Kula Gold Limited

Investor PresentationThe Gold Investment SymposiumSydney

8 and 9 October 2014

Kula Gold Limited 2

Disclaimer

Forward Looking Statements

All statements other than statements of historical fact included in this announcement including, without

limitation, statements regarding future plans and objectives of Kula Gold Limited (Kula Gold) are forward-

looking statements. When used in this announcement, forward-looking statements can be identified by

words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’ or ‘intends’ and other similar words

that involve risks and uncertainties. These statements are based on an assessment of present economic

and operating conditions, and on a number of assumptions regarding future events and actions that, as at

the date of this announcement, are expected to take place. Such forward-looking statements are not

guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and

other important factors, many of which are beyond the control of the company, its directors and management

of Kula Gold, that could cause Kula Gold’s actual results to differ materially from the results expressed or

anticipated in these statements.

The company cannot and does not give any assurance that the results, performance or achievements

expressed or implied by the forward-looking statements contained in this announcement will actually occur

and investors are cautioned not to place undue reliance on these forward-looking statements. Kula Gold

does not undertake to update or revise forward-looking statements, or to publish prospective financial

information in the future, regardless of whether new information, future events or any other factors affect the

information contained in this announcement, except where required by applicable law and stock exchange

listing requirements.

Kula Gold Limited

PNG a highly prospective jurisdiction

Large scale base metal carbonate,

low sulphidation epithermal systems

Potential to double resources

A revised exploration model will

result in lower cost gold discovery

Completed BFS for 1.8Mtpa for

100koz pa @ AISC <US$900 per

ounce, permitted and ready for

development

3

Best Gold Growth Opportunity

Scoping study completed showing benefits of staged upgrade to 4Mtpa

and 200koz pa, AISC < US$800 per ounce

Kula Gold Limited

Corporate Structure

Major Long Term Shareholders

Pacific Road Capital – 44.1%

Franklin– 13.41%

RMB Resources – 12.31%

Board and management

team with strong operational,

construction and PNG

experience

4

ASX Code: KGD

Issued Shares: 151.5M

Options: 36.5M

Share Price (5/9/14): A$0.08

Market Cap: A$12.1M

Cash (30 June 2014): A$2.695M

Debt: A$3.0M

Kula Gold Limited

Poised for Production

5

Completed 1.8Mtpa BFS for gold production of > 100,000 ounces per

year

High-grade open pit with 2.2 g/t gold Reserve at US$1200 per ounce

Standard 1.8Mtpa CIL processing plant with total recovery of >90%

Good community and operating environment

9 year Project life with an All In Sustaining costs (AISC) of US$868 per ounce

2.1Moz Mineral Resource and 766,000 ounce Ore Reserve

Over US$100 million of Project investment to date

Project fully permitted, de-risked and ready for development

Environment Permit and Mining Lease granted

PNG State equity decided at 5%

Kula Gold Limited

1.8Mtpa Feasibility Study Highlights

9 year life with mining inventory

of 813k oz

Reserve of 11.0 Mt at 2.2 g/t

estimated at US$1,200/oz

Low risk open pit and CIP mill

Start up capital of US$160M

Sustaining capital of US$67M

C1 costs of US$730/oz and AISC

of US$868/oz

Identified exploration upside

Fully permitted and construction ready

6

Gold Price

US$1300/oz

Gold Price

US$1400/oz

Gold Price

US$1600/oz

Pre-tax NPV @

7%* (Millions)US$75 US$133 US$237

Pre-tax IRR 17% 23% 34%

Post-tax NPV

@ 7%*Millions)US$63 US$110 US$194

Post-tax IRR 16% 22% 31%

Payback 3.5 years 3.2 years 2.6 years

Kula Gold Limited 7

Kulumadau

319,000 oz

(4.2Mt at 2.2g/t Au)

Busai

408,000 oz

(6.1Mt at 2.1g/t Au)Woodlark King

39,000 oz

(0.7 Mt at 1.7g/t Au)

