The Rosia Montana Gold & Silver Project:

A Project for Romania

BMO Capital Markets 24th Global Metals & Mining Conference – February 2015

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Cautionary Statements/Disclosure CAUTIONARY NOTES

The summary information contained in this presentation is provided by Gabriel Resources Limited ( “Company” or “Gabriel”) in respect of its interest in the Rosia Montana Gold and Silver Project

(“Rosia Montana Project” or “Project”). The Project is owned through Rosia Montana Gold Corporation S.A. (“RMGC”), in which Gabriel holds an 80.69% stake with the balance held by the

Romanian State. Except as otherwise indicated, the information contained in this presentation is as of February 2015.

The contents of this presentation is not to be construed as investment, legal, financial or tax advice. The information is neither an offer to sell nor a solicitation of an offer to buy any securities nor

shall it or any part of it form the basis of or be relied on in connection with, or act as an inducement to enter into, any contract or commitment whatsoever. The contents of this presentation are

being provided to you solely for your information and must not be copied, published, reproduced, distributed in whole or in part to others at any time by recipients. Any failure to comply with this

restriction may constitute a violation of securities laws. The securities of the Company are not listed in the United States and this presentation shall not be construed as an advertisement or public

offering of the securities to U.S. investors.

FORWARD-LOOKING STATEMENTS

This presentation contains “forward-looking statements”, within the meaning of the applicable Canadian securities legislation, concerning the business, operations and financial performance and

condition of the Company, that are based on management’s current expectations, estimates and projections. Forward-looking statements include, but are not limited to, statements with respect to

the expected outcomes of the application processes for permits, endorsements and licenses, including without limitation the ongoing review of the environmental impact assessment, for the

Project; permitting timelines; government and European Union regulations of mining and exploration operations; the timing and possible outcome of pending litigation concerning the Project; the

economic impacts of the Project; requirements for additional capital; the future price of gold and silver; the estimation of Mineral Reserves and Resources; the realization of Mineral Reserve

estimates; the costs, timing and amount of estimated future production; mine life; ore recovery rates; costs of production; capital, operating and exploration expenditures; costs and timing of

development and construction; costs and timing of future exploration; the timing for delivery of plant and equipment; job creation projections; patrimony plans; hedging practices; currency exchange

rate fluctuations; environmental risks; rehabilitation, reclamation and closure expenses; title disputes or claims; requirements for financial guarantees; and limitations on insurance coverage.

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,

“estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”,

“would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information involves and is subject to known and unknown risks, uncertainties and other factors which may cause the

actual results, performance or achievements of Gabriel and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-

looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities and feasibility

studies; assumptions in economic evaluations which prove to be inaccurate; fluctuations in the value of currencies; future prices of gold and other metals; changes to the cost of inputs (including,

but not limited to, labour, cement, steel, capital equipment, reagents and fuel); possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated;

accidents, labour disputes or slowdowns and other risks of the mining industry; climatic conditions; political instability, insurrection or war; arbitrary decisions by governmental authorities; delays in

obtaining governmental approvals or financing or in the completion of land acquisition, development or construction activities, as well as those factors discussed in the section entitled “Risk

Factors” in Gabriel’s annual information form for the year ended December 31, 2013 available at www.sedar.com. Although the Company has attempted to identify important factors that could

cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can

be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should

not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are included in this document, except in accordance with

applicable securities laws.

SCIENTIFIC AND TECHNICAL INFORMATION

Certain scientific and technical information regarding the Project contained in this presentation is extracted or derived from the Company’s “Technical Report on the Rosia Montana Gold and Silver

Project Transylvania, Romania” with an effective date of October 1, 2012 (“2012 Technical Report”), which is filed under the Company’s SEDAR profile at www.sedar.com. SRK Consulting (UK) Ltd

(“SRK”), authored the 2012 Technical Report under the supervision of Dr. Mike Armitage C.Eng C.Geol, Group Chairman of SRK, who is considered an independent qualified person for the

purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) guidelines. All Mineral Resources and Mineral Reserves statements contained in the 2012

Technical Report are classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines”

as per the requirements of NI 43-101. For more information with respect to the data verification procedures undertaken and the key assumptions, parameters and risks associated with the

foregoing scientific and technical information, please refer to the 2012 Technical Report.

