Annual General Meeting Presentation

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20 June 2012

Allied Gold Mining PLC

("Allied Gold" or the "Company")

Annual General Meeting Presentation

Allied Gold has released today the Chairman and Managing Directors address with accompanying slides to be presented at the Company's Annual General Meeting being held today at 10.00am BST (5.00pm Perth WST).

To view the full release including the presentation please use the following link http://www.alliedgold.com.au.

For further information:

Allied Gold Mining PLC (Investor and Media) - Joe Dowling, +61 403 369 232

RBC Capital Markets (Joint Corporate Broker) - Stephen Foss / Matthew Coakes / Daniel Conti, +44 (0) 207 653 4000

Buchanan (Financial PR Advisor) - Bobby Morse / James Strong, +44 (0) 207 466 5000

2012 Annual General Meeting. Chairman's address - Mr Mark Caruso

Good afternoon everyone and welcome to the 2012 AGM for Allied Gold Mining PLC. Welcome also to those people who are joining the meeting via webcast from London, where we have the CEO Frank Terranova and my fellow directors Sean Harvey and Tony Lowrie.

This is the first Annual General Meeting of Allied Gold Mining PLC following our corporate restructure last year. The company has certainly seen a great deal of progress and development over the past 18 months.

In fact, the transformation has been significant. At the start of 2011, we were a single mine company, operating only in PNG, and having produced a total of 70,000 ounces of gold in 2010.

By comparison, in the current year we will produce approximately 180,000 ounces of gold - that represents an increase of 157% compared with 2010 - from two operating mines in two jurisdictions, with multiple growth opportunities, rising operating cash flows and vastly improved operational performance.

So, over the past 18 months we have moved a long way towards fulfilling our ambitions of becoming a multi-asset company focused on the Asia Pacific region, with the reduced risk profile that accompanies diversification, enjoying multiple cashflow sources and having a variety of expansion options to explore. In my view, that makes us an increasingly attractive gold producer, and we have now built a solid foundation from which to expand our operations and generate increased shareholder returns.

Notwithstanding, the highlights of the past 18 months which I will go through shortly; I think its important to highlight several key points: the Company has invested over $500 million in Simberi and Gold Ridge, and has produced over 373,000 ounces of Gold and employs some 1680 people generating wealth for the economies of PNG and the Solomon Islands.

So let me now quickly recount the highlights of the past 18 months:

1) The major achievement of 2011 was the commencement of production at Gold Ridge, which occurred in March, within one year of Allied Gold taking control of the project. We had announced the acquisition late in 2009, for a price of just $56 million, with plans for a $150 million refurbishment of the process plant. And at the time, it was seen as a somewhat courageous move, due to the chequered history of the Solomon Islands. Today, the decision to acquire and redevelop the mine has been fully vindicated, and we are confident that Gold Ridge will be a very successful operation for many years to come.

2) The Company completed a major corporate restructure in the first half of 2011, which involved the creation of Allied Gold PLC, which was subsequently listed on the Premium Market of the London Stock Exchange. The reorganization reflected the evolution of Allied Gold into a truly international company and the growing representation of US and UK shareholders on the company's share register.

3) In June of 2011, with Gold Ridge in production, the company completed a management restructure, with former CFO Frank Terranova named as CEO, while I assumed a non-executive Chairman's role focused on strategic planning. I am pleased to report that the transition has worked seamlessly, with the Board and Management working well together in their respective roles.

4) In October 2011, Simberi produced its 250,000th ounce of gold, confirming the operation as one of the major gold deposits of PNG and one of the undeniable success stories of the region. Again, its success vindicates our decision back in 2003 to merge with Nord Pacific and pursue the development of the project, at a time when gold prices were languishing well below $400 per ounce.

5) For the full year to December 2011, the Company achieved record gold production of 108,000 ounces. This was a solid result, including 51,000 ounces from Gold Ridge in its first year of production, and despite various mechanical issues which led to lower than planned output at Simberi.

March Quarter Performance

The operational momentum created in 2011 has been maintained in the first half of 2012, and while Frank will go into more detail on the performance of the individual assets, I would make the following high level observations:

1) Our production for the first quarter, at 34,000 ounces, was up 9.4% compared with the preceding December quarter, and left us on track to achieve our production target of 180,000 ounces for the year. It was gratifying also to see our unit costs begin to reduce in line with our plans, and headed towards a run rate of $850 per ounce by the end of the year.

