Kentor Gold March 2012 Investor Presentation Focus 1. Andash Gold Copper Project – Kyrgyzstan 2. Jervois Copper Gold Project – Australia 3. Murchison Gold Project - Australia 2 KENTOR GOLD Overview Corporate Summary ASX Code Share price (09/03/12) 52 week high / low KGL A$1.46 A$0.70 – A$1.46 Shares on issue 106.2 million Options on issue 2.7 million Market capitalization A$155 million Cash (31/12/11) A$34 million Debt Nil Top shareholders Percentage holding KMP Investments 12.75% JPMorgan Nominees 11.80% National Nominees 5.21% KENTOR GOLD 80% 100% Andash Mining Company (Kyrgyz Republic) 100% Andash Gold Copper 3 Jinka Minerals (Australia) 100% Jervois (Cu, Ag, Au, Pb, Zn) 100% Murchison (Au) BOARD & MANAGEMENT Experienced Board John Barr AM, MAICD Chairman, Non-Executive (Former director Oxiana, Transurban, Acacia and Iluka) Simon Milroy B.Eng (Mining) Managing Director (Formerly GM Project Development for Pan Aust, former Mining Manager Kingsgate) Hugh McKinnon B.Eng. (Mining) Executive Director, Country Manager (Has worked on mining and exploration projects across Central Asia since 1996. Resides in the Kyrgyz capital of Bishkek and speaks Russian) Andrew Daley BSc (Hons) (Mining) Director, Non-executive (Andrew has a background in corporate finance and is also on the board of Pan Aust) John Taylor B. Eng (Chemical); MBA Director, Non Executive (John Taylor is currently the MD of Outotec Australasia) 4 KYRGYZ REPUBLIC Kyrgyz Republic  Country well connected by rail - direct rail access to markets in Kazakhstan, China, Russia and Europe  Long history of gold mining (Kumtor production 500,000oz per annum)  Population 5 million  Other Western companies active in the resources sector: - Centerra - Goldfields - Santos - Manas Resources - Chaarat Talas Valley 5 ANDASH PROJECT Andash Overview  One of the world’s lowest cost gold mines - Low Strip Open pit - Standard Flotation - High grade concentrate 9.9m @ 7.9g/t Au 8m @ 6 g/t Au  Significant resource & reserve base  Excellent Exploration Potential - Further upside from Zones 2 & 3 - Potential 10+ yrs mine life 57m @ at 1.5g/t Au, 1.4% Cu  Local approval imminent - Strong engagement at federal level - Government to own 20% of project  12 month construction programme - All machines commissioned 6 ANDASH PROJECT Overview (cont’d)  Easy topography  Low elevation  Good road access  Nearby rail  Nearby power  Nearby water Above: View from Andash ore body looking south 7 ANDASH PROJECT Andash Long Section  Wide ore body, bulk mining  Outcrops  Low strip ratio 0.72:1  Conventional open pit & flotation  Base of pit follows footwall  High grade starter pit Gold g/t 8 ANDASH PROJECT Andash Cross Section 320 m E 9 ANDASH PROJECT Andash JORC Resource & Reserve Andash JORC Resource Estimate Category Tonnage (kt) Measured Grade Metal Au (g/t) Cu (%) Au (oz) Cu (t) 4,083 1.14 0.48 148,463 19,538 Indicated 15,115 1.10 0.38 530,560 57,770 Total 19,200 1.10 0.40 679,023 77,308 380 0.93 0.25 11,350 950 Inferred Andash JORC Reserve Estimate Category Tonnage (kt) Grade Metal Au (g/t) Cu (%) Au (oz) Cu (t) Proven* 4,050 1.06 0.45 138,205 18,275 Probable* 11,948 1.05 0.38 401,525 45,211 Total 15,999 1.05 0.40 539,730 63,486 *Ore Reserve estimated using assumptions of US$525/oz gold and US$3,000/t copper 10 ANDASH PROJECT Andash Project Economics (KGL 80%)  3 stage crush, grind, float process - 1.6mtpa to 3.2mtpa throughput  Initial mine life 6 years - Zone 2 and 3 potential to extend mine life to 10+ yrs - Further upside from nearby exploration targets  Annual production of 70,000 oz Au and 7,400t Cu Project NPV (US$)  Capital Cost US$96m* Gold Price  Cash cost US$29/oz Au**  High grade concentrate 24.5% Cu and 72 g/t Au - No deleterious elements  Royalties – Gold 5%, Copper 3% *capital cost under review, to be confirmed prior to development **after Cu credits and royalty at a long term Cu price of US$2.75/Ib 11 Copper Price (US$/lb) (US$/oz) 2.25 2.75 3.25 3.75 4.25 1,000 1,200 1,400 1,600 1,800 103 150 197 243 290 130 177 223 271 317 157 204 251 298 344 185 231 278 325 372 212 258 305 352 399 ANDASH PROJECT Andash Zone 2 and 3  Explored by adits  30 diamond drill holes  Located 1 km west of Andash Zone 1  Exploration target of 5 to 10 mt of ore @ 1 to 1.5 g/t gold*  Potential to increase Andash mine life to 10 yrs + * The potential quantity and grade of the Exploration Target are conceptual in nature and there has been insufficient exploration to define a Mineral Resource. It is uncertain if further exploration will result in the determination of a Mineral Resource. 