1. 1 Gold exploration in Russia March 2011

2. The information contained in this document is being supplied (in the case of distribution in the UK) only to persons who fall within certain exemptions of the Financial Services and Markets Act 2000, including a limited number of specified persons and institutions which meet the requirements of articles 19, 43, 48, 49 and 50 of the Financial Services and Markets Act 2000 (Financial Promotion Order 2001), or are persons to whom this document may otherwise lawfully be issued or passed on to. It must not be distributed or passed on to any other person. No representation or warranty, express or implied is given to the accuracy of the information or opinions contained in this document and no liability is accepted by Ovoca Gold Plc nor by Davy or any of their respective directors, members, officers, employees, agents or advisers for any such information or opinions. Accordingly, this information is being supplied to you, in whole or in part, for information purposes only and not for any other purpose. In particular, the distribution of this document in jurisdictions other than the United Kingdom may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of laws of any such other jurisdiction. This document and the information contained in it do not constitute a prospectus and do not form any part of an offer to sell or allot or issue, or any invitation to apply for, securities. Any decision to apply for securities must be made solely on the basis of information contained in the final document issued by Ovoca Gold Plc. By accepting receipt of this document you will agree to be bound by the limitations set out above. Persons receiving this document should note that, in connection with any proposed transaction, Davy is advising Ovoca Gold Plc and no-one else. 2 Disclaimer

3. 3 Listing symbolOVG.L (AIM), OVX.IR (Irish SE) Shares outstanding88.5mn Warrants/options6.6mn Management ownership45% Net cash and equivalents (at 03.12.10)$55.4mn Market capitalization (at 28.02.11)$47.5mn Deferred performance-based consideration to$18.0mn Magadan asset vendors Company snapshot

4. 4 Ovoca Gold is a well-funded gold explorer and mine developer with a proven track record of creating value. The Company’s business strategy is: Focus – Russia, gold Expertise/experience – professional staff with high success rate Long-term regional experience – Russia business savvy, proven ability Partnership – local government, community, strategic outreach View from Olcha gold deposit, Magadan Region, Russia, looking north Introduction

5. 5 Ovoca Gold is: Unique exposure to Russian gold industry  Almost complete absence of juniors in Russia  Russia major gold producer and massive resource potential  Russia again on agenda of major companies (PepsiCo, BP, Ford, Kinross) Strong financial and capital market position  Cash and investments worth +$50mn  Share buy-back program  No debt (vendor payment contingent on successful exploration-development) Zero value given for attractive exploration/development assets  Stakhanovsky project – easy to execute  Rassoshinskaya – multiple high quality targets  Company track record for successful asset development Investment case

6. 6 Share price performance  Strong share price performance, up 109% in 2010  Trading liquidity improved in 2010 due to roll up and new investor outreach effort  Daily share volume up 86%, value volume up 111% (4Q09 vs. 4Q10 on AIM) AIM listing, GBP pence

7. 7 Russia is the world’s 5 th largest gold miner with one of the fastest rates of production growth Russia hosts some of the world’s most promising exploration potential However, Russia is:  Underexplored  Undermined  Underrepresented in asset portfolios of world’s gold mining companies Ovoca looking for gold, all alone… Why Russia?

8. 8 Russia has the world’s 3 rd largest gold reserves, 5 th largest producer Source: USGS CountryReserves (mn ounces)% of global totalProduction 2010 (mn ounces) South Africa192.97.6%6.1 Australia186.510.2%8.2 Russia160.87.6%6.1 US96.59.2%7.4 Indonesia96.54.9%3.9 China61.113.8%11.1 Uzbekistan54.73.5%2.8 Ghana51.44.0%3.2 Peru45.06.8%5.5 Canada32.23.6%2.9 All others533.728.9%23.2 Russia – Last frontier for gold

9. 9 Russian production as a percentage of total 2010 production of top global gold mining companies: CompanyDirect or indirect attributable production from Russia in 2010 (ounces) % of total company production Barrick40,8060.5% Anglogold Ashanti00% Newmont00% Gold Fields00% Goldcorp00% Harmony00% Newcrest00% Kinross554,00823.7% Eldorado00% Agnico Eagle00% Source: Company data Russian footprint (lack of)

