The Rosia Montana Gold & Silver Project:

A Project for Romania

June 2013

Legal Notice
The summary information contained herein has been provided by Gabriel Resources Limited (the Company) in respect of its interest in the Rosia Montana Gold and Silver Project (the Rosia Montana Project or Project). The Project is wholly owned by the Companys subsidiary Rosia Montana Gold Corporation S.A. (RMGC) in which the Company owns an 80.69% equity interest. No representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information or opinions contained herein is made or given by the Company, its subsidiary companies, including RMGC or their respective officers, directors or employees and no responsibility or liability is accepted by any person for such information or opinions. In all cases, recipients should conduct their own investigation and analysis of the Company and its interest in the Project. The contents of this presentation are not to be construed as investment, legal, financial or tax advice. In furnishing this presentation, the Company does not undertake or agree to any obligation to provide you with access to any additional information or to update you or this presentation or to correct any inaccuracies in, or omissions from, this presentation that may become apparent. Except as otherwise indicated, the information contained herein is as of June 2013. 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 information contained herein contains forward-looking statements relating to the Company and/or the Project that are based on managements current expectations, estimates and projections. Such statements may reference timelines, economic impact, job creation, costs estimates, future ability to finance the Project, patrimony plans, technical specification and Project delivery and other statements that express management's expectations or estimates regarding the timing of completion of various aspects of the Projects development or of future performance. The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", projects, "may", "will", "schedule", potential, and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant procedural, legal, business, economic and competitive uncertainties and contingencies. This presentation includes many such forward-looking statements which are subject to known and unknown risks, uncertainties and other factors which are difficult to predict and that may cause the actual outcomes, level of activity, financial results, performance or achievements to differ materially from those expressed or implied by the forwardlooking statements, which are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of precious metals; fluctuations in exchange rates; legislative, political or economic developments including changes to mining and other relevant legislation in Romania; geopolitical uncertainty, uncertain legal enforcement; changes in, and the effects of, the government policies affecting the Company's and/or RMGCs operations; uncertainties related to timelines for awaited approvals; changes in general economic conditions, and the financial markets; operating or technical difficulties in connection with exploration, development or mining; environmental risks; the risks of diminishing quantities or grades of reserves; and the Companys requirements for substantial additional funding. Certain scientific and technical information contained in this presentation is extracted or derived from the Companys Technical Report on the Rosia Montana Gold and Silver Project Transylvania, Romania with an effective date of October 1, 2012 (the 2012 Technical Report), which is filed under the Companys SEDAR profile. SRK Consulting (UK) Ltd (SRK), the author of the 2012 Technical Report, considers the Mineral Reserve and Mineral Resource statements made in the 2012 Technical Report to be in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (CIM Standards). All forward-looking and other statements made in respect of this presentation are expressly qualified in their entirety by this cautionary statement.

Contents
Gabriel Resources Overview The Rosia Montana Project Deposit and Mine Plan

Additional Properties Organic Growth Opportunities

Political & Permitting Overview The Project Impact in Romania Summary

Investment Highlights
World class asset:
One of the most significant gold deposits outside the ownership of a major mining company;
Measured & Indicated Resource 17.1M oz Au (+1.4M Inferred), 81.1M oz Ag1 (Using cut off grade of 0.4g/t Au)
Proven & Probable Reserve - 10.1M oz Au, 47.6M oz Ag1 (Using US$400/oz Au pit shells)

Will be one of Europes largest gold mines; permitting process to be completed Lowest quartile cash cost anticipated

Potential for Growth:

No resource definition drilling since 2005 Additional exploration properties at Bucium Rodu Frasin (Au-Ag) and Bucium Tarnita (Cu-Au) Potential to expand a major mining district

No debt, cash in bank:

$67.1 million in cash as at March 31, 2013 Monthly cash burn $2-4 million per month

(1)

Taken from the 2012 Technical Report

Corporate Structure1,2
Gabriel owns the Rosia Montana Project through its subsidiary, Rosia Montana Gold Corporation S.A. (RMGC), a Romanian Company in which Gabriel holds an 80.69% stake. The balance is held by CNCAF Minvest S.A., a Romanian state-owned mining enterprise Gabriel is working with the Romanian Government to permit and build one of the most modern mines in Europe
Gabriel Resources Romanian Government

80.69%

19.31%

Rosia Montana Gold Corporation (RMGC)

100%

Rosia Montana Project

(1) (2)

Corporate structure shown excludes intermediate companies The shareholding structure of RMGC has been under discussion with Romanian Government together with the 4% state royalty

Capitalization1
Key information
Share Price 52 Week High/Low Average Daily Trading Vol. (3 months) Ticker Market $1.36 $2.94 / $1.21 ~840,000 shares GBU.TO TSX Share price evolution 12 months

Market Cap Shares Outstanding

$524 million 384 million

Major shareholders
Paulson & Co 16% 16% 16%

Options (incl. DSUs & RSUs)