Current JORC Reserves of 766,000 ounces of gold

as at July 2012

EL1465

EL 1172

EL 1279

MLA 508

Woodlark Island Gold Project Ore Reserves

Kula Gold Limited

Good Operating Environment

8

Strong support from PNG Government with

5% equity stake decided, de risking the

Project

Strong relationships with local Government,

landowner groups and communities

Good community and operating

environment

Strong community engagement by providing

access to health care facilities, skills training

and educational opportunities

Focus on employing and up skilling local

people

Kula Gold Limited

Proven Growth Potential and Pipeline

9

2008

2010

2012Future

Resources: 800k oz

Pre Feasibility StudyResources: 1.75m oz

Reserves: 584k oz

Focused on exploration

and discovery

Feasibility StudyResources: 2.1m oz

Reserves: 766k oz

Focused on Resource

quality and technical studies

with limited exploration

Projected Growth PotentialResources: 3 - 5m oz

Reserves: 1- 2 m oz

New exploration

phase

Resource Growth

Pipeline

Regional Growth

Resource Expansion

Resource Conversion

Kula Gold Limited

Road Map to Growth

10

Revised understanding of geological setting for

large scale base metal carbonate low

sulphidation mineralisation, driven by Porphyry

systems

Large areas of alteration and gold mineralisation

on periphery of Porphyry systems, controlled by

NW/SE and NE/SW structures

Identification and ranking of new targets with the

goal of doubling known Resources

Drilling and trenching work has demonstrated the

new Exploration Model as an effective on ground

targeting tool

Kula Gold Limited 11

0 3 6km

Old Exploration Model

Historic Magnetics

Fixed wing survey - 1989

Coarse grid

Correction errors

Smoothed image

Structure from regional

geology

Limited benefit for

exploration under cover

Focused around historic

Resources with success

2.1Moz Mineral Resource

Kula Gold Limited 12

New Magnetics Data

Helicopter survey - 2014

Close spaced grid 50 to 100

metre line spacing

Minimal correction errors

Detailed image

Structure interpreted from

magnetics and LiDar

Proving to be effective on

ground targeting tool

Levering off the 2.1 Million

ounces of Resource

Acquisition of High Quality Data

Kula Gold Limited

Revised Geological Setting

13

Revised dual Porphyry

model

Large epithermal system

Gold mineralisation at

periphery of Porphyries

Gold crystallises when hot

fluids meet cooler country

rock

Controlled by structure

Fluids causing alteration of

andesite and reduced

magnetism

Improved targeting

A

B

Kula Gold Limited

Revised Geological Setting

14

Woodlark King Busai

+

+

++

+

+

+

+

+

+

+

Kiriwina Sediments

Propylitic Alteration Argillic Alteration

Micromonzonite

Advanced ArgillicAlteration Phyllic Alteration

10BMD001

Postualted PotassicAlteration

Dykes

Mineralisation

Direction

of Block

Faulting

Marginal Breccias

Helimag Low

Postulated

Porphyry Centre

Greentree Fault

Murua United Fault

Helimag Low

Postulated

Porphyry Centre

Peripheral

Epithermal

Mineralisation

Exposed

Peripheral

Epithermal

Mineralisation

Exposed

Peripheral

Mineralisation

Under Cover

AB

Kula Gold Limited

New Exploration Model

15

Helimag and LiDar data

Increased geological

knowledge – 2 Moz Resource

Improved target ranking

based on:

Proximity to magnetics lows

Structural analysis NW and NE

Gold in pan concentrates

Vegetation Anomalies

Proximity to known Resources

Depth of sediment cover

Historic data

Resulting in improved on

ground targeting

Opportunity for 3D modelling

Kulumadau North

Mackenzie’s

Little Mackenzie

Watou

Kula Gold Limited 16

Mackenzie’s and Munasi Complex

09WSR1023m @ 2.0g/t Au

09WSR0106m @ 3.1g/t Au

09WSR0923m @ 5.6g/t Au

Mackenzie’sTarget

2014 Helimag with

structures

Target zones at

NW/SE and NE/SW

structures in

proximity of magnetic

lows

Multiple parallel

structures

Historic drilling with

ore grade zones

Large zone

Exploration halted

due to focus on BFS

09WSR114 8m @ 1.6 g/t Au

09WSR083 10m @ 2.5g/t Au

09WSR084 1m @ 17.3g/t Au

09WSR117 2m @ 3.3g/t Au

09WSR132 4m @ 2.8g/t Au

Busai Deposit

MunasiDeposit

MunasiTarget

Kula Gold Limited

Little Mackenzie and Watou

17

2014 Helimag with

structures

Target areas at

NW/SE and NE/SW

structures in proximity

to magnetic lows

Watou located on

WKIFZ displaced by

NE/SW structure

Exposed and

amenable to

trenching

Ore grade results in

300m long zone.

