#1MERDEKA COPPER GOLD Indonesia's Leading Copper Gold Champion Investor Presentation August 2020#2Table of Contents 1. Introduction 2. Producing Assets and Development Projects 3. Appendix MERDEKA COPPER GOLD 2#3Disclaimer MERDEKA COPPER GOLD This presentation has been prepared by PT Merdeka Copper Gold Tbk ("Merdeka" or "MDKA") and consists of written materials/slides for a presentation concerning Merdeka. By reviewing/attending this presentation, you agree to be bound by the following considerations: No representation or warranty (express or implied) is made as to the fairness, accuracy, or completeness of the information contained in the presentation or of the views, opinions and conclusions contained in the material. To the maximum extent permitted by law, Merdeka and its related entities, and its respective Directors, officers, employees, agents and advisors disclaim any liability for any loss or damage arising from any use of this material or its contents, including any error or omission there from, or otherwise arising in connection with it. Some statements in this presentation are forward-looking statements. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, estimated revenues and reserves, targets are cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as "will", "expect”, “anticipate", "believe" and "envisage". By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside Merdeka's control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation. Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements which speak only as at the date of the presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, Merdeka does not undertake any obligation to publicly release any updates or revisions to any forward looking statements contained in this presentation, whether as a result of any change in Merdeka's expectations in relation to them, or any change in events, conditions or circumstances on which any such statement is based. Neither the provision of this document nor any information contained in this document or subsequently communicated to any person in connection with this document is, or should be taken as, constituting the giving of investment advice to any person. This presentation is intended for a limited number of institutional investors for their exclusive use on a confidential basis. This is not an offer or invitation to invest in any securities of Merdeka. Merdeka does not undertake any obligation to update any information in this presentation. All information herein should be regarded as indicative and for illustrative purposes only and is subject to change. 3#4Introduction MERDEKA COPPER GOLD#5Merdeka Introduction MERDEKA COPPER GOLD MDKA today consists of five main assets which, in order of management's assessment of future value, are as follows: 1. Tujuh Bukit Copper/Gold Project ("TB Copper Project") 5 Main Assets 2. Pani Joint Venture ("Pani JV Project") - new expansion project 3. Wetar / Morowali Acid Iron Metal ("AIM Project") - new expansion project 4. Tujuh Bukit Gold Production ("TB Gold mine") Merdeka's Competitive Advantage Established & Proven Gold & Copper Operations • 3 Transformational Development Projects Underpinned by Substantial Resources • • • • • • • 5. Wetar Copper Production ("Wetar Copper mine") In 2019 Tujuh Bukit produced 223,042 ounces of gold at US$620 all in sustaining cost ("AISC") In H1 2020 Tujuh Bukit produced 108,823 ounces of gold at US$648 AISC In 2019 Wetar produced 16,777 tonnes of Copper at US$1.86/lb AlSC In H1 2020 Wetar produced 2,926 tonnes at US$4.33/lb AISC Copper production will remain low while strategic review of Wetar is completed, and plan implemented in H2 2020 Strong safety, environmental and community relations credentials. 1 Long Term Injury (LTI) in past 2 years with 27 million hours worked Tujuh Bukit Copper is a leading orebody with the potential to produce 70,000 to 90,000 tonnes of copper and 200,000 to 300,000 ounces of gold per annum for more than 20 years. Pre-feasibility study to be completed in H2 2021 Combined resources at the Pani JV Project have the potential to produce in excess of 250,000 ounces of gold per annum for more than 15 years. Pre-feasibility study to be completed in H2 2021. Rapid open pit CIL development AIM Project is a multi-commodity development project expected to produce more than US$200m of revenue per annum over 20 years. Feasibility study will be completed in Q4 2020 Geologically, Indonesia possesses rich mineral resources and is a significant player in the global mining industry with a track record of developing successful projects Strong Cash Generation and Ability to Finance and Develop Projects • • • Developed Tujuh Bukit gold on target and consistently exceeded guidance Strong cornerstone shareholders who have significant experience in developing growth businesses in Indonesia Multiple well supported