UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
April 23, 2010
Commission File No. 000-26860
LIHIR GOLD LIMITED
Level 7, Pacific Place
Cnr Champion Parade & Musgrave Street
Port Moresby, Papua New Guinea
(Address of principal executive offices)
          (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F þ       Form 40-F o
          (Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):           )
          (Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):           )
          (Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes o      No þ
          (If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-                      .)
 
 

 

 

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
         
LIHIR GOLD LIMITED
  		   
By:   /s/ Stuart MacKenzie      
  Name Stuart MacKenzie     
  Title:   Group Secretary & General Counsel     
 
Date: April 23, 2010

 

 

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(Quarterly report for the three months ended 31 March 2010. All dollar figures refer to US dollars.) Group Overview            Outlook • Quarterly production in line with guidance at 230,000 ozs. • Solid first quarter performance has enabled group production guidance for the year to be lifted to a range • Aggregate cash costs of $118 million, down 5% on prior of 1.0 — 1.1 million ounces. quarter, and unit total cash costs of $515/oz in line with plan. • Guidance is maintained for total cash costs for 2010 • Lihir Island expansion continues on schedule and which are expected to be below $450/oz. within budget. • Good progress on Bonikro expansion feasibility study. • Graeme Hunt appointed Managing Director and CEO on 1 April 2010. • Newcrest takeover proposal rejected April 1. • Strategic alternatives are being considered. Production Summary (Ozs) Operation            March Qtr 10 Dec Qtr 09 Lihir Island, PNG 180,273 218,111 Mt Rawdon, QLD 22,856 22,919 Bonikro, CI* 26,628 34,420 Total 229,757 275,450 *Bonikro production reported on a 100% basis. First Quarter Production Report 2010 Page 1 of 16

 

 

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Managing Director’s Review Solid production of 230,000 ounces in the first quarter of 2010 was in line with expectations and leaves LGL well placed for the remainder of 2010. At Lihir Island, total output was 180,000 ounces. This was broadly in line with plan. Production will increase progressively over the final three quarters of the year as grade and throughputs rise. The solid performance in the first quarter and the recent strong operating history has enabled guidance for Lihir Island to be raised to 800,000 — 870,000 ounces for the year. The Lihir Island expansion remains on schedule and within budget. The project is now more than 50% complete and major plant items such as the oxygen plant and autoclave are either in transit or being prepared for shipping to site. In Côte d’Ivoire, production at the Bonikro operation totalled 27,000 ounces for the quarter. This result was higher than plan due to higher than expected grade. Mined grade will vary through the year depending on the mine schedule but is The solid performance planned to be higher in the rest of the year providing for an unchanged full year forecast. in the first quarter and the Good progress continues on the feasibility study examining the development of satellite mines at Hiré, around 10 recent strong operating kilometres from Bonikro and expanding the plant from 2.0mtpa to 3.5mtpa. Drilling continues in order to upgrade history has enabled resources at both Bonikro and Hiré as part of an integrated mining operation. The addition of higher grade ore from Hiré guidance for Lihir Island and the expanded Bonikro plant is expected to lift output to approximately 250,000 oz per year from 2012. to be raised to 800,000 — Meanwhile, exploration activities in Côte d’Ivoire continue to deliver promising results. Drilling in the quarter has focussed 870,000 ounces for on the Bonikro and Hiré districts as part of the expansion feasibility study. On the regional tenements, a budget of $23 the year. million has been allocated to progress the exploration and to follow-up strong early phase results. Drill ready targets are being prepared for when the drill rigs are re-deployed from the Bonikro/Hiré district. LGL continues to be focused on its large tenement holding in Côte d’Ivoire. The company is aggressively advancing exploration on its highly prospective land package and is committed to growing its resource base in this district through a disciplined exploration strategy. Page 2 of 16 FINAL LGL Q1 Production Report 230410.pdf

 

 

