LSE:ACA

Bulyanhulu
Investor Site Tour
04.02.16

Unearthing Africa’s Potential

Important Notice
This presentation includes “forward-looking statements” that express or imply
expectations of future events or results as opposed to historical facts. These
statements include, financial projections and estimates and their underlying
assumptions, statements regarding plans, objectives and expectations with
respect to future production, operations, costs, projects, and statements
regarding future performance. Forward-looking statements are generally
identified by the words “plans,” “expects,” “anticipates,” “believes,” “intends,”
“estimates” and other similar expressions.
All forward-looking statements involve a number of risks, uncertainties and
other factors, many of which are beyond the control of Acacia, which could cause
actual results and developments to differ materially from those expressed in, or
implied by, the forward-looking statements contained herein. Factors that could
cause or contribute to differences between the actual results, performance and
achievements of Acacia include, but are not limited to, changes or developments
in political, economic or business conditions or national or local legislation or
regulation in countries in which Acacia conducts - or may in the future conduct -
business, industry trends, competition, fluctuations in the spot and forward price
of gold or certain other commodity prices (such as copper and diesel), currency
fluctuations (including the US dollar, South African rand, Kenyan shilling and
Tanzanian shilling exchange rates), Acacia’s ability to successfully integrate
acquisitions, Acacia’s ability to recover its reserves or develop new reserves,
including its ability to convert its resources into reserves and its mineral
potential into resources or reserves, and to process its mineral reserves
successfully and in a timely manner, Acacia’s ability to complete land
acquisitions required to support its mining activities, operational or technical
difficulties which may occur in the context of mining activities, delays and
technical challenges associated with the completion of projects, risk of trespass,
theft and vandalism, changes in Acacia’s business strategy and ongoing
implementation of operational reviews, as well as risks and hazards associated
with the business of mineral exploration, development, mining and production
and risks and factors affecting the gold mining industry in general.
Investor Site Tour
04.02.2016
Although Acacia’s management believes that the expectations reflected in such
forward-looking statements are reasonable, Acacia cannot give assurances that
such statements will prove to be correct. Accordingly, investors should not place
reliance on forward-looking statements contained in this presentation.
Any forward-looking statements in this presentation only reflect information
available at the time of preparation. Subject to the requirements of the Disclosure
and Transparency Rules and the Listing Rules or applicable law, Acacia explicitly
disclaims any obligation or undertaking publicly to update or revise any forward-
looking statements in this presentation, whether as a result of new information,
future events or otherwise. Nothing in this presentation should be construed as a
profit forecast or estimate and no statement made should be interpreted to mean
that Acacia’s profits or earnings per share for any future period will necessarily
match or exceed its historical published profits or earnings per share. Mineral
reserves and mineral resources estimates contained in this presentation have
been calculated as at 31 December 2014 in accordance with National Instrument
43-101 as required by Canadian securities regulatory authorities. Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) definitions were followed
for mineral reserves and resources. The reserves and resources figures stated are
estimates. No assurances whatsoever can be given that the indicated quantities of
metal will be produced and totals stated may not add up due to rounding. For
more information regarding the nature of reserves and resources estimates and
relevant CIM definitions, please see page 90 of African Barrick Gold plc’s 2013
Annual Report and Accounts.
You are reminded that you have received this presentation on the basis that you
are a person to whom this presentation may be lawfully made and delivered. You
may not and are not authorised to: (i) reproduce or publish this presentation; or
(ii) distribute, disclose or pass on this presentation to any other person, in whole
or in part, by any medium or in any form, in breach of any applicable securities
laws. BY ACCEPTING THIS PRESENTATION, YOU ACKNOWLEDGE AND
AGREE TO THE CONTENTS OF THIS DISCLAIMER AND YOU AGREE TO BE
BOUND BY THE FOREGOING LIMITATIONS.
2
Introduction
Overview
A leading asset amongst our peers

Bulyanhulu Our Location

 World class – high grade narrow vein

deposit
 Geological endowment of over 20 million
ounces* West Kenya JV
Kenya
 Located in a mining friendly and stable
country
 However, history of under-delivery and
lack of free cash generation Tintinba Project
North Mara
Tanzania
Mali
 Undertaking fundamental re-engineering Hounde Belt JVs
Burkina Faso
Bulyanhulu
of the mine to ensure delivers to its Tanzania

geologic potential Buzwagi

Tanzania

Producing mines Exploration properties

* Including produced ounces
Investor Site Tour 4
04.02.2016
Setting the scene
In 2013 we started the process of fundamentally re-designing
Bulyanhulu