international bank financings achieved 5#6Indonesia: Right Geological Address MERDEKA COPPER GOLD Indonesia continues to be a significant player in the global mining industry, with significant production of coal, copper, gold, tin and nickel including leading gold and copper assets such as Grasberg, Tujuh Bukit, Batu Hijau and Martabe Toka Tindung • Resources: 4.0 M oz Au • Annual production: 132 k oz Au • Produced 1.2 M oz Au since 2012 Sihayo 1.59 M oz Au Tujuh Bukit Resources: 30 M oz Au 8.75 Mt Cu Gosowong • Produced 5.7 M oz Au since 2000 Acquired by Indotan Halmahera Bangkit from Newcrest for A$90m in March 2020 • Grasberg (Freeport) • Resources: 37.2 Mt Cu, 97.7 M oz Au • Annual production: 275 kt Cu, 863 k oz Au • Produced 15.5 Mt Cu, 53.9 M oz Au since 1987 • Will be the world's largest block cave mine ⚫ Rio and Freeport sold 51% interest for US$3.5b to the Indonesian government in 2018 Pani IUP Resources: 2.37 M oz Au COW Resources: 2.30 M oz Au Project AIM Hu'u Resources: 15 Mt Cu and 27 M oz Au Vale Development Project Wetar PrResources: 0.3 Mt Cu Elang Resources: 19.7 M oz Au 5.9 Mt Cu Martabe • Resources: 7.6 M oz Au • Annual production: 355 k oz Au • Produced 1.9 M oz Au since 2012 ~US$1.2b acquisition by Pama (Jardines) in 2018 Batu Hijau Developed and previously owned / operated by Newmont • Resources: 3.8 Mt Cu, 9.0 M oz Au • Annual Production: 143 kt Cu, 533 k oz Au . Produced 3.6 Mt Cu, 8 M oz Au since 1999 ⚫ US$1.3b acquisition of 48% by PT Amman in 2016 Legend: Merdeka mines/projects 6#7Strong and Reliable Indonesian Shareholders Existing Shareholding Structure MERDEKA COPPER GOLD Provident gojek Valuation: US$10.0b -23% -23% SARATOGA Thohir Group TOWER BERSAMA GROUP EV: US$3.5b1 adaro EV: US$3.3b1 MERDEKA -9% 2 Track Record in Growing and Financing Indonesian Corporates Strong Governmental, Regulatory and Local Ties Excellent Corporate Governance and Investor Relations Low Risk of Divestment under Indonesia Mining Law The shareholders collectively have rich experience in leading and growing businesses in Indonesia, ranging from dynamic tech platforms (Gojek) to well established corporates (i.e. Tower Bersama and Adaro). As a result, the shareholders have established strong relationships with key external stakeholders and have gathered valuable experience leading companies to growth within the country The shareholders have decades of experience in obtaining permits across Indonesia for their various operating companies including Adaro (portfolio of coal mines), Tower Bersama (tower development in all 34 provinces) and Provident Agro (which had 40,000 Ha of palm oil plantations), demonstrating their ability to resolve community issues and work with national and local governments to develop projects across multiple industries Reputation for maintaining excellent corporate governance and reporting standards (in the case of Merdeka, voluntary adoption of ASX reporting requirements for Reserves and Resources, as well as quarterly reporting) has attracted quality investors globally in both debt and equity capital markets, achieving overall lower cost of funds and strong support The Indonesian Mining Law requires foreign shareholders to gradually divest portions of their shareholdings by making initial offers to the central Government of the Republic of Indonesia, regional or municipal governments. With the major shareholders being 100% Indonesian-incorporated or by citizenship, it minimizes the risk of divestment requirements Note: 1. Market cap as at 28 July 2020; net debt as at 31 March 2020 7#8Sound Financial Position Revenue (US$m) 294 2018 402 2019 158 2018 Debt US$200m syndicated facility of 8 international banks • Closed October 2018 3 year amortizing corporate facility maturing TB Opco 1 (PT BSI) in Q1 2022 Libor + 3.5% • US$120m outstanding balance as at 30 June 2020 EBITDA (US$m) 228 MERDEKA COPPER GOLD Hedging H2- 37,004 oz at US$1,453 / oz 2020 Gold 2021 3,000 oz at US$1,775 / oz Copper 2020 2019 SMBC ING || UOB Goldman Sachs HSBC BNP PARIBAS SOCIETE GENERALE CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK Merdeka 2 Holdco • US$100m club facility of 4 international banks • Closed March 2019 maturing in Sep 2020 Libor + 4.25% This facility is expected to be refinanced in August 2020 with the issue of an IDR bond IDR1.4t (c.US$96m) bond closed 30 July 2020 - 1yr: Rp674b at IDR 8.9% - 3yrs: Rp726b at IDR 10.5% - UOB BNP PARIBAS HSBC BARCLAYS IDR Bond Nil • • . Comments Strong cash flow generation with consolidated EBITDA of US$228 m for 2019 Cash position of US$56m as at 30 June 2020 Modest hedging with significant exposure to upside in gold and copper given large resource base Building profile of Merdeka in international equity markets to support growth - completion of US$60m equity raise in July 2019 New institutional investors have improved liquidity Analyst coverage from