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In Australia, the Mount Rawdon operation in Queensland Newcrest Proposal produced 23,000 ounces in the quarter, exceeding On 1 April, LGL rejected a proposal from Newcrest to acquire expectations. The quarter included a planned 12 day LGL through a scheme of arrangement. While the LGL shutdown of the plant for maintenance. The good result has Board recognises the strategic merits of combining the two enabled production guidance for 2010 to be lifted to 90,000 — companies, LGL’s Directors with the benefit of careful review 100,000 ounces. and analysis, unanimously determined that the Newcrest proposal did not adequately recognise the underlying value of LGL. Financial Review Following the approach from Newcrest, LGL has appointed Gold sales totalled 200,000 ounces for the quarter, at an Macquarie Capital Advisers as joint adviser with Greenhill average realised cash price of $1,110/oz, up from $1,096/oz in Caliburn to assist in assessing the range of strategic the three months to December. alternatives which could deliver maximum value to LGL shareholders. In absolute terms, total cash costs for the group decreased by 5% to $118 million. With lower production in the quarter average We continue to be absolutely focused on maximising value, unit costs increased to $515/oz but will fall as production and we are open to considering any opportunities that will increases though the remainder of 2010. There is no change to deliver increased returns to shareholders. We are committed full year total cash cost guidance of less than $450/oz. to keeping shareholders informed of developments as appropriate, and in accordance with all our disclosure obligations. Management Change As previously announced, I was appointed Managing Director Outlook and Chief Executive Officer on 1 April 2010. Following the solid performance in the quarter, full year I spent 34 years with BHP Billiton including as President of production for 2010 is now expected to be 1.0 — 1.1 million oz. Uranium, President of Iron Ore and President of Aluminium. This will include production of 800,000 — 870,000 oz from Lihir In these roles, and particularly at BHP Iron Ore, I was able Island, approximately 110,000 — 130,000 oz from Bonikro and to develop and implement strategies for increasing value 90,000 — 100,000 oz from Mt Rawdon. through improving business performance and expanding production from the large, world-class resources within the Guidance for total cash costs for the year is maintained at BHP Billiton portfolio. below $450/oz. LGL has world class assets and I am focused on building on Overall the company is in good shape and I look forward to the strong momentum that has been developed in raising reporting our progress during the year and as we move ahead annual production capacity to more than 1 million ozs. While to deliver on our value creation strategies. LGL has well developed plans for each of its businesses and projects, my focus is to look beyond these to ensure we are creating maximum value for all our stakeholders. I strongly believe in the continuous improvement ethos and I am committed to driving enhanced performance right across LGL. I would like to acknowledge the excellent job Phil Baker did during his period as Chief Executive Officer and I look forward to working with him in his ongoing role as CFO GRAEME HUNT I am pleased to have been appointed CEO and to have the Managing opportunity to serve shareholders in that capacity. Director First Quarter Production Report 2010 Page 3 of 16 FINAL LGL Q1 Production Report 230410.pdf

 

 

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Operations PRODUCTION STATISTICS First Fourth            Third            Second            First Change Quarter Quarter            Quarter            Quarter           ;  Quarter Q1 2010 2010 2009 2009 2009 2009 vs Q4 2009% Lihir Island Mining High grade ore kt 1,607 1,660 1,398 1,630 1,402 (3) Economic grade ore kt 2,080 2,387 1,677 1,655 911 (13) Material moved kt 10,459 12,043 11,089 12,132 11,104 (20) Processing Ore milled kt 1,729 1,915 1,442 1,561 1,591 (10) Autoclave feed kt 1,327 1,383 1,055 1,210 1,194 (4) Autoclave grade Au g/t 5.01 5.77 5.99 6.64 7.27 (13) CIL recovery % 84.3% 84.4% 86.0% 85.0% 87.6% Total recovery % 81.1% 80.5% 78.8% 81.8% 83.6% 1 Gold poured oz 180,273 218,111 169,133 219,435 246,711 (17) Mt Rawdon Mining Ore mined kt 594 695 886 811 791 (15) Material moved kt 3,152 3,014 3,020 2,502 2,799 5 Processing Ore milled kt 784 869 829 835 821 (10) Ore grade Au g/t 0.97 0.90 1.25 2.26 1.09 8 Gold recovery % 90.2% 91.1% 91.7% 48.0% 89.9% (1) Gold poured oz 22,856 22,919 30,409 28,952 25,500 - Silver poured oz 38,680 31,242 54,721 48,180 39,551 24 Bonikro Mining Ore mined kt 413 632 647 572 520 (35) Material moved kt 3,613 3,509 3,873 2,657 1,657 3 Processing Ore milled kt 481 518 426 570 534 (7) Ore grade Au g/t 1.83 2.42 2.39 2.42 2.31 (24) Gold recovery % 94.2% 94.2% 95.8% 96.7% 92.8% - Gold poured oz 26,628 34,420 31,896 43,607 40,100 (23) LGL Group oz 229,757 275,450 231,438 291,995 312,311 (17) Production Page 4 of 15

 

 

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LIHIR ISLAND Ore milled of 1.7 million Mining tonnes is the second Material movements, totalling 10.5 million tonnes, were highest quarter for affected by low shovel and production drill rig availabilities. Overall material movements for the full year are expected mill throughput at Lihir to be approximately 50 million tonnes, with increases in the remainder of the year due to improved blast fragmentation, Island and follows on commissioning of the third new shovel, truck replacements and new production drill rigs. Contract mining in the upper level benches of the Kapit pit area continued with 300,000 from the record December tonnes moved. quarter 2009. Processing Ore milled of 1.7 million tonnes is the second highest quarter for mill throughput and follows the record December quarter 2009. Autoclave throughput remained high at 1.3 million tonnes. Gold grade into the autoclaves was 5.0g/t, and will increase over the remainder of the year as mining moves into higher grade sections of the pit. For the full year, autoclave gold grade is expected to average around 5.8g/t. An autoclave will undergo a re-brick during the second quarter which will take around 40 days, however gold production in the second quarter is expected to exceed the first quarter due to higher grade ore. Geothermal power supply provided almost 50% of the total power requirements during the quarter. Two new steam wells which exhibited promising test results are scheduled to be tied into the geothermal system during the second quarter. Lihir Island Expansion and Interim Power Station project The Lihir Island process plant expansion project continues to make good progress and is more than 50% complete. Offshore construction of major plant components continues with the oxygen plant now being shipped to site. Fabrication of the autoclave is close to completion and is expected to be shipped to site during the second quarter. Major earthworks are largely complete and civil construction is well underway for the leach, pressure oxidation, thickener and oxygen plant areas. Progress of the Interim Power Station advanced with barge construction continuing in Thailand. Five of the eight generators have now passed acceptance testing with all eight scheduled to be shipped to Thailand in the second quarter for installation onto the barge. First Quarter Production Report 2010 Page 5 of 16