10. 10 Despite Russia’s poor “risk” image in many mining circles, there are numerous positive examples of foreign gold companies working successfully in Russia  Kinross – Developed, built, operated, closed and sold Kubaka. Completed Kupol construction and currently operates. Acquired and sold Julietta  High River Gold – Acquired and currently operates Buryatzoloto. Developed, built and currently operates Berezitoviy  Bema Gold – Developed, built, and operated Julietta. Developed, began construction of Kupol  Silver Bear Resources – Acquired, developed and sold Avlayakan  Ovoca Gold – Acquired, developed and sold Goltsovoye  Celtic Resources – Acquired by Severstal, shareholders see share price appreciation of 118% from start to finish of hostile takeover  Petropavlovsk – Very successful UK gold miner with long track record operating in Russia Foreigners in Russia

11. 11 Ovoca Gold has a top-tier team that collectively has decades of experience in mining asset development in Russia. The team’s core competency is exploration and development in the Far East region of Russia. Projects which have had major Ovoca Gold team involvement include: Unifying factor: gold/silver, Far East Russia, successful Expertise/experience NameOwnership historyPeak production Kubaka(Kinross – Polymetal)500,000 oz - Au Julietta(Bema – Kinross – Northern)110,000 oz – Au Goltsovoye(Ajax – Ovoca – Polymetal)7,000,000 oz – Ag* (planned) Karalveem(LL Gold)60,000 oz – Au Lunnoye + Arylakh(Polymetal)5,000,000 oz – Ag Dukat(Pan American Silver – Polymetal)15,000,000 oz – Ag

12. 12 Goltsovoye silver project Location:Magadan, Russia Production started:2010 Peak output:estimated 7mn oz Ag Ownership:Ovoca – Polymetal Resource:69.0mn oz silver @ 895.3 g/t* Ovoca involvement: Ovoca Gold acquired Goltsovoye in 2006. From 2006 to 2008 the Ovoca team upgraded the resource base to JORC standards, completed a Bankable Feasibility Study, secured an LOI on mine financing from a commercial bank, and then sold the project to Polymetal for $47.7mn in cash and securities (a 194% premium to Ovoca’s market capitalization at the time of closing). * Wardell Armstrong International, press release 08.02.2007, JORC measured, indicated and inferred resources Goltsovoye experience

13. 13 Ovoca Gold core projects: Rassoshinskaya:  2 year exploration license, extendable and convertible to 25 year exploitation license  Multiple targets – Olcha, Podgorniy, Zet, Vist  Gold-silver, low sulphidation epithermal deposits, similar to successful mines in region Stakhanovsky:  Full exploitation license, valid to 2027, extendable  Gold bearing quartz dykes, course - free gold, very simple metallurgy  Significant infrastructure already in place Rassoshinskaya Stakhanovsky Projects

14. 14 Stakhanovsky Exploitation license valid until 07.05.2027, total size is 73 km 2 in Northwestern part of the Magadan region Bulldozer clearing drill platform at Berezitoviy

15. 15 Stakhanovsky Berezitoviy Zabolocheniy 1 – 2 Burovaya Albitoviy Tainstvennay 1 - 3 N Diorite quartz dykes parallel to each other and perpendicular to Zabolocheniy river bed. Ore exposed in trench from Berezitovy (bottle for scale)

16. 16 Stakhanovsky – Maiden resource Maiden JORC resource announced 02/2011: 350,000 oz Au inferred category “SRK’s Mineral Resource Statement given in the table below is reported using the terminology and guidelines given in the JORC Code. The resource is given above a 0.5 g/t cut off grade and comprises 7 areas from the Berezitoviy, Zabolocheniy 1 and Tainstvennaya 1 areas. Generally, SRK considers the drilling to have covered only a quarter of the immediate area in which the geological mapping and grab sampling results have returned encouraging results; therefore exploration potential is considered to be good.” View from Berezitoviy looking Southeast Million tonsGrade (g/t)Gold (t)Gold (oz) 9.11.210.9350,000

