#1PT. BAYAN RESOURCES Tbk. First Half 2022 Update Presentation#2Overview Market prices have increased significantly and are currently forecast to remain strong throughout the remainder of 2022. ➤ 1H 2022 revenue and average selling price ("ASP") above Budget. Operationally 1H22 was a challenging quarter with the Government of Indonesia's export ban and significantly higher rainfall than anticipated which reduced production volumes and caused geotechnical slips at Tabang's waste dumps. ➤ Cash costs increased and were higher than Budgeted. However, despite these challenges, overall 1H 2022 actual financial performance has exceeded the Budget principally due to higher ASP. ➤ We are confident that despite the initial challenges, 2022's financial performance will surpass 2021 levels. 1 www.bayan.com.sg#3Bayan's Financial and Operational Performance 2020 2021 1H21 1H22 Financial Performance (In Million USD) Revenue Gross Profit 1,395.1 462.9 EBITDA 356.7 1,743.0 2,852.2 1,023.7 2,005.0 1,901.1 1,450.2 1,326.4 591.7 528.7 Net Profit After Tax *1 344.5 1,266.0 359.0 1,008.0 Financial Ratios Gross Profit Margin (%) 33.2% 66.7% 57.8% 72.3% EBITDA Margin (%) 25.6% 61.1% 51.7% 66.2% Net Profit Margin (%) 24.7% 44.4% 35.1% 50.3% Net Debt to EBITDA (x) 0.1 Net Cash Net Cash Net Cash Operational Statistics Overburden Removal (MBCM) 120.9 146.1 70.0 68.2 Strip Ratio (×) - based on production volume 4.0 3.9 3.9 4.0 Coal Production (MT) 30.2 37.6 18.0 16.9 Sales Volume (MT) 36.3 40.4 19.7 17.3 Average Selling Price (US$/MT) 38.4 70.7 52.1 115.8 Average Cash Costs (US$/MT) 28.8 27.5 25.2 39.3 *1 2020 Includes reversal of impairment provision net USD 165.8 million. 2 www.bayan.com.sg#4Million Tonnes Million Tonnes 1H22 Production One of the Largest Coal Producers 40 34.5 35 30 28.0 25 20 17.6 16.9 16.4 15.9 15 10 5 0 Bumi Adaro Source: Company Filings, Company Data 7.7 Gems Bayan Kideco PTBA ITMG 1H22 Sales Volume ➤ Bayan is ranked 4th by production and sales volumes in Indonesia. ➤ Even though we expect 2H 2022 production to be higher than 1H 2022, Bayan's sales volumes will remain at similar levels until the new coal haul road to the Mahakam River and the first barge loading facility are completed in 2023. This will allow Bayan to expand production at Tabang and increase production to more than 60 mtpa. 40 33.8 35 30 27.5 25 20 18.1 17.3 17.0 14.7 15 8.1 10 5 0 Bumi Adaro Gems Bayan Kideco PTBA ITMG Source: Company Fillings. Company Data 3 www.bayan.com.sg#5Low Cost Incremental Growth Capex Intensity by Country (1) Tabang Capacity Growth 250 60+ 200 30+ 150 discretionary growth Capex ...Unlocking tangible capacity upside at US$13/ton 218 207 175 159 161 100 Today 130 Upside 85 96 98 110 65 71 50 50 13 0 Source: Wood Mackenzie Tabang Indonesia Western US US Illinois Basin 13 23 US Alaska Notes 22 (1) (2) Based on 2012 real dollars US$402m Capex (include BCT) divided by an incremental 30+ Mtpa production / sales capacity 2017 - 2021 CAGR (Production) Venezuela China Mongolia US Appalachia Chile Colombia South Africa Canada Mozambique Russia Australia 20 16.8 15.8 15 10 5.5 5 2.8 0.4 0 GEMS Bayan PTBA -5 Indika Adaro Bumi (Kideco) -2.2 ITMG -10 -4.7 Source: Company Fillings. Company Data Construction of the new haul road commenced in December 2019 and is progressing albeit behind schedule. Due to the high rainfall throughout 2021 which continued into 1H22, our new coal haul road and the first barge loading facility are now estimated to be completed in 2023. Once all three barge loaders have been completed this will add an additional 30+ million MT to our existing capacity. ➤ Total forecasted capex in the region of US$ 393 million (2022- 2023) for the Group, of which US$ 351 million is expansionary capex tied to the Tabang Project including upgrading the BCT.