 

 

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LIHIR ISLAND continued Exploration The resource upgrade drilling program at Lihir Island commenced during the quarter and is planned to be completed by the end of this year. MT RAWDON Mt Rawdon produced 23,000 ounces in the quarter, which was well above plan and in line with production in the December quarter. The strong outcome was despite a major planned mill shutdown for 12 days in February which was completed within the scheduled time and on budget. Grade was higher than planned in the quarter due to optimisation of the mining schedule. The major cutback in the mine has now commenced, which will lead to lower production in the second quarter, but improved output in the second half of the year. With the excellent performance at Mt Rawdon during the quarter, guidance for the year has been raised to 90,000 — 100,000 ounces. BONIKRO The Bonikro operation in Côte d’Ivoire produced 27,000 ounces which was above plan due to higher than expected grade. Mining was impacted by low shovel and truck availabilities and limited pit access at times during the quarter due to high rainfall. Lower mill throughput was due to power outages caused by a genset failure at an independent power generator. The ore grade reflects the mining schedule and addition of lower grade stockpile material during rain restricted pit access. Recovery was steady at 94.2%. Grade is also expected to be low in the second quarter before recovering in the second half of the year. LGL continues to progress initiatives to improve the overall efficiency of the Bonikro operation including drill and blast design and techniques, additional production drill rigs and optimisation through production process mapping. LGL continues to progress initiatives to improve the overall efficiency of the Bonikro operation.

 

 

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CÔTE D’IVOIRE EXPLORATION AND DEVELOPMENT FEASIBILITY STUDY Bonikro Exploration Good progress was made during the quarter to complete an extensive drilling program in the area of the Hiré permit, The focus at Bonikro has been to complete an extensive within which a series of four mineralisation lodes are being program of drilling in the area of which approximately 300,000 infill drilled. The expectation is to increase overall resources ounces of gold are currently defined as inferred, with the intent and up-grade existing inferred resources to indicated status. to up-grade this resource to indicated status. As part of this Currently the JORC compliant resource for the combined program, significant results continue to be returned, with some Hire lodes totals 442,000 oz of indicated resource and of the more notable including the following: 450,000 oz of inferred resource. 24.3m @ 4.28g/t Au (BRRD017, 236.7m to 261m) Drilling continues, with a current focus in the Chappelle 8.9m @ 5.46g/t Au (BRRD028, 273.1m to 282m) lode, and results received to date continue to strengthen 6.7m @ 5.64g/t Au (BRRD033, 141.3m to 148m) confidence in the existing resources of shear hosted gold within the granodiorite. Recent significant intersections 8.0m @ 10.623g/t (BRRD035: 149m to 157m) include: 9.0m @ 8.527g/t (BRRD024: 258m to 267m) Chappelle: 6.0m @ 24.383g/t (BRRD053: 263m to 269m) and 17m@ 4.24g/t Au (HRC1587, 14 to 31 m) 18.0m @ 5.613g/t (BRRD057: 137m to 156m). 19m @ 3.95g/t (HRC1588, 90 to 109m) (All significant drilling results are summarised in the appendix.) 6m @ 7.82 g/t Au (HRC1660, 110 to 116m) This drill program, focussed below the existing pit shell design, 12m @ 3.67g/t Au (HRC1664, 53 to 65) is expected to be completed mid-year depending on rig availability. In conjunction with mine planning and feasibility 40m @ 5.38g/t g/t (HRC2125, 119 to 59m), and study work, this will allow a restatement of resources and 17m @3.98g/t (HRC2115, 146 to 163m). reserves in the second half of the year. Agbale: 5m @ 6.74g/t Au (HRC1556, 41-46m) 4m @ 66.44 g/t Au (HRC1565, 51 to 55m) 14m @ 6.22g/t Au (HRC1574, 21 to 35m), and 3m @ 15.60 g/t Au (HRC 1658, 59 to 62m). (All significant drilling results are summarised in the Appendix.) The technical assessment is considering options including the potential expansion of the plant from 2 million tonnes per annum to 3.5 million tonnes per annum through the installation of addition milling capacity. Assuming an expected positive outcome of these feasibility studies, it would increase potential annual gold production to approximately 250,000 oz. First Quarter Production Report 2010 Page 7 of 16

