Kenor ASA

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• Kenor ASA
• Nov 2003

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Agenda

• Corporate Profile
• Animation
• Large Exploration Program
• Scoping study
• Private placement and Rights issue
• Next phase

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KENOR Corporate Profile

• Norwegian Gold mining and Exploration Company
• 18 years of experience in Guinea
• Gold production increased from 35 108 000
• 650 000 oz produced since 1995
• Listed on Oslo Stock Exchange
• Continued focus on TSE listing

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KENOR Corporate Profile

• 142 mill shares after rights offering
• 69 overseas shareholders
• 9 Management and Board
• 74 of shares 20 largest shareholders

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20 largest shareholders
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Animation
The animation is available at www.kenor.no
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Objects 2002 - The Large Exploration Program

• Financed June 2002 USD 20 mill
• LEP commenced 1 September 2002
• 1st Phase target 1.5 ys 6.75 m oz resource
• Cost USD 9 m
• 2nd Phase target 1.5 ys - 1.9 m oz resource
• - 3.8 m oz reserve
• Cost USD 12.5
• NPV (10) USD 192 m
• Exploration cost USD 2,50 per resource oz
• Cost of converting to reserve USD 3,50 per oz
  reserve
• Conversion rate 65
• Reserve grade 1,85 g/tones
• Stripping ratio 3.51

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Scoping Study 1st phase projected results by Dec
03

• 60 Mt economic mineralization
• Grade 1.5 g/t / stripping ratio 2.41
• 4.5m oz resource/2.9m oz reserve (64 )
• Cost USD 9m
• USD 6 per resource oz (total average USD 4/oz)
• USD 10 per oz reserve

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Scoping Study New plant

• Throughput 8 t/y (oxide and sulphide)
• Average production 360k/year/7.6 ys (500k y1 and
  415 y2)
• Low stripping ratio 2.41
• Capex USD 124 m
• NPV (8) USD 123 m
• Payback 20 months

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Scoping Study summer 03 key findings

• LEP strategy to focus on higher grade, medium
  size deposits in the LEFA Corridor impacting
  positively on the new CIL project NPV and project
  life
• Reasonable possibility for a much larger
  mineralized system in the LEFA Corridor

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Offerings Fall 2003

• Successful LEP and promising scoping study
• Private placement 11m sharesNOK 52.25/USD7m
• Rights issue 20m sharesNOK 95m/USD 12.7
• Subscription price NOK 4.75
• Use of proceeds
• USD 8m Feasibility study
• USD 5 continued exploration in the LEFA corridor
• USD 5 general corporate purposes

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Creating Shareholder value

• 4.5 million ounces resource in the LEFA Corridor
• Transactions in the market average market cap
  per resource oz USD 82
• KENOR current market cap USD 100 mill ( market
  cap per oz USD 22)
• Potential market cap USD 315 mill
• Based on Placer Dome acquisition - 4.5 mill
  resource ounces x USD 70

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Creating Shareholder value
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Key financials

• Cash generated from production
• Q2 USD 1.8 milion
• H1 USD 2.7 million
• Cash cost Q2 isolated 03 USD 254 / oz

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Key financials (IFRS)
All data is reported according to IFRS.
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Next phase

• Financing the new CIL project
• Export credits
• Bank loan combined with purchasing puts
• Equity financing
• Combination of these

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Safe Harbour Statement

• Certain statements contained herein, as well as
  oral statements that may be made by the company
  or by officers, directors or employees of the
  company acting on the company's behalf, that are
  not statements of historical fact, constitute
  "forward-looking statements" and are made
  pursuant to applicable and relevant national
  legislation (including the Safe-Harbour
  provisions of the Private Securities Litigation
  Reform Act of 1995) in countries where KENOR is
  conducting business and/or investor relations.
  Such forward-looking statements involve known and
  unknown risks, uncertainties and other factors
  that could cause the actual results of the
  company to be materially different from the
  historical results or from any future results
  expressed or implied by such forward-looking
  statements. Such risks and uncertainties are
  outlined in the company's Annual Report. The
  company is not obligated to revise or update any
  forward-looking statements in order to
  reflectevents or circumstances that may arise
  after the date of this presentation.

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http//www.kenor.com KENORs history The Large
Exploration Program Current Operations Annual
reports, news, presentations, teleconferences,
webcasts, press releases Key figures Updated
shareholder register