#1SIHAYO GOLD LIMITED Investor Presentation Mines & Money September 2020#2Highly Prospective, Large Scale, Long Life Tenure 7th Generation COW in North Sumatra covering > 66,000 hectares of arguably some of the most prospective ground in Indonesia Summary Sihayo Project Growth Pipeline World-class Geological Setting DFS Stage Project Defined mineral belts with multiple prospects aligned on Trans Sumatran Fault Zone (TSFZ) Under-explored yet highly prospective for major porphyry related gold, silver and base metal deposits Potential to host multiple world-class gold and copper deposits 1.5Moz Sihayo Starter Project Access to regional infrastructure Key Drill-ready Targets¹ Long Life Tenure Hutabargot prospect Sihayo Near-mine extensions Sihayo 2 porphyry Up to 2049 plus two additional 10-year extensions 1. Pending forestry permit which is imminent Page 2 Sediment hosted gold Bulk tonnage epithermal Au + Ag (Martabe analogue) Multiple porphyry Cu + Au and epithermal Au + Ag prospects Sihayo Starter Project Sihayo near mine extensions Hutabargot Julu Sihayo 2-Cu, Sihayo 3, 4 & 5, Mandagang, Tambang Tinggi, Taratung, Babisik, Huta Pungkut Starter Project (permitting & development) Resource definition (potential to enhance Starter Project) Advanced exploration (drill-ready project, Singalacar, Rurabalancing, Hitam, Pagar Gunung, Namilas, Siandop, Tambang Ubi, Nalan Julu, Air Rotap, Nalan Jae potentially transformative target) Prospects & generative SIHAYO GOLD#3Indonesia: A Country with Substantial Gold Deposits Indonesia continues to be a significant player in the global mining industry, with significant production of coal, copper, gold, tin, bauxite and nickel, including world class gold assets such as Grasberg, Tujuh Bukit, Batu Hijau and Martabe Dairi 2.8 M lbs Zn 1.7 M lbs Pb- Miwah 3.14 M oz Au 8.96 M oz Ag SIHAYO GOLD LIMITED Sihayo 1.59 M oz Au Toka Tindung Resources: 4.0 M oz Au Annual production: 132 k oz Au Produced 1.2 M oz Au since 2012 Tembang 0.36 M oz Au 4.42 M oz Ag- Way Linggo 0.39 M oz Au Donok/Tandai 0.3 M oz Au 30 M oz Ag Rawas 1.43 M oz Au Gn Pongkor 0.67 M oz Au 7.56 M oz Ag 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 Page 3 Cibaliung 0.57 M oz Au Kelian 1.12 M oz Au 1.44 M oz Ag Mt Muro 1.05 M oz Au 22.24 M oz Ag Pani IUP: 2.37 M oz Au COW: 2.30 M oz Au Poboya (1.7 M oz Au) Tombulilato 2.5 M oz Au Awak Mas 2.0 M oz Au 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$3.5bn to the Indonesian government in 2018 Mesel 0.97 M oz Au Project AIM Doup Lanut 0.49 M oz Au 3.3 M oz Au Tujuh Bukit 30 M oz Au 8.75 Mt Cu Batu Hijau Elang 19.7 M oz Au 5.9 Mt Cu • 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 Wetar 0.2 Mt Cu Romang 1.04 M oz Au Hu'u Resources: 15 Mt Cu and 27 M oz Au Vale Development Project Legend: Sihayo Merdeka mines/projects SIHAYO GOLD#4Well located for exploration and development success Sihayo COW hosts multiple gold and copper prospects + neighbours the world-class Martabe mine Key Comments Highly prospective location, proximal to the Trans-Sumatra Fault Zone (TSFZ) Major Mineral Deposits in Sumatra Page 4 Wide range of magmatic ore deposit exploration target styles Potential to host significant gold and base metal deposits Well established infrastructure with ready access to transport and grid power Good community support and available local workforce Tangse■ Miwah Beutong ▾ Abong Tengkereng Dairi Martabe Sihayo Sontang Mangani N 400 km Sihayo Project O Singapore Salido ■ Muntok Bangka Lebong Tandai Pemali ■ Bukit Salinto Tempilang Lebong Donok ■ Alas Way Linggo Jakarta SIHAYO GOLD#5Page 5 Significant Perspectivity And Scale Significant porphyry and epithermal prospects that have been under-explored Key Comments Significant scale (> 66,000 ha) of under-explored tenure Overview of Sihayo COW Siyaho 2 Cu Bandar Lasiak Siyaho 5 11,100,000 ME Sihayo 4- Sihayo 3- Singalancar Sihayo 2 Gold -Sihayo 1 Sambung -Dolok Hutabargot Julu Sihayo Gold Belt Mentari -Nabontar Deposit type Epithermal Au