 

 

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An aggressive budget of BONIKRO NEAR-MINE EXPLORATION approximately $23 million Work continues to assess the Oumé area and its potential for additional resources. Results from work completed in has been allocated in 2010 late 2009 were received in the quarter and are encouraging and include to progress the exploration 5m @ 8.17g/t Au (ORZC1136, 31 to 36m) of LGL’s Côte d’Ivoire 4m @ 8.26g/t Au (ORC1167, 19 to 23m), and 5m @ 9.69g/t (ORC1172, 30 to 35m). regional tenements. The program is currently being assessed to determine the next stage forward. In addition, the entire near mine area is being reviewed as part of a larger country wide review process, to assess the next phase of targets. This program is expected to be completed during the second quarter with programs of work commencing thereafter. CÔTE D’IVOIRE REGIONAL EXPLORATION The Company currently holds in excess of 18,000 square kilometres in tenements, including those which are granted and under application. An aggressive budget of approximately $23 million has been allocated to progress the exploration of these tenements in 2010. Due to the focus in delivering resource ounces in and near to Bonikro, only relatively early stage exploration has or is being completed on many of the tenements. However these programs continue to define very strong early phase results, with programs to test these early results the subject of a major internal country wide review and prioritisation process with programs expected to commence during the next quarter. At the Blaffo-Guetto prospect, which occurs as part of the Didievi project area, numerous significant early phase, near surface drill results were followed up by a deeper hole in late 2009 that returned an intersection of 37m @ 7.0g/t Au (previously reported). Having completed further geological and structural work to better understand these results, a program of drilling is planned to assess the along-strike and down dip potential of what has been interpreted to be a significant shear zone with brecciation and veining. This will assess the potential of this prospect to deliver a resource of sufficient size to support a stand-alone operation. Page 8 of 16 FINAL LGL Q1 Production Report 230410.pdf

 

 

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Financial Information GROUP SALES SUMMARY First Fourth Third Second First Change Quarter Quarter Quarter Quarter Quarter Q1 2010 2009 2009 2009 2009 vs 2010 Q4 2009% Lihir Island Gold sold oz 156,555 225,273 161,630 240,046 225,350 (31) Price — spot $/oz 1,111 1,096 954 922 910 1 Mt Rawdon Gold sold oz 21,563 24,282 30,737 28,606 25,337 (11) Price — spot $/oz 1,102 1,096 960 924 905 1 Bonikro Gold sold oz 21,574 41,434 27,806 49,123 35,231 (48) Price — spot $/oz 1,112 1,096 958 922 916 1 LGL Group Gold sold oz 199,692 290,989 220,172 317,774 285,918 (31) Price — spot $/oz 1,110 1,096 955 922 910 1 A total of 199,692 ounces were sold in the quarter at an average cash price of $1,110/oz. GROUP CASH COSTS First Fourth Third Second First Change Quarter Quarter Quarter Quarter Quarter Q1 2010 2009 2009 2009 2009 vs 2010 Q4 2009% Lihir Island Gross cash costs $/oz 608 561 694 468 365 8 Total cash costs $/oz 510 446 521 345 303 14 Mt Rawdon Gross cash costs $/oz 695 613 455 403 402 14 Total cash costs $/oz 572 456 404 382 351 25 Bonikro Gross cash costs $/oz 715 605 516 396 345 18 Total cash costs $/oz 503 503 387 396 385 0 LGL Group Gross cash costs $/oz 629 571 638 451 365 10 Total cash costs $/oz 515 454 487 356 318 13 First Quarter Production Report 2010 Page 9 of 16

 

 

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Total cash costs for the group were $515/oz for the quarter, which was higher than normal due to the reduced output which therefore lifted unit costs. In absolute terms, total cash costs for the group In absolute terms, total decreased 5% to $118 million for the quarter. At Lihir Island gross cash costs in aggregate cash costs for the group terms decreased by 11% to $109 million. Despite cost pressures from higher oil prices and higher HFO consumption absolute costs were lower than decreased 5% in the first the December quarter 2009 which did include a number of non-recurring costs. Given the lower gold quarter to $118 million. production, this translates into an increase in unit costs with total cash costs for the quarter of $510/oz, but higher quarterly production for the remainder of 2010 will see unit costs fall. At Mt Rawdon, as expected, additional waste stripping and major mill maintenance contributed to higher absolute costs in the quarter, up 13% to $15.8 million. Total cash costs were $572/oz. At Bonikro, unit costs remained steady at $503/oz despite lower aggregate costs and lower production. This reflects higher deferred costs associated with additional stripping. Higher costs over the quarter were incurred through contractor equipment hire that will be mitigated following the arrival of ancillary equipment. Higher gold production rates for the remainder of 2010 will result in lower unit costs. Ballarat Sale Agreement On 5 March the company announced it had entered into an agreement with Castlemaine Goldfields Ltd for the sale of the Ballarat project. Under the agreement LGL will receive A$4.5m cash plus an additional 2.5% royalty interest in future production, capped at $50m. The sale is subject to certain conditions including Castlemaine shareholders approving the issue of new equity at their May annual general meeting. In preparation for the transition to new ownership, the operation was wound down and placed on care and maintenance from 5 March 2010. Proposal from Newcrest Mining Ltd On 1 April, LGL rejected a proposal from Newcrest to acquire 100% of LGL’s issued ordinary shares through a scheme of arrangement. Following the proposal from Newcrest, LGL has appointed Macquarie Capital Advisers as its joint adviser with Greenhill Caliburn to assist in assessing the range of strategic alternatives which could deliver maximum value to LGL shareholders. Page 10 of 16