Argonaut, BNI, Citi, Credit Suisse, Ciptadana, CLSA, Indopremier, KISI, Mandiri, Panin, Sucor, RHB, Trimegah 8#9Share Price and Liquidity Current Capitalization Share Price (IDR)1 Shares Outstanding (m) 21,898 Market Cap (IDR) Market Cap² ~US$2.7b 2,000 1,810 1,800 1,600 IDR39.6t Share Price (IDR) 1,400 1,200 1,000 800 Net Debt³ Enterprise Value 1 month 600 400 US$165.0m 200 0 1/2/19 ~US$2.9b Trading Volume Average Daily Trading Volume (US$m) 10.40 6 months 7.89 12 months 6.84 Note: 1. Share price information as at 28 July 2020 2. Using exchange rate IDR 14,605 per US$ 3. Using cash balance and debt number as of 30 June 2020 4. Ring: iShares MSCI Global Gold Miners ETF Share Price (Rebased to 100%) 300% 250% 200% MDKA Share Price Performance MERDEKA COPPER GOLD 7/2/19 1/2/20 7/2/20 Volume MDKA Share Price MDKA Performance vs Gold Index 150% 100% 50% 0% 1/2/19 7/2/19 1/2/20 7/2/20 MDKA Share Price (Rebased) Gold Index (Rebased) 9 CAGR +88% MDKA: +174% Gold Index:4 +123%#10Management with Significant Industry Experience MERDEKA COPPER GOLD The management team comprises a group of individuals with rich experience within the industry and within their individual business functions Experience Simon Milroy More than 30 years of experience in mining sector including exploration, feasibility studies, permitting, financing, construction, operations and closure Previously the GM Corporate Development and Exploration in PanAust Gerick Mouton More than 20 years experience in strategic mine development, implementation and execution of multifaceted capital-intensive mining projects on the African continent Zach Casley David Fowler Tri Boewono Devin Ridwan Boyke Abidin James Francis Previously Senior Vice President in Ivanhoe Mines Ltd More than 25 years of experience gained from a variety of roles in operational mines, consulting, mining finance and corporate management including roles at Macquarie and Newcrest Mining Zach is a Fellow of the Australian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists Accountant with more than 25 years of experience in mining sector Held CEO / CFO positions for listed mining companies in Australia, South America and Indonesia More than 10 years of experience as President Director at PT Provident Agro Tbk More than 25 years of relevant professional experience More than 10 years experience as Director/CFO at PT Provident Agro Tbk CFA charter holder with more than 20 years of relevant professional experience More than 30 years experience in mining sector including government affairs, community affairs, asset protection and corporate communication More than 30 years of experience in mining sector including exploration geology to mapping & interpretive skills, resource estimation, project development, drill design-planning-and implementation, open cut mining, underground mining, general management of operations and Health, Safety and Environment More than 20 years of experience with Thiess Peter Scanlon Gavin Caudle • Previously the Head of Construction at Thiess Indonesia Founding shareholder of Provident Capital 16 years ago Former Partner at Arthur Andersen and Head of M&A / Private Equity at Citigroup / Salomon Brothers for Indonesia 10#11AIM Pani JV TB Copper Operations Indonesia's Leading New Mining Company MERDEKA COPPER GOLD Actual 2017 2018 167,000 oz 141,468 oz 17,000 t 223,000 oz 2019 17,000 t Estimate 2020 175,000 - 195,000 oz Wetar Strategic Review Gold Copper Gold Copper Gold Copper Gold Copper Started Drilling Completed Concept Study Started Decline Development Cumulative Investment: US$51m Completed Decline Continue Drilling Complete PFS Continue and complete FS Acquired Pani IUP Signed agreement with JRN to combine resources (Pani JV) Start Drilling Close Pani JV deal PFS / Reserves / Permitting Construction Signed MOU with Tsingshan Complete Construction Start Construction Complete FS Start Production 11#12Producing Assets and Development Projects MERDEKA COPPER GOLD#13Metals Mineralisation Type Process Method Recovery TB Gold Mine Mining Method Production Information Conventional Open Pit Gold and Silver High Sulphidation Epithermal Oxide Heap Leach Gold 79% and Silver 13% Open Pit Mining Ore Mined Waste Mined Financials MERDEKA COPPER GOLD Operational & Financial Performance Unit 2018 2019 H1-2020 Actual Actual Actual M Tonnes 5.3 7.4 4.8 M Tonnes 9.4 8.4 4.0 Heap Leach Production Ore Crushed and Stacked Recovered Metal M Tonnes 4.9 7.4 4.2 Au oz 167,506 223,042 108,823 Cash Costs US$/ oz 374 409 408 Oxide Mineral Reserves¹ 0.9 Moz Au contained; 35 Moz Ag contained All-in Sustaining Costs Sales US$/ oz 596 620 648 US$m 235 312 188 Oxide Mineral Resources¹ 2.4 Moz Au contained; 90 Moz Ag contained Operating EBITDA US$m 155 201 NR2 Workforce 2,400 employees and contractors Open Pit Mining Heap Leach 1 Source: Company filings. Resources and reserves information as at 31 December 2019 (http://www.merdekacoppergold.com/en/assets/resources-and-reserves) 2 Financial results for Q2 2020 not released 13#14TB Copper Project Leading Underground Copper/Gold Deposit Perspective View: Upper High Grade Zone ("UHGZ") and Initial Mining Area ("IMA") +5500 +5000 +4500 Pit C 1 2012 Inferred Resource (0.2% Cu) 2 UHGZ Pit BE Pit BW UHGZ-20-013 UHGZ-20-014- 2 Pit A UHGZ-20-015 UHGZ-20-018 UHGZ-20-016 3 IMA (0.5% Cu) UHGZ-20-011 UHGZ-20-012/012W UHGZ-20-017 MERDEKA COPPER GOLD Comments +5500 . The 1,890-meter long +5000 +4500 3 exploration decline was successfully completed in June 2020 Purple lines extending from the decline denote drilling results received in Q2-2020 Following a comprehensive internal review of the project status, a subset of the Upper High Grade Zone ("UHGZ") has been identified and prioritised for exploration and associated pre-feasibility study work This area (referred to as the Initial Mining Area - "IMA") contains the largest zone of contiguous high grade drilling results for copper and gold to date, and is well positioned for drilling from the current exploration decline location 0 125 250 Pnge 00 Azimath 325 375 500 Total Underground Copper/Gold Inferred Resources 1,900 Mt @ 0.45 %Cu & 0.45 g/t Au ~ Contains approx. 8.8 Mt Cu & 28 Moz Au UHGZ Subset of Total Underground Copper/Gold Underground Exploration Target 250-300 Mt @ 0.7-0.9 % Cu & 0.7-0.9 g/t Au IMA - Initial Mining Area Subset of UHGZ and prioritised for exploration and PFS work 14#15TB Copper Project Leading Underground Copper/Gold Deposit Plan View 1: Drilling Sections A to E MERDEKA COPPER GOLD Comments +9047000 N Drilling Section E UHGZ +9046000 N Drilling Section D +174000 E Drilling Section A ----- Drilling ----- Section C +175000 E UHGZ-20-018 UHGZ-20-013 UHGZ-20-011 UHGZ-20-016 UHGZ-20-015 UHGZ-20-019 IMA +174000 UHGZ-20-021 UHGZ-20-012/012W +9047000 N UHGZ-20-020 UHGZ-20-017 Drilling Section B UHGZ-20-014 0 250 Note: IMA (>0.5% Cu grade shell – magenta), as well as the UHGZ shell (green) • Drilling in the IMA is ongoing, with a • • further 16,000 meters planned for completion in 2020 Mineralisation tested in the Initial Mining Area (IMA) has either met or exceeded expectations. This is expected to provide a solid foundation for ongoing study work in 2020 and 2021 Underground resource definition and geotechnical drilling of the UHGZ continued during 1H 2020, with a total of 10,475 meters drilled MDKA has invested US$65m up to 30 June 2020 in a pre-feasibility study, which is planned for completion in 2021 +9046000 N Looking down 1000 15#16Resource Copper Grade (% Cu) TB Copper/Gold Project Leading Mineral Resource Significant Porphyry Deposits 0.90% Bubble Size Resource (Moz AuEq) 0.80% 0.70% 0.60% 0.50% Los Volcanes Oyu Tolgoi Northparkes Lookout Hill Tujuh Bukit Frieda River West Wall Tampakan Grasberg Underground After first 20+ years Copper/Gold Taca Taca Los Helados 0.40% Ok Tedi Batu Hijau Los Azules Cascabel 0.30% Cadia Valley Namosi Malmyzh KSM Ann Masolar Productora 0.20% King-king 0.10% NuevaUnion Tujuh Bukit UHGZ Wafi-Golpu First 20+ years Didipio MERDEKA COPPER GOLD Legend: TB Copper Producing Undeveloped 0.20 0.40 0.60 0.80 1.00 1.20 Resource Gold Grade (g/t Au) Source: Company Annual Reports and Industry Data 16#17DoostoG TB Near Mine Exploration Open Pit Targets Could De-Risk Copper Project Ramp Up Open Pit Mineralisation Targets 167000ME 169000mE PT DSI IUP Exploration 171000mE 173000mE 175000mE 177000mE P.T.BUMI SUKSESINDO TUJUH BUKIT PROJECT DISTRICT GEOCHEMICAL DATA 'IN SOIL' SUMMARY DATA Au Cu Mo • MERDEKA COPPER GOLD SALAKAN NORTH WEST W SALAKAN NORTH SALAKAN EAST SALAKAN KUNDURU LOMPONGAN ~12 km x 4 km Mineralised corridor with demonstrated epithermal and porphyry Cu-Au potential GUH MACAN RAHASIA TUMPANG PITU WASTE DUMP LEACH PAD SJM May 2016 • 100ppm Cu 75ppb Au 5ppm Mo Sampling limit KATAK CANDRIAN GUNUNG MANIS Existing TB Gold/Copper 9048000mN 9050000mN 9052000mN 9046000mN Comments Salakan Porphyry Prospect Historical drilling including SDN-12-01: 604m @ 0.22% Cu Exploration to re-commence in 2021 Lompongan Porphyry Prospect • Cu-Au-Mo soil anomaly defined over 400m x 400m Stockwork mineralisation in rock samples assaying >1% Cu and >1g/t Au Exploration to re-commence in 2021 Katak Porphyry Prospect Historical drilling WB-15-11: 94m @ 0.35% Cu & 0.67 g/t Au KTD-18-06: 76m @ 0.35% Cu & 0.96 g/t Au 17#18Wetar Copper Mine Production Information Conventional Open Pit Mining Method Metals Copper Mineralisation Type Process Method Volcanogenic Massive Sulphide ("VMS") Sulphide Heap Leach Plant Capacity - Crushing & Stacking - SX / EW Copper Mineral Reserves¹ Copper Mineral Resources¹ Workforce 2.5 mt 25,000 tpa 114 kt Cu contained 289 kt Cu contained 1,100 employees and contractors Open Pit Mining MERDEKA COPPER GOLD Operational & Financial Performance 2018 2019 H1-2020 Unit Actual Actual Actual Open Pit Mining