#6One of the Lowest Cost Producers in Indonesia Global Cost Competitive Positioning Seaborne Export Thermal energy adjusted Curve 2022 200 Total Cash Cost Indonesia 150- 100 50 S 10.8 ➤ Tabang is independently rated as one of the worlds lowest cost producers of energy-adjusted seaborne thermal coal. Tabang has large reserves and a very low Life of Mine (LOM) stripping ratio of 4.3. A new JORC reserves statement in 2022 resulted in an increase of 18% in Tabang/Pakar North reserves to 1,692 million MT. Tabang has one of the lowest average stripping ratio's in Indonesia. 2:00 300 400 500 and 7:00 800 90-0 Milion Tonnes Source: Wood Mackenzia Ltd, Dataset August 2022 Source: Wood Mackenzie 1H22 Strip Ratio 12 10 8 5.3 5.6 6 4.0 4.2 3.6 4 2.9 2 0 Tabang Adaro Bayan Bumi Kideco PTBA ITMG Source: Company Filings, Company Data 5#7And One of the Highest Margin Producers in Indonesia 1H22 EBITDA Margin (%) 66.2 66.0 70 60 50.1 50 45.6 40.8 40 30 20 10 0 Bayan Adaro ITMG Source: Company Filings, EBITDA estimated using Company Data PTBA Kideco 1H22 Net Profit and Net Profit Margin (%) US$ million 1600 1400 1200 38% 1000 800 1,345.4 600 400 200 0 50% 60% 40% 32% 34% 26% 22% 18%20% 1,008.0 460.8 34.5 341.9 290.3 Adaro Bayan ITMG PTBA Gems Kideco 178.4 Bumi 0% Net Profit Net Profit Margin Source: Company Filings, Company Data Over the last few years, Bayan has transformed itself into one of the highest margin producers in Indonesia. This is due to the ramp up of its world class Tabang coal complex, which is anticipated to continue to grow and produce industry leading margins. ➤ Net profit margins are anticipated to continue to outperform the industry norms due to the low cost base, low royalty rates and lower corporate tax than first Gen CCOW's/IUPK'S. 6#8Deleveraged the Group Net Debt/ EBITDA X 8 5.8x 6 4 2.6x 2 0.5x 0.1x 0 0.1x (0.6)x 0 2015 2016 2017 2018 2019 2020 2021 1Q22 2Q22 -2 EBITDA / Interest Expense X (0.7)x (0.2)x 136.5x ➤ In January 2020, the Company issued a 3 year Non-Call Life "NCL" bond of US$ 400 million to ensure adequate liquidity going forward. ➤ In 4Q21 Bayan fully prepaid all the outstanding Bonds. Existing Working Capital Facilities of approximately US$ 280 million are still available. ➤ Targeted net leverage of less than 2.5x EBITDA throughout the commodity cycle. ➤ Bayan has been re-assigned independent credit ratings of BB- by Fitch in February 2022 and Ba2 by Moody's in September 2021. 250 200 171.5x 150 100 39.2x 46.8x 34.5x 50 16.8 x 9.9x 2.7x 3.7x 0 2015 2016 2017 2018 2019 2020 2021 1Q22 2Q22 7#92Q 2022 Overburden Removal Coal Production Weighted Average Strip Ratio Average Cash Costs Coal Sales 584 Average Selling Price Committed & Contracted Sales EBITDA Debt and Cash Position Capital Expenditure 567 KOMATSU 8 www.bayan.com.sg#10Overburden Removal (OB) (million BCM) 50 39.0 37.8 40 36.1 30.4 30 20 20 10 0 2Q21 1Q22 2Q22B 2Q22 Note B stands for Budget Figure (in million BCM) 1Q22 2Q22B 2Q22 Teguh Sinarabadi / Firman 7.0 9.5 7.3 Ketaun Perkasa Perkasa Inakakerta 1.7 2.0 1.6 Wahana Baratama Mining 3.4 2.6 3.6 Tabang Concessions 17.4 23.9 22.9 Pakar North 0.9 1.0 2.4 Total 30.4 39.0 37.8 2Q22 OB of 37.8 million BCM was slightly lower than the Budget due to higher rainfall. 2Q22 OB was higher than 1Q22 due to Tabang site principally completed rectification work on the geotechnical slippage and the fast track of production in Pakar North in order to catch up production in 1Q22. Overburden increased from 1Q22 low's 6#11Coal Production 12 (million MT) 100 9.0 8 6.9 6 4 2 0 2Q21 9.9 9.4 1Q22 2Q22B 2Q22 Note: B stands for Budget Figure (in million MT) 1Q22 2Q22B 2Q22 Teguh Sinarabadi/ Firman 0.5 0.7 0.7 Ketaun Perkasa Perkasa Inakakerta 0.2 0.3 0.2 Wahana Baratama Mining 0.3 0.2 0.2 Tabang Conssesions 5.8 8.0 7.9 Pakar North 0.1 0.2 0.9 Total 6.9 9.4 9.9 ➤ 2Q22 coal production of 9.9 million MT was higher than the Budget and 1Q22 as Tabang improved performance to catch up for the production loss in 1Q22 as we focused on expanding Pakar North. Coal production was higher than Budget and 1Q22 10#12Weighted Average