Little Mackenzie Trenching Zone

4 metres @ 4.8 g/t Au13 metres @ 2.0 g/t Au

4 metres @ 1.9 g/t Au

Woodlark King Illawarra Fault

Zone

Woodlark King Deposit

Watou ProspectTrenching Zone

10 metres @ 1.6 g/t Au15 metres @ 1.6 g/t Au10 metres @ 3.4 g/t Au2 metres @ 25.3 g/t Au4 metres @ 5.9 g/t Au4 metres @3.1 g/t Au3 metres @ 4.4 g/t Au

PostulatedNE/SW Structure

Target Area

Target Area

Kula Gold Limited 18

Kulumadau and Kulumadau North

New Target Area for Resource Expansion

Kulumadau NorthDiamond Drilling

2m @ 1.8g/t Au from 3m6m @ 3.6g/t Au from 41m3m @ 1.6g/t Au from 55m

2014 Helimag with

structures

Target zones at

NW/SE and NE/SW

structures in proximity

of magnetic lows

Leverage of known

Resources and

geology

Resource expansion

opportunities

Further analysis of

magnetics data via 3D

modelling

New Target Areas for Resource Expansion

Kula Gold Limited

Resource Conversion

19

Whittle Optimisations of

M+I+Inf at Kulumadau

Based on FS Assumptions

BFS Optimal Pits

M+I+I Optimal Pits

Resource Class

M+I

Inferred Showing Ore blocks >0.8g/t Au

Project wide for 200 to 250koz at cost of US$900 to US$950 per ounce

Additional cash flow of > US$100M @ US$1,400/oz

Kulumadau

Village

Kula Gold Limited

Project Growth - Increased Life

20

Doubling of Project NPV to US$180 to US$200M at US$1,400 per gold

price at 7% discount

Assumed 225koz conversion of Inferred resources and 250koz exploration success

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

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BFS Reserves LG Stockpiles Resource Definition Exploration Success

1 1 2 3 4 5 6 7 8 9 10 11 12 13

. Years

Kula Gold Limited

Project Growth - Increased Capacity

21

Staged doubling of gold production supported by scoping study, delivering

<US$800 per ounce AISC and NPV in the range US$350 to US$400M at

US$1,400 per gold price at 7% discount

-

50,000

100,000

150,000

200,000

250,000

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BFS Reserves LG Stockpiles Resource Definition Exploration Success

Assumed 440 koz conversion of Inferred resources and 880koz exploration success

1 1 2 3 4 5 6 7 8 9 10 11 12 13

. Years

Kula Gold Limited

Why Kula Gold – Leverage to Gold

22

Fully permitted gold project in world-class mining

jurisdiction, excellent operating environment

Current gold price requires more Resources to expand

current mine life and enable staged upgrade

Scoping study completed showing benefits of staged

upgrade to 4Mtpa and 200koz pa, AISC < US$800 per

ounce

Woodlark can deliver the required ounces:

Large mineralising systems driven by dual

porphyries

Multiple targets identified by new exploration model

Targeted exploration will result in lower gold

discovery costs

Continuing news flow and growth opportunities

Kula Gold Limited

Contact

Stuart Pether – CEO

Kula Gold Limited

Suite 2, Level 15

1 York Street Sydney

Ph: 02 9262 5651

www.kulagold.com.au

ASX Code KGD

Kula Gold Limited

Appendix

24

Kula Gold Limited

Project Layout and Mining Lease

25

0 2.5 5km

Busai

Kulumadau

Woodlark King

Plant

Wharf

MLA 508

Kula Gold Limited

Board and Management Team

26

Stuart Pether – Chief Executive Officer

Mining Engineer with 25 years experience in mining operations, project development and corporate management. Previously COO for

Catalpa Resources and VP Project Development for Evolution Mining.

David Frecker – Non - exec Chairman

Commercial lawyer with over 40 years experience in practice in Australia and PNG.

Louis Rozman – Non – exec Director

Mining Engineer with 30 years experience operating and constructing gold projects in Africa, Australia and PNG. Previously was COO of

Aurion Gold Limited and was instrumental in the development of its predecessor, Delta Gold Limited.

Mark Stowell – Non - exec Director

Chartered accountant with over 20 years of corporate finance and resource business management experience. Founder of Anvil Mining

Ltd, a copper producer in the DRC and Incremental Petroleum Limited, an oil and gas producer with operations in Turkey and the USA.

