B.

MODEL EKONOMI TEKNIS

Economic Model Annual Summary
Company Nordgold
Project Name Montagne d'Or
Scenario Name Base Case 4.5Mtpa - Opt 1
Analysis Type BFS - Base Case
CALENDAR YEAR 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Project Timeline LoM 1 2 3 4 5 6 7 8 9 10 11

Production Timeline Total -3 -2 -1 1 2 3 4 5 6 7 8

Discount Factors EOP @ 5% US$ & Metric Units or Avg. 1.0000 0.9524 0.9070 0.8638 0.8227 0.7835 0.7462 0.7107 0.6768 0.6446 0.6139
Market Prices

Gold US$/oz $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250

Exchange Rate EURUSD 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.05

Physicals 2,530 45,530.62 1.73

Total Ore Mined kt 54,114 - 173 235 5,231 5,470 5,673 5,135 5,713 6,071 4,364 4,924

Total Waste Mined kt 241,753 - 3,650 3,660 17,161 25,613 28,860 29,957 21,931 26,560 21,000 24,300

Total Material Mined kt 295,867 - 3,823 3,895 22,392 31,083 34,534 35,091 27,644 32,631 25,364 29,224

Strip Ratio w/o 4.5 - 21.1 15.6 3.3 4.7 5.1 5.8 3.8 4.4 4.8 4.9

Total Ore Tonnes, Processed kt 54,115 - - - 4,442 4,562 4,563 4,562 4,575 4,563 4,562 4,564

Gold Grade, Processed g/t 1.58 - - - 1.63 1.91 1.87 1.95 1.80 1.45 1.76 1.44

Contained Gold, Processed koz 2,745 - - - 233 280 274 286 265 212 258 211

Average Recovery, Gold % 93.8% -- -- -- 94.2% 94.0% 94.0% 93.6% 93.6% 93.7% 93.6% 93.6%
Recovered Gold, Dore koz 2,574 - - - 220 263 258 268 248 199 241 198

Payable Gold, Dore koz 2,572 - - - 219 263 257 268 248 199 241 198

Cash Flow 1.45

Total Revenue $000s 3,214,654 - - - 274,172 328,844 321,604 334,650 309,385 248,251 301,532 247,055

Mining Cost $000s (704,040) - - - (61,346) (67,981) (74,068) (78,039) (66,907) (73,260) (66,766) (64,814)

Process Cost $000s (621,830) - - - (48,676) (50,258) (51,549) (53,010) (53,207) (52,907) (53,222) (52,966)

Site G&A Cost $000s (224,309) - - - (19,036) (19,147) (19,220) (19,294) (18,963) (19,183) (18,999) (18,926)

Water Management Cost $000s (6,368) - - - (250) (375) (433) (419) (637) (606) (629) (659)

Refining/Selling Cost $000s (2,375) - - - (203) (243) (238) (247) (229) (183) (223) (183)

Direct Cash Costs $000s (1,558,922) - - - (129,511) (138,003) (145,507) (151,009) (139,942) (146,139) (139,839) (137,547)

Royalties $000s (153,374) - - - (13,676) (16,403) (16,042) (16,692) (15,432) (12,383) (15,040) (12,323)

Indirect Cash Costs $000s (153,374) - - - (13,676) (16,403) (16,042) (16,692) (15,432) (12,383) (15,040) (12,323)

Total Operating Expense $000s (1,712,296) - - - (143,187) (154,406) (161,549) (167,702) (155,374) (158,522) (154,880) (149,871)

Operating Margin $000s 1,502,358 - - - 130,985 174,438 160,055 166,948 154,011 89,729 146,653 97,184