27 million

Electrum Global Holdings BSG Capital

Filly Diluted Shares Outstanding

411 million

Newmont
Baupost Group

13%
13% 26%

Cash (as at March 31, 2013)

Debt

$67.1 million
$0

Free-float

(1)

Information provided as at June 14, 2013 unless stated otherwise, and provided in Canadian Dollars

Contents
Gabriel Resources Overview

The Rosia Montana Project Deposit and Mine Plan

Additional Properties Organic Growth Opportunities

Political & Permitting Overview

The Project Impact in Romania Summary

Rosia Montana Project Resources and Reserves1

Resources
Measured Indicated Measured & Indicated

Tonnes (Mt)
171.5 341.2 512.7

Au (g/t)
1.32 0.90 1.04

Ag (g/t)
8 3 5

Contained Au M oz
7.26 9.89 17.14

Contained Ag M oz
43.16 37.96 81.12

Inferred

44.8

0.98

1.42

4.10

Reserves
Proven Probable TOTAL

Tonnes (Mt)
112.5 102.5 214.9

Au (g/t)
1.63 1.27 1.46

Ag (g/t)
9.01 4.55 6.88

Contained Au M oz
5.9 4.2 10.1

Contained Ag M oz
32.6 15.0 47.6

Resources at Reserves at

0.4g/t Au cut-off US$735/oz Au US$10.5/oz Ag

(1)

Taken from the 2012 Technical Report, Reserves contained within Resources

Rosia Montana Project Reserve Model

Carnic

Cetate

Jig Orlea

Average content of reserves block (g/t)

Rosia Montana Project Perspective

Jig Pit

Rosia Montana Protected Area

Carnic Pit

Carnic Waste Dump

Orlea Pit

Cetate Pit

LGS

Plant Site Tailings Dam

10

Rosia Montana Project Mine Layout

The Project consists of 4 open pits, one TMF, two waste stockpile areas, a processing plant and other associated facilities Compact and efficient design to minimize environmental impact Total surface area 1,257 ha, approximately 7km in length

11

Project Key Facts

Open pit truck and shovel mining process 1.2:1 waste:ore strip ratio
Conventional CIL processing (closed circuit) 14Mtpa 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 currently 4% Corporate tax rate 16%

12

2012 NI 43-101 Highlights of the Update

Commissioned to reflect current CapEx and OpEx status of the Project
Undertaken by SRK Consulting (UK) Limited Mineral Resource updated using a cut off grade of 0.4g/t; 2009 Resource was stated using 0.6g/t cut off grade No changes to the scope or scale of Project: no change to Mineral Reserve, still using US$400/oz Au pit shell Conservative input price assumptions for key consumables Base case metal price assumptions: US$1,200/oz Au US$20/oz Ag

13

Estimated Production Profile1

Annual Gold Production
700
Production ozs (in 000s)

600 500 400 300 200

Jig 3%

Production by Pit
Orlea 20% Cetate 25%

100
Carnic 52%

0 Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10 Yr11 Yr12 Yr13 Yr14 Yr15 Yr16
Year of Mine Life

Year

Pit Mined Cetate, Carnic Carnic Carnic, Orlea Cetate, Carnic, Orlea, Jig Cetate, Orlea, Jig Cetate, Orlea Cetate

Annual Silver Production

3,500 3,000
Production ozs (in 000s)

1-4 5-6 7-8 9 10-11 12 13+

2,500

2,000
1,500 1,000 500 0 Yr1
(1)

Yr2

Yr3

Yr4

Yr5

Yr6

Yr7

Yr8

Yr9 Yr10 Yr11 Yr12 Yr13 Yr14 Yr15 Yr16

Year of Mine Life

Taken from the 2012 Technical Report

14

Cost Structure Estimates1

Capital Costs:
Initial Capital
US$1.40 billion

Sustaining Capital
US$571 million

Total Capital
US$1.97 billion

Operating Costs:
Total Cost2 per Tonne of US$16.97
Mining $102
$263 $52 $3 $51
G&A $1.87 Other $1.95

LOM Cash Costs2 of US$399/oz

Processing G&A Freight/Refining Royalty

Mining $3.67

Silver Credit

($72)

Processing $9.48

(1) (2)

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

15

Project Economics
Description Gold price Silver price Life of Mine Cash cost Pre-production capital Sustaining capital Closure cost Undiscounted cashflow after tax NPV after tax (5% discount rate1) IRR after tax Payback Units (US$/oz) (US$/oz) (US$/oz) (US$m) (US$m) (US$m) (US$m) (US$m) % Years 2012 1,200 20 399 1,400 571 146 3,606 1,836 19.6 3.3 2009 750 10.5 335 876 366 128 1,662 997 20.4 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%.