17. 17 2001 - 2008 State-owned license area. OOO Magsel acquired the property at auction in May 2007. 1940 - 20002009 - 2010 2011 - State mining run by local Artel (Communal placer mining groups) Ovoca acquires Magsel in January 2010. Initial exploration work conducted by Magadangeologia Geophysics, geochem, trenching and drilling done Uneven course-grain mineralization in diorite quartz dykes. Initial Russian-code resource (P1) of 1.2mn oz gold Rich placer deposits discovered in the Stakhanovsky and Zabolocheniy river beds – alluvial mining To date approximately 2mn oz gold has been extracted from the license area 2009: 260 ton bulk sample taken from two dykes – grade determined 2 g/t with +60% recovery via gravitation. 2010: 7,100m RC drilling and 1,000 DD completed. Results given to SRK for resource calculation. Corporate Operational 2011: Initial JORC resource from SRK. Large-scale bulk sampling and DD drilling. Commence pre-feasibility study, register end-year resource with State as first step to full feasibility and mine construction.* Stakhanovsky – History *Subject to successful exploration

18. 18 Stakhanovsky – Drilling Significant 2010 RC drilling results include: Bore hole ID number TargetInterval, mTrue thickness, m Gold grade g/ton fromtolength RCZ1-3Zabolocheniy-112514318 4.48 RCZ1-6Zabolocheniy-1118121332.87 RCZ1-8Zabolocheniy-186893312.78 RCZ1-9Zabolocheniy-18811022 0.64 RCZ1-23Zabolocheniy-1395112 0.82 RCZ1-27AZabolocheniy-1587113123.09 RCBU-8Burovaya17225516.27 RCBU-9Burovaya2631553.82 RCBU-11Burovaya6573880.69 RCBU-12Burovaya8894661.54 RCBU-15Burovaya6570550.56 RCBR-15Berezitoviy2432880.76 RCBR- 20Berezitoviy2937881.74 RCBR-27Berezitoviy311880.61 RCBR-30Berezitoviy1214220.95 RC rig drilling at Stakhanovsky Total work done in 2010 included approximately 7,100m RC drilling and 1,000 meters of DD.

19. 19 View from Zabolocheniy 1 looking East Stakhanovsky – Infrastructure in place Village Udarnik, on license area, pop. seasonal, buildings in place to house miners, drill crew Power substation Year-round road to Susuman, town pop. 7,500. Distance to license area 40km

20. 20 Simple project with clear development path Significant infrastructure in place at site Initial test work show gold recoveries in excess of 60% via gravitation alone Multiple observations of large gold particles > 1mm in size Opportunity for scalable start-up with off-the-shelf modular production lines Initial estimate of low capital expenditures Picture of gold particles taken from 2009 bulk sample, Russian coin (for scale) approximately size of US dime Stakhanovsky – Summary

21. 21 Rassoshinskaya Exploration license valid until 15.02.2013, term is extendable and can be converted to 25 year exploitation license, total size is 2,460 km 2 in Northeastern part of the Magadan region Staging camp for Olcha

22. 22 Significant gold-silver deposits (+1mn oz Au equivalent) mined or under development Mayskoye Dvoinoye Kupol Kubaka Ametistovoye Julietta Dukat Natalka Khakanja Nezhdaninskoye Rassoshinskaya Karalveem Lunnoye Excerpt from SRK report, June 2009 Rassoshinskaya regional context

23. 23 Podgorniy: Large gold-silver anomaly. Geophysics, geochemistry and grab samples. Trenching and drilling scheduled for 2011 season. Vist: Gold-silver target. Placer mining in neighboring area. Zet: Gold-silver bearing epithermal quartz vein system over 7 km long. Geophysics, geochemistry, grab samples and trenching done. Drilling scheduled for 2011 season. Olcha: Gold-silver bearing epithermal quartz vein system. Extensive exploration work done. Rassoshinskaya – Multiple targets Excerpt from SRK report, June 2009

24. 24 Podgorniy – Strong geochem anomaly Halo grade (g/ton) AuAg >0.20>0.30 0.05- 0.20 0.15-.030 0.01- 0.05 0.10- 0.15 0.00- 0.01 0.04- 0.10 2km Geochemical results show strong presence of gold and silver, geophysics also confirm structural anomaly at site. Trenching and drilling planned for 2011. SilverGold

25. 25 Maiden JORC resource announced 06/2010: 344,000 oz Au inferred category The metallurgical characteristics of the ore are amenable to conventional gravitation, flotation and direct cyanidation processing techniques. Metal recoveries from initial test work reached over 97% for gold and 74% for silver Olcha – Maiden resource Zond Zone 2 Zone 1 2.7km N

