Investor presentation delivered by Kula Gold's CEO Stuart Pether, at the Gold Investment Symposium held in Sydney, 8th 9th October 2014

1. Kula Gold Limited
Investor Presentation
The Gold Investment Symposium
Sydney
8 and 9 October 2014

2. Kula Gold Limited 2
Disclaimer
Forward Looking Statements
All statements other than statements of historical fact included in this announcement including, without
limitation, statements regarding future plans and objectives of Kula Gold Limited (Kula Gold) are forward-looking
statements. When used in this announcement, forward-looking statements can be identified by
words such as ‘may’, ‘could’, ‘believes’, ‘estimates’, ‘targets’, ‘expects’ or ‘intends’ and other similar words
that involve risks and uncertainties. These statements are based on an assessment of present economic
and operating conditions, and on a number of assumptions regarding future events and actions that, as at
the date of this announcement, are expected to take place. Such forward-looking statements are not
guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and
other important factors, many of which are beyond the control of the company, its directors and management
of Kula Gold, that could cause Kula Gold’s actual results to differ materially from the results expressed or
anticipated in these statements.
The company cannot and does not give any assurance that the results, performance or achievements
expressed or implied by the forward-looking statements contained in this announcement will actually occur
and investors are cautioned not to place undue reliance on these forward-looking statements. Kula Gold
does not undertake to update or revise forward-looking statements, or to publish prospective financial
information in the future, regardless of whether new information, future events or any other factors affect the
information contained in this announcement, except where required by applicable law and stock exchange
listing requirements.

3. Kula Gold Limited
 PNG a highly prospective jurisdiction
 Large scale base metal carbonate,
low sulphidation epithermal systems
 Potential to double resources
 A revised exploration model will
result in lower cost gold discovery
 Completed BFS for 1.8Mtpa for
100koz pa @ AISC <US$900 per
ounce, permitted and ready for
development
3
Best Gold Growth Opportunity
 Scoping study completed showing benefits of staged upgrade to 4Mtpa
and 200koz pa, AISC < US$800 per ounce

4. Kula Gold Limited
Corporate Structure
Major Long Term Shareholders
 Pacific Road Capital – 44.1%
 Franklin– 13.41%
 RMB Resources – 12.31%
 Board and management
team with strong operational,
construction and PNG
experience
4
ASX Code: KGD
Issued Shares: 151.5M
Options: 36.5M
Share Price (5/9/14): A$0.08
Market Cap: A$12.1M
Cash (30 June 2014): A$2.695M
Debt: A$3.0M

5. Kula Gold Limited
Poised for Production
5
 Completed 1.8Mtpa BFS for gold production of > 100,000 ounces per
year
 High-grade open pit with 2.2 g/t gold Reserve at US$1200 per ounce
 Standard 1.8Mtpa CIL processing plant with total recovery of >90%
 Good community and operating environment
 9 year Project life with an All In Sustaining costs (AISC) of US$868 per ounce
 2.1Moz Mineral Resource and 766,000 ounce Ore Reserve
 Over US$100 million of Project investment to date
 Project fully permitted, de-risked and ready for development
 Environment Permit and Mining Lease granted
 PNG State equity decided at 5%

6. Kula Gold Limited
1.8Mtpa Feasibility Study Highlights
 9 year life with mining inventory
of 813k oz
 Reserve of 11.0 Mt at 2.2 g/t
estimated at US$1,200/oz
 Low risk open pit and CIP mill
 Start up capital of US$160M
 Sustaining capital of US$67M
 C1 costs of US$730/oz and AISC
of US$868/oz
 Identified exploration upside
 Fully permitted and construction ready
6
Gold Price
US$1300/oz
Gold Price
US$1400/oz
Gold Price
US$1600/oz
Pre-tax NPV @
7%* (Millions)
US$75 US$133 US$237
Pre-tax IRR 17% 23% 34%
Post-tax NPV
@ 7%*Millions)
US$63 US$110 US$194
Post-tax IRR 16% 22% 31%
Payback 3.5 years 3.2 years 2.6 years

7. Kula Gold Limited 7
Kulumadau
319,000 oz
(4.2Mt at 2.2g/t Au)
Busai
408,000 oz
Woodlark King (6.1Mt at 2.1g/t Au)
39,000 oz
(0.7 Mt at 1.7g/t Au)
Current JORC Reserves of 766,000 ounces of gold
as at July 2012
EL1465
EL 1172
EL 1279
MLA 508
Woodlark Island Gold Project Ore Reserves