16

Gabriel Benchmarking
Developers Attributable Reserves(1)
50.0 40.0
Moz

30.0 20.0 10.0 0

Novagold Seabridge Chesapeake

44.7 19.7 18.5 7.3 8.1

(3)

4.1
Torex

4.0
Rainy River

3.5
Guyana

2.8
Belo Sun

2.6
Asanko

2.2
Lydian

2.0
Romarco

0.8
Carpathian

0.8
Aureus

Gabriel

g/t Au

0.62

1.18

0.50

1.46

12.01

Pretium

2.61

1.08

2.74

1.48

1.13

0.75

2.06

1.24

3.27

Developers Attributable Total Resources(2)

90.0 75.0 60.0

Moz

45.0 30.0 15.0 0

80.1 13.1 28.7 20.6 19.8 16.4

(3)

9.0

8.9

8.4

8.2

7.2

7.1

6.6

5.4

5.4

5.1

4.8

4.6

3.9

3.4

2.8

1.6

Rainy River

Torex

Novagold

Orezone

Guyana

Lydian

Midas

Int. Tower Hill

Asanko

Carpathian

Seabridge

Belo Sun

Continental

g/t Au

0.59 0.96 0.54 0.49 1.05 13.40 0.61 2.94 1.04 2.67 1.76 1.65 6.42 2.62 9.84 1.08 1.65 1.73 1.00 2.37 0.59 0.96
Source: Company filings and RBC Capital Markets, June 14, 2013

(1) (2)

Reserves include total Proven and Probable inventory of Au Resources are inclusive of Reserves (3) Represents Brucejack High Grade Resources only

Chesapeake

Romarco

Rubicon

Papillon

Gabriel

Pretium

Premier

Aureus

Sabina

17

10 Year Industry Average Cash Costs vs Gold Price1

$1,800

$1,600 $1,400 $1,200

US$/oz Average 2012 Production Margin: $740/oz

$1,000
809

928 723
585 494 401 277 53 224 313 60 253 339 68 271 99 467 478 557 643 738 84 617 139 Rosia Montana LOM Cash Cost: $399/oz 190

$800 $600 $400 $200 235 55 180

166 166

118

317

395

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

Operating Cash Cost

Depreciation and Amortization

Avg. Annual Gold Price

(1)

Source RBC Capital Markets

18

4 Year Industry Average All-In Sustaining Costs vs Gold Price1

$1,800 $1,600 $1,400 $1,200

1,043 US$/oz Average 2012 All-In Margin: $457/oz 1,211

$1,000
857

473 400

$800 $600 $400 $200

717 300 239 16 537 611 699 32 39

20

Rosia Montana LOM Average All-In Cash Cost: $653/oz Rosia Montana LOM Cash Cost: $399/oz

462

2009 2010 2011 Smelting, Refining, Royalties Avg. Annual Gold Price 2012 Mine Site Cash Cost D&A, Corp. G&A, Int. Exp., Sust. Capex

(1)

Source RBC Capital Markets

19

Contents
Gabriel Resources Overview The Rosia Montana Project Deposit and Mine Plan Additional Properties Organic Growth Opportunities

Political & Permitting Overview

The Project Impact in Romania

Summary

20

Rosia Montana A Mining District

Rosia Montana: Historical workings at the Cetate pit

Rosia Poieni: A state owned working mine

21

Organic Growth Opportunities Additional Properties

Bucium Rodu-Frasin1: Gold and silver low sulphidation epithermal system Dominantly disseminated with associated stockworks and breccias, veins Block size 40mE x 40mN x 10mRL Ordinary Kriging 0.6 g/t Au cut off

Rosia Montana Rosia Poieni

Bucium Rodu Frasin Resource Estimate

Category Tonnage (Mt) 7.9 35.4

Grade Au (g/t)
1.92 1.16

Grade Ag (g/t)
5 3

Contained Au (oz) 491,000 1,320,000

Contained Ag (oz) 1,385,000 3,271,000

Bucium Rodu-Frasin

Indicated Inferred

Bucium Tarnita: A copper/gold porphyry deposit covering a surface area of 700m x 700m Potential to host large tonnage deposit - Untested at depth Resource estimate not yet published by the Company
Bucium Tarnita

Certain scientific and technical information contained in this slide is extracted or derived from the RSG Global report dated November 2004 (Bucium Technical Report), which is f filed under the Companys SEDAR profile. The Mineral Resource Estimates reported therein have been estimated by Julian Verbeek, MAusIMM, of RSG Global in accordance with the Canadian Institute of Mining, Metallurgy and Petroleums standards and definitions and are dated as of November 2004.
(1)

22

Contents
Gabriel Resources Overview The Rosia Montana Project Deposit and Mine Plan

Additional Properties Organic Growth Opportunities

Political & Permitting Overview The Project Impact in Romania Summary

23

Romania
2,000 years of mining history with reports of up to 50 million ounces of gold produced, together with significant silver and copper 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 Government (PSD/PNL) returned to power in December 2012 General Election With the current GDP per capita among the lowest in the EU, the Romanian government may look to harness the potential of its natural resources Educated and skilled workforce

Rosia Montana
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 approximately 65% - RMGC employment has brought this number down from over 90% The Project will assist in the clean-up of pollution from years of unregulated mining in the Rosia Montana region Designed to comply with 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
24

Romanian Parliament structure 412 deputies, 176 senators

PSD leading Parliamentary party has a total of 223 seats. The USL coalition, plus Minorities have 417 seats. The Opposition has 153 seats.