 

 

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Appendix SIGNIFICANT ASSAY DATA FOR THE MARCH QUARTER FROM CÔTE D’IVOIRE Significant (greater than 1 g/t) intersections from the Dougbafla Central drilling program for Q1 2010. HOLE ID            TYPE NORTH_UTM EAST_UTM ELEVE            DIP AZIMUTH FROM TO GRADE 24 25 1m @ 4.47g/t ORC1003 REVC 703269 237571 212 -60 127 61 62 1m @ 1.06g/t 54 55 1m @ 3.4g/t ORC1006 REVC 703330 237468 205 -60 127 85 86 1m @ 3.66g/t 60 62 2m @ 2.06g/t ORC1007 REVC 703349 237433 203 -60 127 80 81 1m @ 1.09g/t Significant (greater than 1 g/t) intersections from the Dougbafla North drilling programme for Q1 2010. Intervals exceeding 10 grams-meters highlighted. HOLE ID TYPE NORTH_UTM EAST_UTM ELEVE DIP AZIMUTH FROM TO GRADE ORC1103 REVC 705556 238535 182 -60 127 8 9 1m @ 1.9 g/t ORC1127 REVC 705693 238454 163 -60 127 53 54 1m @ 1.33 g/t ORC1136 REVC 705550 239015 159 -60 127 29 30 1m @ 5.77g/t ORC1137 REVC 705563 238993 156 -60 127 28 30 2m @ 1.34 g/t ORC1143 REVC 705743 238680 154 -60 127 35 36 1m @ 4.26 g/t ORC1147 REVC 705804 238572 154 -60 127 54 56 2m @ 2.9 g/t ORC1166 REVC 706053 238468 153 -60 127 34 36 2m @ 1.70 g/t 22 28 6m @ 11.5 g/t ORC1167 REVC 706066 238441 151 -60 127 38 39 1m @ 2.28 g/t ORC1168 REVC 706083 238415 147 -60 127 32 33 1m @ 1.18 g/t 35 36 1m @ 1.32 g/t ORC1169 REVC 706096 238389 157 -60 127 46 47 1m @ 1.96 g/t 8 23 15m @ 2.54 g/t ORC1148 REVC 705820 238551 156 -60 127 27 48 21m @ 3.74 g/t ORC1159 REVC 705949 238649 143 -60 127 11 12 1m @ 2.05 g/t ORC1163 REVC 706008 238545 144 -60 127 28 29 1m @ 5.47 g/t 11 17 6m @ 1.24 g/t ORC1164 REVC 706023 238517 136 -60 127 47 48 1m @ 3.27 g/t 0 1 1m @ 1.35 g/t 6 7 1m @ 3.96 g/t ORC1177 REVC 706164 238432 159 -60 127 25 27 2m @ 2.39 g/t 45 46 1m @ 1.15 g/t 47 48 1m @ 1.19 g/t ORC1019 REVC 704977 238410 193 -60 127 40 41 1m @ 1.23g/t ORC1027 REVC 705320 238616 173 -60 127 13 14 1m @ 2.54g/t ORC1028 REVC 705339 238583 170 -60 127 75 76 1m @ 11.7g/t 5 6 1m @ 1.7g/t ORC1030 REVC 705380 238516 173 -60 127 22 26 4m @ 1.79g/t ORC1049 REVC 705490 238671 174 -60 127 54 55 1m @ 1.68g/t First Quarter Production Report 2010 Page 11 of 16

 

 