Metamorphic Au Porphyry Cu-Au Carbonate-hosted Au Cu Au skarn COW straddles numerous TSFZ fault-strands Early stage exploration reconnaissance identified evidence of prolific COW-wide mineralisation aligned in three near parallel mineral belts Multiple overlapping mineral and alteration styles present in the COW Gold soil anomalies are strongly aligned with regional geophysical-structural trends - targeting Tujuh Bukit analogues 15 km Sihayo gold belt to be permitted imminently for drilling, with multiple known prospects, including Hutabargot 100,000 mN Rurabalancing COW North Block kilometres Interpreted mineral belts Underexplored Huta Pungkut Tambang Ubr Pagar Gunung Tambang Tinggi -Babisik Mandagang Tambang Hitam Namilas- Tarutung Nalan Jae UTM84 Z47N 0 20 Cow South Block -Air Rotap Siandop Nalan Jul 11,100,000 ME 100,000 mN SIHAYO GOLD#6Page 6 Key Comments IV. Near Term Exploration Strategy Hutabargot Is A Close Analogue To The Neighboring World-class Martabe Mine Hutabargot is a large scale, stand alone epithermal Au - Ag target South-east extent of Sihayo Gold Belt Hutabargot Au - Ag Target History of early small-scale Dutch mining and prospecting (1930s) Sihayo 5 Sihayo 2 Porphyry Sihayo 2 Gold 550,000 mE 750m Sihayo optimised pit shell Sihayo 2000m Sihayo 4 Sambung optimised -pit shell COW High grade Au-Ag intercepts from historic scout drilling Extensive and largely untested +2.5 x 3.0km Au- multi element soil and geophysical anomaly Conceptual bulk-disseminated Au - Ag target with potential for bonanza Au - Ag veins Drilling to commence subject to receipt of forestry permit - expected imminently 100,000 mN Sihayo 3 ppm Legend Sample - Au 0.10-0.25 0.05 0.10 0.00 -0.05 Vein Jasperoid Sambung 0.10 ppm Au soil contour. 550,000 mE WGS84 Z47N 0 2000 metres 3000m Dolok 3500m Hutabargot Julu Dacite Dome 100,000 mN SIHAYO GOLD#7IV. Near Term Exploration Strategy Near Mine Targets With Potential To Materially Extend Starter Project Mine Life Historic exploration results indicate potential for additional gold resources Key Comments Drill-ready, near-mine shallow, oxide-gold targets will increase the value of the Starter Project Under-explored despite abundant jasperoid float and outcrop identified along a +10km strike length Extensive elevated IP chargeability and resistivity anomalies Gold soil anomalies are strongly aligned with regional geophysical-structural trends Potential for over-printing of epithermal Au - Ag veins Near Mine Targets 547000 mE 546,000 mE 101,000 mN 102,000 mN 103,000 mN 0 Sihayo-2 POTENTIAL TO EXTEND RESOURCE Base of prospect permian host rocks Sambung optimised pit shell UTM84 Z47N 548,000 ME 549,000 mE 550,000 mE Legend Gold Resource Drill Programs ⚫ Sihayo 1 Sihayo optimised pit shell Sihayo-1 800 Link Zone ⚫ Sihayo 2 Sambung • Link POTENTIAL TO EXTEND RESOURCE BELOW COVER ROCK POTENTIAL TO JOIN RESOURCE Sambung 103,000 mN 101,000 mN 102,000 mN Page 7 546,000 mE metres 547,000 mE 548,000 mE 549,000 mE 550,000 mE SIHAYO GOLD#8Sihayo Starter Project - Overview Attractive Starter Project generating a LOM - US$1.2bn gross sales over an initial 8 years mine life at a flat US$1,890/oz Au price Summary Sihayo Starter Project Cross Section Production: 635koz¹ recovered Au LOM Key DFS Findings (LOM) Cash operating cost: US$632/oz Peak funding cost: US$153m -1250m RL Sihayo-2 1000mRL Sihayo-1 Link Zone B 1250mRL- Potential to extend resource between open Sihayo SE and Sambung NW strike-projections Sambung 1000m RL- Early Works/ Permitting Underway Near-Mine Resource Upside Mining Processing NPV5: US$268m at US$1,890/oz Au flat Early works include establishment of site access, environmental baseline, legal permits and social licence to operate Amendments to existing permits simplifies approval process Early regional road upgrades to fast-track first production Evidence of additional mineralization along strike Strong potential for resource extensions 13.7Mt ore mined at a 4.4x stripping ratio Early stages targeting lower