Deputies mandates
159
70 64 50

Senators mandates

160 140 120 100 80 60 40 20 0 PSD

101

60 50

49 34 17 18 18 13 1 PNL PC Ethnic Minorities Ethnic Minorities PD-L PP-DD UDMR Independents Vacancy

40 30 20 10 0 PSD PNL PSD PNL PC PC PD-L PD-L PP-DD PP-DD UDMR UDMR Independents Independents Vacancy Vacancy 8 23 20 9 1 1

PSD

PNL

PC

PD-L

PP-DD

UDMR

Independents

Vacancy

25

Romanian Government structure and Ministries

26

Permitting Process
The Rosia Montana Project with annual production of >5M tonnes is deemed a project of national interest and as such has to be permitted at the National level

Progress:

Q3 2010 resumption of the Technical Analysis Committee (TAC) review of the Environmental Impact Assessment (EIA)
2011 received Environmental Approval of the PUZ for the Industrial Project and Archaeological Discharge Certificate for Carnic (ADC #4) 2011 TAC visits Project, TAC concludes all technical matters completed; await process confirmation 2012 austerity protests; changes to Government; local council elections; presidential impeachment; general elections Q4 2012 Local referendum held: Do you agree with the resumption of mining in the Apuseni Mountain region and specifically at the Rosia Montana Project? - 62.5% voted in favour Q4 2012 National elections held; landslide victory for USL providing a stable platform for government not seen in years Engagement with USL government to finalize permitting process; further TAC Meetings May 10th and 31st, 2013

Next Steps:
Completion of TAC cabinet approval of EIA issuance of Environmental Permit ratification by Parliament Completion of PUZ for the Industrial Project Area and Historical Area Once the Environmental Permit is obtained from the Romanian Government, and the PUZ are approved, in the absence of any other extraordinary events (legal or otherwise) it would take approximately one year to: Complete the majority of outstanding surface rights acquisitions Receive the majority of other permits and approvals, including initial construction permits Finalise the project build details and advance financing for the project

Following this, construction is estimated to take approximately 30 months

27

Romanian Political Overview

2007 - 2009 2010 2011 2012 2013 2014 2015 2016

May 07 Presidential impeachment

Dec 09 Presidential Elections

End 14 Presidential Elections

Nov 08 National Elections Romanian Parliament

Dec 12 National Elections Romanian Parliament

End 16 National Elections Romanian Parliament

Jun 08 Local Elections

Jun 12 Local Elections

Mid 16 Local Elections

Electoral years

Non-electoral years

28

USL Government Recent Media Statements

Minister Delegate of Large Projects, Dan Sova: All what I can say now is that a political decision will be taken within the next two or three months, if it (the Project) w ould be implemented, or not 1 Prime Minister, Victor Ponta: If all environmental standards are complied with, if the Romanian state gets a much higher interest and if we collect royalties at European level, if the Romanian Parliament will decide, not only about that case, but also in the case of all mining exploitations, reopening of mines, creation of jobs, investments in the environment and so on, revenues to the budget, I think I will keep my promise to the people we create jobs, we preserve the environment and we obtain more money this is what I want to do. 2 Minister of Environment, Rovana Plumb: Any authorization of an investment requires an integrated environmental approval from the environment authorities. An integrated environmental approval cannot be approved, cannot be adopted without political debates. The Government will work transparently, but I repeat, in the form I took it over last year, the Project cannot be sustained. If the additional guarantees related to the environmental risks are observed, if the requirements regarding the benefits for Romania are met and if a new sustainable project is proposed, then we will discuss. Until then, the Government has made no decision. 3 Minister of Culture, Daniel Barbu: Looking at the whole political-technical debate on cyanides, jobs, and I look at the monuments... What do I see? That, in a locality of 300 houses, half have been restored on the money paid by the company...The underground; I have seen restored Roman galleries, including wooden devices recovered from the times of the Romans. The Romanian State has never had the necessary money to restore these. I say that from what I read on paper, I repeat; in addition I also read the opinions of both sides. I have seen a team of archaeologists led by a French woman who I understand is an authority in the field who preserved these galleries, some can be even visited, there is a museum with mining equipment used throughout time. What I see on paper does not seem discouraging in terms of heritage valorization. 4 Government of Romania: The Official Gazette Reported: The establishment of the new company is motivated by the Government by claiming that the project operating in Rosia Montana can generate operating revenues and direct contributions for the state budget estimated at several billion dollars, and can also be a major contributor to the recovery of the mining industry Romania and the creation of a significant number of jobs in an area, an area concerned by major unemployment. 5
(1) Antena

3, March 16, 2013

(2) Antena

3, May 7, 2013

(3) Antena

3, May 18, 2013

(4) Interview,

May 13, 2013

(5) Official

Gazette, May 29, 2013

29

Surface Rights Status

Project Objective: Secure 100% of the surface rights and hand over to the construction team 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
39% are institutional properties