Past
 LOM focused on labour intensive
mining methods
 Lack of investment in development
 Poor maintenance practices, limited
planned maintenance
 Over capitalised (too much equipment
on site)
 Optimistic planning led to culture of
failure
 Too many people, both local and expat
Present
 Converted to mechanised mining
methods
 50% increase in development metres
due to bringing in contractor
 Over 80% of maintenance is planned
 Sustaining capital spend has more
than halved, whilst production has
increased
 Setting achievable targets, in tandem
with a dedicated cultural change
programme
 50% reduction in total workforce,
with expats down by 55%

We’ve made great progress, but still more to do to achieve our goals
Investor Site Tour 5
04.02.2016
 Safety

Incident frequency rates 2006 - 2014

3.50

3.00

2.50

2.00
Rate

1.50

1.00

0.50

0.00
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

TRIFR LTIFR

Investor Site Tour 6

04.02.2016
Geology
Geology

Schematic Cross Section

A A
’

Investor Site Tour 8

04.02.2016
Geological Units
Facing

Pillow Basalts
Gabbro

X Y

Mineralized Qtz vn
Argillite

Investor Site Tour 9

04.02.2016
Mining
Life of Mine: Options Review

Fundamental redesign of LOM plan

 Moved away from CCF (handheld Breakdown of Mining Method (tonnes)

methods) towards modern mechanised
mining 100
9
 Previous plan saw mine sourcing over 75% of 25 26
13
tonnes coming from hand held 80 42

Percentage (%)
 Significantly improved safety profile
21
60 31
 Investment in development to increase
flexibility in mine plan 25
40 78
 Driving mining accuracy to reduce
dilution 37 53
20
 Long Hole as main mining method 33

 Setting mine up to deliver on its geological 0 6

endowment 2013 LOM 2014A 2015A 2016 (Plan)

CCF Longhole Alimak Ore development

* 2013 planning allocated development to each of the mining method categories

Investor Site Tour 11
04.02.2016
Significant progress to date

Production (koz) AISC per ounce sold (US$/oz)

300 1,400
250 274 1,300
Q4 -78 1,344
200 235 1,200 1,266 1,253
198 Q3 - 62
150 1,100
100 Q2 - 71 1,000
999
50 900
Q1 - 62
- 800
2013 2014 2015 2015 2013 2014 2015 Q4 15

Ore Tonnes hoisted (Kt) Capital Expenditure ($m)

1,000 200
993
185
950 150

900
132
909 100
101
850 871 50

800 0
2013 2014 2015 2013 2014 2015

Investor Site Tour 12

04.02.2016
KPIs have improved significantly
Dramatic productivity improvements already realised at the mine

Breakdown of workforce Total Development metres (km)

3,000 Nationals 20.00
151 Internationals
2,500
111 15.00
2,000 15.9
2,225
1,500 1,843 72 10.00 12.3
10.4
1,000 1,197
5.00
500
- -
2013 2014 2015 2013 2014 2015

Average long-hole stoping width (m) Average daily ROM tonnes milled (t)
5.0 3,000

4.0 2,762
4.1 2,500 2,636 2,625
3.9 2,510
3.0 2,329
2,000 2,268
2.8
2.0
1,500
1.0

0.0 1,000
2013 2014 2015 H1 2013 H2 2013 H1 2014 H2 2014 H1 2015 H2 2015

Investor Site Tour 13

04.02.2016
Upper East

Deferred ramp up whilst undertake further definition drilling

 Area located 2km east of shaft with existing small scale decline to the area
 Includes material on both Reef 1 and the Reef 2 series
 Commenced production from development ore in H2 2015
 Expected stoping ramp-up in 2016
 When developing saw divergence between reserve model and results from the production
drilling in Reef 2 series
 Previous drill spacing of 100m centres, not tight enough to accurately predict variation in the
lode geometries
 Spacing is the same as has been used across the mine successfully for last 15 years
 Deferred development in the Reef 2 Series whilst undertake definition drilling
programme