Lee Spencer – Non – exec Director

Geologist with over 30 years experience exploration, project development and operating mines in South East Asia and PNG. Previously

CEO of Kula Gold and lead resource growth to 2.1Moz Resource at Woodlark Island Gold Project

Woodlark Mining Limited the wholly owned Papua New Guinea (PNG) subsidiary

Sam Akoitai – Non – exec Director WML

Mr Akoitai was a member of the national parliament of PNG from 1997 until 2007, serving firstly as Minister for Bougainville Affairs (1997-

2000) and subsequently as minister for Mining from 2002 until 2007. He also implemented the establishment of PNG’s Mineral

Resources Authority (MRA), Mr Akoitai is a director of Marengo Mining Limited’s (ASX & POMSoX: MGO) PNG subsidiary Marengo

Mining (PNG) Limited

Kula Gold Limited

Resource Expansion – Estimated Benefits

27

Mining Reserve (Yr 1-6) (koz) 766 1,200 1,800Exploration Discovery (koz) Note 1 434 1,034

$M $/oz $M $/oz $M $/oz

C1 Cost US$ per ounce Note 2 na 730 na 730 650

Royalty US$1,400 /oz 32 na 32 32

Sustaining Capital Note 4 67 87 20 73 55 68

Exploration Note 5 11 9 26 14

Corp G and A ($2.5M pa) Note 6 15 20 20 10

All In Sustaining Costs (AISC) 869 863 773

Initial Capital Note 3 160 209 na 133 95 141

Full Cost (AISC + Initial Capex) 1077 na 996 95 915

Financials

NPV @ US$1,400 / oz (US$M) Note 7 110 180 -200 350 -400

IRR @ US$1,400 / oz (%) Note 8 22 25 - 27 36 -39

Note 1 - Exploration success from identified near Resource and Regional targets Note 5 - Exploration discovery assumed at $25 per ounce for additonal oz

Note 2 - based on Lycopodium 4Mtpa Scoping Study - reported Sept 2013 Qtr report Note 6 - Assumed 200koz pa production average in 4Mtpa case

Note 3 - 4Mtpa Based on Lycopodium Capital Study plus 10% - reported Sept 2013 Qtr report Note 7 - NPV After Tax 7% discount rate and IRR after tax

Note 4 - Sustaining capital of $5M per year for each year of project extension beyond BFS yr 6

BFS 1.8Mtpa Extended 1.8Mtpa Scoping Study 4Mtpa

BFS 1.8Mtpa Extended 1.8Mtpa Scoping Study 4Mtpa

Additonal

to BFS

Additonal

to BFS

Kula Gold Limited

Resource and Reserve Statement

28

The information in the three tables above was prepared and first

disclosed under the JORC Code 2004. It has not been updated

since to comply with the JORC Code 2012 on the basis that the

information has not materially changed since it was last reported

Kula Gold Limited

Competent Person Statement

29

The information in this report that relates to Exploration Results are based on information compiled by Mr. Lee Spencer. MrSpencer was the CEO of Kula Gold Limited until 1 July 2013 and remains on the Kula Gold Board as a Non-executive director.Mr. Spencer is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience which is relevant tothe style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as aCompetent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, MineralResources and Ore Reserves’. Mr. Spencer consents to the inclusion in the report of these matters based on information in theform and context in which it appears.

The information in this announcement that relates to the Mineral Resource estimates for Kulumadau, Busai and Woodlark King isbased on information compiled by Mr. John Doepel, Principal Geologist for Continental Resource Management Pty Limited(Resource Report, Woodlark Island). CRM has acted as independent consulting geologist to WML since 2005 and hasundertaken several visits to the island and to the sample preparation facilities. Mr. Doepel is a Member of The AustralasianInstitute of Mining and Metallurgy and has sufficient experience which is relevant to the style of mineralisation and type of depositunder consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition ofthe ’Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Doepel consents to theinclusion in this announcement of these matters based on information in the form and context in which it appears. The informationwas prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012on the basis that the information has not materially changed since it was last reported

The information in this announcement that relates to Ore Reserves is based on information compiled by Mr.Linton Putland,Principal of LJ Putland & Associates and a consultant to Kula Gold’s 100% subsidiary, Woodlark Mining Limited. Mr.Putland is aMember of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style ofmineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a CompetentPerson as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and OreReserves’. Mr. Putland consents to the inclusion in this announcement of these matters based on information in the form andcontext in which it appears. The information was prepared and first disclosed under the JORC Code 2004. It has not beenupdated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was lastreported