40% of total surface still to be secured

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

61% belongs to residential owners

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 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
30

Contents
Gabriel Resources Overview

The Rosia Montana Project Deposit and Mine Plan

Additional Properties Organic Growth Opportunities Political & Permitting Overview The Project Impact in Romania Summary

31

Rosia Montana Project Benefits: Summary

Today
Economy
High unemployment / poverty rate Lack of opportunities for businesses Harsh macroeconomic conditions Current pollution Acid waters; heavy metal contamination in local water system Abandoned open pits Soil contamination

The vision
>3,000 in direct jobs over the Projects lifetime Opportunities for local businesses >$24 billion(1) in total contribution to Romanias GDP 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

Environment

Patrimony

Most Roman galleries not accessible Limited historical monuments exhibited Cultural heritage houses in advanced degradation, no government money to preserve

Allocation of significant expenditure for the conservation of heritage Many Roman galleries restored and open for visitors Restoration of historical town center; most historical houses renovated and used for sustainable development programs
Community life and traditions are restored Sustainable development strategies ( professional reconversions, business plans for post mining activities)

Community

Young leaving the area in search of a better life Poverty affects social cohesion

OVERALL
(1)

Impoverished community with no real alternative

SOLUTION - Prosperity, growth, clean environment, tourist destination, cultural heritage rehabilitated. A long term future for Rosia Montana
32

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

Contents

Gabriel Resources Overview The Rosia Montana Project Deposit and Mine Plan Additional Properties Organic Growth Opportunities Political & Permitting Overview

The Rosia Montana Project Impact in Romania

Summary

33

Summary
Gabriel Resources, Romania and Rosia Montana Permitting Europes largest gold mine

Bringing one of the worlds largest undeveloped gold projects to production

Rosia Montana will become one of Europes largest gold mines

Local community support remains strong Romanian public support through December 9, 2012 positive referendum vote Working with new Romanian Government to bring the first modern mine to the Romanian people Environmental permitting process to be completed TSX listing with strong supportive global shareholder base

Production profile of c.500,0001 oz Au per annum at lowest quartile cash costs

Project economics robust at current gold/silver prices - >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 Continual efforts to rehabilitate the historical center of Rosia Montana

(1) (2)

Taken from the 2012 Technical Report At a gold price of USD $1,200/oz

34

ANNEXES

35

Analyst Coverage1

Institution BMO Capital Markets CIBC World Markets Cormark Securities Inc.

Analyst John Hayes Cosmos Chiu Mike Kozak

Contact Information (416) 359-6189 johnp.hayes@bmo.com

(416) 594-7106 cosmos.chiu@cibc.ca

(416) 943-6749 mkozak@cormark.com

Cowen Securities
RBC Capital Markets

Adam Graf
Stephen Walker

(646) 562-1344 adam.graf@cowensecurities.com

(416) 842-4120 stephen.walker@rbccm.com (416) 863-7427 trevor_turnbull@scotiacapital.com

Scotia Capital Inc.

Trevor Turnbull

(1)

Gabriel is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Gabriel's performance made by these (or any other) analysts are theirs alone and do not represent the opinions, forecasts or predictions of Gabriel or its directors or officers. Gabriel does not by its reference above or distribution imply its endorsement of, or concurrence with, such information, conclusions or recommendations

36

Largest Shareholder Ownership History

Current Shareholders >10%

31-Dec-04

31-Dec-05

31-Dec-06

31-Dec-07

31-Dec-08

31-Dec-09

31-Dec-10

31-Dec-11

Latest

millions % of total millions % of total millions % of total millions % of total millions % of total millions % of total millions % of total millions % of total millions % of total Paulson & Co. Electrum Strategic Holdings BSG Capital Markets Newmont Canada The Baupost Group 15.0 10.2% 33.4 18.9% 33.4 15.9% 46.8 18.4% 46.0 50.8 50.3 18.0% 19.9% 19.7% 61.4 61.4 30.0 50.3 18.1% 18.1% 8.8% 14.8% 61.4 61.4 30.0 50.3 17.6% 17.6% 8.6% 14.4% 61.4 61.4 60.0 50.3 48.6 16.2% 16.2% 15.8% 13.2% 12.8% 61.4 60.4 60.0 50.3 48.6 16.0% 15.7% 15.6% 13.1% 12.7%

Total

15.0

10.2%

33.4

18.9%

33.4

15.9%

46.8

18.4%

147.1

57.6%

203.1

59.9%

203.1

58.3%

281.7

74.2%

281.7

73.1%

Source: Bloomberg, as of June 2013

37

Romania's Golden Quadrilateral

Within the Golden Quadrilateral: There are around 64 ore deposits and prospects, some of them having been mined in the past 3 active exploitation licenses: Rosia Poieni Rosia Montana Certej 5 exploration licenses Voia Cainel Rovina Magura Tebii Caraci-Birtin

Exploitation licenses Exploration licenses Exploitation license pending Gabriel Resources license Border of Golden Quadrilateral Gold and silver deposits Copper +/- gold deposits