Investor Site Tour 14

04.02.2016
Upper East Reef 2 - Reserve and Resource

Oblique Section View

Looking NE 2 2 blocks
Reserve
g 2 m
500m i

Reef 1
2I
Area Covered
By
Recent Drilling

2N

UG Diamond
2O Drill Holes
2G
2M
 Reserve Distribution
 Undertaken further detailed review of operating assumptions within reserves
 2015 reserve price of US$1,100/oz vs 2014 price of US$1,300/oz
 Taken more conservative view of future development rates and mining widths
DARK GREEN: REEF 1
DARK GREEN: REEF 1
UPPER CENTRAL PURPLE: REEF 2
LIGHT BLUE:
LIGHT BLUE: REEF UPPER WEST UPPER CENTRAL
REEF 11 UPPER
Hosts 2 %of reserve ounces PURPLE:
Hosts [ 18% ]REEF
PURPLE: of 2 2 ounces
reserve
REEF
WEST4 % of reserve ounces
Hosts Hosts [2 %] of reserve ounces
Hosts [ 18% ] of reserve ounces
Hosts 18% of reserve ounces
Hosts [ 4 %] of reserve ounces
LIGHT BLUE: REEF 1 UPPER
WEST
DARK GREEN: REEF 1
Hosts [ 4 %] of reserve ounces
UPPER CENTRAL
Hosts [2 %] of reserve ounces

YELLOW:
YELLOW:REEF
REEF11UPPER
UPPEREASTEAST
YELLOW:
Hosts
Hosts[ 6% REEFounces
6%]ofofreserve
reserve 1ounces
UPPER EAST
Hosts [ 6%] of reserve ounces
BLUE: REEF 1 LOWER WEST
REEF 1
Hosts [ 50%] of reserve ounces

GREEN:
BLUE: REEF 1 LOWER WEST
RED:RED:
REEFREEF 1 LOWER
1 LOWER EASTEAST
CENTRAL
REEF 1 Hosts 7% ofLOWER
reserve ounces
GREEN: REEF 1 LOWER CENTRAL RED:
Hosts REEF
[ 7%] 1
of reserve EAST
ounces
BLUE: Hosts
REEF
Hosts1 LOWER
[13
50%
%] of WEST
of reserve
reserve ounces
ounces GREEN: REEF
Hosts 1 LOWER
13 % of CENTRAL
reserve ounces Hosts [ 7%] of reserve ounces
REEF 1
Hosts [13 %] of reserve ounces
Hosts [ 50%] of reserve ounces
Investor Site Tour 16
04.02.2016
Production Areas - 2016

Upper East
Zones
5%
0&7
15%

Zone 2
20%

Zones
Zones B & C
9&A
35%
25%

Investor Site Tour 17

04.02.2016
Processing
Processing Operations

 The following processes are utilised:

Crushing, Grinding, Gravity, Flotation,
Carbon-In-Leach, Thickening, Cyanide
destruction, Filtration and Paste Backfill
 Nameplate process plant throughput is
155tph / 1.1Mt per annum
 Currently over 10% spare capacity
 Bulyanhulu produces two saleable products:
dore and copper concentrate
 Dore bars are produced from Gravity and CIL
plants
 Copper Concentrate is produced from the flotation
plant and sold to copper smelters mainly in China
and Japan

Investor Site Tour 19

04.02.2016
Tailings Re-treatment

 In Q4 2014 completed construction of new

2.4Mtpa Carbon in Leach (CIL) circuit to
process TSF material
 Project also designed to upgrade CIL
capacity for ROM material
 Previous infrastructure only allowed for
processing of 30% of flotation tailings
 Plant produced 33koz in first full year of
operation
 Struggled to hit design recoveries
 Re-commissioned old CIL in late Q4 15 to
better assess long term recoveries and costs
of

Investor Site Tour 20

04.02.2016
Our People
Our People
Continuing to implement changes to the workforce to improve
productivity and drive

 Management layers reduced from 14 Breakdown of Employees

to 4 Internationals
3,000
Nationals
 Implementation of Accountable
Management System
2,500 159
 Move to mechanisation significantly
151
reduces workforce numbers