Stripping Ratio (SR) 5 4.4 4.1 3.8 4.0 3 2 1 0 2Q21 1Q22 2Q22B 2Q22 Note: B stands for Budget Figure 2Q22 weighted average stripping ratio was lower than the Budget and 1Q22 due to: ■ Lower SR at TSA/FKP due to change in mine sequence. Expansion of Pakar North in low SR areas. Partially offset by Weighted Average SR (:1) 1Q22 2Q22B 2Q22 Teguh Sinarabadi / Firman 12.8 13.0 10.8 Higher SR at WBM due to pre- strip work in WBM east. Ketaun Perkasa Perkasa Inakakerta 6.9 6.6 6.8 Wahana Baratama Mining 13.7 12.9 14.9 Tabang Concessions 3.0 3.0 2.9 Pakar North Total 8.7 3.9 2.6 4.4 4.1 3.8 2Q22 weighted average stripping ratio was lower than the Budget and 1Q22 11#13(US$ / MT) Average Cash Costs (Budget vs Actual) 50 45 43 40 35.4 35 050 30 25 32 20 15 10 5 0 2Q22B Average Cash Costs include Royalty, Barging and SGA Note: B stands for Budget Figure 40.8 2Q22 Cash Cost per Expense - 1H22 Selling Expense GA Other 4% expense 1% Production Cost 6% Overburden and Mining 26% ➤ 2Q22 Cash Costs were higher than Budget due to: ☐ Higher royalties significantly higher ASP. due to Annual bonus paid in 2Q22 whilst the Budget spread the cost over the whole year. Higher unit costs of coal purchased due to to significantly higher market price of coal. General impact due to lower sales volumes. Higher fuel prices despite higher hedging receipts than Budgeted. Employee Cost 14% Royalty. 15% Barging 10% Coal Purchase 14% Coal Hauling 10% 2Q22 cash costs were higher than the Budget 12#14(US$/ MT) 40 35 GSGA Average Cash Costs (2Q22 vs 1Q22) 30 27.5 25 20 15 10 5 0 2Q21 40.8 37.4 1Q22 Average Cash Costs include Royalty, Barging and SGA 2Q22 2Q22 Cash Costs of US$ 40.8/MT were higher than 1Q22 of US$ 37.4/MT due to: Full bonus paid in 2022 whilst only partial accrual in 1Q22. ■ ■ Higher royalty due to higher ASP than 1Q22. Higher unit costs of coal purchases due to significantly higher purchase price. Higher fuel prices despite higher hedging receipts than 1Q22. Partially offset by Lower barging cost due to higher sales volume. Lower DMO expense due to reversal of DMO accrual as quota at BT has been reached in 2Q22. 2Q22 cash costs were higher than 1Q22 levels 13#15Meter 12 10 10 8 6 4 2 0 Coal Sales (by volume) (million MT) 9.1 2Q21 10.4 9.5 7.8 1Q22 1Q22B 2Q22 Note B stands for Budget Figure Average Senyiur Water Levels 11.0 Average 1Q22: 9.1 meter 10.0 Average 2Q22: 9.0 meter 9.0 8.0 Average 2Q21: 9.0 meter 7.0 6.0 5.0 4.0 3.0 2.0 M1 M2 M3 2Q21 1Q22 2Q22 Required for 300ft2 2Q22 coal sales volumes of 9.5 million MT were lower than the Budget but higher than 1Q22 due to improved performance at Tabang especially at Pakar North. Group inventory levels low at 2.4 million MT as at the end of June 2022. Quarterly barging at Tabang Senyiur: 2Q21: 7.1 million MT. 1Q22: 5.5 million MT. 2Q22: 8.3 million MT. 2Q22 sales volume improved from 1Q22 low's - 14#16Domestic 27% South Asia 14% Coal Sales (by volume) (continued) Geographic Distribution (1H22) - by Volume Per Region Per Country North Vietnam 4% Others 5% Asia Malaysia 19% 5% Bangladesh. 6% South East Asia 40% India 8% Korea 15% Committed and Contracted Sales for 2022 38.9 million MT 11.6 Philippines 30% Indonesia 27% The Company is focusing on continuing to build its long term contracts to Indonesian and other South East Asian IPP's. As at End August 2022, committed and contracted sales were 38.9 million MT for 2022 with an average CV of 4,493 kcal/kg GAR. Excluding 1H22 deliveries we have 10.0 million MT of fixed prices contracts for the remainder of the year at US$ 110.7/MT with an average CV of 4,484 kcal/kg GAR. Floating Price Fixed 10.0 Price 1H22 Volume 17.3 15#17(US$ / MT) 140 120 100 Average Selling Price (ASP) 00 80 57.6 60 40 20 0 2Q21 * 101.0 1Q22 65.9 127.9 2Q22B 2Q22 2Q22 ASP of US$ 127.9/MT was significantly higher than the Budget and 1Q22 due to market prices continuing to strengthen. Forecasts by Wood Mackenzie as per July 2022 were for market prices