38

Project Geology

39

Project Geology Cetate and Carnic Cross Section

W
Cetate Cirnic

Andesite

Black Breccia Dacite Tuffaceous Vent Breccia

Marine Sediments

Polymictic breccia

40

Project Geology Bucium Properties

Immediately SE of Rosia Montana
NNW structural corridor Andesite and dacitic intrusions and lavas Volcanic centres aligned NNW

Epithermal deposits: Rodu Frasin Contu Arama Argint Vipere Valcoi Corabia Izbicioara - Botes Porphyry Copper - Gold: Bucium Tarnita
Rosia Montana and Bucium Rodu-Frasin similar 2 proposed exploitation licenses Bucium Rodu-Frasin Bucium Tarnita

Legend Dacite Andesite lava flow Andesite lava flow Mixed Brecia Vent Breccia reworked Sediment Alterations Structural trend

Porphyry Copper

41

The Proposed Mining Process

An illustration of the most modern mining project in Romania
Pit Pit setup

Blasting

Ore loading and transport

Crushing

Processing
Grinding Leaching

Gold recovery with active carbon

Melting
Electrolysis

CN neutralisation

CONCRETE PLATFORM lined with high density polyethylene Process tailings Final dam Secondary dam Primary dam Runoff recirculated

Clear water

Settled tailings

Proposed Rosia Montana Project

42

The Technological Process in the Pits

The ore is extracted in pits and crushed before entering the grinding circuit
1. Pit setup
4 pits will be set up: Carnic, Cetate, Jig and Orlea The 4 pits will be exploited in 2 phases: Cetate and Carnic in the first 9 years, while Orlea and Jig will be opened as of year 9, with the continuation of the mining operations in Cetate The closing of the pits and of the stockpiles will be done progressively, the stockpile of Cetate starting with year 5, the stockpile and pit of Carnic as of year 9, and the pits of Orlea and Jig in the years 12-14

2. Blasting

Zone I distances over 300m Zone II distances below 300m Special technology for each sub-zone

3. Loading and transport

Trucks with a capacity of 146 t will be used 70,000 tons of rock will be transported every day (waste and ore) The travel distance is maximum 6km. The maximum driving speed 30 km/h The travel duration is 20 minutes, including the rock loading and unloading time The minimum number of trucks necessary is 8-9, the average no. of trucks 14

4. Crushing The extracted ore is crushed before entering the grinding circuit

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The Technological Flow in the Processing Plant

5. Grinding Wet grinding of the crushed ore in 2 ball crushers and one semi-autogenous mill; 6. Leaching Leaching of the ore in a CN solution, in closed tanks; the CN solution dissolves the gold and silver from the ore.

7. Gold and silver recovery on activated charcoal

Gold and silver recovery from the pores of the activated charcoal, by acid washing: CN bound to silver and gold settles in the pores of the activated charcoal, which floats in the solution from the leaching tanks. The coal is recovered by backwash pumping, and the gold and silver sludge is washed out from the pores with a HCl solution.

8. Electrolysis

Gold and silver recovery from the gold-bearing sludge by electrolysis; the gold-bearing sludge is purified/enriched through electrolysis.

9. Melting

Gold/silver melting/casting in ingots the gold alloy is cast in ingots in an electric furnace.

10. CN neutralization

CN neutralization from the process tailings before leaving the plant, using the INCO procedure slurry oxidation in the presence of sodium metabisulfite and copper sulfate. The CN concentration is reduced as a result of the oxidation process.

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Itinerary

Tailings Management Facility

13 sites were reviewed initially Corna Valley is the only site which fulfils all requirements: Storage capacity; Favorable geology; Easy to exploit; Low environmental impact almost non-existent phreatic layer
Designed capacity 250 million tonnes Necessary storage capacity 215 million tonnes

Designed to resist earthquakes of 8 degrees Richter

Designed to resist two consecutive rainfall events, which can occur once every 10,000 years Slopes generally 1.75H:1V to 2H:1V (RMGC 3H:1V) Final height 185 m + 20 m under the valley floor

Length 1,182 m
Secondary catchment dam 22 m

NGI Report: The Norwegian Geotechnical Institute conducted a risk assessment in order to assess the safety of the tailings dam of the Rosia Montana Project. The assessments took into account critical scenarios, including all possible ways in which the Corna dam could fail in extreme situations, such as an unusually large earthquake, which appears extremely rarely, and an extreme 24-hour rainfall. The conclusion formulated by the report published in April 2009 was clear: as it was designed, the dam will be among the safest in the world.