Ore Mined M Tonnes 1.6 2.3 0.2 Waste Mined M Tonnes 1.4 3.8 0.2 Heap Leach Production Ore Crushed and Stacked M Tonnes 1.7 1.9 0.2 Recovered Metal Cut 17,071 16,777 2,926 Financials Cash Costs US$/ lb 1.49 1.29 3.57 All-in Sustaining Costs US$/lb 1.73 1.86 4.33 Sales Operating EBITDA US$m 112 101 18 US$m 38 41 NR2 Process Plant 1 Source: Company filings. Resources and reserves information as at 31 December 2019 (http://www.merdekacoppergold.com/en/assets/resources-and-reserves) 2 Financial results for Q2 2020 not released 18#199.146.000mN 9.148,000 mN 9.150,000 mN Wetar - Significant Potential to Extend Mine Life MERDEKA COPPER GOLD 200,000 mE 202.000 mE 204,000 mE NEAR MINE PROSPECTS, ANOMALIES WITH REGIONAL ALTERATION & DRILLING Z8 Z4 Mine Camp & Support Facilities Lerokis Pit 206,000 mE 208.000 mE 0 0.5 1 Lurang kilometres Partolang Resource Defined Kelapa Tiga KB1 3KT Plant 27 KK1 Kali Kuning KK3 25KT Plant Partolang PIT Barumanu J27/4 KK2 LEGEND Z2 Kali Kuning Pit 2017 - 2019 Coastline River Lerokis KK4 200.000 E 202.000 m 204.000 mE 200.000 mE Kayulepa Road Production-Operation/ Exploration IUP Massive sulphide boundary Drillhole Alteration Clay-Chlorite Pervasive clay-silica Silica, Vuggy Silica Barite zone 206.000m 9,150,000 mN 9,148,000 mN 9.140,000 mN • . Prospective Geology Resources at Wetar are Volcanogenic Massive Sulfide (VMS) deposits The deposits generally appear in clusters and as such it would not be surprising to discover more resources over time A geophysical survey was completed during 2019 with approximately 20 targets identified within the mining lease. VMS targets are generally easily identified with geophysics Historical regional exploration work done by Billiton shows many targets that are yet to be tested Successful 2019 exploration campaign defines new resource Exploration work has been very successful in finding and developing additional copper and pyrite resources: - - A significant new resource has been defined at Partolang Drilling after the cut-off date for the resource update has intercepted high grade mineralisation that is expected to further expand resources 19#20Wetar Strategic Review MERDEKA COPPER GOLD Copper production at Wetar will remain low while management's strategic review is completed and plan implemented in H2 2020 Historical Performance Strategic Review Conclusions The Wetar resource has delivered higher tonnes and higher grade than forecast since commencement of mining Despite achieving all important KPIs in 2019, the rate of copper leaching has slowed due to increased Total Dissolved Solids ("TDS") levels (predominantly ferrous) in the raffinate solution. At the same time, mining commenced at the high grade Lerokis pit which, due to its mineralogy, leaches poorly in such high ferrous raffinate Wetar Copper Production (tonnes) Wetar Strategic Review 17,071 16,777 2018 2019 Partolang ore is expected to leach with high TDS. Higher recoveries should be achieved with low TDS solutions Lerokis and Kali Kuning ore leaching is expected to improve significantly by lowering TDS in leach solutions 2020 A Neutralisation and Metals Precipitation Plant ("NMP") plant to reduce TDS levels is necessary to allow copper leaching to return to historical production levels. The capital estimate to develop the NMP plant is US$14 to 27 million over a 12-month period The development of Partolang is planned to proceed in Q3 2020. It is expected to significantly improve copper production despite high TDS. The capital associated with the development of Partolang and improving heap leach operations is expected to be US$9 to 12 million Wetar Ore is Intrinsically Valuable Optimisation of Wetar and Integration with AIM Project Management believes Wetar remains an extremely valuable asset because the ore contains high copper grades as well as good gold and silver grades. These metals are housed in very high-grade pyrite (FeS2) ore (typically 70-90%) which generally has high value if the sulphur can be converted to sulphuric acid and sold and the iron can be processed to a saleable product The current Wetar heap leaching process extracts a portion of the copper but none of the gold, silver, iron or sulphuric acid in a saleable form. It is estimated that the current process route delivers revenue of US$40-70 per tonne with a further possible US$200 per tonne of revenue recoverable via the AIM process A desktop study investigating Copper Tank Leaching ("CTL") as a viable alternative to heap leaching is nearing completion. The CTL process could potentially speed up the rate of copper leaching, provide more reliable and predictable recoveries and produce less iron and acid into solution. This process would also produce feedstock concentrate necessary for the AIM process rather than the AIM plant upgrading the pyrite feedstock (see next slide for AIM Project) A study on alternative power supply options to