An Emerging West African Gold Developer

February 2013 www.papillonresources.com

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Executive Summary

• Gold focus in Mali

• Flagship Fekola Project advancing rapidly

Mineral Resource Estimate of 4.21 Moz (@ 2.38 g/t)

mineralisation open at depth and along strike

potential to substantially increase inventory

extensive drilling program currently underway

Scoping Study completed

demonstrates robust Project with strong economics

significant production scale and mine life

PFS underway targeting completion Q2 2013

• Strong board and management with proven track record in Africa

• Strong cash position (31 Dec 2012 ~A$20m)

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Building an Enviable Track Record

JAN

2011 JAN

2012

JAN

2013 JAN

2014+

Consistent delivery of key milestones – “Doing what we say we are going to do!”

• Resource update to 4.21Moz @ 2.38g/t

• M & I accounts for 83% of MRE

• Scoping Study confirms

technical viability and

robust economics

• 50,000m drilling

program completed

• Greenfields discovery

at Fekola

• Detailed metallurgical

testwork complete

• Positive metallurgy

• Maiden Resource

3.14Moz @ 2.4 g/t

Jan 2013

Oct 2012

Jul 2012

Oct 2011

Feb 2011

• PFS anticipated

completion in Q2 2013

• DFS anticipated

completion early 2014 For

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Delivering Superior Value

Gold production in the near term

Lowest quartile cost producer

Focus on Return on Invested Capital (ROIC)

Operate in socially responsible manner

Deliver superior value for all stakeholders

BECOMING A

WEST AFRICAN

GOLD PRODUCER

IN THE

NEAR TERM

Corporate Objectives:

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Fekola – Located in South West Mali

• Located adjacent to the

border with Senegal

• Main supply route through

Dakar - Bamako

• Low operational risk from

events in northern region

• All major mines in Mali are

“Business as Usual”

Strategic ground holding in highly endowed province

40Moz+

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Mali West – World Class Province

• +40 Moz within 150km

same structural corridor

+22 Moz within 60km

• Loulo-Gounkoto Complex

(Randgold, ~500koz pa)

50km to the north

• Established infrastructure

• Papillon controls, or has

applications, covering

25km of structural strike

Senegalo-Malian Shear Zone – a prolific gold bearing structure

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Fekola Project – Significant Growth Potential

• Updated MRE of 4.21 Moz (@ 2.38 g/t)

• Based on drilling covering strike length of ~4km and to

max. depth of 400m

• Majority contained within a single, continuous,

mineralised structure

• Thick, high grade intercepts

• Mineralisation open at depth and along strike

• Represents small portion of strike extent of highly

prospective Fekola Corridor (+11km)

• Shallow drilling to north yielded favourable results

• Five priority exploration targets to be tested in 2013

• Papillon ownership 90%

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Resource Growth - Open along Strike F

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Resource Growth - Open at Depth

• Major discoveries along the Senegalo Malian Shear Zone have encountered mineralisation

at depth

• Gounkoto is located approximately 50km north of Fekola

• A number of drill intercepts at Fekola ended in mineralisation

Surface

200m

400m

600m

800m

Papillon Fekola1 Randgold

Gounkoto2

400m

?

Note: All depths are approximate maximum vertical depth drilled. All resource figures are gross ounces attributable to the project.

1) Approximate maximum vertical depth

2) As per Randgold Quarterly Reports 31 Mar 2011, 30 June 2011. Exploration Report Dec 2010. Strike lengths are approximate. Gounkoto numbers represent approximate

pre-mined resources.

September 2009

Drilled to 185m – Strike of 1.3km

Resource – ~2.65Moz

December 2011

Drilled to 750m+ – Strike of 1.9km

Resource of 5.4Moz @ 4.2g/t

January 2013

Drilled to 400m – Strike of ~3.8km

Resource – 4.21Moz

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Thick, high grade intercepts F

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Updated MRE – 4.21 Moz (34% )

Fekola Project

Mineral Resource Estimate as at January 2013

Tonnage

(million tonnes)

Grade

(g/t gold)

Contained Gold

(million ounces)

Measured Resource 34.73 2.48 2.77

Indicated Resource 9.57 2.36 0.73

Total M&I 44.31 2.46 3.50

Inferred Resource 10.7 2.1 0.7

Total Resource 54.97 2.38 4.21

MRE was prepared by independent consultants MPR Geological Consultants Pty Ltd, and is reported in accordance with the JORC Code (2004).