to remain strong, at an average of around US$ 367.7/MT for the remainder of 2022. We anticipate that the current spot market will trade lower, however we will continue to benefit from strong market prices throughout 2022. ASP includes coal and non-coal sales Note: B stands for Budget Figure ASP continued to increase significantly in 2022 16#181,000 EBITDA 800 600 400 273.9 200 0 2Q21 494.5 317.7 831.9 1Q22 2Q22B 2Q22 Note: B stands for Budget Figure 80% EBITDA Margin 70.3% 68.1% 63.1% 60.5% 60% 52.4% 46.5% 40% 20% 0% 2Q21 3Q21 4Q21 1Q22 2Q22B 2Q22 Note: B stands for Budget Figure 2Q22 EBITDA was significantly higher than the Budget and 1Q22 due to significantly higher ASP partially offset by higher cash cost. 2Q22 EBITDA was the best quarter ever in the history of Bayan. Full year 2022 EBITDA expected to surpass 2021 levels. 2Q22 EBITDA margin of 68.1% represents one of the best margins in the Indonesian coal sector. One of the best EBITDA margin's in Indonesian coal sector 17#191600 1400 1200 Total Debt and Cash Position 547.9 994.8 1,346.7 620.2 راس (in million US$) 1000 € 800 600 400 200 40.0 149.1 0.0 149.1 2Q21 3Q21 4Q21 1Q22 2Q22 Cash & Restricted Cash Senior Notes WCF & Lease 338.6 Issued Bonds US$ 400 million 3NCL at 6.125% coupon on 24 January 2020. Bayan fully repaid the Bond in 2021. Working capital facilities of approximately US$ 280 million remain available. Turned net cash positive from 1Q21. Bayan continues to maintain low leverage and sufficient liquidity 18#20In Million USD 120 100 80 Capital Expenditure 60 55.8 50.5 46.8 € 40 20 97.7 69.8 71.9 56.1 44.8 33.2 47.2 0 2Q21 3Q21 4Q21 1Q22 2Q22 Budget Actual 2Q22 Capex was US$ 47.2 million, which was below the Budget (US$ 71.9 million) due to slower than Budgeted progress on the new Tabang 100km coal hauling road and overland conveyor ("OLC") facilities primarily as a result of the heavy rainfall. We currently expect the haul road. OLC and barge loading facility to be completed in 2023. • Major items included: US$ 36.2 million of progress payments for the 100km haul road, OLC and barge loading facilities. 2Q22 Capex lower than Budget due to heavy rain 19#21Appendix PT Perkasa Inakakerta PT Teguh Sinarabadi PIK TSA PT Firman Ketaun Perkasa FKP PT Wahana Baratama Mining WBM PT Brian Anjat Sentosa BAS PT Bara Tabang BT Tabang PT Fajar Sakti Prima FSP PT Dermaga Energi PT Tanur Jaya PT Tiwa Abadi DE North TJ Pakar TA PT Silau Kencana SK PT Orkida Makmur OM PT Sumber Api SA South PT Bara Sejati PT Apira Utama PT Cahaya Alam BS Pakar AU CA PT Mamahak Coal Mining MCM 04 PT Bara Karsa Lestari BKL Mamahak PT Mahakam Energi Lestari MEL PT Mahakam Bara Energi MBE 20 www.bayan.com.sg#22Appendix Kangaroo Resources Pty Ltd PT Dermaga Perkasapratama PT Indonesia Pratama PT Muji Lines PT Bayan Energy PT Metalindo Prosestama KRL DPP IP Muji BE MP PT Sumber Aset Utama SAU PT Karsa Optima Jaya KOJ PT Gunungbayan Pratama coal GBP 21 www.bayan.com.sg#23Disclaimer This presentation contains forward-looking statements based on assumptions and forecasts made by PT. Bayan Resources Tbk management. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and speak only as of the date they are made. We undertake no obligation to update any of them in light of new information or future events. These forward-looking statements involve inherent risks and are subject to a number of uncertainties, including trends in demand and prices for coal generally and for our products in particular, the success of our mining activities, both alone and with our partners, the changes in coal industry regulation, the availability of funds for planned expansion efforts, as well as other factors. We caution you that these and a number of other known and unknown risks, uncertainties and other factors could cause actual future results or outcomes to differ materially from those expressed in any forward-looking statement. 22 www.bayan.com.sg#24Thank You 23 www.bayan.com.sg