2) Good progress has been achieved with the expansion of the Simberi process plant to annual throughput of 3.5 million tonnes per annum, which will lift Simberi production to approximately 95,000 ounces next year. Some components of the expansion will commence commissioning within the next few weeks, and the entire expansion will be fully commissioned by the end of the year.

3) The project to replace diesel fired power generation at Simberi, with heavy fuel oil generators, has advanced rapidly during this year, with the new Wartsilla generators now travelling to site for installation.

4) At Gold Ridge, the major haul road enabling access to important new sources of ore at the Kupers and Dawsons pits made excellent progress. Mining is now well advanced at Kupers, which is supplying higher grade oxide material to the mill, enabling recovery rates to be lifted.

5) Our overall cash position remains healthy, with approximately $20 million in the bank, and with gold sales generating good operating cashflows. Based on our current forecasts, and assuming gold prices remain relatively stable, the company does not expect to return to the equity markets to raise further capital to fund expansion projects currently in construction.

So, as I said earlier, progress over the past 18 months has been quite remarkable.

But we should never rest on our laurels. While we have done well operationally, we certainly have more work to do, and we need to remain focused to drive improved shareholder value.

Our shares, in my view, are trading well below fundamental value, and the market has not given us credit for the progress that has been achieved.

The overall market conditions, of course, have been challenging, with the gold price declining from peaks of well above US$1900 per ounce in mid 2011, to today's price of around $1600 per ounce, and with European instability and a slowing Chinese economy creating an uncertain outlook for the global economy. Political instability in Papua New Guinea also has played a part in the market's perception of the Company's risk profile, and while I believe the sovereign risks are overstated in this case, I am hopeful that the forthcoming national elections will lead to a resolution of the recent upheavals.

Industry Consolidation

The Company is well positioned due to its significant resource/reserve count and increasing production profile to participate in any sector consolidation, and we maintain a constant surveillance of the market for any opportunities to create shareholder value. With our solid cash position, we remain under no pressure to act precipitously.

At current gold prices, we continue to generate reasonable operating margins, and the various measures we are putting in place to lift production will help us to drive down unit costs over the remainder of the current year and into 2013. I remain confident that, as we continue resolutely executing our strategy, as we achieve the production targets we have outlined to the market, and as we put in place the expansion projects which will generate higher output, our share price will respond accordingly.

In summary, before I hand over to Frank, I would like to thank the employees and management of the company and my fellow directors for their hard work and dedication over the past 18 months. I also would like to thank the local communities of Simberi and Gold Ridge for their support and co-operation. We have achieved a lot together, and created lasting benefits for the people at both locations.

And finally I thank you, the shareholders, for your interest in the company and I look forward to reporting further good results in the years ahead.

Managing Director's speech - Mr Frank Terranova

Thank you Chairman, and good afternoon everyone.

As Mark has explained, the last 18 months have seen substantial progress at Allied Gold. The company we have created today has changed dramatically since the start of 2011, and we are now poised to enter a new, more mature phase in Allied Gold's corporate development.

Over the remainder of this year and into 2013, we will see the various expansion projects and improvements that we have been working on in recent years come to fruition, lifting our production to beyond 200,000 ounces per year, elevating us to the ranks of a mid-tier, diversified gold producer, and driving down unit costs.

Importantly, with the completion of those projects, and with two mines operating at steady state capacity, we expect to achieve greater levels of operational consistency, so we can more reliably achieve our production and cost targets. That, in turn, will lead to lower risk for investors, and a potential re-rating in our share price, providing a solid foundation for future growth.

2011 Review

In 2011, we achieved total production of 108,000 ounces of gold - a 55% increase on the previous year. The contribution from Simberi was 57,284 ounces and during the year we saw a milestone achieved with the first production from Gold Ridge, which recorded output of 51,054 ounces in the period from March, when the first gold was poured.

Management strengthened.

Before I go into the detail on the individual performance of the two operating mines, I want to mention some significant changes we made to our management team, which have been instrumental in delivering cultural change leading to improved production.

In November last year we appointed Johan Oelofse as Chief Operating Officer of the company, responsible, as the title suggests, for the strategy and execution of our mining and process plant operations at both sites. A highly qualified South African mining engineer, with extensive international experience and a successful track record, Johan has brought a higher degree of discipline and improved planning to both operations. In just a few short months, Johan has driven a culture of performance and accountability into the operations, introducing new highly skilled technical staff focused on delivering results and achieving our production goals.