MRE is reported at a lower cut-off grade of 1.0 g/t gold

MRE is estimated on a 100% basis of which 90% is attributable to Papillon Resources Limited

All figures are rounded to reflect appropriate levels of confidence. Apparent differences occur due to rounding

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• Prepared by independent consultants

MPR Geological Consultants Pty Ltd

• Based on ~81,000m combined RC

and diamond drilling conducted

during 2011 and 2012

• 83% (3.50 Mozs) classified

as Measured and Indicated

• Discovery costs < US$10/oz

• Potential to substantially grow the

resource base with ongoing work

• Aggressive drilling program underway

Resource Summary

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

Jun 2012 Jan 2013 Q3 2013

Rec

ove

rab

le A

u (

Mo

z)

Measured Indicated Inferred(1g/t cut off)

?

4.21 Moz

3.14 Moz

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Scoping Study – Robust Project

Scoping Study: Based on 3.14 Moz maiden MRE (July 2012)

Production 231,000 ounces per annum (average LOM)

245,000 ounces per annum (average steady state)

Operating Cost US$596 per ounce (average LOM)

Capital Cost US$298m (Plant US$160m; Infrastructure US$138m)

Pre-tax Cash Margins ~US$145m per annum (US$1,300 gold price)

Mine Life Minimum 11 years

Including 9 years steady state operation

Study managed by DRA Mineral Projects (DRA) of South Africa

Study team comprised industry recognised specialist consultants covering all key disciplines

Operating costs are defined as the direct operating costs including contract mining, processing, tailings storage, water treatment and G&A

Engineering developed to support capital and operating cost estimates to an accuracy of nominally ±30% (AACEI Level 5)

Confirms robust Project with strong cash margins at a variety of gold prices

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Simple Open Pit Mining

• Open pit mining using drill & blast followed by diesel powered truck & shovel operation

• Low strip ratios: average 1:1.9 (ore to waste) over LOM

• Mining schedule contemplates maximum movement of 16Mt per annum (waste & ore)

• Average mining cost anticipated to be ~US$3.70/t (variable for waste & ore)

• Scoping Study assumes contractor mining scenario

• Stockpiling of lower grade material, use of ROM S/P to blend ore to the mill, evaluated in PFS

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Conventional Processing

Metallurgical Test Work Results

• Amenable to Gravity Recoverable Gold (‘GRG’)

concentration

• Average leach recovery 93.3% (75µm P80)

• Rapid leach times: > 90% extraction in 10hr

• Ore hard and moderately abrasive

(Rod and Ball Work Indices of 24.5 and 20.4

kWh/t respectively)

• Reagent consumptions within normal ranges

• Conventional process flow sheet -> GRG and

Carbon in Leach (‘CIL’) process

• Work conducted by SGS Lakefield Oretest and

Nagrom Mineral Processors in Perth

Favourable metallurgy -> simple & well understood process flow sheet

Conceptual Flow Sheet

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• DRA Mineral Projects (DRA) of South Africa engaged as independent Study Manager

• Key areas of focus:

Optimise open pit mining schedule, which will utilise updated resource estimate

Confirmation of metallurgical performance of ore body via further detailed batch test work program

Refine and optimise process circuit design

Further investigation and refinement of site layout

In-depth analysis of project infrastructure requirements

• Metallurgical testwork program underway:

1.2 tonne representative sample sent to Amdel (Perth)

Detailed program re-examining and confirming

previous work

Trade-off analysis for potential milling circuits

• ESIA process continuing in parallel

• Targeting completion during Q2 2013

Pre-Feasibility Study F

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Infrastructure and Community

Good local infrastructure

• Close to Millennium Highway

supply route via Dakar

• Faleme River provides good

access to water

Sparsely populated

Local community

supportive of Project

• Initial public consultation

process complete

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Indicative Timeline

2012 2013 2014+

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Drilling

Resource Updates

Scoping Study

Pre-Feasibility Study

Environmental and Social

Impact Assessment

Mining Licence

Definitive Feasibility Study

Aggressively pursuing resource and development milestones

~100,000m 52,000m

including baseline studies

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Corporate

Capital Structure

• Shares on Issue 297.0m

• Unlisted Options & Rights 24.7m (WAEP ~$0.61)

• Market Cap. (@ A$1.50) A$446m

• Cash (31 Dec 12) ~A$20m

Substantial Shareholders

• Directors & associated entities 7.7%

• GCIC 7.5%

• Other Institutions 15.8%

• Top 20 Shareholders 71.4%

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Ian Middlemas Chairman

Chartered Accountant with over 20 years mining industry experience; extensive

corporate and management expertise

Mark Connelly Managing Director & CEO

Commercial executive with over 25 years experience in the gold mining industry

including 5 years in West Africa. Specific focus on managing companies through

development, construction and into production

Robert Behets Non-Executive Director

Geologist with over 20 years mining industry experience; Founding MD of Mantra

Resources and ex-WMC executive; member of JORC Committee

Peter Woodman Non-Executive Director

Geologist with over 20 years of experience in exploration, development and operations;

currently MD of WCP Resources

Guy de Grandpre Managing Director – Mali

Commercial executive with over 10 years experience operating in West Africa, most

recently as a instrumental member of the foundation team for Kinross Mining’s West