8. Kula Gold Limited
Good Operating Environment
8
 Strong support from PNG Government with
5% equity stake decided, de risking the
Project
 Strong relationships with local Government,
landowner groups and communities
 Good community and operating
environment
 Strong community engagement by providing
access to health care facilities, skills training
and educational opportunities
 Focus on employing and up skilling local
people

9. Kula Gold Limited
Proven Growth Potential and Pipeline
9
2008
2010
2012
Future
Resources: 800k oz
Pre Feasibility Study
Resources: 1.75m oz
Reserves: 584k oz
Focused on exploration
and discovery
Feasibility Study
Resources: 2.1m oz
Reserves: 766k oz
Focused on Resource
quality and technical studies
with limited exploration
Projected Growth Potential
Resources: 3 - 5m oz
Reserves: 1- 2 m oz
New exploration
phase
Resource Growth
Pipeline
 Regional Growth
 Resource Expansion
 Resource Conversion

10. Kula Gold Limited
Road Map to Growth
10
 Revised understanding of geological setting for
large scale base metal carbonate low
sulphidation mineralisation, driven by Porphyry
systems
 Large areas of alteration and gold mineralisation
on periphery of Porphyry systems, controlled by
NW/SE and NE/SW structures
 Identification and ranking of new targets with the
goal of doubling known Resources
 Drilling and trenching work has demonstrated the
new Exploration Model as an effective on ground
targeting tool

11. Kula Gold Limited 11
0 3 6km
Old Exploration Model
 Historic Magnetics
 Fixed wing survey - 1989
 Coarse grid
 Correction errors
Smoothed image
 Structure from regional
geology
 Limited benefit for
exploration under cover
 Focused around historic
Resources with success
 2.1Moz Mineral Resource

12. Kula Gold Limited 12
New Magnetics Data
 Helicopter survey - 2014
 Close spaced grid 50 to 100
metre line spacing
 Minimal correction errors
Detailed image
 Structure interpreted from
magnetics and LiDar
 Proving to be effective on
ground targeting tool
 Levering off the 2.1 Million
ounces of Resource
Acquisition of High Quality Data

13. Kula Gold Limited
Revised Geological Setting
13
Revised dual Porphyry
model
 Large epithermal system
 Gold mineralisation at
periphery of Porphyries
 Gold crystallises when hot
fluids meet cooler country
rock
 Controlled by structure
 Fluids causing alteration of
andesite and reduced
magnetism
 Improved targeting
A
B

14. Kula Gold Limited
Revised Geological Setting
14
Woodlark King Busai
+
+
+
+
+
+
+
+
+
+
+
Kiriwina Sediments
Propylitic Alteration Argillic Alteration
Micromonzonite
Advanced Argillic
Alteration Phyllic Alteration
10BMD001
Postualted Potassic
Alteration
Dykes
Mineralisation
Direction
of Block
Faulting
Marginal Breccias
Helimag Low
Postulated
Porphyry Centre
Greentree Fault
Murua United Fault
Helimag Low
Postulated
Porphyry Centre
Peripheral
Epithermal
Mineralisation
Exposed
Peripheral
Epithermal
Mineralisation
Exposed
Peripheral
Mineralisation
Under Cover
B A

15. Kula Gold Limited
New Exploration Model
15
 Helimag and LiDar data
 Increased geological
knowledge – 2 Moz Resource
 Improved target ranking
based on:
 Proximity to magnetics lows
 Structural analysis NW and NE
 Gold in pan concentrates
 Vegetation Anomalies
 Proximity to known Resources
 Depth of sediment cover
 Historic data
 Resulting in improved on
ground targeting
 Opportunity for 3D modelling
Kulumadau North
Mackenzie’s
Little Mackenzie
Watou

16. Kula Gold Limited 16
Mackenzie’s and Munasi Complex
09WSR102
3m @ 2.0g/t Au
09WSR010
6m @ 3.1g/t Au
09WSR092
3m @ 5.6g/t Au
Mackenzie’s
Target
 2014 Helimag with
structures
 Target zones at
NW/SE and NE/SW
structures in
proximity of magnetic
lows
 Multiple parallel
structures
 Historic drilling with
ore grade zones
 Large zone
 Exploration halted
due to focus on BFS
09WSR114
8m @ 1.6 g/t Au
09WSR083 10m
@ 2.5g/t Au
09WSR084
1m @ 17.3g/t Au
09WSR117
2m @ 3.3g/t Au
09WSR132
4m @ 2.8g/t Au
Busai Deposit
Munasi
Deposit
Munasi
Target