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Investment Highlights

World class asset:

One of the most significant gold deposits outside the ownership of

a “major” mining company; • Measured & Indicated Resources – 17.1Moz Au and 81.1Moz Ag1 /

Proven & Probable Reserves - 10.1Moz Au and 47.6Moz Ag2

Potential to be Europe’s largest gold mine

Lowest quartile cash cost anticipated

80.69% owned by GBU, with 19.31% State partner

Potential for growth:

No resource definition drilling since 2005

Additional exploration properties at Bucium Rodu Frasin (Au-Ag)

and Bucium Tarnita (Cu-Au)

Rosia Poieni (large State owned copper mine) operating nearby

Potential to expand a major mining district

Cash in bank, long-term owners:

$52.6 million in cash as at September 30, 2014

Cash optimization a priority

Electrum, BSG, Baupost, Newmont - >60%

Stalled permitting - Dispute resolution process enacted:

Formal notification of dispute sent to Prime Minister and President

of Romania on January 20, 2015

Consultation period – Company looking for amicable resolution

1 Source: 2012 Technical Report – Measured and Indicated Resources: 513Mt @ 1.04g/t Au and 5g/t Ag (based on a 0.4 g/t Au cut-off grade) 2 Source: 2012 Technical Report – Proven and Probable Reserves: 215Mt @ 1.46g/t Au and 6.88 g/t Ag

Rosia Montana

Rosia Poieni

Bucium Rodu-Frasin

Bucium Tarnita

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Rosia Montana Project – Perspective

Carnic Pit

Cetate Pit

Jig Pit

Orlea Pit

Plant Site

Carnic Waste Dump

Rosia Montana

Protected Area

LGS

Tailings Dam

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Project Key Facts

Open pit truck and shovel mining process – 1.2:1 waste:ore strip ratio

Conventional CIL processing (closed circuit) – approximately 15Mtpa design

16 year operating mine life

Old mining district; good infrastructure and access to educated mining talent

Access to grid power supplied from

existing 110kV transmission line

currently passing through the Project

site

Readily available water supply from

local river

Direct road and nearby rail access

Royalty rate 4%1

Corporate tax rate 16%

1 The Romanian Parliament has recently approved legislation to increase the applicable royalty to 6%. Notwithstanding, the 2012 Technical Report and existing concession agreement for

the Rosia Montana Project currently reflect a royalty rate of 4%

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Undertaken by SRK Consulting (UK) Limited;

updated from March 2009 NI43-101

Base case metal price assumptions: US$1,200/oz

Au; US$20/oz Ag

2012 NI 43-101 – Highlights

Year of Mine Life Year of Mine Life

Pro

du

ctio

n o

zs (

in 0

00

’s)

Annual Gold Production1

0

100

200

300

400

500

600

700

Annual Silver Production1

Pro

du

ctio

n o

zs (

in 0

00

’s)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Initial Capital + Sustaining

Capital = Total Capital

US$1.40 billion US$571 million US$1.97 billion Mining $3.67

Processing $9.48

G&A $1.87

Other $1.95

LOM cash costs2 $399/oz Total cost per tonne1 $16.97

1 Source: 2012 Technical Report – Operating costs have been estimated in accordance with standard industry practices and are valid as at the third quarter of 2012 2 All figures in US Dollars and royalty based on 4%

Mineral Resource updated using a cut off grade of

0.4g/t; 2009 Resource was stated using 0.6g/t cut off

grade

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Project Economics

Description Units 2012 2009

Gold price (US$/oz) 1,200 750

Silver price (US$/oz) 20 10.5

Life of Mine Cash cost (US$/oz) 399 335

Pre-production capital (US$m) 1,400 876

Sustaining capital (US$m) 571 366

Closure cost (US$m) 146 128

Undiscounted cashflow after tax (US$m) 3,606 1,662

NPV after tax (5% discount rate1) (US$m) 1,836 997

IRR after tax % 19.6 20.4

Payback Years 3.3 3.5

1 A 5% discount rate was used in the March 2009 43-101 Technical Report. The Base Case discount rate used in the 2012 Technical Report is 10%.

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Romania Rosia Montana

2,000 years of mining history with significant

gold, silver and copper produced

In the 5 years leading to EU accession in 2007,

in excess of 500 mines were closed, with over

200,000 jobs lost

Romania is in the European Union;

governed by EU rules and regulations

Coalition Governments under socialist party

leadership since December 2012

New President elected

in November 2014

With the current GDP per

capita among the lowest in

the EU, the Romanian

government needs to look to

harness the potential of its

natural resources

Educated and skilled

workforce

Located in a highly prospective mining district

Rosia Montana has been mined for 2,000 years

and most recently by the state until 2006

Unemployment in the Rosia Montana region is

estimated at 90% - following Company

redundancies in last 12 months

The Project will assist in the clean-up of pollution

from years of unregulated mining in the Rosia

Montana region

Designed to comply with or exceed Romanian

laws and EU directives

Key infrastructure already in place

Long-lead time equipment already

purchased and stored in warehouses

• SAG mill

• 2 x Ball mills

• Crusher

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Recent Project progress

August 2013 – the Government approved an agreement that included revised equity and royalty terms, 25% and 6%

respectively to the State and draft legislation relating to the Project; a Special Draft Law that declared the Project of national

public interest

Q4 2013 – the Special Joint Committee of the Chamber of Deputies and of the Senate of the Parliament, established on