African operations

Russell Bradford Project Manager

Metallurgist with over 20 years experience in Africa and Australia; former GM - Project

Development for Mantra, GM - Operations for LionOre’s Australian nickel mines, Head

of Metallurgy at BCL in Botswana

Andrew Boyd GM – Geoscience

Geologist with over 20 years of exploration and mining experience; former GM -

Geoscience for Mantra Resources

Hayden Locke Corporate Executive

Engineering and commercial background with significant experience in investment

banking and private equity in both Europe and Australia

Experienced Board and Management F

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Investment Case

HIGH QUALITY

ASSET

RESOURCE GROWTH

POTENTIAL

RAPIDLY DE-RISKING

THE PROJECT

• Large (4.21Moz), high grade (2.38g/t) resource at Fekola

• Favourable metallurgy (leach recovery >93%)

• Simple open pit mining, conventional gravity and CIL process

• Mineralisation open at depth and along strike at Fekola

• Only small portion of highly prospective Fekola Corridor explored

• Potential to substantially increase resource base

• Scoping Study demonstrated robust Project with strong economics

• Significant production scale and mine life

• PFS underway targeting completion Q2 2013

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Additional Slides

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Scoping Study Cost Estimates

Processing 60%

Mining Waste 20%

Mining Ore 11%

G&A 9%

Cash Operating Cost – $596/Oz (LOM) Capital Costs – US$298 million

Plant 64%

Indirect Costs 16%

HFO Plant 8%

Construction 8%

Roads and Terraces

4%

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Mining Industry in Mali

• 3rd largest gold producer in Africa

• Internationally competitive mining code

• Favourable fiscal regime (recent mining conventions)

Free of corporate tax for first 5 years of mining

3 year moratorium on import duties for miners (full

moratorium for exploration period)

6% royalty on revenues

10% government participation at decision to mine and

the option to acquire another 10% at market value

• No restrictions on foreign investment

• No restrictions on capital flows in and out of Mali

• New Mining Act 2012 currently being implemented

Mining Companies Operating in Mali

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Fekola Resource – Grade / Tonnage

MRE was prepared by independent consultants MPR Geological Consultants Pty Ltd, and is reported in accordance with the JORC Code (2004).

MRE is reported at a lower cut-off grade of 1.0 g/t gold

MRE is estimated on a 100% basis of which 90% is attributable to Papillon Resources Limited

All figures are rounded to reflect appropriate levels of confidence. Apparent differences occur due to rounding

Updated MRE – January 2013

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Important Notices

Disclaimer Notice

The material in this presentation (“material”) is not and does not constitute an offer, invitation or recommendation to subscribe for, or purchase any

security in Papillon Resources Ltd (“PIR”) nor does it form the basis of any contract or commitment. PIR makes no representation or warranty, express

or implied, as to the accuracy, reliability or completeness of this material.

PIR, its directors, employees, agents and consultants shall have no liability, including liability to any person by reason of negligence or negligent

misstatement, for any statements, opinions, information or matters, express or implied, arising out of, contained in or derived from, or for any omissions

from this material except liability under statute that cannot be excluded.

Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates,

prices, resources, reserves or potential growth of PIR, industry growth or other trend projections are, or may be, forward looking statements. Such

statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties.

Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of

factors.

Competent Persons Statement

The information in this Report that relates to Exploration Results is based on information compiled by Mr Andrew Boyd, who is a Fellow of The

Australasian Institute of Geologists. Mr Boyd 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 (‘The JORC Code’). Mr Boyd consents to the inclusion in this Report of the

statements based on his information in the form and context in which it appears.

Information in this Report that relates to Mineral Resources is based on information compiled by Mr Nic Johnson of MPR Geological Consultants. Mr

Johnson is a Member of the Australian Institute of Geoscientists (‘AIG’) and 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 (‘The JORC Code’). Mr Johnson consents to the

inclusion of such information in this Report in the form and context in which it appears.

The information in this Report that relates to Metallurgical Test Work Results and the Scoping Study is based on information compiled by Mr Glenn

Bezuidenhout of DRA Mineral Projects. Mr Bezuidenhout is a Fellow of The South African Institute of Mining and Metallurgy, and 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 (‘The JORC Code’). Mr Bezuidenhout consents to the inclusion in this Report of the statements based on his information in the form and

context in which it appears.

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