I would also acknowledge the strong contribution of Stephen Kelly, who took over as Chief Financial Officer in June last year, and has overseen significant improvements in our financial planning and funding strategies which have strengthened our financial position significantly and delivered greater financial flexibility.

Along with the other senior members of management, we now have a strong team in place, with the mix of skills and experience to lead us into the next phase of our development.

Gold Ridge Production and Performance

Following the start of production in March, 2011, Gold Ridge production ramped up gradually during the year.

The 2011 mine plan was initially focused on accessing and processing of lower grade remnant material from the small Valehaichichi pit, initially developed by Ross Mining in 1998. Over the course of the year, a major haul road was constructed to provide access to the second Gold Ridge ore body at Namachamata, which, while only a relatively small deposit of approximately 100,000 ounces, was important as it provided a second source of ore for the mill.

In 2012, a focus at Gold Ridge has been the extension of the haul road to the south of the mine, providing access to develop the larger Kupers deposit, which contains an estimated 770,000 ounces of gold at an average grade of almost 1.3 grams per tonne. Access to Kupers has now been achieved, and we commenced mining higher grade, oxide ore from the pit earlier this year. Beyond Kupers lies Dawsons, which contains an estimated 1 million ounces of gold at an average grade of 1.28 grams per tonne, and which we expect to begin mining later this year.

The opening up of the four pits at Gold Ridge is crucial, as it provides multiple sources of ore to ensure consistent ore supply to the mill. Importantly, it also will allow blending of ores in the mill feed to maximize gold processing recoveries. In 2011, as the plant was being fine tuned, and as the mill was mainly reliant on harder primary sulphide ores from the Valahaichichi pit, recoveries were low, at 68.7%. In the first quarter of 2012, we saw recoveries start to improve, reaching 71.6%, and this is expected to lift to beyond 80% in the current year.

Gold Ridge's 2011 gross cash costs of US$1,224/oz reflected the gradual ramp up of operations with the

spreading of what are largely fixed costs over production volumes that were approximately three quarters of its expected run rate of 105,000 ozpa. In the first quarter of 2012, we saw the costs begin to reduce, falling to $1,124 per ounce as volumes increased and as various efficiencies were implemented.

Simberi Production and Performance

Production at Simberi during 2011 totaled 57,284 ounces, which was lower than the previous year, with production interrupted due to heavy rainfall, unscheduled plant maintenance and various mechanical issues. This caused almost two months of processing down time, which equated to approximately 11,446 ounces of foregone production.

Remedial work over the course of the year led to an improved performance in the first quarter of 2012, with production increasing by 21.5% compared to the December quarter, reaching 15,051 ounces.

Gross cash costs per ounce in 2011 were affected by the lower overall rates of production, which means that the high proportion of fixed costs at the Island are borne by fewer ounces of output.

In the first quarter of 2012, we saw the cost performance begin to improve as production rates recovered, and after peaking at $1,235 per ounce in the December of quarter of 2011, unit costs reduced 11% to $1,099 in the three months to March 2012.

Expansion Projects

A major focus of our efforts in Simberi during 2011 and 2012 has been the expansion of the process plant to lift output to approximately 100,000 ounces per year.

The expansion will allow processing capacity of oxide ores to increase from 2.0 Mtpa to 3.5 Mtpa through the installation of a new semi-autogenous grinding mill, two new leach tanks, additional elution circuit and improved tailings treatment facilities. All of the major components are now on site with the exception of the apron feeder, which is scheduled for shipment within the next few weeks. The leach tanks are completed and will commence commissioning at the end of this month (June), and will be plumbed into the existing circuit to enable completion of refurbishment of the existing tanks. The civil works for the SAG mill foundations are complete and the mill is currently being installed. The complete expansion is expected to be completed and operational by the end of the year.

Power conversion

The conversion of the power plant at Simberi from diesel fuel to cheaper heavy fuel oil has also advanced in recent months. The seven new Wartsilla generators are scheduled to arrive at Simberi this month.. The first four generators will commence commissioning in July, using diesel fuel, and will convert to HFO within a few weeks of commissioning.

Exploration

Exploration at Simberi in 2011 was focused on proving up sulphide resources to support the potential installation of sulphide processing capacity, and the results of those efforts will flow through into a planned resource upgrade to be announced with the June quarterly report. Exploration efforts in 2012 have shifted to identification of new oxide and sulphide deposits within the Mining Lease. New targets have been generated and testing of these targets has started.