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Appendix (continued) HOLE ID            TYPE NORTH_UTM EAST_UTM ELEVE            DIP AZIMUTH FROM TO GRADE 22 23 1m @ 1.15g/t ORC1060 REVC 705105 238506 185 -60 127 63 65 2m @ 1.37g/t ORC1087 REVC 705698 238597 156 -60 127 37 38 1m @ 1.53g/t 26 27 1m @ 2.07g/t ORC1092 REVC 705778 238464 162 -60 127 43 44 1m @ 57.5g/t 53 56 3m @ 1.7g/t ORC1093 REVC 705791 238439 154 -60 127 53 56 3m @ 1.51g/t ORC1104 REVC 705568 238507 167 -60 127 45 47 2m @ 7.05g/t ORC1120 REVC 705589 238634 163 -60 127 20 21 1m @ 2.02g/t 0 1 1m @ 1.18g/t ORC1130 REVC 705738 238375 153 -60 127 17 20 3m @ 1.57g/t 41 42 1m @ 2.25g/t ORC1165 REVC 706037 238490 147 -60 127 60 64 4m @ 5.64g/t ORC1170 REVC 706077 238582 141 -60 127 45 47 2m @ 2.51g/t 20 21 1m @ 1.16g/t ORC1172 REVC 706104 238532 147 -60 127 30 35 5m @ 9.69g/t 8 12 4m @ 2.47g/t ORC1174 REVC 706120 238504 147 -60 127 30 31 1m @ 2.53g/t 26 27 1m @ 1g/t 36 40 4m @ 3.58g/t ORC1175 REVC 706135 238482 149 -60 127 48 50 2m @ 8.59g/t
57 59 2m @ 2.98g/t ORC1178 REVC 706195 238378 155 -60 127 24 29 5m @ 1.74g/t 29 31 2m @ 1.77g/t ORC1179 REVC 706207 238521 142 -60 127
55 56 1m @ 4.04g/t 8 9 1m @ 2.89g/t 39 42 3m @ 1.69g/t ORC1180 REVC 706222 238496 149 -60 127 54 55 1m @ 3.21g/t 59 60 1m @ 5.01g/t 30 42 12m @ 1.76g/t ORC1181 REVC 706235 238470 145 -60 127 58 59 1m @ 1.22g/t ORC1189 REVC 705839 239002 144 -60 127 29 30 1m @ 1.03g/t ORC1190 REVC 705871 238947 141 -60 127 13 14 1m @ 2.56g/t ORC1019 REVC 704977 238410 193 -60 127 40 41 1m @ 1.23g/t ORC1027 REVC 705320 238616 173 -60 127 13 14 1m @ 2.54g/t ORC1028 REVC 705339 238583 170 -60 127 75 76 1m @ 11.7g/t 5 6 1m @ 1.7g/t ORC1030 REVC 705380 238516 173 -60 127 22 26 4m @ 1.79g/t ORC1049 REVC 705490 238671 174 -60 127 54 55 1m @ 1.68g/t 22 23 1m @ 1.15g/t ORC1060 REVC 705105 238506 185 -60 127 63 65 2m @ 1.37g/t ORC1087 REVC 705698 238597 156 -60 127 37 38 1m @ 1.53g/t Page 12 of 16

 

 

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HOLE ID TYPE NORTH_UTM EAST_UTM ELEVE DIP AZIMUTH FROM TO GRADE 26 27 1m @ 2.07g/t ORC1092 REVC 705778 238464 162 -60 127 43 44 1m @ 57.5g/t 53 56 3m @ 1.7g/t ORC1093 REVC 705791 238439 154 -60 127 53 56 3m @ 1.51g/t ORC1104 REVC 705568 238507 167 -60 127 45 47 2m @ 7.05g/t ORC1120 REVC 705589 238634 163 -60 127 20 21 1m @ 2.02g/t 0 1 1m @ 1.18g/t ORC1130 REVC 705738 238375 153 -60 127 17 20 3m @ 1.57g/t 41 42 1m @ 2.25g/t ORC1165 REVC 706037 238490 147 -60 127 60 64 4m @ 5.64g/t ORC1170 REVC 706077 238582 141 -60 127 45 47 2m @ 2.51g/t 20 21 1m @ 1.16g/t ORC1172 REVC 706104 238532 147 -60 127 30 35 5m @ 9.69g/t ORC1174 REVC 706120 238504 147 -60 127 8 12 4m @ 2.47g/t ORC1174 REVC 706120 238504 147 -60 127 30 31 1m @ 2.53g/t 26 27 1m @ 1g/t 36 40 4m @ 3.58g/t ORC1175 REVC 706135 238482 149 -60 127 48 50 2m @ 8.59g/t 57 59 2m @ 2.98g/t ORC1178 REVC 706195 238378 155 -60 127 24 29 5m @ 1.74g/t 29 31 2m @ 1.77g/t ORC1179 REVC 706207 238521 142 -60 127 55 56 1m @ 4.04g/t 8 9 1m @ 2.89g/t 39 42 3m @ 1.69g/t ORC1180 REVC 706222 238496 149 -60 127 54 55 1m @ 3.21g/t 59 60 1m @ 5.01g/t 30 42 12m @ 1.76g/t ORC1181 REVC 706235 238470 145 -60 127 58 59 1m @ 1.22g/t ORC1189 REVC 705839 239002 144 -60 127 29 30 1m @ 1.03g/t ORC1190 REVC 705871 238947 141 -60 127 13 14 1m @ 2.56g/t ORC1019 REVC 704977 238410 193 -60 127 40 41 1m @ 1.23g/t ORC1027 REVC 705320 238616 173 -60 127 13 14 1m @ 2.54g/t ORC1028 REVC 705339 238583 170 -60 127 75 76 1m @ 11.7g/t 5 6 1m @ 1.7g/t ORC1030 REVC 705380 238516 173 -60 127 22 26 4m @ 1.79g/t ORC1049 REVC 705490 238671 174 -60 127 54 55 1m @ 1.68g/t 22 23 1m @ 1.15g/t ORC1060 REVC 705105 238506 185 -60 127 63 65 2m @ 1.37g/t ORC1087 REVC 705698 238597 156 -60 127 37 38 1m @ 1.53g/t 26 27 1m @ 2.07g/t ORC1092 REVC 705778 238464 162 -60 127 43 44 1m @ 57.5g/t
53 56 3m @ 1.7g/t First Quarter Production Report 2010 Page 13 of 16 Page 13 of 13

