“Value Creation”Exploration - Reserve Growth

Gold PriceAssumption US$400 US$400 US$350 US$325 US$300 US$300

37.1

52.7

52.6

56.6

66.3

87.3

North

America

South

America

Australia

& NZ

Asia

Africa

*Note: Includes Normandy and Echo Bay pro rata ounces at year-end

*

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