strip, oxidised, free-dig regolith material Bulk waste stripping campaign delayed until the 4th year of mining Conventional CIL process Throughput: 2Mtpa soft ore / 1.5Mtpa hard ore Potential to extend resource along open NW strike-projection: -750mRL 1250mRL Potential to extend resource along open NE down-dip (off long section) and at depth. Sihayo-1 Sihayo-2 1000mRL 1 Limited historic drilling Geology poorly defined 750mRL Mineralised intercepts returned. Explanation Regolith Jasperoid Siliciclastic sandstone/shale Diorite Silty sandy limestone (dirty) Crystalline limestone (marble) Drill hole trace projected to long section 2020 DFS pit shells (0.6 g/t Au cut-off) Link Zone Potential to extend resource along open NE down-dip and open SE strike projection 750mRL 1250mRL- Sambung Limited historic drilling Mineralised intercepts returned Geology poorly defined 1000m RL SIHAYO - SAMBUNG LONG SECTION (NW-SE) - Looking NE INTERPRETED GEOLOGY PROJECTED DRILL HOLE TRACES 0 500 metres 1000 A • Sihayo-2 750mRL PLAN 500m RL Shero-1 Link Zone Vertical: horizontal exaggeration 2:1 Showing long section trace JORC Reserves and Resources³ Sambung B Owner-Operator Strategy Average metallurgical recovery: 71%² Mining fleet sized for selective mining strategy Bulk waste stripping fleet for better utilisation Reserves Resources Ore (Mt) 12.5 Grade (g/t Au) 2.1 Moz Au 0.84 24.0 2.0 1.50 Page 8 123 2. 1. 169koz Au produced in the first two years during the low-strip stage of operations Higher % recoveries in the early years, coinciding with lower strip, oxidised, free-dig regolith material 3. Reported in accordance with the 2012 edition of the JORC Code. Mineral Resources estimate reported at 0.6g/t Au cut-off grade. Ore Reserves are based on US$1,450/oz gold price assumption. Refer to ASX announcement on 23 June 2020 "Results of Feasibility Study" for further information SIHAYO GOLD#9DFS Summary Highly leveraged to strong gold price outlook and ongoing exploration success Annual & Cumulative Production 120 100 80 Gold koz 60 40 20 Production 1 2 3 4 5 year 6 7 8 9 Cumulative ounces Gold grade g/t Recovered ounces Head Grade & Recovered Grade 4.00 3.00 2.00 1.00 Production year 1 2 3 4 Feed grade 5 6 Recovered grade 7 8 Source: Sihayo DFS (see ASX announcement dated 23 June 2020) Page 9 6 Cumulative Project Cashflow 700 600 400 500 300 400 200 300 200 100 US$ million 100 -1 2 3 (100) (200) 4 5 Production Year 6 7 8 9 10 US$1,890/oz Au flat US$ 1,700/oz Au flat Gold Price Sensitivity 600 Spot Gold Price: US$1,890/oz 500 US$ million 400 300 200 100 0 1,000 1,200 1,400 1,600 NPV @ 8% 1,800 2,000 NPV @ 5% 2,200 2,400 2,600 SIHAYO GOLD#10- Sihayo Starter Project – Key DFS Outputs Key Physical Outputs Capex Outputs Valuation Outputs¹ Physicals Units Total / Av. LOM Pre-production LOM Metric Units Total/Av. Ore milled Mt 13.7 Direct capital 102 143 Life of mine Years 8 12.5Mt @ 2.1g/t Ore head grade g/t 2.04 Process plant 32.6 32.6 Reserves Mt Au Recovered grade g/t 1.44 Tailings storage 19.0 54.8 Resources Mt 24Mt @ 2.0g/t Au Recovery % 71 Power supply 6.6 6.6 Stripping ratio X 4.4 LOM Au production koz 635 Access roads 7.4 7.4 Throughput Mtpa Soft core: 2; Hard core: 1.5 Waste mined Mt 59.8 Mobile equipment² 1.4 5.7 Avg. metallurgical recovery % 71 Stripping ratio X 4.4 Mine development 4.7 4.7 LOM production koz Au 635 Life of mine Years 8 Pre-strip 1.5 1.5 Gross sales US$m 1,198 Other works 16.6 17.5 EBITDA US$m 746 Cost Outputs EPCM 12.3 12.3 Pre-production cost US$m 144 Costs Units Total / Av. LOM Process plant 32.6 32.6 Peak funding US$m 153 Mining cost US$/t mined 2.12 Indirect capital 31 31 Cash operating cost US$/oz 632 Mining cost US$/t ore 10.40 Contingency 11 17 After-tax NPV (5%) US$m 268 Cash operating cost US$/t ore 29.44 Total initial capital 144 191 After-tax NPV (8%) US$m 204 Cash operating cost AISC¹ US$/oz 632 Sustaining capital 19 After-tax IRR % 34 US$/oz 716 Total project capex 144 210 Payback period months 25 1. Assumes gold price of US$1,890/oz