SCOTGOLD RESOURCES LIMITED

Investor Presentation

August 2015

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Disclaimer

• This presentation is provided for the sole purpose of providing preliminary technical, financial and other background information to enable you to review the project and business activities of Scotgold Resources Limited (“Scotgold”).

• The material provided does not constitute an invitation, solicitation, recommendation or an offer to purchase or subscribe for securities. The information in this document will be subject to completion, verification and amendment and should not be relied upon as a complete and accurate representation of any matters that a potential investor should consider when evaluating Scotgold.

• This presentation contains certain statements that may constitute “forward looking statements”. Such statements are only predictions and are subject to inherent risks and uncertainties, which could cause actual values, results, performance achievements to differ materially from those expressed, implied or projected in any forward looking statements.

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Competent Persons StatementThe information in this report that relates to the 2015 Ore Reserves for Cononish Gold Project (refer ASXannouncement dated 25/05/2015) is based on information compiled by Pat Willis, a Competent Person who isregistered as a Professional Engineer (Pr.Eng.) with the Engineering Council for South Africa (ECSA) and a Fellowin good standing and Past President of the Southern Africa Institute of Mining and Metallurgy (FSAIMM).. Mr Willisis employed by Bara Consulting Limited, an independent consulting company. Mr Willis has sufficient experiencewhich is relevant to the style of mineralisation and type of deposit under consideration and to the activity which heis undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Willis consents to the inclusion in thereport of the matters based on his information in the form and context in which it appears.

The information in this report that relates to the 2015 Mineral Resources Estimate for Cononish Gold Project (referASX announcement dated 22/01/2015) is based on information compiled by Malcolm Titley, a Competent Personwho is a Member of The Australasian Institute of Mining and Metallurgy. Mr Titley is employed by CSA Global (UK)Limited, an independent consulting company. Mr Titley has sufficient experience which is relevant to the style ofmineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as aCompetent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results,Mineral Resources and Ore Reserves’. Mr Titley consents to the inclusion in the report of the matters based on hisinformation in the form and context in which it appears.

Further, the Company confirms it is not aware of any new information or data that materially affects the informationcontained in the original announcements and that all material assumptions and technical parameters underpinningthe estimate of Resources and Reserves continue to apply and have not materially changed.

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DC CP Statement

• The information in this presentation that relates to Exploration Results is based on information compiled by Mr David Catterall. Pr Sci Nat, who is a member of the South African Council for Natural Scientific Professions. MrCatterall is employed as a consultant to Scotgold Resources Ltd. Mr Catterallhas sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Catterall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

• This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported(see Scotgold Annual Reports 2008 - 2014 and various corresponding ASX releases.

• Note: NO NEW exploration results are reported in this presentation.

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Introduction to Scotgold

Scotgold is a Scottish mine development and exploration company focused on bringing its Cononish gold & silver project into full production by end 2017 at an average production rate of 23,370 ozAu Eq pa from a reserve of 198,000 oz Au & 851,000 oz Ag, grading 11.1 g/t Au & 48 g/t Ag.

BFS completed & all planning consents in place.

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Scotgold’s Grampian Exploration Project

Covers 4,200km2 of the Scottish Dalradian belt under exploration licence.

Nine prospective gold anomalies are located within a 2 km radius of Cononish project and multiple (13) high grade regional gold exploration targets and anomalies require further work and investigation, including high grade Molybdenum veins (up to 0.6% Mo) and PGM anomalies. F

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Grampian Project within Dalradian Gold Belt

Scottish deposits hosted in similar geological setting to large Irish deposits

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Cononish Location

Tyndrum

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Local Terrain

Cononish

Mine

Trace of

Cononish

Vein

Ben

LuiBen

Chuirn

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New Board Team

• Richard Gray: CEO - Extensive international experience as a mining engineer with underground and open cast experience.

• Nat Le Roux: Chairman - Mr Le Roux spent most of his career in financial markets and was Chief Executive of IG Group plc between 2002 and 2006. He is a strong supporter of Scotgold Resources and is now its largest shareholder.

• Phillip Jackson: NED - A barrister and solicitor with over 25 years legal and inter-national corporate experience, especially in the areas of commercial and contract law; mining law and corporate structuring.

• Richard Harris: NED - A mining engineer with over 30 years experience in the mining and finance industries as a mining analyst and public company director. He has considerable experience evaluating mining projects, advising, restructuring and raising capital for mining companies

• Chris Sangster: NED - Former CEO and co-founder, a mining engineer with over 35 years experience in the mining industry, Chris has been retained as a consultant.

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Corporate Snapshot

• Incorporated in Australia Listed on ASX and AIM

• Symbol “SGZ”

• Shares on issue 1,135m

• Options 40.3m

• Share Price (31/07/2015) A$0.015 (£0.007)

• Market Capitalisation Undiluted A$17m (£8.0m)

• Cash (30/06/2015) A$ 0.8m (£0.38m)

• Debt (Con Notes) A$1.6m (£0.75m)

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Scotgold Renaissance“The story so far”

• Oct 2014 Board and Management Change

• Dec 2014 Rights Issue Raised AUD$2.9M

• Dec 2014 Fully Redeemed RMB debt of AUD$1.2M

• Jan 2015 Mineral Resource JORC 2012 Update, M&I up 200%

• Jan 2015 Variation to Planning Conditions Approved 24/6

• Apr 2015 Placement Raised £450,000

• May 2015 Ore Reserve Increased 179% to 198,000 oz Au

• Aug 2015 BFS Announced, NPV(10) £23m @ US$1,100 Au

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Scotgold Renaissance“Still to come”

