Amara Mining plc Developing a Top African Gold Mine

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Capex and Opex Expected to Reduce Further Operating Cost Breakdown (US$/oz produced) PFS Operating Cash Cost 685 Freight and refining 4 Royalties (and community fund) 50 Total Cash Cost 739 Sustaining Capex 43 All-In Sustaining Cost 782 Total Capex 186 All-in Cost 968 Capital Costs (US$m) PFS Process plant 112 Tailings Management Facility (“TMF”) 14 Infrastructure and site facilities 53 EPCM and Indirects 75 Plant and Infrastructure Capital Cost 254 Mining fleet 107 Mining pre-strip 33 Contingency 53 Total Pre-Production Capital Cost 447 www.amaramining.com • Potential top 10 African gold mine in terms of lowest all-in sustaining costs with optimisation targeting further reduction • Low mining costs (US$2.08/t mined) due to: — Simple ore body – bulk mining approach — Single open pit and rationalised site layout — Low oil price and electric shovels utilised as part of mining fleet — Owner-operator mining – cheaper than contractor • Low processing costs (US$10.63/t processed) due to: — Low cost grid power – US$0.08c/kWh — Single stage crush and SAG milling – low cost process configuration — Simple metallurgy and low reagent consumption — Benefits from economies of scale • Cash margin remains strong at today’s gold price and below • Upfront capital cost of US$447m for 6.5Mtpa project – expected to decrease through optimisation work • Total payback period of 3.0 years 16
Group Resources and Reserves RESERVES Category Tonnage (Mt) Grade (g/t) Contained Gold (koz) Yaoure 1 Proven 18,069 1.82 1,057 Probable 44,214 1.54 2,189 Baomahun 2 Probable 23.3 1.62 1,210 RESOURCES Category Tonnage (Mt) Grade (g/t) Contained Gold (koz) Yaoure 1 Measured 18.6 1.86 1,114 Indicated 85.5 1.47 4,042 Inferred 47.7 1.41 2,156 Baomahun 2 Indicated 38.4 1.82 2,242 Inferred 6.6 2.52 535 TOTAL Indicated 7,398 TOTAL Inferred 2,691 1. Resources shown as inclusive of reserves. The reserves were calculated using a 0.5g/t cut-off and a US$88/oz gold price, effective date 24 November 2015. The resources were calculated using a 0.5g/t cut-off and a US$1,500 gold price, effective date 24 November 2015. A NI 43-101 compliant technical report will be published on Amara’s website in due course. 2. Resources shown as inclusive of reserves. The reserves were calculated using a 0.5g/t cut-off and a US$1,100/oz gold price. The resources were calculated using a cut-off grade of 0.5g/t within a US$1,500/oz open pit shell and a 2.0g/t cut-off for resources suitable for underground mining. A technical report titled “Feasibility Study of the Baomahun Project in Sierra Leone NI 43-101 Technical Report” and dated 28 June 2013 is filed on SEDAR. Group Reserves and Resources Reserves: 4.5Moz M&I Resources * : 7.4Moz Inferred Resources * : 2.7Moz www.amaramining.com *Inclusive of Mineral Reserves 17
Page 1 and 2: Amara Mining plc Developing a Top A
Page 3 and 4: Building on Exploration Success BUR
Page 5 and 6: Million ounces Au Yaoure: 7.3 Milli
Page 7 and 8: Potential to Increase Grade of CMA
Page 9 and 10: Yaoure: 3.2 Million Ounce Mineral R
Page 11 and 12: Baomahun: A Second Strong Growth Op
Page 13 and 14: Amara Mining plc Contact Us John Mc
Page 15: Yaoure: Analysis of Mineral Reserve

Amara Mining plc Developing a Top African Gold Mine

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