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Rosia Montana Post Closure

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Referendum December 2012- Positive

Referendum Highlights: Local referendum requested October 1, 2012 by 35 Mayors representing the Apuseni Mountains region of Alba County, location of Rosia Montana Voting ballot question: Do you agree with the resumption of mining in the Apuseni Mountain region and specifically at the Rosia Montana Project? Voting to took place on December 9, 2012 the same day as the Romanian General Elections Eligible voters- approximately 80,000
Apuseni Mountains

Positive Outcome:
62.5% voted in favour of mining
Alba County

Voting participation for the referendum was greater than the General Election turnout

Although not legally binding, this positive outcome of the referendum can provide the Company with a catalyst for further permitting of the Project

Bucharest

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Key People at Gabriel Resources

Keith R Hulley
Non-Executive Chairman
Keith Hulley is the current Chairman of the Board of Gabriel, is the former Interim CEO of Gabriel and has been a member of the Gabriel Board since 2006. Previously, Mr Hulley served seven years successively as President, Chief Executive Officer and Executive Chairman of Apex Silver Mines before retiring in 2009. Mr. Hulley has more than 48 years experience in the mining business which, in addition to the above, includes Board and senior executive experience at Western Mining Holdings Ltd. and independent directorships with Red Tiger Inc. and Ecometals Ltd., and is Chairman of the Board of Luna Gold Corp. Mr. Hulley is not independent within the meaning of NI 58101. Mr. Hulley is the Chairman of the Board of Directors and a member of the Technical Committee.

Jonathan Henry
President and Chief Executive Officer
Jonathan Henry has been the President and Chief Executive Officer of Gabriel since June 2010. Mr. Henry has 18 years experience in the mining industry successfully executing on exploration, development, operational and M&A activities. Formerly, Mr. Henry was the CEO of Avocet Mining, a London listed gold mining company with assets in West Africa from 2006 until he joined Gabriel. Prior to that he was Avocets Finance Director for four years. Mr. Henry is not independent within the meaning of NI 58-101.

Dr. Alfred Gusenbauer

Non-Executive Director
Alfred Gusenbauer is the former Federal Chancellor of Austria and was a member of the European Council. Dr. Gusenbauer holds a PhD in political science from the University of Vienna. In addition to a long career in politics in Austria and Europe, he also works in academia as a Professor-at-Large at Brown University and is a Visiting Professor at the Institute for Global Law and Policy at Harvard University. Dr. Gusenbauer is currently the CEO of Gusenbauer Projektentwicklung and Beteiligung GmbH and Chairman of STRABAG SE, Signa Prime Selection AG and Cudos Capital AG. Dr. Gusenbauer is independent within the meaning of NI 58-101. Dr. Gusenbauer is a member of the Corporate Governance Committee.

Wayne Kirk
Non-Executive Director
Wayne Kirk has over 35 years of experience as a corporate attorney, including nine years experience as Vice President, General Counsel and Corporate Secretary of Homestake Mining Company. Mr. Kirk currently holds directorships and is the Chairman of Nominating and Corporate Governance committees at Northern Dynasty Minerals Ltd. and Taseko Mines Limited. He is also a director of Luna Gold Corp., a director and Chairman of the Corporate Governance and Nominating Committee and Compensation Committee of Electrum Ltd., and a director and Chairman of the Compensation and Nominating Committee of Sunshine Silver Mines Corporation. Mr. Kirk is independent within the meaning of NI 58-101. Mr. Kirk is the Chairman of the Corporate Governance Committee and a member of the Audit Committee.

Igor Levental
Non-Executive Director
Igor Levental is President of the Electrum Group, a privately-owned company involved in identifying and negotiating opportunities in exploration and mining ventures. With more than 30 years of experience in the mining industry internationally, Mr. Levental has held senior positions with mining companies including Homestake Mining Company and International Corona Corp. Mr. Levental holds a BSc in Chemical Engineering and an MBA from the University of Alberta, Canada. Mr. Levental is a director of NovaGold Resources Inc., NovaCopper Inc., Sunward Resources Inc. and Taung Gold Limited. Mr. Levental is independent within the meaning of NI 58-101. Mr. Levental is a member of the Corporate Governance and Finance Committees.

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Key People at Gabriel Resources

David Peat
Non-Executive Director
David Peat has over 25 years of experience in financial leadership in support of mining companies. He is a director and Chairman of the Audit Committee of Brigus Gold and a director and Chairman of the Audit Committee of Sunshine Silver Mines Corporation. Mr. Peat was Vice President and Chief Financial Officer of Fontera Copper Corporation from 2006 to 2009, Vice President and Global Controller of Newmont Mining Corporation from 2002 to 2004, and Vice President of Finance and CFI of Homestake Mining Company from 1999 to 2002. Mr. Peat received a Bachelor of Commerce, Honors in Business Administration from the University of Windsor in 1976 and a Bachelor of Arts, Economics from the University of Western Ontario in 1975. Mr. Peat is independent within the meaning of NI 58-101. Mr. Peat is the Chairman of the Audit Committee and a member of the Compensation Committee.

Dag Cramer
Non-Executive Director
Dag Cramer is the CEO of Onyx Financial Advisors UK. Prior to joining Onyx in 2003, he worked for Anglo American PLC as a management trainee in 1989 followed by three years as executive assistant to the Deputy Chairman and CFO. His subsequent senior roles within that group included responsibility for the groups treasury operations as well as its investment activities and the groups risk management activities after its listing in London. Mr. Cramer is currently a director of a number of private and unlisted public companies including Onyx, Vale BSGR Guinea, BSG Capital Markets, BSG Resources, DB Petroleum, Siboney PLC, Lubel Coal, BSG Med and Koidu Holdings. He is a Swedish citizen. Mr. Cramer is not independent within the meaning of NI 58-101. Mr. Cramer is a member of the Finance Committee.

