for the work program at the New Liberty Gold Project; capital

expenditures; asset retirement obligations; and the quantity and quality of mineral resource and reserve estimates.

With respect to forward looking information contained in this presentation, assumptions have been made regarding, among other things: general business, economic and mining industry conditions; interest

rates and foreign exchange rates; mineral resource and reserve estimates; geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral resources and

reserves) and cost estimates on which the mineral resource and reserve estimates are based; the parameters and assumptions employed in the New Liberty Technical Report, including (but not limited to)

those relating to future mining and operating costs, processing rates, future gold prices, metallurgical rates, pit design, operations and management, grades, the base case analysis and the proposed

budget for further exploration work at the New Liberty Gold Project; the supply and demand for commodities and precious and base metals and the level and volatility of the prices of gold; market

competition; the ability of the Company to raise sufficient funds from capital markets to meet its future obligations and planned activities; the business of the Company including the continued exploration of

its properties; the political environments and legal and regulatory frameworks in Liberia and Cameroon with respect to, among other things, the ability of the Company to obtain, maintain, renew and/or

extend required permits, licences, authorizations and/or approvals from the appropriate regulatory authorities and the ability of the Company to continue to obtain qualified staff and equipment in a timely

and cost-efficient manner to meet its demand.

Actual results could differ materially from those anticipated in the forward looking information contained in this presentation as a result of the risk factors, including: risks normally incidental to exploration

and development of mineral properties; the inability of the Company to obtain required financing on acceptable terms or at all; risks related to operating in West Africa; health risks associated with the

mining workforce in West Africa; risks related to the Company’s title to its mineral properties; adverse changes in commodity prices; risks related to current global financial conditions; risks that the

Company’s exploration for and development of mineral deposits may not be successful; risks normally incidental to exploration and development of mineral properties; the inability of the Company to

obtain, maintain, renew and/or extend required licences, permits, authorizations and/or approvals from the appropriate regulatory authorities and other risks relating to the legal and regulatory frameworks

in Liberia and Cameroon, including adverse changes in applicable laws; competitive conditions in the mineral exploration and mining industry; risks related to obtaining insurance or adequate levels of

insurance for the Company’s operations; uncertainty of mineral resource and reserve estimates; the inability of the Company to delineate additional mineral resources; risks related to environmental

regulations; uncertainties in the interpretation of results from drilling; uncertainties in the estimates and assumptions used, and risks in the methodologies employed, in the New Liberty Technical Report

and that the completion of additional work at the New Liberty Gold Project could result in changes to the forecasts, estimates and expectations contained in the New Liberty Technical Report; risks related

to the legal systems in Liberia and Cameroon; risks related to the tax residency of the Company; the possibility that future exploration, development or mining results will not be consistent with

expectations; delays in construction; inflation; changes in exchange and interest rates; risks related to the activities of artisanal miners; actions of third parties that the Company is reliant upon; lack of

availability at a reasonable cost or at all, of plants, equipment or labour; the inability to attract and retain key management and personnel; political risks; the inability to enforce judgments against the

Company’s directors and officers; and future unforeseen liabilities and other factors.

Information relating to “resources” and “reserves” is deemed to be forward looking information as it involves the implied assessment based on certain estimates and assumptions that the resource and

reserves can be profitable in the future. Such estimates are expressions of judgment based on knowledge, mining experience, analysis of drilling results and industry practices. Valid estimates made at a

given time may significantly change when new information becomes available. By their nature, mineral resource and reserve estimates are imprecise and depend, to a certain extent, upon statistical

inferences which may ultimately prove unreliable. If such mineral resource estimates are inaccurate or are reduced in the future, this could have a material adverse impact on the Company. Accordingly,

investors should not place undue reliance on forward looking information. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty that may be

attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued

exploration.

The forward looking information included in this presentation is expressly qualified by this cautionary statement and is made as of the date of this presentation. The Company does not undertake any

obligation to publicly update or revise any forward looking information except as required by applicable securities laws.