17. Kula Gold Limited
Little Mackenzie and Watou
17
 2014 Helimag with
structures
 Target areas at
NW/SE and NE/SW
structures in proximity
to magnetic lows
 Watou located on
WKIFZ displaced by
NE/SW structure
 Exposed and
amenable to
trenching
 Ore grade results in
300m long zone.
Little Mackenzie
Trenching Zone
4 metres @ 4.8 g/t Au
13 metres @ 2.0 g/t Au
4 metres @ 1.9 g/t Au
Woodlark King
Illawarra Fault
Zone
Woodlark King
Deposit
Watou Prospect
Trenching Zone
10 metres @ 1.6 g/t Au
15 metres @ 1.6 g/t Au
10 metres @ 3.4 g/t Au
2 metres @ 25.3 g/t Au
4 metres @ 5.9 g/t Au
4 metres @3.1 g/t Au
3 metres @ 4.4 g/t Au
Postulated
NE/SW Structure
Target Area
Target Area

18. Kula Gold Limited 18
Kulumadau and Kulumadau North
New Target Area for
Resource Expansion
Kulumadau North
Diamond Drilling
2m @ 1.8g/t Au from 3m
6m @ 3.6g/t Au from 41m
3m @ 1.6g/t Au from 55m
 2014 Helimag with
structures
 Target zones at
NW/SE and NE/SW
structures in proximity
of magnetic lows
 Leverage of known
Resources and
geology
 Resource expansion
opportunities
 Further analysis of
magnetics data via 3D
modelling
New Target Areas for

19. Kula Gold Limited
Resource Conversion
19
Whittle Optimisations of
M+I+Inf at Kulumadau
Based on FS Assumptions
BFS Optimal Pits
M+I+I Optimal Pits
Resource Class
M+I
Inferred
Showing Ore blocks >0.8g/t Au
 Project wide for 200 to 250koz at cost of US$900 to US$950 per ounce
 Additional cash flow of > US$100M @ US$1,400/oz
Kulumadau
Village

20. Kula Gold Limited
Project Growth - Increased Life
20
Doubling of Project NPV to US$180 to US$200M at US$1,400 per gold
price at 7% discount
Assumed 225koz conversion of Inferred resources and 250koz exploration success
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
BFS Reserves LG Stockpiles Resource Definition Exploration Success
1 1 2 3 4 5 6 7 8 9 10 11 12 13
. Years

21. Kula Gold Limited
Project Growth - Increased Capacity
21
Staged doubling of gold production supported by scoping study, delivering
<US$800 per ounce AISC and NPV in the range US$350 to US$400M at
US$1,400 per gold price at 7% discount
-
50,000
100,000
150,000
200,000
250,000
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
BFS Reserves LG Stockpiles Resource Definition Exploration Success
Assumed 440 koz conversion of Inferred resources and 880koz exploration success
1 1 2 3 4 5 6 7 8 9 10 11 12 13
. Years

22. Kula Gold Limited
Why Kula Gold – Leverage to Gold
22
 Fully permitted gold project in world-class mining
jurisdiction, excellent operating environment
 Current gold price requires more Resources to expand
current mine life and enable staged upgrade
 Scoping study completed showing benefits of staged
upgrade to 4Mtpa and 200koz pa, AISC < US$800 per
ounce
 Woodlark can deliver the required ounces:
 Large mineralising systems driven by dual
porphyries
 Multiple targets identified by new exploration model
 Targeted exploration will result in lower gold
discovery costs
 Continuing news flow and growth opportunities

23. Kula Gold Limited
Contact
Stuart Pether – CEO
Kula Gold Limited
Suite 2, Level 15
1 York Street Sydney
Ph: 02 9262 5651
www.kulagold.com.au
ASX Code KGD

