Avocet Mining

2011 HIGHLIGHTSSale of South East Asian assets for US$199 millionPremium Listing on LSE Main Market achieved in December 2011Dividend policy introduced, currently yielding 3.9%Capacity and production at Inata Gold Mine ramped up to 167,000 oz.Strong safety performance – 6M man hours LTI free to December 2011Mineral Resource and Reserve at Inata expanded to 3.46M oz. and 1.85M oz.respectivelyMineral Resource at Koulékoun, Guinea tripled to 1.83M oz.EBITDA from continuing operations up 54% to US$84 millionRestructured balance sheet, paid down US$49 million debt, year end cash ofUS$105 millionAVOCET MINING INVESTOR PRESENTATION * APRIL 2012Page 4