reduce power costs at Wetar has also commenced 20#21AIM Project Overview MERDEKA COPPER GOLD Initial plant to produce 1mtpa of sulphuric acid but expected to increase and demand could be 5 mtpa between IMIP and other sites Wetar (Maluku Province) IMIP (Morowali, Central Sulawesi Province) AIM Joint Venture (60% Merdeka) Merdeka Ship 700km to Process Feedstock Morowali 880 ktpa 1. Crush/Grind/ Flotation Pyrite Concentrate Calcine Residue 2. Roast and Acid Plant 3. Chloridizing Roast Residue 4. Metal Extraction Products Sold Estimated Revenue US$200m pa Sulphuric Acid (1 mtpa) / Steam (1.2 mtpa) sold under offtake agreement Iron Ore Pellets (450 ktpa)-no offtake agreement Copper (6 ktpa), Gold (13,000 ozpa) & Silver (365 koz pa) Buyers HPAL JV Stainless Steel JV Other Tsingshan JVs at IMIP On Market Sales 3rd Party Buyers IMIP Services Power Water . Land • • Office Comments • Significant value in spent ore at Wetar (Cu, pyrite (FeS2), Au and Ag) • • • Accommodation Access • Transportation • Others Opportunity to optimise long term production profile across Wetar and AIM Project. Only some of the Cu recovered at Wetar and remaining copper and other products recovered with AIM Project MOU signed with Tsingshan to develop a pyrite processing plant at the Morowali Indonesian Industrial Park Feasibility study expected to be completed in Q4 2020 21 21#22Pani - Commencement of Step-Out Drilling • • • • • Comments JV with J Resources to develop a combined project. Signed and expected to close H2 2020, pending regulatory and J Resources' lenders' approvals - Merdeka's economic share is 40% and Merdeka controls the JV Expect greater resources to reserve conversion and better economics from combined project Outcrops, thick, low strip implying low cost mining Initial metallurgical testing shows high recoveries from CIL, heap leach and gravity Diamond drilling continued throughout Q2 2020 using a single man portable drill rig with 8 holes completed or underway for a total of 1,423 metres. This brought total drilling in the current program to 9 holes completed or underway for a total of 1,829 metres. The planned program comprises 40 drill holes located on 29 drill pads for a total of approximately 10,500 metres MERDEKA COPPER GOLD Overhead & Cross Sectional Illustration of Planned Step-Out 62500mN 387500mE Drilling Between PANI COW & PANI IUP J Resources' Resource 72.7 MT at 0.98 g/t Au for 2.30 Moz (Cut off grade 0.4 g/t Au) Reported 31/12/2018 62000mN Proposed Drilling 2019-2020 Completed Drilling Historical Drilling IUP Pani Cross Sectional Viewi FILE 62,200mN . Drilling has been paused up till completion of the JV 62,000mN 388000mE 388000mE- ! KUD/IUP BOUNDARY OPEN Base Oxidati STEP OUT DRILLING 388500mE 388500mĘ 389000mE Mineral Resource Estimate 89.5 MT at 0.82 g/t Au for 2.37 Moz (Cut off grade 0.2 g/t Au) Reported 03/12/2014 389000mE. 62500mN 62000mN 61500mN 100 0 100m KUD/IUP BOUNDARY Potential Pit Shape Drill trace 1. Two holes drilled by Utah International in 1982 between the two resources, assayed 406m @ 0.5g/t (GPD-04) and 154m @ 0.57g/t (GPD-05) 2. Pani IUP Resource estimate from SRK Report dated December 2014 based on 137 Diamond Drill holes, 26,000m drilling and using cut off grade of 0.2g/t Au Note: 22 22#23Appendix - Key Financial Figures - TB Copper Project Latest Drill Results - Environmental, Safety and Social (ESS) - Merdeka Mining Servis (MMS) Pani JV Project - Key Shareholders - Trading Liquidity Gold and Copper Price Charts MERDEKA COPPER GOLD#24Key Financial Figures - 2016 Q1 2020 MERDEKA COPPER GOLD P&L In US$m Revenue EBITDA Net Profit Cash Other current assets Fixed assets 2016 2017 2018 2019 0 129 294 402 (6) 99 158 228 (3) 43 58 69 43 35 14 50 5 59 141 155 240 268 593 647 Other non-current assets 17 9 50 100 Total Assets 304 371 798 951 Borrowings current portion 10 67 95 154 BS Borrowings - non-current portion 118 64 159 133 Other current liabilities 13 37 88 100 Other non-current liabilities 4 14 33 40 Total Liabilities 145 181 376 427 159 190 422 524 Equity Total Liabilities & Equity 304 371 798 951 Cash flow from operation (11) 72 51 123 Capex (79) (61.2) (56) (134) CFS Investment/acquisition (0.3) (59) (19) Cash flow from financing 114 (19) 42 99 65 Source: Audited FS 2016 - 2019, Unaudited FS Q1 2020 (https://www.merdekacoppergold.com/en/investment/financial-reports/) 24#25TB Copper Project Latest Drill Results UHGZ Drilling Results MERDEKA COPPER GOLD Comments The most recent 8 holes of the current infill drilling program have all returned intercepts in line with or exceeding expectations 3 of 8 holes finished in mineralization Hole ID From (metres) (metres) Το Interval Cu % Au g/t (metres) UHGZ-20-011 576 784.8 208.8 0.5 0.5 298 779.6 481.6 0.7 0.7 UHGZ-20-012/012W 560 638 78 1.0 1.0 522 718 196 0.5 0.6 UHGZ-20-013 596 640 44 1.0 1.1 0 332 332 0.3 0.3 UHGZ-20-014 626 828 202 0.5 0.1 722 756 34 1.1 0.2 0 434 434 0.8 0.4 UHGZ-20-015 178 360 182 1.1 0.6 376 662 286 0.6 0.7 UHGZ-20-016 514 564 50 0.9 1.2 2 810.3 808.3 0.6 0.5 UHGZ-20-017 378 430 52 1.2 0.9 532 600 68 1.3 0.5 0 194 194 1.2 1.1 UHGZ-20-018 278 484 206 0.8 1.0 354 470 116 1.0 1.0 25 25#26Merdeka Environmental, Safety and Social (ESS) Performance 2019 MERDEKA COPPER GOLD Beyond operational and financial success, Merdeka places strong emphasis on ESS initiatives to ensure that the company has a positive influence on their stakeholders and minimize negative impact, if any Safety at Work Key Stats Strong safety, environmental and community relations credentials. 