• Aug 2015 Results of Bankable Feasibility Study

• Q3 2015 Update of Cononish Project Finance discussions

• Q3 2015 Structural Prospectivity Targeting Results

• Q1 2016 Completion of Cononish Project Finance

• End 2017 Full Gold Production from Cononish

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Cononish

• Scotgold owns a 100% interest in the Cononish Gold Project at Tyndrum in Scotland

• Fully permitted by Loch Lomond & the Trossachs National Park Planning Authority for 24/6 operations

• 266,000 oz Au JORC 2012 Resource announced Jan 2015

• 198,000 oz Au Reserve upgrade announced May 2015

• Bankable Feasibility Study completed August 2015

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Mineral Resource Estimate

Classification K tonnes Grade AU

g/t

Metal AU

Koz

Grade Ag

g/t

Metal Ag

Koz

Measured – In-situ 60 15.0 29 71.5 139

Indicated – In-situ 474 14.3 217 58.7 895

Indicated – Mined

Stockpile

7 7.9 2 39.0 9

Sub-total M & I 541 14.3 248 59.9 1,043

Inferred - In-situ 75 7.4 18 21.9 53

Total MRE 617 13.4 266 55.3 1,096

(Latest announcement based upon JORC 2012 reporting rules)

Reported from 3D block model with grades estimated by Ordinary Kriging with 15 m SMU Local Uniform Conditioning adjustment.

Minimum vein width is 1.2m. Totals may not appear to add up due to appropriate rounding.

Note: MRE prepared by CSA Global (UK) Ltd in accordance with JORC 2012 – see

ASX/ AIM release: 22/01/2015 - Resource Estimate Update

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Schematic of the Orebody

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Ore Reserve Estimate

As at 25 May 2015 (JORC 2012 Code)

Classification Proven Probable Total

Tonnes (‘000) 65 490 555

Au Grade (g/t) 11.5 11.1 11.1

Au Metal (k oz) 24 174 198

Ag Grade (g/t) 51.5 47.2 47.7

Ag Metal (k oz) 108 743 851

(Bara Consulting Limited Ore Reserve Statement dated May 2015)

(Latest announcement based upon JORC 2012 reporting rules, Gold price US$1,100/oz & Silver price US$15/oz)

Note: Ore Reserve Estimate prepared by Bara Consulting Limited in accordance with JORC 2012 – see ASX/ AIM release:

25/05/2015 – Cononish Gold Project Study Update and JORC 2012 Ore Reserve Estimate.

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Schematic of Mine Development Plan

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Salient Features of BFS Model Production

• Total Metal Production: 175,000oz Au + 639,000oz Ag

• Life of Mine: 8 Years

• Average Processing Rate: 72,000t per annum

• Average Head Grade: 11.8 g/t Au equivalent

• Metallurgical Recovery: 93% Au, 90% Ag

• Average Annual Metal Prod: 23,370oz Au equivalent

• Peak Prod. (Year 2): 28,540oz Au equivalentFor

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Salient Features of BFSCost Dynamics

Capital (including LOM capital development.): £24M

Peak Funding: £18.5M

Average LOM Operating Cost per ounce Au: £327 (US$523)

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Salient Features of BFS Model Economic Returns

Pre Tax Cashflow: £43.4M (A$93M)

NPV(10%) Gross: £22.9M (A$49M)

NPV(10%) After Tax: £18.5m (A$40m)

IRR Pre Tax: 45%

Gold Price US$1,100/oz, Silver Price US$15/oz

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Sensitivity to Gold Price

Gold Price US$/oz US$1,000 US$1,100 US$1,200 US$1,500

BFS Base

Gross Cashflow £32.9m £43.4m £53.9m £85.3m

NPV10 Pretax £16.1m £22.9m £29.8m £50m

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Sensitivity to Gold Price Chart

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Cononish Long Section

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Challenges and Opportunities

Challenges:

• Smaller scale of operation compared with conventional gold mines

• Operating in a world renowned National Park

Opportunities:

• Low capex, short payback project in low risk jurisdiction

• Significant resource upside along strike and at depth

• Can develop competitive advantage in high quality mining of small orebodies in sensitive areas

• Prospects to develop pipeline of similar projects in Scotland and elsewhere

• Grants are likely to be available. Debt funding will significantly enhance returns to shareholders

• Strong support from local communities

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Grampian Gold Project

• Core areas

• BGS known gold occurrences

• Au / As anomalies

• Possible source areas from previous explorationF

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Cononish Possible Extensions

NEAR MINE SETTING

• From Ennex original exploration work

• Evidence for possible extensions to Cononishvein along strike – open down dip

• Geophysical and soil anomalies close by

• Possible parallel vein systems close to mine

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Outcrop and Boulder Sampling

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Tyndrum Block Rock Chip Sampling

• Evidence of further Cononish style deposits in ‘Tyndrum’ block

• Evidence of PGE’s at Sron Garbh

• Undertaking structural exploration study as pre-cursor to airborne geophysical survey for enhanced target generation

• Stream sampling ongoing

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Upper Tyndrum Station, Tyndrum, Stirlingshire FK20 8RY

Scotgold Resources Limited

Richard Gray

Chief Executive Officer

Tel: +44 (0)7905 884 021

Westhouse Securities Limited

Martin Davison

Tel: +44 (0)20 7601 6100

Capital Markets Consultants

Simon Rothschild

Tel +44 (0)7703 167065

Vicarage Capital Limited

Rupert Williams

Tel: +44 (0)20 3651 2911

www.scotgoldresources.com

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