Earnings Before Interest, Taxes & Depreciation $000s 1,502,358 - - - 130,985 174,438 160,055 166,948 154,011 89,729 146,653 97,184
Depreciation Allowance $000s (766,131) (8,826) (9,582) (20,197) (83,057) (72,645) (61,722) (60,288) (49,905) (48,113) (49,877) (43,868)
Other Non-Cash Tax Adjustments $000s - - - - 5,489 4,684 7,325 4,476 4,422 15,526 (1,866) 4,252
Earnings Before Taxes $000s 736,228 (8,826) (9,582) (20,197) 53,417 106,477 105,658 111,137 108,529 57,142 94,910 57,568
Income Tax $000s (200,746) - - - - (27,002) (29,104) (17,439) (29,794) (3,708) (12,770) (15,033)
Net Income $000s 535,482 (8,826) (9,582) (20,197) 53,417 79,475 76,554 93,698 78,735 53,434 82,140 42,536
Non-Cash Add Back Depreciation $000s 766,131 8,826 9,582 20,197 83,057 72,645 61,722 60,288 49,905 48,113 49,877 43,868
Other Non-Cash Tax Adjustments $000s - - - - (5,489) (4,684) (7,325) (4,476) (4,422) (15,526) 1,866 (4,252)
Working Capital $000s 0 - - - (6,249) (195) 270 (341) 1,060 353 (171) 192
Operating Cash Flow $000s 1,301,612 - - - 124,736 147,241 131,221 149,169 125,278 86,374 133,713 82,344
Initial Capital $000s (535,191) (143,255) (204,818) (187,118) - - - - - - - -
Sustaining Capital $000s (231,120) - - - (39,844) (15,532) (8,848) (48,121) (10,813) (39,686) (53,424) (7,305)
Closure/Reclamation Capital $000s (60,659) - - - - - - - - (9) (480) (1,129)
Total Capital $000s (826,971) (143,255) (204,818) (187,118) (39,844) (15,532) (8,848) (48,121) (10,813) (39,695) (53,904) (8,434)
Surplus Tax Credit Refunds $000s 185,632 - 48,854 65,836 59,691 11,250 - - - - - -

Metrics

Economic Metrics
a) Pre-Tax Free
Cash Flow $000s 861,019 (143,255) (155,964) (121,282) 144,583 169,960 151,478 118,487 144,258 50,388 92,578 88,942
Cumulative Free Cash Flow $000s (143,255) (299,219) (420,501) (275,918) (105,957) 45,520 164,007 308,266 358,653 451,232 540,174

NPV @ 5% $000s 506,731 (143,255) (148,537) (110,007) 124,897 139,827 118,687 88,417 102,522 34,104 59,677 54,603
Cumulative NPV $000s (143,255) (291,792) (401,799) (276,902) (137,075) (18,389) 70,028 172,550 206,654 266,331 320,934

IRR % 22.2%

Undiscounted Payback From Start of Comm. Prod. Years 3.7 - - - 3.7 3.7 3.7 3.7 3.7 3.7

PI @ 5% NPV / (PW of TC) 0.72 143,255 195,065 169,722 34,419 12,778 6,932 35,908 7,685 26,867 34,747 5,178
b) After-Tax Free
Cash Flow
$000s 660,273 (143,255) (155,964) (121,282) 144,583 142,959 122,374 101,049 114,464 46,680 79,809 73,910
Cumulative Free Cash Flow $000s (143,255) (299,219) (420,501) (275,918) (132,959) (10,585) 90,463 204,928 251,607 331,416 405,326

NPV @ 5% $000s 369,949 (143,255) (148,537) (110,007) 124,897 117,613 95,883 75,404 81,348 31,595 51,445 45,374
Cumulative NPV $000s (143,255) (291,792) (401,799) (276,902) (159,289) (63,407) 11,997 93,345 124,940 176,385 221,759

IRR % 18.7%

Undiscounted Payback from Start of Comm. Prod. Years 4.1 - - - - 4.1 4.1 4.1 4.1 4.1

PI @ 5% NPV / (PW of TC) 0.53 143,255 195,065 169,722 34,419 12,778 6,932 35,908 7,685 26,867 34,747 5,178
Operating Metrics Mine
Life
Years 12
Average Mining Rate (Mill Feed + Waste) kt/y 35,091