September 17, 2013 for the examination and issuance of an opinion on the Special Draft Law decided to reject it. This was

also subsequently rejected by the Senate of the Parliament on November 19

Q4 2013 - a revised Mining Law, approved in early December by the Joint Commissions of Industries and Administration,

received 160 of the 204 votes required for approval in Parliament; it therefore did not pass into legislation

March 2014 – Company announces layoff of over 400 employees in Romania

April 2, 2014 – TAC meeting to consider environmental issues raised in the Report of the Special Joint Committee of the

Chamber of Deputies – broadly inconclusive

April 2014 – loss of two court cases relating to an archaeological certificate and PUZ endorsement

May 2014 – Chamber of Deputies of Parliament rejected the Special Draft Law

July 24, 2014 – TAC meeting to discuss the Ministry of Environment’s requirement for further studies on the permeability of the

Project’s tailings management facility – broadly inconclusive

Q4, 2014 – The Project once again is used as a political debate theme in the Presidential election runoff with statements from

all candidates

December 2014 – PNL (Liberals) candidate Klaus Iohannis becomes President

January 20, 2015 – Company issues notice letter to President and Prime Minister regarding dispute under various bi-lateral

investment treaties

January 2015 – Following the dispute letter Klaus Iohannis calls for the Government and the Company to talk

To be completed

TAC unanimous recommendation → cabinet approval of EIA → issuance of Environmental Permit

PUZ for the Industrial Project Area and Historical Area

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60% of total

surface

already

secured

To date RMGC has secured 757ha of

land, amounting to 60% the total

surface area required for Project

construction – this includes 78% of the

number of homes in the Project footprint

Surface Rights Status

61%

belongs to

residential

owners

39% are

institutional

properties

Of the total remaining surface to be

acquired, 39% (196ha) are institutional

properties

The remaining 304ha (61%) of the total

surface to be acquired belongs to

private owners

A total of 155 households located

under the Project footprint are still to be

relocated

Once the Environmental Permit is granted the Company will resume the surface rights acquisition process; the acquisition

programme ceased soon after the 2007 permitting process was put on hold

Project

Objective:

Secure 100% of

the surface rights

and hand over to

the construction

team 40% of total

surface still

to be secured

Resettlement to Date:

125 families opted for resettlement in the Recea neighbourhood at Alba Iulia – a

location chosen by the community and built by RMGC

Construction began in 2006 and was completed in 2010

Resettlement and community support is an ongoing commitment of the

Company

Land is available and in possession for expansion of up to 80 additional houses

for those opting for resettlement

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Today The vision

Economy High unemployment / poverty rate

Lack of opportunities for businesses

Harsh macroeconomic conditions

>3,000 in direct jobs over the Project’s lifetime

Opportunities for local businesses

>$24 billion1 in total contribution to Romania’s GDP

Environment

Current pollution

Acid waters; heavy metal contamination

in local water system

Abandoned open pits

Soil contamination

Acid waters are cleaned by operation

Pits are closed and planted or transformed into lakes

Pilot water treatment plant currently operating

Establishment of a +$146 million financial guarantee

for closure, environmental restoration and post-closure

monitoring

Patrimony

Most Roman galleries not accessible

Limited historical monuments exhibited

Cultural heritage houses in advanced

degradation, no budget available to the

government to research or preserve

+$100m commitment to the future by Gabriel/RMGC

Many Roman galleries restored and open for visitors

Restoration of historical town center; most historical

houses renovated and used for sustainable

development programs

Community Young leaving the area in search of a

better life

Poverty affects social cohesion

Community life and traditions are restored

Sustainable development strategies ( professional

reconversions, business plans for post mining

activities)

OVERALL Impoverished community with no real

alternative

SOLUTION - Prosperity, growth, clean environment,

tourist destination, cultural heritage rehabilitated.

A long term future for Rosia Montana

Rosia Montana Project Benefits: Summary

1 At a gold price of USD $1,200/oz

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Summary

Bringing one of the world’s largest

undeveloped gold projects to production

Rosia Montana has the potential to

become one of Europe’s largest gold

mines

Production profile of c.500,0001 oz Au per

annum at lowest quartile cash costs

Project economics robust at current

gold/silver prices; close to US$0.5 billion

free cash flow generated per annum with

a substantial reinvestment into the

Romanian economy

>US$24 billion2 direct and indirect

potential impact from the Project on the

Romanian economy at current gold prices

The Project provides the only solution for

local community and the historical center

of Rosia Montana

Local Romanian public support through

December 9, 2012 positive referendum

vote - community support remains

Sustainable project for the future

Environmental permitting process needs

to be completed

Following recent political impasse, issue

of dispute notification letter, and the lay

off of majority of workforce, waiting to

resume talks with key Government

officials and ministries

Arbitration decision not made - potential

route in Project development

TSX listing with strong global

shareholder base

Permitting Europe’s largest gold mine……… Gabriel Resources, Romania and Rosia Montana