flat 2. Page 10 Assumes 25% deposit required for leased equipment Notes: Mine, plant and infrastructure designed and estimated to within a ~10% contingency Infrastructure and tailings storage costs driven by site topography Indirect costs include freights, mobilisation, insurance, permits and overheads SIHAYO GOLD#11Corporate Snapshot Capital Structure Current Share Price C 1 Shares On Issue AUD USD 1.8 2.4 2,862.3 Key Recent & Upcoming Events 1 Release of robust DFS for Sihayo Starter Project confirms strong economics m 2,862.3 Market Capitalisation $m 68.7 50.7 2 1 Cash $m 14.0 10.3 1,2 Interest Bearing Loans $m 10.1 7.5 Enterprise Value $m 64.8 47.9 Ownership Overview 46.3% Agreed exploration and development strategy with support of key shareholders 3 Restructured Board & Management to deliver new strategy; appointed new Executive Chairman Colin Moorhead and new CFO Roderick Crowther 4 PT Merdeka Copper Gold TBK (IDX: MDKA) has funded US$1.5m for the restart of exploration strategy ■ Provident 24.8% ■Saratoga 5 7.7% 6.6% Lead Hutabargot epithermal gold-silver IPPKH (forestry permit) expected in early September 2020 ■Goldstar Asian Metals 11.9% 6 On ground exploration work set to restart in October 2020 Lion Selection Group ■Other Shareholders Page 11 2.7% Source: Market data from Bloomberg as of 31 August 2020; Company reports 1. 2. Shares on issue inclusive of Tranche 1 Placement. Cash and debt balance as at 31 August 2020, inclusive of Tranche 1 Placement proceeds, USD/AUD exchange rate = 0.738 Debt comprise of loans from Key shareholders (Provident Minerals Pte Ltd, PT Saratoga Investama Sedaya, Goldstar Asia Mining Resources (L) Berhad and Asian Metal Mining Developments Limited, with an aggregate shareholding of 63.7%) and Merdeka. All debt to be repaid upon Offer completion. Refer to slide 18 for further information SIHAYO GOLD#12Strong Support from Shareholders & Partners Deep governmental, regulatory and local relationships from decades of Indonesian experience for their various operating companies including Adaro, Tower Bersama and Merdeka Provident SARATOGA Thohir Group 22.9% 24.8% SIHAYO GOLD LIMITED 11.9% 22.8% MERDEKA EV: US$2.9bn 100% MERDEKA MINING SERVIS 7.7% 9.0% MMS is the contracting arm of Merdeka Copper Gold and is responsible for all Merdeka development projects. MMS has been engaged by Sihayo for project design and estimating for its DFS and has proven EPCM capabilities. Track Record in Growing and Financing Indonesian Corporates Strong Governmental, Regulatory and Local Ties Excellent Corporate Governance and Investor Relations 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 to lead 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 over 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 has attracted quality investors globally in both debt and equity capital markets, achieving overall lower cost of funds and strong support Page 12 SIHAYO GOLD#13Directors & Management Combined track record of >40Mt Cu and 100Moz Au discoveries throughout Australasia Board of Directors Colin Moorhead, Executive Chairman Mr Moorhead is an experienced industry executive with a track record of building value in mining companies through innovation, discovery, project development and safe, efficient operations at BHP, Newcrest Mining and as CEO of PT Merdeka Copper Gold Tbk. Mr Moorhead is Non Executive Chairman of Xanadu Mines Ltd and a Fellow and Past President of AUSIMM. Gavin Caudle, Non Executive Director Mr Caudle is a Director of Provident Minerals Limited and has over 30 years experience in the finance and investment sectors in Australia, Singapore and Indonesia. Since 2003, together with his partners, Mr Caudle has developed numerous successful businesses including Tower Bersama Group, Merdeka Copper Gold and various technology ventures including JD.id and Provident Growth Fund. Misha Collins, Non Executive Director Mr Collins financial experience with a technical background in metallurgy. Mr Collins was