26. 26 Olcha: Structural model developed, new results being added NWNW NWNW Zone 2 Zone 1 Olcha

27. 27 Bore hole C-35. Epithermal quartz veining. Similar veining in neighboring gold mines (Kubaka, Kupol) Olcha

28. 28 Significant historical drilling and trenching results include: Bore hole ID number TargetInterval, mGold grade g/ton Silver grade g/ton fromtolength C-47Centralny, Zone 129.630.44.47.120.9 C-63Centralny, Zone 110.418.48.015.949.6 C-85Centralny, Zone 116.324.58.26.118.9 C-88Centralny, Zone 165.270.55.29.415.7 C-121Centralny, Zone 193.4121.327.94.721.4 including105.1107.12.025.177.8 114.6118.64.06.943.5 C-33Centralny, Zone 2152.0157.55.58.420.0 C-40Centralny, Zone 238.840.31.535.2103.1 C-42Centralny, Zone 251.553.01.524.654.5 C-42Centralny, Zone 2151.2153.82.68.014.6 C-59Centralny, Zone 2106.6108.01.47.910.0 C-136Centralny, Zone 2180.1181.00.915.497.8 C-136Centralny, Zone 2203.6204.61.014.0TR Trench ID number TargetWidth, mGold grade g/ton Silver grade g/ton K-22Centralny Zone 12.68.133.9 K-67Centralny Zone 17.517.338.5 K-68Centralny Zone 13.410.240.8 K-105Centralny Zone 110.56.516.0 K-172Centralny Zone 12.812.343.5 K-102Centralny Zone 21.342.075.2 K-353Centralny Zone 21.518.530.5 K-355Centralny Zone 23.514.316.8 K-354Centralny Zone 29.410.789.7 K-370Zond9.245.6102.5 Olcha

29. 29 Bore hole ID numberInterval, mAu grade g/tonAg grade g/ton fromtolength C-33152.0157.55.58.420.0 C-4038.840.31.535.2103.1 C-4251.553.01.524.654.5 C-42151.2153.82.68.014.6 C-59106.6108.01.47.910.0 C-136180.1181.00.915.497.8 C-136203.6204.61.014.0TR C-168*95.9110.014.111.330.1 including105.2110.04.830.970.6 C-168*168.6171.64.05.437.0 including169.6170.61.015.2110.4 C-169*197.5207.510.014.613.0 including197.5199.31.814.110.3 including204.8206.51.744.540.8 C-190*195.1202.66.5 28.1 including199.1200.91.819.268.8 C-194*144.7146.72.010.429.5 C-195*259.9273.613.74.016.5 including266.4268.01.69.749.9 including270.8271.60.813.620.8 Trench ID number K3531.518.530.5 K3549.410.789.7 K3553.514.316.8 * denotes data from 2010 drilling season Olcha – Zone 2

30. 30 Overburden cleared, ore outcrop (white veins) visible View looking West, camp, drill rig in background Trench heading South Olcha – Photo highlights

31. 31 Ovoca Gold is one of the only independent (no strategic stake owned) publically-listed junior explorer/miner active in Russia today Junior miner presence in Russia largely absent + Foreign companies wanting to enter Russia lack local partners + World class projects and people = Business opportunity: focus of Ovoca Gold Drill rig at Olcha Ovoca focus

32. 32 EV is market capitalization as of 28.02.11 plus net cash as of latest financial report, peer group is AIM listed companies with operations in emerging markets ProducersExplorers/developers Peer valuation (EV/oz resource) Current valuation implies negative value for our resources, free gold!

