Nordgold Reports Q1 2016 Operating Results

Amsterdam, Netherlands, 29 April 2016 - Nord Gold N.V. (“Nordgold” or the “Company”, LSE: NORD), the internationally diversified low-cost gold producer, announces its operating results for the first quarter ended March 31, 2016.

• Lost time injury frequency rate (LTIFR) for Q1 2016 was 1.49, an improvement of 49% compared with Q1 2015 (2.95), but higher than in Q4 2015 (1.30).
• Refined gold production decreased to 209.5 thousand gold equivalent ounces (“koz”) against the very high comparative quarter in 2015, which included 28.5 koz of gold doré produced but not refined at the end of 2014, which was refined in Q1 2015. Lower production was also due to decreased output at the Bissa and Berezitovy mines.
• Bissa production was mainly impacted by the decision to bring forward planned upgrade of SAG mill into the first quarter, as well as mining lower grade ore from Z51/52 pits. We continue to expect Bissa to produce 200 koz in the year as planned.
• Operating performance of seven other mines was largely in line with 2016 production plan.
• Taparko turnaround programme resulted in higher grade and recovery in Q1 2016 leading to a 19% increase in production QoQ.
• Nordgold reiterates 2016 full year production guidance of 950 — 1,010 koz.
• Bouly mine construction in Burkina Faso continued on schedule, with production expected to start in Q3 2016. The mine will produce an average of 120 koz per year for 10 years at AISC of US$730/oz.
• Nordgold maintained its low-cost efficient performance and expects consolidated all-in sustaining costs for Q1 2016 of approximately US$825 per ounce, in line with 2016 AISC guidance range of US$800/oz — US$850/oz.
• The average realised gold price in Q1 2016 was US$1,189 per oz, a decrease of 3% compared with Q1 2015 (US$1,224/oz) and an increase of 8% compared with Q4 2015 (US$1,096/oz).
• Revenue in Q1 2016 was US$250.5 million compared with US$264.0 million in Q4 2015 and US$355.6 million in Q1 2015.
• Unaudited net debt at March 31, 2016 was approximately US$588 million compared with US$584.0 million as at December 31, 2015.

“Nordgold has delivered a solid quarter of operational performance, albeit production is down on the exceptional first quarter last year, a period which included a sizeable contribution from gold doré that had been produced but not refined in 2014. Bissa production has been temporarily impacted by our decision to bring forward a planned SAG mill upgrade into the first quarter and by mining some of the lower grade ore blocks, though our full year forecast for Bissa remains unchanged. We continue to operate in the lowest cost quartile of the industry and we have today reiterated both our full year production and costs forecasts.

I am delighted with the strong progress of our outstanding development pipeline. Our growth projects are all highly capital efficient, largely de-risked and competitively positioned at the low end of the cost curve. To that end, the construction of our Bouly mine adjacent to Bissa in Burkina Faso continues on schedule and is below budget, while Gross project is entering construction phase. We continue to expect to launch the Bouly mine in the third quarter this year and for both projects to generate robust returns for Nordgold shareholders long into the future.” Nikolai ZelenskiChief Executive Officer of Nordgold