employed by BT Funds Management for 11 years as an equity analyst. Since 2008 he has been operating his own investment and trading business. Mr Collins holds a BE in Metallurgy (Hons) and Certificates in Banking & Finance and Applied Finance & Investment. Sihayo Rod Crowther, CFO Mr. Crowther has gained significant corporate finance experience in the mining sector through a variety of roles in investment banking, private equity and corporate business development. His most recent role was at Newcrest Mining where he executed a number of acquisitions and divestments, including the sale of Newcrest's interest in the Gosowong Mine. Prior to this Rod held roles at EMR Capital, Azure Capital and JP Morgan. Rod holds a Bachelor degrees with honours in both engineering and commerce, from UQ and a Masters of Mining Engineering from UNSW. Rod is also a CFA Charter holder Boyke Abidin, President Director Mr Abidin began his career as management consultant in 1985, before entering the External Affairs (Government Affairs, Community Affairs, Asset Protection and Corporate Communication) in 1990. Mr Abidin serves as a Director of PT Bumi Suksesindo, President Director of PT Pani Emas Tani Sejahtera, and Director PT Batutua Tembaga Raya in addition to serving as a Director of Nusantara Resources Limited. Head of External Affairs in Merdeka. Zainur Arifin, Chief Mine Superintendent Mr. Arifin holds a Bachelor in Geology Science with 25 years experience in geology mapping, regional geochemistry, project geologist, underground mapping and surface mapping. Mr Arifin has been involved in many styles of mineral exploration in cross Indonesia and Uranium exploration in Malawi, Africa. Page 13 1. Danny Nolan, Executive Director Mr Nolan brings 30 years of financial management experience to the Company and holds a Bachelor of Business (Accounting) from Monash University, Victoria. Mr Nolan has worked in Indonesia as Finance Director (Indonesia) for Telstra Corporation and in senior finance roles with the Saratoga Capital Group, one of Indonesia's foremost private investment groups. MMS¹ PT Merdeka Mining Servis, a wholly owned subsidiary of Merdeka Copper Gold. Sihayo will hire MMS to construct the Starter Project Peter Scanlon, MMS Construction Manager Mr Scanlon has over 28 years construction and project management experience having worked in Australia, England, India and over 17-years in Indonesia. Mr Scanlon holds a Bachelor of Engineering (Civil), specialising in multi-disciplined projects from pre-engineering, through construction to Operational handover. He previously worked for Thiess for 21-years on a multitude of projects. SIHAYO GOLD#14Key Investment Highlights ASX-listed exploration and development company focused on gold and copper in Indonesia 1. Proven Location 2. Sihayo Starter Project 3. Tangible Exploration Upside 4. Capable Management Team 5. Strong Indonesian Shareholders 6. Bullish Gold Outlook 1. Assuming gold price of US$1,890/oz flat 2. Page 14 3. Pending forestry permit which is imminent Highly prospective, large scale (>66,000 ha), long tenure in an established gold district, contiguous to the world-class Martabe mine Robust DFS stage Starter Project¹: О LOM gross sales of US$1,198m EBITDA of US$746m О Post-tax NPV 50% of US$268m Clear path to financing, construction and operations Existing JORC Resources & Reserves: О Mineral Resources: 24Mt @ 2.0 g/t Au containing 1.5Moz Au Ore Reserves: 12Mt @ 2.1 g/t Au containing 840 koz Au World-class exploration portfolio consists of multiple drill-ready targets² including: O Hutabargot epithermal gold-silver prospect (potentially analogous to Martabe) Near-mine gold extensions Sihayo 2 copper porphyry target Highly experienced Board and Management team Led by newly appointed Executive Chairman Colin Moorhead Merdeka Mining Servis (MMS)³ is engaged to deliver the project Backed by strong and reliable Indonesian shareholders (also major shareholders of Merdeka Copper Gold) Merdeka market cap US$2.7 