Walter Segsworth
Non-Executive Director
Walter Segsworth is a director of Heatherdale Resources, Pan American Silver, NovaCopper Inc., Alterra Power Corp., and Roxgold Inc. Mr. Segsworth has 40 years of experience in mining in Canada and overseas and has served as a senior officer of several mining companies including Westmin Resources, where he was President and CEO, and Homestake Mining Company, where he was President and COO. Mr. Segsworth is currently lead independent director of Alterra Power Corp. and Pan American Silver. Mr. Segsworth is past Chairman of both the Mining Associations of British Columbia (BC) and Canada and was named BCs Mining Person of the year in 1996. Mr. Segsworth is independent within the meaning of NI 58101. Mr. Segsworth is the Chairman of the Compensation Committee and a member of the Technical Committee.

Richard Brown
Chief Commercial Officer
Richard Brown is the Chief Commercial Officer and Corporate Secretary of Gabriel with responsibility for the commercial operations and business compliance. Mr. Brown joined Gabriel in March 2011 and brings business, regulatory and equity markets expertise gained over 18 years in corporate advisory positions, notably at the London Stock Exchange, KPMG and more recently the mining focused investment bank, Ambrian Partners Limited, where he was Head of Corporate Finance for four years and latterly the Chief Operating Officer.

Max Vaughan
Chief Financial Officer
Max Vaughan joined Gabriel as Chief Financial Officer in March 2011. Mr. Vaughan has spent 13 years in financial advisory and investment banking focused exclusively on the mining and metals sector. Prior to joining Gabriel, Mr. Vaughan was Managing Director of Ogmore Capital from 2009, a mining and metals financial advisory business, and prior to this was Managing Director at RBS Global Banking & Markets specialising in structured finance for several years. Mr. Vaughan is a member of the Institute of Chartered Accountants in England and Wales and holds an MBA from London Business School.

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Key People at RMGC

Dragos Tanase
General Manager RMGC

Nicolae Suciu
Senior Vice-President Governmental Affairs and Community Relations
Mr. Suciu began working for RMGC in 2006, initially as a Legal Manager, then as a Legal Director, and subsequently as a Legal Vice-President. In June 2009, Mr. Suciu became Senior Vice-President in charge of coordinating the Legal and Community Relations Departments, as well as the team managing the dialogue with the governmental institutions responsible for assessing the mining project.

Horea Avram
Vice-President Environment

Mr. Tnase joined RMGC in February 2008, coming from the largest cable communications operator in Romania, UPC. Within UPC, Mr. Tnase coordinated the merger of two large cable operators, UPC and Astral, which combined employed a workforce of 3,600 people and held the position of CFO for 7 years. Previously, Mr. Tnase - an expert in financial management - worked in financial and business consultancy, first at the Ministry of Finance and then with Arthur Andersen.

Mr. Avram has been Vice-President of Environment at RMGC since January 2007, and was previously Environmental Monitoring Officer (2003-2006) and then Environment Director (2006-2007) of RMGC. His main responsibilities include coordinating the project permitting process in terms of environmental protection and drafting RMGC's environmental strategy and policy. Between 1996 and 2003, Mr. Avram occupied various positions in the governmental sector, being responsible for environmental matters.

Adrian Gligor
Vice-President Patrimony and Sustainable Development
Mr. Gligor has been working for RMGC since 2002 in the Patrimony department, which he has been running since 2005. He has also been in charge of the sustainability strategy since 2008. Mr. Gligor is responsible for identifying the best solutions for the preservation and valorisation of the cultural heritage from Rosia Montana, within the context of the mining project. Mr. Gligor graduated from "1 decembrie 1918" University of Alba Iulia, specialising in historyarchaeology. Mr. Gligor is now completing his PhD within the same University.

Andreea Plesa
Vice-President Communication

Gabriel Muan
Vice-President Human Resources

Mrs. Plesa joined RMGC in June 2008 to develop and coordinate RMGC's internal and external communication strategy, and transform RMGC into a communicative company, open for dialogue with all relevant stakeholders. Mrs. Plesa has 15 years of experience in marketing, communication and lobbying, and her professional achievements include the creation and consolidation of UPC Romania's reputation, from the third position of the cable communication market to market leadership.

Mr. Mtuan joined RMGC in September 2010 and coordinates RMGC's HR and Social Responsibility (CSR) activities. With 20 years of experience in human resources management, Mr. Mtuan held for the last ten years the position of Human Resources and Public Relations Director of Lafarge Romania, a world leader in building materials industry. Mr. Mtuan is a graduate of the Commerce Faculty within the Academy of Economic Studies in Bucharest and holds a PhD degree in sociology from the University of Bucharest.

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