12 JERVOIS PROJECT (AUSTRALIA) Jervois Copper Project  100% Interest  Granted Mining License  Land Holding 38 km2  12km of prospective strike Outcropping Copper Ore 13 JERVOIS PROJECT (AUSTRALIA) Reward Ore body Long Section  Inferred Copper Resource of 11.9 Mt @ 1.3% Cu and 25.2 g/t Ag - 150,500t of contained copper and 9.7 m oz contained silver  Additional Exploration Potential of 5.0 – 10.0Mt @ 0.75-1.25% Cu and 10-25g/t Ag - 50,000 to 100,000 tonnes Cu and 3 to 5Mozs Ag  Gold frequently present in mineralisation but original drilling not tested for gold - potential for significant gold resource 14 JERVOIS PROJECT (AUSTRALIA) Bellbird ore body Long Section Green circles are drill hole pierce points 15 MURCHISON GOLD PROJECT (AUSTRALIA) Murchison Gold Project  Consists of the Burnakura and Gabanintha sites  700,000 ounce Inferred Resource @ 1.5g/t - 20,000m RC drill programme underway to infill and increase resource  Plan to commence production in June 2012 16 MURCHISON GOLD PROJECT (AUSTRALIA) Existing Infrastructure 17 MURCHISON GOLD PROJECT (AUSTRALIA) Lewis Pit 5m @ 102.2 g/t 17m @ 9.6 g/t 18 MURCHISON GOLD PROJECT (AUSTRALIA) 4 Stage Growth Strategy 1. Refurbish and restart existing CIL Plant 2. Add a heap leach circuit to treat low grade ore 3. Expand plant to 500,000 tpa 4. Flotation of copper gold ore 19 MURCHISON GOLD PROJECT (AUSTRALIA) Stage 1 Restart CIL Plant  Expand to 260,000 tpa  High grade production – 3 g/t gold  Commence production in June 2012  Initial Production Rate 24,000 oz gold p.a.  Capital cost $14.8m  Stage 1 cash cost $1,224 / oz 20 MURCHISON GOLD PROJECT (AUSTRALIA) Crushing and Heap Leaching Equipment Note: Photographs of equipment on site at the Indee mine site 21 Kentor Group Resources Copper (t) 11,350 950 Grade Au g/t Grade Cu% Andash Inferred 0.38 0.93 0.25 Jervois Inferred 11.9 Burnakura Inferred 10.6 1.5 516,000 Gabanintha Inferred 4.5 1.4 203,000 Andash Indicated 15.12 1.0 0.38 532,643 57,770 Andash Measured 4.08 1.04 0.48 149,046 19,538 Total Resources 46.58 1,412,039 228,758 1.3 22 Grade Ag g/t Gold (oz) Tonnes (mt) 25.2 150,500 Silver (Oz) 9,700,000 9,700,000 Conclusion  Near term gold production  Active exploration programmes at all Australian sites  Strong news flow  Strong cash position  Pipeline of projects  Increasing resources 23 KEY CONTACTS For more information contact Simon Milroy on +61 7 31213206 or visit www.kentorgold.com ASX Code: KGL Level 9, 40 Creek Street, Brisbane, QLD, AUSTRALIA 4000 Fax: +61 7 3121 3030 Forward-Looking Statements: This presentation includes certain “Forward-Looking Statements”. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding forecast cash flows and potential mineralisation, resources and reserves, exploration results and future expansion plans and development objectives of Kentor Gold Limited are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. 24  Competent Persons Statements  The information in this report that relates to mineral resource estimation for Gabanintha and Burnakura is based on work completed by Mr Jonathon Abbott is a member of the Australasian Institute of Mining and Metallurgy. Mr Abbott 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’. Mr Abbott consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The data in this report that relates to Mineral Resource Estimates for Jervois is based on information evaluated by Mr Simon Tear who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience 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 Tear is a full-time employee of Hellman & Schofield Pty Ltd and he consents to the inclusion in the report of the Mineral Resource in the form and context in which they appear. The Resource estimates for Andash in this report are based on information compiled by Dr. Phil Newall, who is a Chartered Engineer and Fellow of the Institute of Materials Minerals and Mining and a full time employee of Wardell Armstrong International. Dr. Newall has sufficient experience which is relevant to the style of the mineralisation and the type of deposit under consideration and to the activity to 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. Dr. Newall has consented to the inclusion of this information in the form and context in which it appears in this report. We advise in accordance with Australian Stock Exchange Limited Listing Rules 5(10) and 5(13) that the exploration results for Burnakura and Gabanintha are based on information compiled by Mr Nigel Cranley of Plutonic Geological Services who is a corporate member of the Australian Institute of Mining and Metallurgy. Mr Cranley is not a full time employee of Jinka Minerals Limited and has consented in writing to the inclusion in the presentation of matter based on the information so compiled by him in the form and context in which it appears. The exploration data in this report relating to the Jervois project is based on information compiled by Rudy Lennartz, who is a member of the Australian Institute of Mining and Metallurgy and a full time employee of Jinka Minerals Ltd. Mr. Lennartz has sufficient experience which is relevant to the style of the mineralisation and the type of deposit under consideration and to the activity to 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. Mr. Lennartz has consented to the inclusion of this information in the form and context in which it appears in this report.     25