bn, with proven track record in developing, operating and financing gold projects Excellent track record and proven ability to secure bank financing о Highly leveraged to gold price and ongoing exploration success PT Merdeka Mining Servis, a wholly-owned subsidiary of PT Merdeka Copper Gold (IDX:MDKA) SIHAYO GOLD#15VI. Summary Indicative Timeline Aggressive exploration program proposed alongside planned early works and permitting to position Sihayo Starter Project for fast-tracked future production Year Exploration Hutabargot Near Mine Targets Regional Data Analysis Permitting Indonesian Feasibility Study Environmental Permit Production Permit Early Works Optimisation Work Detailed Design Access to Project Page 15 2020 Q3 Q4 Q1 2021 22 Q2 Q3 Q4 SIHAYO GOLD#16VI. Summary Compelling Investment Opportunity ASX-listed exploration and development company focused on gold and copper in Indonesia Page 16 1. Proven Location 2. Sihayo Starter Project 3. Tangible Exploration Upside 4. Capable Management Team 5. Strong Indonesian Shareholders 6. Bullish Gold Outlook SIHAYO GOLD#17Q&A SIHAYO GOLD LIMITED www.sihayogold.com Investor Queries: Colin Moorhead Executive Chairman M: +61 409 354 810 E: [email protected]#18Equity Raising Overview Offer Size and Structure Merdeka Conversion Key Shareholder Pre- Commitments Pricing Use of Proceeds Joint Lead Managers & Joint Underwriter The Placement, Entitlement Offer and Merdeka Conversion (together the "Offer") will raise up to approximately $40.9 million if fully subscribed. Two-tranche placement to raise approximately $19.7 million (before costs) through the issue of approximately 787.6 million fully paid ordinary shares in the Company ("New Shares") ("Placement") О Tranche 1 is fully underwritten to raise approximately $14.3 million via the issue of approximately 572.5 million fully paid ordinary shares in accordance with ASX Listing Rules 7.1 and 7.1A ("T1 Placement") Tranche 2 to raise approximately $5.4 million via the issues of approximately 217.1 million fully paid ordinary shares comprising of approximately $4.9 million to PT Merdeka Copper Gold Tbk (IDX:MDKA) ("Merdeka"), approximately $0.5 million to Non-Executive Director Mr. Gavin Caudle and approximately $0.05 million to Executive Chairman Mr. Colin Moorhead ("T2 Placement") The T2 Placement is conditional upon receipt of shareholder and FIRB approval. The Company has received binding commitments from Merdeka Mr. Gavin Caudle and Mr. Colin Moorhead to participate in the T2 Placement The Placement will be undertaken on an ex-entitlement basis Pro-rata non-renounceable entitlement offer of up to approximately 763.3 million New Shares on the basis of 1 New Share for every 3 shares held on the record date of to raise up to $19.1 million ("Entitlement Offer") о The Joint Underwriters have partially underwritten the Entitlement Offer to the extent of the key shareholder binding pre-commitments of approximately $8.1 million and will commit to further sub-underwriting demand facilitated via the bookbuild process All New Placement Shares and New Entitlement Shares will be listed on ASX and will rank pari-passu with existing fully paid ordinary shares in SIH In addition to Merdeka's participation in the Placement, subject to receipt of shareholder and FIRB approval, Merdeka will also undertake $2.1 million debt to equity conversion ("Merdeka Conversion") to emerge as a new strategic shareholder with an anticipated shareholding of approximately 7.1%. Merdeka, via its wholly owned subsidiary PT Merdeka Mining Servis, is also engaged to deliver the Sihayo Gold Project Key shareholders (Provident Minerals Pte Ltd, PT Saratoga Investama Sedaya, Goldstar Asia Mining Resources (L) Berhad and Asian Metal Mining Developments Limited, with an aggregate shareholding of 63.7%) have provided binding pre-commitments to participate in the Entitlement Offer via a Debt Conversion Facility for a total amount equal to the debt owed by the Company at Offer completion (estimated