No. of Employees
 Dispatch systems in process of being 2,000
111
implemented to drive productivity
 Altered shift patterns to improve time
1,500 2,397
at site and at the face 2,225
 Implemented a behavioural safety 72
1,843
programme (WeCare/Tunajali ) to 1,000
embed a culture of safety in the 1,197
workplace
500
2012 2013 2014 2015

Investor Site Tour 22

04.02.2016
Cost Initiatives
Further Cost Saving Focus Areas
Ensuring the mine returns to positive cash flow

 Looking to make savings across all operating costs categories:

 Reduction in over 600 employees compared to 2015
 Majority of US$25 million group savings will be at Bulyanhulu
 Improving consumable usage, aided by re-commissioning of old CIL
 As planned maintenance is achieving targets, able to move to a condition based monitoring
approach going forward
 Energy costs will benefit from reduction in price of diesel hedges
 2016 hedges struck at $72/bbl vs 2015 hedges at $97/bbl
 Continuing to negotiate with suppliers and contractors to improve terms
 Continuing to allocate capital efficiently
 2016 capex expected to be $5-10 million lower than 2015
 Despite continuing investment into development

Investor Site Tour 24

04.02.2016
Our Relationships
Social License to Operate
Creating shared value

Key CSR focus area are: Infrastructure – Bridge to provide year round
access to markets for farmers
 Strategic social infrastructure
 Progression to residential model
 Infrastructure to drive wealth creation in
community
 Local business development
 Entrepreneurships skills for co-ops and SMEs,
 access to financing
 Agribusinesses including market linkages, Livelihoods –Bee-keeping project for 120 youths
 ASM
 Social capital enhanced
 Sports programs with Sunderland
 Support for the performing arts and cultural events

Stakeholder engagement, Social Impact Management

and Grievance mechanisms to continue

Investor Site Tour 26

04.02.2016
Our Future
Bulyanhulu – Reef 2 resource extensions

Extending the potential of a world class resource

 Focused on reserve conversion and resource expansion of

Reef 1 and the Reef 2 series
 Surface and Phase 1 underground drilling in 2013/14 added over
2.3Moz to resources
 Current focus of drilling on Reef 2 series west of shaft position
from underground
 Phase 2 drilling commenced in H2 2015, with the
16,000m programme due to continue into H1 2016
 Completed 18 holes for 9,240m in 2015
 Phase 3 programme expected to commence in late 2016
 Initial results are encouraging and have intersected
mineralisation across a number of the reefs that make up
the Reef 2 series at mineable widths and grades

Investor Site Tour 28

04.02.2016
Summary
Summary
Consolidating progress to date to drive cash flow

 Over past two years the mine has been fundamentally re-engineered into a modern
fully-mechanised mine
 Dramatic improvements across a range of key indicators in that time
 2016 is a year of consolidation, expect to maintain 2015 production levels
 Impact of cost saving initiatives coming through, driving more than a 15%
reduction in AISC
 Already seen in Q4 2015 performance
 Confident that Bulyanhulu will produce 350,000 ounces per annum over the
medium term
 Continue to assess the potential above this through an ongoing 3 year drilling
programme, primarily on the Reef 2 series.

Investor Site Tour 30

04.02.2016
Appendix
 Process Plant Flowsheet
Crushing & Grinding Circuit Gravity Circuit
ORE from U/G
Prim cycl Knelson CTR’s

SAG Mill
Acacia reactor
Ball Mill

Jaw Crusher
Bullion

Flotation Circuit
Dewatering and Paste Circuit
Ro’s Contact Cell
To Paste
Rougher tails
Thickener Clnr 1 Clnr Scav
TSF cell 1-2
Paste
Backfill Plant
Regr cycl Clnr 2
CST

Regr Mill Flash flotation

Clnr 3

U/G ops
Clnr 4
Larox
Flash Clnr 1

Flash Clnr 2 Cu Conc

New CIL Circuit

Old CIL Circuit
TSF Reclamation Bullion Bullion

Acid
Wash

Pregnant
Pregnant Regeneration Kiln Solution
Pregna
Solution Pre-Leach A/W Elution Tank
Pre-Leach nt
A/W Elution Tank Thickener
Thickener Regeneration Kiln Solutio
n Tank

Electro Electro
wining wining

Quench
Quench
Tank TSF cell 4 Tank
CN
Detox CIL Tanks
CIL Tanks