Kentor Gold March 2012 Investor Presentation

Focus 2 1.Andash Gold Copper Project – Kyrgyzstan 2.Jervois Copper Gold Project – Australia 3.Murchison Gold Project - Australia

3 Overview KENTOR GOLD Corporate Summary ASX CodeKGL Share price (09/03/12)A$ week high / lowA$0.70 – A$1.46 Shares on issue106.2 million Options on issue2.7 million Market capitalizationA$155 million Cash (31/12/11)A$34 million DebtNil Top shareholdersPercentage holding KMP Investments12.75% JPMorgan Nominees11.80% National Nominees5.21% KENTOR GOLD 80%100% Andash Mining Company (Kyrgyz Republic) Jinka Minerals (Australia) 100% Andash Gold Copper Andash Gold Copper 100% Murchison (Au) Jervois (Cu, Ag, Au, Pb, Zn)

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 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) Experienced Board BOARD & MANAGEMENT 4

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 KYRGYZ REPUBLIC 5  Other Western companies active in the resources sector: - Centerra - Goldfields - Santos - Manas Resources - Chaarat Talas Valley

7.9g/t Au 6 g/t Au at 1.5g/t Au, 1.4% Cu Andash Overview 6 ANDASH PROJECT  One of the world’s lowest cost gold mines - Low Strip Open pit - Standard Flotation - High grade concentrate  Significant resource & reserve base  Excellent Exploration Potential - Further upside from Zones 2 & 3 - Potential 10+ yrs mine life  Local approval imminent - Strong engagement at federal level - Government to own 20% of project  12 month construction programme - All machines commissioned

Easy topography Low elevation Good road access Nearby rail Nearby power Nearby water Above: View from Andash ore body looking south Overview (cont’d) ANDASH PROJECT 7

Gold g/t  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 Andash Long Section ANDASH PROJECT 8

Andash Cross Section 320 m E 9 ANDASH PROJECT

Andash JORC Reserve Estimate CategoryTonnage (kt) GradeMetal Au (g/t)Cu (%)Au (oz)Cu (t) Proven* 4, ,20518,275 Probable* 11, ,52545,211 Total 15, ,73063,486 Andash JORC Resource Estimate CategoryTonnage (kt) GradeMetal Au (g/t)Cu (%)Au (oz)Cu (t) Measured4, ,46319,538 Indicated15, ,56057,770 Total 19, ,02377,308 Inferred , Andash JORC Resource & Reserve *Ore Reserve estimated using assumptions of US$525/oz gold and US$3,000/t copper ANDASH PROJECT 10

 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  Capital Cost US$96m*  Cash cost US$29/oz Au**  High grade concentrate 24.5% Cu and 72 g/t Au - No deleterious elements  Royalties – Gold 5%, Copper 3% Andash Project Economics (KGL 80%) ANDASH PROJECT Project NPV (US$) Gold Price Copper Price (US$/lb) (US$/oz) , , , , , *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

Andash Zone 2 and 3 ANDASH PROJECT  Explored by adits  30 diamond drill holes  Located 1 km west of Andash Zone 1  Exploration target of 5 to 10 mt of 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 Copper Project JERVOIS PROJECT (AUSTRALIA)  100% Interest  Granted Mining License  Land Holding 38 km 2  12km of prospective strike Outcropping Copper Ore 13

 Inferred Copper Resource of % 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 – % 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 Reward Ore body Long Section 14 JERVOIS PROJECT (AUSTRALIA)

Bellbird ore body Long Section 15 Green circles are drill hole pierce points JERVOIS PROJECT (AUSTRALIA)

Murchison Gold Project  Consists of the Burnakura and Gabanintha sites  700,000 ounce Inferred 1.5g/t - 20,000m RC drill programme underway to infill and increase resource  Plan to commence production in June 2012 MURCHISON GOLD PROJECT (AUSTRALIA) 16

Existing Infrastructure MURCHISON GOLD PROJECT (AUSTRALIA) 17

Lewis Pit g/t 9.6 g/t MURCHISON GOLD PROJECT (AUSTRALIA)

4 Stage Growth Strategy 19 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 MURCHISON GOLD PROJECT (AUSTRALIA)

Stage 1 Restart CIL Plant 20  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 MURCHISON GOLD PROJECT (AUSTRALIA)

Crushing and Heap Leaching Equipment 21 Note: Photographs of equipment on site at the Indee mine site MURCHISON GOLD PROJECT (AUSTRALIA)

Tonnes (mt) Grade Au g/t Grade Cu% Grade Ag g/t Gold (oz) Copper (t) Silver (Oz) Andash Inferred , Jervois Inferred ,5009,700,000 Burnakura Inferred ,000 Gabanintha Inferred ,000 Andash Indicated ,64357,770 Andash Measured ,04619,538 Total Resources ,412,039228,7589,700,000 Kentor Group Resources 22

Conclusion Near term gold production Active exploration programmes at all Australian sites Strong news flow Strong cash position Pipeline of projects Increasing resources 23

24 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. Simon Milroy on or visit For more information contact KEY CONTACTS ASX Code: KGL Level 9, 40 Creek Street, Brisbane, QLD, AUSTRALIA 4000 Fax:

 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