Average Processing Rate kt/y 4,575

Mining Cost $ / t mined $2.44 - - - 2.74 2.19 2.14 2.22 2.42 2.25 2.63 2.22
Mining Cost $ / t ore $13.01 - - - 11.73 12.43 13.06 15.20 11.71 12.07 15.30 13.16
Processing Cost $ / t ore $11.49 - - - 10.96 11.02 11.30 11.62 11.63 11.60 11.67 11.61
G&A Cost 17% $ / t ore $4.15 - - - 4.29 4.20 4.21 4.23 4.15 4.20 4.16 4.15
Water Mgmt Cost $ / t ore $0.12 - - - 0.06 0.08 0.09 0.09 0.14 0.13 0.14 0.14
Sales Metrics LoM Au
Dore Sales koz 2,572 - - - 219 263 257 268 248 199 241 198
LoM Annual Dore Sales koz / yr 214
LoM All-In Sustaining Costs (AISC) $ / oz $779 - - - 834 646 662 806 671 998 866 801
Total Au Dore Sales (1st 10 Yrs) koz 2,370 - - - 219 263 257 268 248 199 241 198
Avg. Annual Dore Sales (1st Ten Yrs) koz / yr 237

All-In Sustaining Costs (AISC - 1st Ten Yrs) $ / oz $749

Average Grade (1st Ten Yrs) g/t Au 1.73

C. MODEL PAJAK
 COMPANY Nordgold
BUSINESS UNIT
OPERATION
Montagne d'Or

BFS - Base Ca Se

Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

Project Counter 1 2 3 4 5 6 7 8 9 10

Production Timeline value / Total -3 -2 -1 1 2 3 4 5 6 7

Time Before Mine Closure factor units or Avg. 15 14 13 12 11 10 9 8 7 6

PRODUCTION SUMMARY

Mill Feed - kt 54,113,619 - - - 4,441,875 4,562,500 4,562,500 4,562,500 4,575,000 4,562,500 4,562,500 4,562
Recovered Gold - oz 2,574,317 - - - 219,567 263,352 257,539 267,992 247,763 198,795 241,455 197
INCOME TAXES (BY YEAR)

Corporate Income Tax

Gross Revenue $000s 3,214,654 - - - 274,172 328,844 321,604 334,650 309,385 248,251 301,532 247
Less Refining/Selling Costs $000s (2,375) - - - (203) (243) (238) (247) (229) (183) (223) (1
Less Mining Royalty $000s (153,374) - - - (13,676) (16,403) (16,042) (16,692) (15,432) (12,383) (15,040) (12,
Less Operating Costs $000s (1,556,547) - - - (129,309) (137,760) (145,270) (150,762) (139,713) (145,956) (139,616) (137,
Less Stockpile Adjustments $000s - - - - 5,489 4,684 7,325 4,476 4,422 15,526 (1,866) 4,
Adjusted EBITDA $000s 1,502,358 - - - 136,474 179,122 167,380 171,424 158,433 105,255 144,787 101
Standard Depreciation $000s (119,174) - (684) (1,617) (6,432) (6,335) (6,540) (7,015) (6,981) (6,758) (8,131) (7,
Accelerated Depreciation $000s (646,957) (8,826) (8,897) (18,580) (76,626) (66,311) (55,182) (53,273) (42,924) (41,354) (41,746) (36,
EBT Before LCF $000s $000s 736,228 (8,826) (9,582) (20,197) 53,417 106,477 105,658 111,137 108,529 57,142 94,910 57,
LCF Utilized $1,050 (47,632) - - - (47,632) - - - - - -
Income Subject to Income Tax $000s 688,595 (8,826) (9,582) (20,197) 5,785 106,477 105,658 111,137 108,529 57,142 94,910 57,
Standard Corporate Income Tax Rate 3.3% 28.0% $000s $000s 245,282 - - - 1,620 29,814 29,584 31,118 30,388 16,000 26,575 16
Surcharge Threshold on CIT $801 7,830 - - - 27 957 950 1,000 976 502 851
Total Income Tax Before FG Tax Credits $000s 253,112 - - - 1,647 30,771 30,534 32,119 31,364 16,501 27,425 16,
FG Tax Credits LoM $000s (52,366) - - - (1,647) (3,769) (1,430) (14,680) (1,571) (12,793) (14,656) (1,
Total Income Tax After Tax Credits 29.2% $000s 200,746 - - - - 27,002 29,104 17,439 29,794 3,708 12,770 15,
Surplus Tax Credit Refund Payable $000s 185,724 48,854 65,836 59,691 11,250 - - - - - -