1 Source: 2012 Technical Report 2 At a gold price of USD $1,200/oz

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ANNEXES

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Rosia Montana Project – Resources and Reserves1,2,3,4,5,6,7

Resources Tonnes

(Mt)

Au

(g/t)

Ag

(g/t)

Contained Au

M oz

Contained Ag

M oz

Measured 171.5 1.32 8 7.26 43.16

Indicated 341.2 0.90 3 9.89 37.96

Measured & Indicated 512.7 1.04 5 17.14 81.12

Inferred 44.8 0.98 3 1.42 4.10

Reserves Tonnes

(Mt)

Au

(g/t)

Ag

(g/t)

Contained Au

M oz

Contained Ag

M oz

Proven 112.5 1.63 9.01 5.9 32.6

Probable 102.5 1.27 4.55 4.2 15.0

TOTAL 214.9 1.46 6.88 10.1 47.6

1 Source: 2012 Technical Report 2 For more information with respect to the data verification procedures undertaken and the key assumptions, parameters and risks associated with the foregoing scientific and technical

information, please refer to the 2012 Technical Report, a copy of which is filed under the Company’s SEDAR profile 3 Mineral Resources estimates set out above are estimated based on a 0.4 g/t Au cut-off grade 4 Numbers may not total due to rounding 5 Mineral Reserves and Mineral Resources are mine and property totals and are not limited to Gabriel’s proportionate interests in the Project 6 All quoted Mineral Resources are inclusive of the Mineral Reserves. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability 7 Development of the Project is dependent on successful permitting

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Gabriel / RMGC commitments:

Integrate environmental standards in all activities; ensure high standards of employee training;

Establish and maintain a management system to identify, monitor, control and improve the

environmental performance of RMGC activities;

Finance independent audits and establish independent monitoring mechanism in order to assess

environmental performance in relation to objectives;

Comply with all the applicable laws in Romania and the EU, subject to the reporting requirements and

any other obligations;

Use Best Available Techniques (BATs) in all operations and activities in order to enhance environmental

protection in all the operating phases of the mine;

Implement efficient and transparent communications with stakeholders with regard to the environmental

aspects of RMGC activities and encourage public debate on environmental matters;

Co-operate with national and international institutions and organizations in order to develop efficient,

cost-effective and environmental-friendly measures;

Compliance with Equator Principles and IFC Performance Standards. Project has also initiated a

process to comply with IFC Performance Standard 6 adopted in January 2013;

The Project is committed to remedying past environmental damage caused by over 2,000 years of

poorly regulated mining activity;

RMGC planning to invest $ millions in immediately tackling pollution problems of this type.

Environmental – General

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Environmental – Rosia Montana

17

Environmental – Rosia Montana

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Environmental – Rosia Montana

19

Environmental – Rosia Montana

20

Environmental – Rosia Montana

21

Culture – Rosia Montana

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Culture – Rosia Montana

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Historically Romania had a strong mining industry

More than 2.6 million people (approx. 12% of the country’s

population) live in approximately 600 mining communities

By 2006, the Romanian government closed 80% of the 650

mines that had been operating in the early 90s (to meet EU

accession criteria)

More than 200,000 jobs have been lost since 2006; less

than 8,000 new jobs created through alternative job

creation programs

People living in mining communities want mining to

continue as well as mining traditions

RMGC has demonstrated its continued commitment to

helping restore the Project mining community and foster

sustainability through:

hosting and supporting social activities and

awareness programs;

investment in restoration and infrastructure

Through its EIA commitments, the Company will invest

>$70m in local heritage and cultural aspects in and around

Rosia Montana over the life of the Project (and up to $50m

more across Romania)

Example of local RMGC community

investment

in the former ‘Town Hall’

Patrimony

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Old School in Historical Centre ‘Old School’: built in 1898 and used as

school until 2005

Currently owned by the Local Council

Restoration / Conversion plan

Design completed

Restoration largely complete (now

weatherproof)

Proposal to partner with the Local

Council for use in community needs and

to support tourism

In total, over 300 properties in the historic

town center (Protected Area) will be restored /

rehabilitated

Future functions for buildings:

Mining Museum (opened 2010)

Dwellings for residents

Guesthouses and restaurants

Social dwellings for local people

Offices and shops

Restoration Plan

Historical Centre – initial status and restoration project

Patrimony / Community

25

Mining Museum

26

The First House Fully Restored

The house is situated

in the protected area of

Rosia Montana’s

historic centre

The building is part of a

group of 9 houses

situated in the central

square of Rosia

Montana, all proposed

to be organised in a

mining museum

complex

Mining Museum

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Recea Resettlement Community