to be $8.1 million) Offer price of $0.025 per New Share represents a discount of 21.9% to Sihayo's last close (17 August 2020) of $0.032 per share, a 22.5% discount to 10-day VWAP of $0.032 per share and a 19.2% discount to 30-day VWAP of $0.031 per share Sihayo has confirmed to the Joint Lead Managers that funds raised pursuant to the Offer will be applied towards funding of exploration, early project works and lead items, debt and creditor repayments and working capital Argonaut Securities Pty Ltd ("Argonaut"), Bell Potter Securities Limited ("Bell Potter") and CLSA Australia Pty Limited ("CLSA") are acting as Joint Lead Managers to the Offer. Argonaut Capital Ltd, Bell Potter and CLSA are acting as Joint Underwriters to the Entitlement Offer Page 18 SIHAYO GOLD#19Equity Raising Overview (cont'd) Indicative Timetable Use of Funds¹ Announcement of the results of the Offer Thursday, 20 August 2020 Minimum Maximum Record Date Wednesday, 26 August 2020 Uses AUD AUD Anticipated Tranche 1 Placement Settlement Date Friday, 28 August 2020 Exploration $4.5m $10.0m Issue date of the Tranche 1 Placement Shares Friday, 28 August 2020 Phase 1 Early Works & Lead Items $5.0m $9.6m Entitlement Offer opens Monday, 31 August 2020 Creditor Repayments $4.2m $4.2m Entitlement Offer closes Monday, 14 September 2020 Shareholder Loan Repayments $8.1m $8.1m Announcement of outcome under the Thursday, 17 September 2020 Entitlement Offer Indicative Offer & Tranche 2 Placement Costs $1.0m $1.5m Issue of New Shares under the Entitlement Offer Monday, 21 September 2020 Receipt of FIRB in relation to Tranche 2 Placement Securities General Working Capital $5.0m $5.4m Wednesday, 30 September 2020 General meeting of shareholders in relation to issue of Tranche 2 Placement Securities Friday 16 October 2020 Merdeka Debt to Equity Conversion² $2.1m $2.1m Settlement Date of Tranche 2 Placement Securities Monday, 19 October 2020 Total $29.9m $40.9m 1. Page 19 2. The minimum scenario assumes completion of the Placement, Key Shareholder Pre-Commitments under the Entitlement Offer and completion of the Merdeka Conversion, The maximum scenario assumes the minimum scenario, however with the Entitlement Offer fully subscribed Merdeka participation in T2 Placement and Merdeka Conversion subject to shareholder and FIRB approval SIHAYO GOLD#20Indonesian Joint Venture Structure Sihayo is the 75% owner and operator in Joint Venture with leading Indonesian group ANTAM Corporate Structure Key Points SIHAYO GOLD LIMITED 100% Aberfoyle Pungkut Investments Pte Ltd (API) PT Aneka Tambang (ANTAM) 75% 25% US$76 million loan PT Sorikmas Mining (PTSM) Legend: Shareholdings Loans 95% available cash flow to repay loan 100% Sihayo Pungkut COW (Sihayo Gold Project) Page 20 5% available cash flow until loan repaid About ANTAM Partly state-owned, vertically integrated Indonesian mining company JV Background & Obligations December 1995: API & ANTAM MOU July 1997: API & ANTAM JV agreement API has funded all of PTSM's exploration and mining expenditure including ANTAM's share (US$76 million to date) This obligation continues until the commencement of production ANTAM is entitled to receive 5% of the available cash flow each year from the commencement of production ANTAM's other 20% will flow to API until loan and interest is repaid Under the agreement, all funding provided by API must be repaid from cashflows of PTSM SIHAYO GOLD#21Disclaimer Forward Looking Statements This announcement may or may not contain certain "forward-looking statements". All statements, other than statements of historical fact, which address activities, events or developments that Sihayo believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "targeting", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could", or "might" occur or be achieved and other similar expressions. These forward-looking statements, including those with respect to permitting and development timetables, mineral grades, metallurgical recoveries, potential