A renewal application for Exploration Lease 609, which covers all of the Tabar Islands outside of the Simberi Mining Lease, has been submitted, with a decision pending.

At Gold Ridge, the development of access roads into the Kupers and Dawsons deposits has enabled additional exploration work to commence in these areas, testing for extensions of the ore bodies, which remain open to the south where the Mining Lease remains essentially untested.

Elsewhere in the Solomon Islands, the company has applied for a total of more than 560 square kilometers of exploration territory on Guadalcanal and other islands.

Extensive drilling has been undertaken at Simberi in recent years with a view to identifying additional sulphide resources to underpin the expansion of the process plant to enable processing of sulphide ores. The results of that drilling are in the process of being analyzed, and are expected to lead to an update of the Simberi resource and reserve numbers in the June quarter.

Financial performance

Allied Gold Mining Plc reported a loss of US$5.9 million for the 12 months to 31 December 2011. Like

many companies in a development and expansion phase this result reflects in part a heavy investment in

growth for the future.

The Company has a robust balance sheet. As at 31 March, the Company had total cash at bank of US$28.2 million, plus gold in hand of $9.6 million, and we continue to generate healthy operating cashflows. This provides a sufficient buffer for the capital works program of the year.

Community relations

For Allied Gold to be able to operate successfully in PNG and the Solomon Islands, it is vital that the Company retains the social licence granted by the local communities at Simberi and Gold Ridge. And as a responsible corporate citizen, we take our social obligations very seriously, as we ultimately seek to provide positive and sustainable outcomes for all our stakeholders, including shareholders, staff, local and national governments, local communities and the broader environment.

At Simberi, Allied Gold's community and development programmes are extensive. The mine employs some 600 PNG nationals and local islanders and is the main source of jobs and income for the Island's population. The Company's community activities range from health and education investments and programmes, to the delivery of vital infrastructure such as water supply, roads, communication and business development. Its health initiatives include investments in standard equipment such as clinics, an ambulance and x-ray machines; allowances for nurses; health awareness programs and monthly visits to the islands of Tatau and Big Tabar.

At Gold Ridge, we employ almost 700 local people and the extensive investment in the development and operation of the mine has made a major contribution to the broader Solomon Island economy. For the local community, an extensive landholder rehousing program for 2000 people has been completed, with the associated construction of almost 300 new houses at a number of village sites, providing a much improved standard of accommodation. The company has also assisted a number of other communities in the area with housing material, road access, water supplies and health clinic support. Gold Ridge's social development activities extend to job training, business development and community health and literacy, and we also are undertaking extensive tree planting exercises as part of our environmental programs.

Safety

Allied Gold maintains very rigorous standards of safety at all its work locations. The health and wellbeing of all our employees and contractors is paramount, and I am pleased to report that our overall safety track record has been excellent.

At SImberi, we have achieved almost 4.2 million man hours without a Loss Time Incident. The last incident occurred in March 2010.

At Gold Ridge, we reported one LTI in 2011, and we have had one LTI in March this year. All incidents are reported and thoroughly analysed to ensure that we maintain policies and procedures that ensure the highest possible safety standards.

Outlook

The outlook for the company for the remainder of 2012 and 2013 looks exciting. During 2012 the Company expects to produce 180,000 ounces, including approximately 75,000 ounces from Simberi and 105,000 ounces from Gold Ridge.

That will increase to more than 200,000 ounces in 2013, with a full year's contribution from the expanded oxide process plant at SImberi. Cash costs are expected to genuinely decline as the 200,000 ozpa run rate is achieved.

Throughout it history to date Allied Gold has experienced quite an intensive capital investment program with the bulk of available capital reinvested into the company's assets. The rate of capital expenditure in 2013 is expected to be less than prior periods therefore internal cash accumulation should result.

Conclusion

So in conclusion, I would like to thank the employees of Allied Gold for their commitment and dedication. Together we have achieved a great deal. To the Chairman and founder of the company, Mark Caruso, I would like to pay particular tribute for his visionary leadership over the past 9 years. From its humble beginnings, this company could never have achieved so much without his courage and tenacity, demonstrated repeatedly in the face of significant challenges.

I also thank my other fellow directors for your hard work and support particularly in recent times as the company continues to evolve.

For the people of Simberi and Gold Ridge, I offer congratulations for making a major contribution to the successful development of our operations for the benefit of your people.

And finally, to the shareholders of Allied Gold, I offer my thanks for investing in the company. The future looks very exciting.