1 LTI in past 2 years with 27 million hours worked Key Initiatives . Merdeka's safety framework includes: Vehicle and heavy equipment inspection regimes Project training Competency assessment system Safety inspections Leading-indicator safety systems Safety motivation schemes Throughout employees' recruitment and work, their health and fitness are constantly monitored; Personnel who are found to be unfit are barred from operating heavy equipment or working in hazardous conditions • Community Development and Empowerment Key Stats In 2019, annual Community Development and Empowerment expenditure was Education: US$3m Key Initiatives Scholarships to selected students from elementary school to university Free school buses in two districts School facilities improvement ⚫ Healthcare Mobile healthcare service On-site clinic service Training for local paramedics Training for sanitary water • Economic Empowerment Home-scale industries: cultivation of freshwater fish, goat breeding, cash crops and product distribution Empowerment of women Local tourist destination promotion • Public Infrastructure Road developments Safeguarding the Environment Key Stats In 2018 and 2019, there were No Significant environmental compliance issues Key Initiatives • Environmental Safety Assurance: Recycling of leached ores Fully lined storm water pond to contain site water Multiple check dams and sedimentation traps Fully containing and re-circulation of all site solutions • Environmental Monitoring: Ground water monitoring Noise monitoring Energy consumption monitoring Greenhouse gas emission monitoring Weather monitoring • Environmental Management: Water management Waste management Mitigating air pollution Maintaining ground quality Revegetation https://www.merdekacoppergold.com/en/sustainability/sustainability-report/ For more info, please check : 26 26#27Merdeka Mining Servis (MMS) Key Comments About MMS Leadership and Employees Construction and contracting arm of Merdeka, responsible for all Merdeka development projects and servicing the wider shareholder group Led by Peter Scanlon, who set up MMS in 2015 after leaving his position as the Head of Construction at Thiess Indonesia Select MMS Experience Project MERDEKA COPPER GOLD Location Client Tujuh Bukit Gold Project Indonesia 2 Wetar Copper Project Indonesia Employee base of over 80 staff, with a further 350 non-staff, a significant portion of whom have worked together previously at Thiess 3 Batu Hijau Copper and Gold Indonesia Thiess is the world's largest contract miner and is ultimately owned by the Spanish ACS Group1 MERDEKA COPPER GOLD MERDEKA COPPER GOLD NEWMONT Demonstrated Track Record of Project Delivery 4 Suban Gas 2 Indonesia ConocoPhillips Since its establishment over five years ago, MMS has delivered an extensive range of projects including haul roads, access roads, public roads, ponds, dams and major infrastructure and mechanical works on a range of complex mining sites 5 Bontang Coal Project Indonesia IMM PT Indominco Mandari 6 Seruyung Gold Project Indonesia J Resources • MMS has delivered multi-disciplined works across: EPC 7 Haju Coal Project Indonesia - Design & Construction - Construction Fabrication 8 Satui Muara Port Upgrade Indonesia BHP BHP Accurate project estimation Project studies Saipem Topside 9 Indonesia Module Eni Saipem MMS maintains an HSE focus with proven systems and procedures and exceptionally skilled and experienced national staff GROM.. 10 Vale Nickel Project Indonesia VALE 1. ACS Group reported 2019 revenue of Euro 39b 27#28Pani JV Project Ownership Structure MERDEKA COPPER GOLD KUD 66.7% 33.3% Lion Selection Pani (PBJ) 60% PEG 51% PETS IUP 99.9% 49% PBT 0.001% 40% MERDEKA COPPER GOLD PSAB JRN GSM COW 99.99% 99.9% 28#29Indonesian Morowali Industrial Park (IMIP) Substantial Facility MERDEKA COPPER GOLD Location and Size IMID INDONESIA MOROWAL JAKARTA Talck Dongala Palu Bangki Ambesia Bukaan Ampana INDUSTRIAL PARK GORONTALO Marisa 0 Gorontalo Dolong Gulf of Tomin Luwuk Loeo Matindok Posc CENTRAL SULAWESI Sulawesi Kolonodale Bonebone Tolala WEST SULAWESI Palopo Polewali SOUTH SULAWESI Parepare Sengkang Indonesia Watampone Gulf of Bon Padang Tek Manado Tomohon Bitung Kotamobagu NORTH SULAWESI Banggai PT. Indonesia Morowali Industrial