production reflect the current internal projections, expectations or beliefs of Sihayo based on information currently available to Sihayo. Statements in this document that are forward-looking and involve numerous risks and uncertainties that could cause actual results to differ materially from expected results are based on the Company's current beliefs and assumptions regarding a large number of factors affecting its business. Actual results may differ materially from expected results. There can be no assurance that (i) the Company has correctly measured or identified all of the factors affecting its business or the extent of their likely impact, (ii) the publicly available information with respect to these factors on which the Company's analysis is based is complete or accurate, (iii) the Company's analysis is correct or (iv) the Company's strategy, which is based in part on this analysis, will be successful. Sihayo expressly disclaims any obligation to update or revise any such forward-looking statements. No Representation, Warranty or Liability Whilst it is provided in good faith, no representation or warranty is made by Sihayo or any of its advisers, agents or employees as to the accuracy, completeness, currency or reasonableness of the information in this announcement or provided in connection with it, including the accuracy or attainability of any Forward Looking Statements set out in this announcement. Sihayo does not accept any responsibility to inform you of any matter arising or coming to Sihayo's notice after the date of this announcement which may affect any matter referred to in this announcement. Any liability of Sihayo, its advisers, agents and employees to you or to any other person or entity arising out of this announcement including pursuant to common law, the Corporations Act 2001 and the Trade Practices Act 1974 or any other applicable law is, to the maximum extent permitted by law, expressly disclaimed and excluded. Distribution Restrictions The distribution of this announcement may be restricted by law in certain jurisdictions. Recipients and any other persons who come into possession of this announcement must inform themselves about and observe any such restrictions. Page 21 SIHAYO GOLD#22Competent Person's Statement Exploration Results The information in this report which relates to Exploration Results is based on, and fairly represents, information and supporting documentation compiled by Mr Bradley Wake (BSc Hons. (Applied Geology)), who is a contract employee of the Company. Mr Wake does not hold any shares in the company, either directly or indirectly. Mr Wake is a member of the Australian Institute of Geoscientists (AIG ID: 3339) and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Wake consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. Mineral Resources The information in this report which relates to Mineral Resources is based on, and fairly represents, information and supporting documentation compiled by Mr Robert Spiers (BSc Hons.) for Spiers Geological Consultants (SGC, Pty. Ltd.). Mr Spiers is the principal Consultant and Director of SGC and does not hold any shares in the company, either directly or indirectly. Mr Spiers is a member of the Australian Institute of Geoscientists (AIG ID: 3027) and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Spiers consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. Ore Reserves The information in this report which relates to Ore Reserves is based on, and fairly represents, information and supporting documentation compiled by Mr Philippe Lebleu (P.Eng) for AMC Mining Consultants (Canada) Ltd. Mr Lebleu is a principal Mining Engineer and does not hold any shares in the company, either directly or indirectly. Mr Lebleu is a member of the Australasian Institute of Mining and Metallurgy (AUSIMM ID: 229555) and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Lebleu consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. Page 22 SIHAYO GOLD