Ap p e n d i x 3 C An n o u n c e m e n t o f b u y - bac k

Appendix 3C

Announcement of buy-back

Rule 3.8A

(except minimum holding buy-back)

Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/9/99. Origin: Appendix 7B. Amended 13/3/2000, 30/9/2001, 11/01/10


Name of entity ABN/ARSN

Excelsior Gold Limited 38 123 629 863 We (the entity) give ASX the following information. Info rm a tio n a b o u t b u y - bac k


1 Type of buy-back Employee Share Scheme Buy Back

2 +Class of shares/units which is the subject of the buy-back (eg, ordinary/preference)

Ordinary


3 Voting rights (eg, one for one) 1 : 1

4 Fully paid/partly paid (and if partly paid, details of how much has been paid and how much is outstanding)

Fully paid


5 Number of shares/units in the +class on issue

13,200,000


6 Whether shareholder/unitholder approval is required for buy-back

Not required


7 Reason for buy-back Establishment of new Incentive Scheme as approved by shareholders on 28 November 2014. Buy-back by agreement in accordance with s257B.

8 Any other information material to a shareholder's/unitholder's decision whether to accept the offer (eg, details of any proposed takeover bid)

N/A

+ See chapter 19 for defined terms.

11/01/2010 Appendix 3C Page 1

Ap p e n d i x 3 C An n o u n c e m e n t o f b u y - bac k On - ma r k e t b u y - bac k


9 Name of broker who will act on the company's behalf

N/A

10 Deleted 30/9/2001.
11 If the company/trust intends to buy back a maximum number of shares - that number

Note: This requires a figure to be included, not a percentage.


N/A


12 If the company/trust intends to buy back shares/units within a period of time - that period of time; if the company/trust intends that the buy- back be of unlimited duration - that intention

N/A


13 If the company/trust intends to buy back shares/units if conditions are met - those conditions

N/A Em pl oyee s h ar e s c hem e buy - bac k


14 Number of shares proposed to be bought back

13,200,000


15 Price to be offered for shares $0.0001 per share

+ See chapter 19 for defined terms.

Appendix 3C Page 2 11/01/2010

Ap p e n d i x 3 C An n o u n c e m e n t o f b u y - bac k Sel ect i ve buy - bac k


16 Name of person or description of class of person whose shares are proposed to be bought back

N/A


17 Number of shares proposed to be bought back

N/A


18 Price to be offered for shares N/A

Eq ual ac c es s s c hem e


19 Percentage of shares proposed to be bought back

N/A


20 Total number of shares proposed to be bought back if all offers are accepted

N/A


21 Price to be offered for shares N/A

22 +Record date for participation in offer

Cross reference: Appendix 7A, clause 9.

N/A Co m p l i a n c e s t a t e m e n t 1. The company is in compliance with all Corporations Act requirements relevant to this buy-back. or, for trusts only: 1. The trust is in compliance with all requirements of the Corporations Act as modified by Class Order 07/422, and of the trust's constitution, relevant to this buy-back. 2. There is no information that the listing rules require to be disclosed that has not already been disclosed, or is not contained in, or attached to, this form. Sign here: ............................................................ Date: 8 December 2014 (Director/Company secretary) Print name: Nicholas Ong

+ See chapter 19 for defined terms.

11/01/2010 Appendix 3C Page 3

distributed by