Park (IMIP) Kolaka SOUTH EAST SULAWESI Ereka Muna Island Makassar Pising Tanete Sikeli Buton Island Limbung Bira Bau-bau Google Comments Tsingshan owns 66.25% of IMIP Development started in 2014. Tsingshan's stated objective at the time was to create the world's largest fully integrated stainless steel facility This has now been achieved, with the site housing a number of separate Ni/stainless steel joint venture operations • Total investment to date > $6 billion • IMIP currently comprises: - - Molucca S Taliabu Island Bobong Wakatobi National Park 2.0Mt pa stainless steel capacity (currently expanding to 3.0Mt pa) 0.5Mt pa carbon steel capacity (currently expanding to 3.5Mt pa) - 0.6Mt pa high carbon ferrochrome 1.5Mt pa NPI capacity (likely expanding to 1.95Mt pa) 1.26GW coal-fired power plant (currently expanding to 1.96GW) Airport with 2,000 m long runway Port facilities - 5-star hotel • 3,000 ha site in Bahodopi District, Morowali Regency, Central Sulawesi Province 29 29#30Key Shareholders With a Track Record and Proven Financing Capabilities MERDEKA COPPER GOLD Provident, Saratoga and Thohir Group have a history of co-investment over many years with a distinguished track record in building value as well as attracting blue chip international institutional investors and high- quality banks. They also have deep and wide access to global, regional and local banks Provident Focused investment approach concentrated in Indonesia across telecommunications, infrastructure, mining, technology, real estate, and biofuels SARATOGA Indonesian investor established in 1997. Listed on the IDX in 2013 and today invests in the natural resources, infrastructure and consumer sectors Thohir Group Mr. Thohir is the owner of Thohir Group and the President Director of Adaro, Indonesia's second largest coal miner. In 2019, listed as #17 richest net worth by Forbes Indonesia with a net worth of US$1.6b gojek Valuation: US$10.0b TOWER BERSAMA GROUP SIHAYO GOLD MERDEKA LIMITED COPPER GOLD EV: US$3.5b¹ EV: US$48.8m¹ Provident Lenders → OCBC Bank CIMB BANK Goldman Sachs BARCLAYS || UOB DBS HSBC ● MUFG ANZ CRÉDIT AGRICOLE CORPORATE & INVESTMENT BANK BNP PARIBAS ING SOCIETE GENERALE SMBC PIERFRONT CAPITAL Note: 1. Market cap as at 28 July 2020; net debt as at 31 March 2020 adaro EV: US$3.3b1 EV: US$2.9b1 Saratoga, Thohir Group and Adaro Lenders Standard Chartered citibank MIZUHO CIMB BANK JBIC OCBC Bank DBS + UOB KDB CTBC BANK ANZ & ING Maybank NATIXIS BEYOND BANKING SMBC SUMITOMO MITSUI BANKING CORPORATION MUFG HSBC 30 50#31Merdeka is in the Top 10 of the Jakarta Composite Index (JCI) by Trading Volume MERDEKA COPPER GOLD With IDR15.3t total turnover, Merdeka is among the top 10 of JCI movers YTD to July 2020 Top 10 JCI movers in terms of turnover as of YTD to July 20201 (IDRt) B BANKBRI Rank Market RUP & BCA Telkom Indonesia mandırı BNI ASTRA MERDEKA COPPER GOLD pgn energy for life BukitAsam 1 2 3 4 5 6 7 8 9 Unilever 10 10 Cap² (US$b) 26.6 52.3 20.5 18.7 6.0 14.4 2.7 2.0 1.4 2.9 Note: 1. Turnover is calculated by the sum of daily trading value from 1 January 2020 to 28 July 2020 2. Market Cap as of 28 July 2020 using exchange rate of US$/IDR 14,600 Source: RTI Business 31#32Gold Price Chart Past 5 Years (US$/oz) MERDEKA COPPER GOLD 2,000 1,900 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 мумий CAGR: +12.3% Total Growth:+78.7% 1,000 7/31/15 1/31/16 7/31/16 1/31/17 7/31/17 1/31/18 7/31/18 1/31/19 7/31/19 1/31/20 7/31/20 Source: Bloomberg 32#33Copper Price Chart Past 5 Years (US$/t) MERDEKA COPPER GOLD 8,000 7,500 7,000 CAGR: +4.36% Total Growth:+23.8% 6,500 6,000 5,500 5,000 4,500 4,000 7/30/15 1/30/16 7/30/16 1/30/17 7/30/17 Source: Bloomberg www 1/30/18 7/30/18 1/30/19 7/30/19 1/30/20 7/30/20 33#34Competent Person's Statement MERDEKA COPPER GOLD The Annual Mineral Resources and Ore Reserves Statement and Explanatory Notes have been compiled by Mr Z Casley. Mr Casley is the Executive General Manager Geoscience, a full-time employee of Merdeka Copper Gold Tbk. He is a Fellow of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Casley has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012. Mr Casley consents to the inclusion of the material in this report in the form and context in which it appears. The information in this report that relates to specific Mineral Resources and Ore Reserves is based on and fairly represents information compiled by the Competent Persons named in: http://www.merdekacoppergold.com/en/assets/resources-and-reserves. All the Competent Persons named are Members of The Australasian Institute of Mining and Metallurgy and/or The Australian Institute of Geoscientists, and have sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the JORC Code 2012. Each Competent Person consents to the inclusion in this report of the matters based on his or her information in the form and context in which it appears. 34 =4