 

 

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Appendix (continued) HOLE ID            TYPE NORTH_UTM EAST_UTM ELEVE            DIP AZIMUTH FROM TO GRADE
ORC1093 REVC 705791 238439 154 -60 127 53 56 3m @ 1.51g/t ORC1104 REVC 705568 238507 167 -60 127 45 47 2m @ 7.05g/t ORC1120 REVC 705589 238634 163 -60 127 20 21 1m @ 2.02g/t 0 1 1m @ 1.18g/t ORC1130 REVC 705738 238375 153 -60 127 17 20 3m @ 1.57g/t 41 42 1m @ 2.25g/t ORC1165 REVC 706037 238490 147 -60 127 60 64 4m @ 5.64g/t ORC1170 REVC 706077 238582 141 -60 127 45 47 2m @ 2.51g/t 20 21 1m @ 1.16g/t ORC1172 REVC 706104 238532 147 -60 127 30 35 5m @ 9.69g/t 8 12 4m @ 2.47g/t ORC1174 REVC 706120 238504 147 -60 127 30 31 1m @ 2.53g/t 26 27 1m @ 1g/t 36 40 4m @ 3.58g/t ORC1175 REVC 706135 238482 149 -60 127 48 50 2m @ 8.59g/t 57 59 2m @ 2.98g/t ORC1178 REVC 706195 238378 155 -60 127 24 29 5m @ 1.74g/t 29 31 2m @ 1.77g/t ORC1179 REVC 706207 238521 142 -60 127 55 56 1m @ 4.04g/t 8 9 1m @ 2.89g/t 39 42 3m @ 1.69g/t ORC1180 REVC 706222 238496 149 -60 127 54 55 1m @ 3.21g/t 59 60 1m @ 5.01g/t 30 42 12m @ 1.76g/t ORC1181 REVC 706235 238470 145 -60 127 58 59 1m @ 1.22g/t ORC1189 REVC 705839 239002 144 -60 127 29 30 1m @ 1.03g/t ORC1190 REVC 705871 238947 141 -60 127 13 14 1m @ 2.56g/t Page 14 of 16

 

 

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Further Information CONTACT FOR INVESTOR INFORMATION            PRINCIPAL OFFICE Level 7, Pacific Place Joe Dowling Cnr Champion Parade & Musgrave Street GM Corporate Affairs Port Moresby, Papua New Guinea Tel: +61 7 3318 3308 Mobile: +61 421 587 755 CORPORATE OFFICE Email: joe.dowling@lglgold.com Level 32, 400 George Street Joel Forwood Brisbane, Queensland 4000 Australia Manager Investor Relations Tel: +61 7 3318 3331 STOCK EXCHANGE LISTINGS Mobile: +61 438 576 879 Australian Securities Exchange (LGL) Email: joel.forwood@lglgold.com NASDAQ National Market (LIHR) Port Moresby Stock Exchange (LGL) Web site: www.LGLgold.com Toronto Stock Exchange (LGG) Follow us: www.twitter.com/LGLgold ISSUED CAPITAL SHAREHOLDER ENQUIRIES The current ordinary issued capital of the company is: Queries related to share registry matters • 2,368,729,935 listed ordinary shares (including should be directed to: 342,044 restricted executive shares) Computershare Investor Services DIRECTORS Level 19, 307 Queen Street Brisbane, Queensland 4000 Australia Ross Garnaut — Chairman Tel: 1300 552 270 or +61 7 3237 2100 Graeme Hunt — Managing Director Fax: +61 7 3237 2152 Bruce Brook Peter Cassidy Web site: www.computershare.com Mike Etheridge Email: web.queries@computershare.com.au Winifred Kamit Geoff Loudon ADR DEPOSITARY Alister Maitland The Bank of New York Depositary Receipts Divison GROUP SECRETARY 101 Barclay St, 22 nd Floor Stuart MacKenzie New York, New York 10286 USA Tel: +1 212 815 3700 Fax: +1 212 571 3050 Web site : www.adrbny.com First Quarter Production Report 2010 Page 15 of 16