• Transformation from an exploration to mine

developer and growth company

• Equity fund raise of US$80m in November

2012

• Nedbank and RMB mandated to arrange

Project Debt Finance of US$108m

• All key permits in place following receipt of

Environmental Permit granted in October

2012

• Relocation Action Plan (“RAP”) submitted to

the Government of Liberia in November 2012

• Key appointment of an experienced General

Manager of Construction and Mine

Operations in August 2012

• Construction phase commenced in Q4 2012

with early earth works

• New Liberty to be the first commercial gold

mine in Liberia. First gold pour scheduled for

Q4 2014

Corporate Highlights

3

• Completed feasibility study shows a robust

NPV of US$234 million and IRR of 37% at

an average gold price of US$1,400/oz

• Feasibility Study confirms strong financial

returns and low Capex

• Metallurgical testing confirms gold recovery

of 93% and reduces reagent consumption

and CIL residence time to 24 hours

• Discovery of potential new goldfield in 13Km

Gondoja – Leopard Rock Corridor with

encouraging drill results

• Settled legacy of Weaju mining claims in Q3

2012 and 9,000m diamond drilling

programme completed in Q1 2013

• Regional geochemistry and structural studies

initiated to generate new targets

• Field exploration work continues in

Cameroon

Exploration and Project

Highlights

4

• Cash and Cash equivalents

totalling US$ 79 million

• Equity funded for New

Liberty development

• Total assets of US$ 153

million

• Loss for the year of US$ 5.8

million

2012 Financial Highlights

Corporate

Financial

Statement of Financial Position

Dec 31 2012 US$ ‘000

Cash 79,411

Available for sale investments 1,306

Total assets

- Liberia 66,756

- Cameroon 5,334

- Corporate and other 81,032

153,122

5

• South African Banks Nedbank and RMB to arrange a Project Debt

Finance Facility

• Project Debt Facilities of up to US$108m

• Overall cost of funding c.5% p.a.

• No gold hedging contemplated

• Estimated timing:

Project Financing

Corporate

Financial

6

Approvals and Drawdowns Date

Updated Feasibility Study Q2 2013

Banks’ Credit Committee Approvals Q2 2013

Sign Loan Agreements Q3 2013

Facilities Conditions Precedent Met Q4 2013

First Draw Down on Facilities Q4 2013

Aureus M ining

The New Liber ty Project

8

New Liberty Surface Map With Pit Outline

0 – 0.8

0.8 – 2.0

2.0 – 4.0

> 4.0

Au g/t

Underground

Potential

• Resource increased to:

– Measured: 651,000t at 4.8 g/t (for 100,000 ounces)1

– Indicated: 9,145,000t at 3.6 g/t (for 1,043,000 ounces)1

– Inferred: 5,730,000t at 3.2 g/t (for 593,000 ounces)1

– Total M & I: 1,143koz at 3.63g/t;

• 65,187m and 438 holes incorporated in current resource update

• Drilling confirms continuity of mineralised zone, wireframe model significantly improved

• Ore body is open at depth

New Liberty:

High Grade Gold Project

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1 Cut off grade = 1 g/t

Footwall Zone

2km

500m

Larjor Latiff Kinjor Marvoe

Low execution risk

• 2 Km open pit operation

• Flexibility with starter pits

• Short construction period

• Good access to established port and paved

road infrastructure

• Simple gravity and CIL processing

High grade, low capital intensity

• High grade allows for lower throughput,

hence smaller plant – 1.1Mtpa

New Liberty:

Reserves

Note 1: The Government of Liberia is entitled to a 10% free carried interest after recovery of all sunk costs and finance costs

Note 2: Cash flow generation based on NI 43-101 figures 10

Classification Tonnes Gold (g/t) Gold (koz)

Proven 700,000 4.4 99

Probable 7,960,000 3.2 810

Total Reserve 8,660,000 3.3 910

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

0

20

40

60

80

100

120

140

160

Year 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8

Production (koz) - LHS Head Grade (g/t) - RHS

New Liberty:

Feasibility Highlights

11

• Pre-tax IRR of 37% and a pre-tax NPV of

US$234 million at NPV5

• Project payback is 2.2 years

• High grade deposit and CIL-Gravity

metallurgy result in strong economics

• 120,000 oz at 3.7g/t grade for first five

years

• LOM operating cash cost of US$685/oz

• Initial Capex of $140 to $150m

• Total revenue of $1.2bn and pre-tax cash

flow of $338m at $1,400/oz average gold

• Reserve estimate increased by 4% to

910,000 oz at 3.3g/t

LOM Production and Grade

Project Optimisation - Update

12

• Metallurgical studies undertaken by ALS

• Cyanide consumption reduced by 66%

• CIL leach residence time halved from 48 to

24 hours

• Testwork confirms 93% recovery with

potential upside to 98%

• Site infrastructure relocated to reduce both

capex and opex costs

• Relocation of Process Plant & TSF

• Relocation of Waste Dump to reduce haulage

costs

• Marvoe Creek diversion – reduced

earthworks

• Optimisation and early works running

concurrently to maintain schedule of first gold

pour Q4 2014

Early Works Commenced

New Liberty Gold Mine

Optimised Process Plant

13

14

New Liberty Infrastructure:

Optimised Infrastructure

• Infrastructure improvements

o 20km of laterite road being upgraded,

with five 100t bridges being installed

and drainage improved

• Village relocation project in progress

o Approval for Relocation Action Plan

expected imminently. 325 properties

o New village site 2 km east of the

current village, expected to supply

mining workforce

• Commence ordering Long-lead items

end of Q1 2013

• Marvoe Creek diversion commenced

Early Works and Village Relocation

15

Construction Phase Underway

Image comparing current housing with plan of new, or failing that a map showing new location of village

Mining Licence: Exploration Potential

16

Target Drill Holes Metres Status

Leopard Rock 27 4,293 Completed

Ndablama 36 6,012 Completed

Gondoja 13 2,850 Completed

Gbalidee 5 777 Completed

New Liberty 46 7,551 Completed

Weaju

17

Weaju Potential Extension

18

¹

Leopard Rock to Gondoja

19

¹

¹

Target Generative Studies in Liberia

20

¹

Q4 2012

Feasibility Study Completed

Environmental Permit Granted

Raised $80 million equity

Q1 2013

Project Optimisation

RAP Approval

Secure Debt Financing

Order Long Lead Items

Earthworks commenced

Q3 2013

Complete Plant Earthworks

Commence

Civil

Construction

Q4 2013

Commence

Pre-Strip

Mining

Commence TSF Earthworks

Q4 2014

Plant Commissioning

First Gold Pour

New Liberty:

Timeline to Production

21

Q2 2013

Complete Marvoe Creek

Diversion

Complete Kinjor Village

Relocation

Source: Bloomberg 18h March 2013. Individual company reports as at March 2013.

Volta grade shown for the Kiaka deposit only. Endeavour calculated as pro-forma Endeavour-Avion combination

Bridging the Gap

22

EV/Total Resources (US$/oz) vs. Grade (g/t)

Perseus Gryphon

Ampella

Endeavour

Noble

Hummingbird

Papillon

Azumah

Aureus

Banro Amara

PMI

Volta Orezone

Oromin Avocet

Teranga

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0 20 40 60 80 100 120 140 160

Gra

de

(g/

t)

EV/M&I + Inferred Resource ($/oz)

Key Targets for 2013

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• Complete New Liberty project optimisation

studies

• Finalise loan documentation for the debt

component of the mine development by

Q3 2013

• Complete the Marvoe Creek Diversion

and Kinjor Village Relocation

• Commence civil construction and tailings

storage facility earthworks

• Define new resources at Weaju &

Ndablama

• Complete geochemical studies covering

entire licence portfolio

• Generative study to define new targets

Thank you

www.aureus-mining.com