$9,027
Loss Carry Forward (9,027) (17,853) (27,435) (47,632) - - - - - -
Beginning Balance Additions $000s $000s (187,412) (8,826) (9,582) (20,197) - - - - - - -
Utilized $000s 47,632 - - - 47,632 - - - - - -
Ending Balance $000s - (17,853) (27,435) (47,632) - - - - - - -

FRENCH OVERSEAS DEPARTMENT TAX CREDITS

a) Moveable Assets
Major Mobile Equipment $000s 82,252 22,058 4,817 33,403 5,355 2,610 3,436 2,321 2,257 583 2,489 2,
Other Equipment $000s 7,727 - 809 2,058 4,859 - - - - - -
Subtotal Moveable Assets Capex $000s 89,979 22,058 5,627 35,461 10,214 2,610 3,436 2,321 2,257 583 2,489 2
Eligible Tax Credit 35.0% $000s $000s 31,492 7,720 1,969 12,411 3,575 914 1,202 812 790 204 871
b) Buildings Assets 13,839 18,452 13,839
Process/Infrastructure: Construction Indirects 46,131 - - - - - - -
Processing: Treatment Plant - All $000s 105,912 31,774 42,365 31,774 - - - - - - -
 Processing: Reagents and Plant Services - All $000s 31,230 9,369 12,492 9,369 - - - - - - -
Infrastructure $000s 144,675 43,402 57,870 43,402 - - - - - - -
Mining (Facilities) - All $000s 5,819 1,746 2,327 1,746 - - - - - - -
Management Costs - All $000s 28,473 8,542 11,389 8,542 - - - - - - -
Owners Project Costs $000s 29,515 8,855 11,806 8,855 - - - - - - -
Subtotal Eligible Buildings Asset Capex $000s $000s 391,754 117,526 156,702 117,526 - - - - - - -
Eligible Tax Credit 35.0% $000s 137,114 41,134 54,846 41,134 - - - - - - -
c) Other Assets 16,217
Preproduction (Pre-Stripping) 33,461 - 17,244 - - - - - - -
Infrastructure (Sustaining) $000s - - - - - - - - - - -
TSF (Sustaining) - TSF Lifts $000s 151,282 - - - 26,422 7,186 - 39,574 1,243 35,843 39,384 1,
Mine Water Management $000s 9,956 - 8,213 50 24 237 650 47 129 127 -
Surface Water Management $000s 3,827 - 1,345 266 189 735 - - 859 - -
losure/Reclamation/Salvage/Post Closure Monitoring $000s - - - - - - - - - - -
Subtotal Other Assets Capex Eligible $000s $000s 198,526 - 25,775 17,559 26,634 8,159 650 39,622 2,231 35,970 39,384 2,
Tax Credit 35.0% 69,484 - 9,021 6,146 9,322 2,856 228 13,868 781 12,589 13,784
Tax Credit Summary
Opening Balance $0 - - - - - - - - - - -
Tax Credits Calculated (Incl "Other Assets" Credits?) Yes $000s 238,090 48,854 65,836 59,691 12,897 3,769 1,430 14,680 1,571 12,793 14,656 1,
1) Tax Credits Utilized Against Income Taxes $000s $000s (52,366) - - - (1,647) (3,769) (1,430) (14,680) (1,571) (12,793) (14,656) (1,
Ending Balance Before Refund $000s 185,724 48,854 65,836 59,691 11,250 - - - - - -
2) Tax Credit Refunds in excess of CIT $000s (185,724) (48,854) (65,836) (59,691) (11,250) - - - - - -
Ending Balance After Refund $000s - - - - - - - - - - -
Total LoM Eligible Assets Capex $000s 680,258 139,584 188,103 170,547 36,848 10,770 4,086 41,943 4,488 36,553 41,873 4,
Total LoM Tax Credits Generated $000s 238,090 48,854 65,836 59,691 12,897 3,769 1,430 14,680 1,571 12,793 14,656 1,
% of Tax Credits vs. Eligible LoM Project Capital % 35%