 

 

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Forward Looking Statements measures may not be comparable to similarly titled measures of other companies. This document may contain certain forward-looking Management uses this measure for the same purpose statements, including but not limited to (i) estimated when monitoring and evaluating the performance of LGL. reserves, (ii) anticipated production profiles and This information differs from measures of performance characteristics, (iii) expected capital requirements, (iv) determined in accordance with GAAP and should not be forecast cost profiles or (iv) plans, strategies and objectives considered in isolation or as a substitute for measures of of management. Such forward looking statements are not performance determined in accordance with GAAP. guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of
LGL Competent Person Statement which are beyond the control of Lihir Gold Limited (“LGL”), which may cause actual results to differ materially from those The information in this report that relates to Exploration contained in this announcement. Important factors that could Results and Mineral Resources at Lihir and Côte d’Ivoire cause actual results to materially differ from the forward is based on information compiled by Mr Roy Kidd. looking statements in this presentation include but are not Mr Kidd is a member of the Australian Institute of limited to the market price of gold, anticipated ore grades, Geoscientists and is a full time employee of Lihir Services tonnage, recovery rates, production and equipment operating Australia Pty Ltd (LSA) in the role of Principal Geologist. costs, the impact of foreign currency exchange rates on cost LSA provides services to LGL pursuant to a Managed inputs and the activities of governmental authorities in Papua Services Agreement. Roy Kidd has sufficient experience New Guinea and elsewhere, as set forth more fully under the which is relevant to the style of mineralisation and the type caption “Risk Factors” in LGL’s most recent Annual Report of deposit under consideration and to the activity which he is on Form 20-F, which has been filed with the US Securities undertaking to qualify as a Competent Person as defined in and Exchange Commission (“SEC”). the 2004 Edition of the “Australasian Code for Reporting of Gold reserve and resource estimates are expressions of Exploration Results, Mineral Resources and Ore Reserves”. judgement based on knowledge, experience and industry Roy Kidd consents to the inclusion in the report of the practice, and may require revision based on actual matters based on his information in the form and context production experience. Such estimates are necessarily in which it appears. imprecise and depend to some extent on statistical The information in this report that relates to Ore Reserves inferences and other assumptions, such as gold prices, at Lihir Island is based on information compiled by Mr David cut-off grades and operating costs, which may prove to Grigg. be inaccurate. LGL’s wholly owned subsidiary LGL Ballarat Operations Pty Ltd does not have any ore reserves and David Grigg is employed by Lihir Gold Limited in the role of the level of its estimated mineral resources and exploration Superintendent Mine Planning for the company. David Grigg potential are necessarily imprecise and may prove to be has sufficient experience, which is relevant to the style of inaccurate. Accordingly, no assurance can be given that mineralisation and the type of deposit under consideration the indicated amount of gold will be recovered or at the and to the activity which he is undertaking to qualify as a rates estimated. Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and LGL can therefore give no assurances that any of the Ore Reserves”. David Grigg consents to the inclusion in the estimates, production profiles, capital, cost profiles and plans report of the matters based on their information in the form will not materially differ from the statements contained in this and context in which it appears. release and their inclusion in this document should not be regarded as a representation by any person that they will be achieved. Note to U.S. Investors Cautionary Note to U.S. Investors — The United States The foregoing material is a presentation of general Securities and Exchange Commission permits U.S. mining background information about LGL’s activities as of the date companies, in their filings with the SEC, to disclose only of the presentation. It is information given in a summary those mineral deposits that a company can economically form and does not purport to be complete. It is not inte nded and legally extract or produce. LGL uses certain terms on to be relied upon as advice to investors or potential investors this website, such as “measured,” “indicated,” and “inferred” and does not take into account the investment objectives, “resources,” which the SEC guidelines strictly prohibit U.S. financial situation or needs of any particular investor. These registered companies from including in their filings with the should be considered, with or without professional advice SEC. U.S. Investors are urged to consider closely the when deciding if an investment is appropriate. disclosure in LGL’s most recent Form 20-F, which may Some of the information contained in this document includes be secured from LGL, or from the SEC’s website at certain un-audited non-GAAP (where GAAP means www.sec.gov/edgar.shtml. “generally accepted accounting principles”) measures, such as “cash costs”. Such unaudited non-GAAP measures are Note to Canadian Investors intended to provide information about the cash generating Canadian Investors — for further information in relation to the capacity and performance of LGL’s mining operations. In calculation of reserves and resources with respect to LGL’s particular, cash costs is a measure that is used in the gold Lihir operation, please refer to the Lihir Gold Limited mining industry and was developed in conjunction with gold (TSX:LGG) Technical Report (NI 43-101) dated 18 mining companies associated with the Gold Institute in an September 2007 available on SEDAR (www.sedar.com). effort to provide a level of comparability. However, LGL’s
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