33. 33 Current EV valuation of Ovoca Gold implies a negative US$/oz Au (JORC M,I&I) Explorer/developer peer average valuation would imply share price of GBP 0.65 Assume Rassoshinskaya conversion and Stakhanovsky threshold of 300,000 oz JORC measured and indicated completed by end-2011: Payment out of Ovoca equals US$12mn as per vending agreement JORC measured, indicated and inferred resource at 694,000 oz Au (Olcha + Stakhanovsky) Current EV valuation would be US$8/oz JORC resource (less than half closest peer) Cash and equivalents position would still be very strong at forecast US$32 – 35mn Valuation – Vending arrangement Road sign for Susuman, note city coat-of-arms is dredge for placer mining

34. 34 Stakhanovsky Rassoshinskaya Exploitation Mine development Exploration 2010 - 201120122013 – 2010 - 20132014-20152016 – Management intentions (3 - 5 years) a significant gold resource ready for feasibility study and/or JV partner with global mining companies a cash generating asset producing 30,000 – 50,000 ounces Au annually (preliminary in-house estimate) Development timeline Management’s goal is to put Stakhanovsky into production as soon as possible, generate cash flow to keep company financially self-sufficient, explore the Rassoshinskaya license area, and keep an eye out for opportunistic acquisitions. 34

35. 35 NamePositionBackground Tim McCutcheon CEO, Executive Director Mr. McCutcheon’s background is as a capital markets analyst and investment banker. Worked in Moscow and New York in banking and has over 15 years of business experience in Russia/CIS. BA cum laude Columbia University, New York, NY. MBA, Columbia Business School. Mikhail Mogutov Executive Chairman Mr. Mogutov has been involved in acquiring and managing industrial complexes since 1988. His experience includes United Machinery Plant (Russia’s largest machine-building enterprise), Vostsibugol (one of Russia’s largest coal mines), and Biomed (pharmaceuticals). Leonid Skoptsov Non-executive Director Mr. Skoptsov has decades of experience in managing and advising natural resource companies. His experience includes oil producer Volganeft (oil company in Russia), First Mining (developer of large zinc-lead deposit in Russian Far North), and North Pacific Coal (large coking coal project in Russian Far North). Yury Radchenko Non-executive Director Mr. Radchenko, a geologist, was a founder of the Dukatsky Mining Geological Company, now one of the largest exploration contractors in the Russian Far East. He is currently the general director for the Julietta gold mine (formerly Kinross). He is also the discoverer of the Lunnoye silver deposit (Polymetal). Don Schissel Non-executive Director Mr. Schissel has recently retired from BHP Billiton after a near 30 year career there. He was Regional Exploration Manager - Eurasia between 1992 – 1999, as well as Exploration Manager - Russia and Kazakhstan between 2005 – 2009. Team discovery of Oyu Tolgoi porphyry copper deposit in Mongolia (now in Ivanhoe Mines) and Jinlong gold deposit in China. Ken Kuchling Non-executive Director Mr. Kuchling is a mining consultant with a focus on mining engineering. His clients include Northgate Minerals, NovaGold, Oromin, and BHP. He was Senior Mining Engineer for Rio Tinto’s Diavik Diamond Mine in Canada between 1997 – 2000 and played a key role in project feasibility study and permitting. Kirill Golovanov Corporate Secretary, Head Russia Office Mr. Golovanov is a graduate of Moscow State Legal Academy and has worked in Gazprombank, Vneshekonombank, as well as a department manager in the Federal Service on Bankruptcy and Finance Restoration – a subdivision of the Russian Federation Ministry of Finance. Svetlana Radchenko CFO Ms. Radchenko has over a decade of experience in financial management of both Russian and international companies, including working in the finance departments of such companies as OAO Volganeft and OAO TverUniversalBank. She has a Doctorate in Finance, St. Petersburg State University, Russia and MA Finance, Moscow State University, Russia. Oleg TsopanovHead Geologist Mr. Tsopanov has a long and successful career as a geologist. He was the Head of Diamonds, Gold and Precious Metals at the Ministry of Geology of the USSR. Mr. Tsopanov is responsible for the discovery of multiple gold and other metal ore bodies, including Kubaka (Kinross), Dukat (Polymetal), and Karleveem. Vyacheslav Makeev Head Metallurgist Mr. Makeev is a metallurgist and was the Production Chief at the Julietta mine (Bema Gold). He was also instrumental in the construction and operation of the Lunnoye silver mine (Polymetal), where he served as Chief Metallurgist. He was also Head of Technology at TsNIGRI, a major Russian laboratory. Team

36. 36 Ovoca Gold Plc. Russia representative office: Stoloviy Pereulok, Bld 6 Moscow, 121069 Russia Telephone: +7 495 916 6029 Dublin office: 78 Merrion Square Dublin 2 Ireland Telephone: +353 1 661 9819 www.ovocagold.com Contacts