24. Kula Gold Limited
Appendix
24

25. Kula Gold Limited
Project Layout and Mining Lease
25
0 2.5 5km
Busai
Kulumadau
Woodlark King
Plant
Wharf
MLA 508

26. Kula Gold Limited
Board and Management Team
26
Stuart Pether – Chief Executive Officer
Mining Engineer with 25 years experience in mining operations, project development and corporate management. Previously COO for
Catalpa Resources and VP Project Development for Evolution Mining.
David Frecker – Non - exec Chairman
Commercial lawyer with over 40 years experience in practice in Australia and PNG.
Louis Rozman – Non – exec Director
Mining Engineer with 30 years experience operating and constructing gold projects in Africa, Australia and PNG. Previously was COO of
Aurion Gold Limited and was instrumental in the development of its predecessor, Delta Gold Limited.
Mark Stowell – Non - exec Director
Chartered accountant with over 20 years of corporate finance and resource business management experience. Founder of Anvil Mining
Ltd, a copper producer in the DRC and Incremental Petroleum Limited, an oil and gas producer with operations in Turkey and the USA.
Lee Spencer – Non – exec Director
Geologist with over 30 years experience exploration, project development and operating mines in South East Asia and PNG. Previously
CEO of Kula Gold and lead resource growth to 2.1Moz Resource at Woodlark Island Gold Project
Woodlark Mining Limited the wholly owned Papua New Guinea (PNG) subsidiary
Sam Akoitai – Non – exec Director WML
Mr Akoitai was a member of the national parliament of PNG from 1997 until 2007, serving firstly as Minister for Bougainville Affairs (1997-
2000) and subsequently as minister for Mining from 2002 until 2007. He also implemented the establishment of PNG’s Mineral
Resources Authority (MRA), Mr Akoitai is a director of Marengo Mining Limited’s (ASX & POMSoX: MGO) PNG subsidiary Marengo
Mining (PNG) Limited

27. Kula Gold Limited
Resource Expansion – Estimated Benefits
27
Mining Reserve (Yr 1-6) (koz) 766 1,200 1,800
Exploration Discovery (koz) Note 1 434 1,034
$M $/oz $M $/oz $M $/oz
C1 Cost US$ per ounce Note 2 na 730 na 730 650
Royalty US$1,400 /oz 32 na 32 32
Sustaining Capital Note 4 67 87 20 73 55 68
Exploration Note 5 11 9 26 14
Corp G and A ($2.5M pa) Note 6 15 20 20 10
All In Sustaining Costs (AISC) 869 863 773
Initial Capital Note 3 160 209 na 133 95 141
Full Cost (AISC + Initial Capex) 1077 na 996 95 915
Financials
NPV @ US$1,400 / oz (US$M) Note 7 110 180 -200 350 -400
IRR @ US$1,400 / oz (%) Note 8 22 25 - 27 36 -39
Note 1 - Exploration success from identified near Resource and Regional targets Note 5 - Exploration discovery assumed at $25 per ounce for additonal oz
Note 2 - based on Lycopodium 4Mtpa Scoping Study - reported Sept 2013 Qtr report Note 6 - Assumed 200koz pa production average in 4Mtpa case
Note 3 - 4Mtpa Based on Lycopodium Capital Study plus 10% - reported Sept 2013 Qtr report Note 7 - NPV After Tax 7% discount rate and IRR after tax
Note 4 - Sustaining capital of $5M per year for each year of project extension beyond BFS yr 6
BFS 1.8Mtpa Extended 1.8Mtpa Scoping Study 4Mtpa
BFS 1.8Mtpa Extended 1.8Mtpa Scoping Study 4Mtpa
Additonal
to BFS
Additonal
to BFS

28. Kula Gold Limited
Resource and Reserve Statement
28
The information in the three tables above 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

29. Kula Gold Limited
Competent Person Statement
29
The information in this report that relates to Exploration Results are based on information compiled by Mr. Lee Spencer. Mr
Spencer was the CEO of Kula Gold Limited until 1 July 2013 and remains on the Kula Gold Board as a Non-executive director.
Mr. Spencer is a Member of The Australasian Institute of Mining and Metallurgy and has 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. Spencer consents to the inclusion in the report of these matters based on information in the
form and context in which it appears.
The information in this announcement that relates to the Mineral Resource estimates for Kulumadau, Busai and Woodlark King is
based on information compiled by Mr. John Doepel, Principal Geologist for Continental Resource Management Pty Limited
(Resource Report, Woodlark Island). CRM has acted as independent consulting geologist to WML since 2005 and has
undertaken several visits to the island and to the sample preparation facilities. Mr. Doepel is a Member of The Australasian
Institute of Mining and Metallurgy and has 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. Doepel consents to the
inclusion in this announcement of these matters based on information in the form and context in which it appears. The 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
The information in this announcement that relates to Ore Reserves is based on information compiled by Mr.Linton Putland,
Principal of LJ Putland & Associates and a consultant to Kula Gold’s 100% subsidiary, Woodlark Mining Limited. Mr.Putland is a
Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience that 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. Putland consents to the inclusion in this announcement of these matters based on information in the form and
context in which it appears. The 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