TBL 10,900     TCCL 600     MCB 500     MUCOBA 400     TICL 350     EABL 3,420     YETU 550     KCB 810     DCB 265     NMB 2,340     TTP 120     NICO 165     CRDB 150     TOL 550     TCC 17,000     DSE 880     TPCC 2,160     JHL 4,660     NMG 380     VODA 770     SWIS 1,180     USL 5     KA 70     SWALA 490     MKCB 780     PAL 400     MBP 490     

Formation of Joint Venture to Progress the Nyanzaga Project

Acacia Mining plc
(“Acacia” or the “Company”)

Formation of Joint Venture to Progress the Nyanzaga Project


Acacia is pleased to announce the formation of an earn-in joint venture with OreCorp Limited
(ASX:ORR, “OreCorp”) to progress the Nyanzaga Project (the “Project”) in Tanzania. OreCorp will act
as manager of the Project and will be able to earn up to a 25% ownership of the Project through the
completion of various work programme milestones over a three year period for an aggregate project
investment of US$15 million, including an up-front payment to Acacia of US$1 million.

Brad Gordon, CEO of Acacia said: “We are pleased to have reached an agreement with OreCorp for
them to earn-in to and progress the Nyanzaga Project. The structure of the joint venture allows us to
continue our focus of delivery from our existing mines whilst retaining the optionality to participate
in the potential future development of a large-scale gold mine. We believe that the team at
OreCorp, having previously run large-scale projects in Tanzania, are well placed to advance the
Project to a development decision and look forward to working with them to further develop the
Tanzanian mining industry.”

Nyanzaga is located in north-west Tanzania in the Lake Victoria Goldfields region which is also host
to all three of our producing mines. Since increasing our ownership of the Project to 100% in May
2010, Acacia has undertaken an extensive step-out and infill drilling programme with a total of
120,088 metres being drilled. This programme has extended the known gold mineralisation and as a
result the Project is now host to an Indicated and Inferred in-pit resource of 4.2 million ounces at a
grade of 1.3 grams per tonne.

As a result of our focus on ensuring each of our producing assets are performing to their geological
potential, and delivering returns for our shareholders, limited activity has taken place at Nyanzaga
since 2013. The formation of the earn-in joint venture with OreCorp allows the Project to be reassessed
and then progressed through to the completion of a Definitive Feasibility Study (“DFS”) by a
dedicated team who have experience in delivering value from large scale projects in Tanzania and
across Africa, whilst allowing Acacia the optionality to maintain a 75% stake in the project once it
gets to a development decision.

The key terms of the earn-in joint venture are:

 OreCorp will make an initial US$1 million payment to Acacia for an initial 5% ownership of
the project and will take over sole management of the project for a three year period. A
Technical Committee formed of representatives from Acacia and OreCorp will oversee all
work on the project.

 Following payment of the initial consideration, OreCorp can earn up to a further 20%
interest in Nyanzaga over the course of three years by spending US$14 million and delivering
technical studies on the project. The delivery of a scoping study (incremental 5% interest), a
pre-feasibility study (incremental 5% interest) and a definitive feasibility study (incremental
10% interest) represent the milestones for earning increased ownership of the project.

 If the DFS delineates a project with a net present value (“NPV”) of greater than US$200
million, Acacia has the option to retain its 75% interest and reassume management of the
project for development purposes by making a one-time payment to OreCorp based on a
multiple of the earn-in expenditure incurred, ascertained on a sliding scale basis. If the NPV
is between US$200 million and US$250 million, the multiple paid will be 3x. If the NPV is
between US$250 million and US$500 million, the multiple paid will be between 3x and 4x on
a straight-line basis, and above that will increase by 1x for every incremental US$250 million
of NPV.

 If Acacia declines to exercise its option, or if the NPV is less than US$200 million, OreCorp
will have the option to acquire an incremental 26% ownership (bringing its total to 51%) by
making approximately US$15 million of additional staged payments to Acacia.

The conditions precedent to completion include the receipt of various third party and governmental
consents or approvals, there being no material adverse change prior to completion of the transaction
and OreCorp obtaining any regulatory approvals required for the joint venture under applicable ASX
rules. Following completion of the transaction, Acacia will continue to fully consolidate the Project
resources within our annual reserve and resource statement until such point that the earn-in
agreement is completed.

For further information, please visit our website: www.acaciamining.com or contact:

Acacia Mining plc +44 (0) 20 7129 7150

Giles Blackham, Investor Relations Manager
Bell Pottinger +44 (0)20 3772 2500
Daniel Thöle
About Acacia Mining plc
Acacia Mining plc (LSE:ACA), formerly African Barrick Gold, is Tanzania’s largest gold miner and one
of the largest producers of gold in Africa. We have three producing mines, all located in north-west
Tanzania: Bulyanhulu, Buzwagi, and North Mara and a portfolio of exploration projects in Tanzania,
Kenya, Burkina Faso and Mali.

Our approach is focused on strengthening our three core pillars; our business, our people and our
relationships. Our name change from African Barrick Gold to Acacia reflects a new approach to
mining, and an ambition to create a leading African Company.

Acacia is a UK public company headquartered in London. We are listed on the Main Market of the
London Stock Exchange with a secondary listing on the Dar es Salaam Stock Exchange. Barrick Gold
Corporation remains our majority shareholder. Acacia reports in US dollars and in accordance with
IFRS as adopted by the European Union, unless otherwise stated in this announcement.

Refer to the link below for a public announce from Acacia Mining