#1Awak Mas Gold Project INDONESIA'S NEXT GOLD MINE NUSANTARA RESOURCES LIMITED January 2020#2Disclaimer NUSANTARA RESOURCES LIMITED Nature of Document: This presentation has been prepared and issued by Nusantara Resources Limited (Company) to provide general information about the Company. The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any matters that a reader should consider in evaluating the Company. While management has taken every effort to ensure the accuracy of the material in the presentation, neither the Company nor its advisers has verified the accuracy or completeness of the information, or any statements and opinions contained in this presentation. 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Nothing contained in this presentation constitutes investment, legal, tax or other advice. This presentation does not take into account the individual investment objectives, financial situation and particular needs of Company shareholders. Before making a decision to invest in the Company at any time, you should conduct, with the assistance of your broker or other financial or professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of information, statements and opinions contained in this presentation and elsewhere before making any investment decision. Forward looking statements: This presentation contains forward-looking information about the Company and its operations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "should", "could", "estimates", "target", "likely", "plan", "expects", "may", "intend", "shall", "will", or "would". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. It is recognized that it is common practice for a company to comment on and discuss its exploration in terms of target size and type. All statements contained in this presentation by the Company which refer to the potential quantity and grade of the target is accompanied by a detailed explanation of the basis for the statement. Forward-looking statements are subject to risk factors associated with the Company's business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Disclaimer: No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisors and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation, or any opinions of beliefs contained in this document, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any effort or omission there from. The Company is under no obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice. 2#3Awak Mas Gold Project NUSANTARA RESOURCES LIMITED GROWTH EQUITY FUNDING4 Up to US$40M 100,000oz pa³ Reserve Expansion AISC US$758/oz PARTNER / INDIKA# Indonesian Know-How Capex US$146 + US$16m # - IDX listed PT Indika Energy Tbk (Indika) is a significant shareholder in Nusantara EXPLORATION Multiple Regional Targets 3#4Nusantara Corporate Information Name Greg Foulis Neil Whitaker Boyke Abidin Nusantara Board Position Executive Chairman Chief Executive Officer Executive Director Rob Hogarth Non-Exec Director Richard Ness Non-Exec Director Robin Widdup Non-Exec Director Corporate Information at 31 December 2019 Shares on Issue: Options (a): Market Capitalisation (at A$0.325/share) A$62M Cash (at 31 Dec 2019 after Capital Raise (b)) NUS:ASX NUSANTARA RESOURCES LIMITED Share Price 0.40 ww плачивать 0.25 0.35 Price 0.20 0.15 0.10 Source: ASX.com.au at 6 January 2020 Top 3 Shareholders 190.2 M Lion Selection Group 23% 47.1M Indika (c) 19% Australian Super 14% A$9M c) Indika 19% post-Dec 19 raising (Change in Substantial Shareholder Notice 23 December 2019) and will increase to 23% subject to Shareholder approval of issuance5 a) Including: 18.0M listed @ $0.30 Expiry 31/07/2020, 22.3M unlisted @ 0.35 Expiry 30/11/2020 b) Excludes A$3.6M Indika subscription 5 subject to Shareholder approval and SPP closing 10/01/2020#5Awak Mas Gold Project - Development Ready NUSANTARA RESOURCES LIMITED Location Sulawesi, Indonesia Ownership 60:40 : Nusantara Indika •Miwah • Dairi .Martabe • Sihayo South China Sea Tombulilato Pani Toka Tindung ⚫Gosowong Mesel Lanut Doup Excellent Infrastructure ■ Road ■ Ports ■ Grid power Donok/Tandai • Rawas •Tembang Cibaliung • Way Linggo Jakarta Gn Pongkar • Kelian •Mt Muro Awak Mas- Poboya INDONESIA Wetar Romang Low Population Limited relocation Indian Ocean Largely Permitted No forestry issues Elang Tujuh Bukit Batu Hijau Pacific Ocean Grasberg 5#6Awak Mas - Long Life, Low Cost Mine NUSANTARA DFS October 20183 11+ year open pit x 100koz pa Capex US$146m + US$16m AISC US$758/oz 2.0moz Resource1, 1.1moz Reserve² Ref: g2649_F01_03c Date: September 2018 9,628,000mN 9,630,000mN 9,632,000mN OL 500m 178,000mE Awak Mas Waste Rock Area Awak Mas Pit Existing Camp 180,000mE Tarra Deposit 182,000mE RESOURCES LIMITED 184,000mE Contract of Work Boundary Ranteballa Village Ranteballa River Tails Line New Camp Existing Road Embankment Quarry To Belopa Process Plant and Site Office TSF Songgang River Magazine Rom Pad Mine & Fuel Facilities New Haul Road Salu Bulo Waste Rock Area 9,628,000mN 9,630,000mN 9,632,000mN Planned Production late 2022 Salu Bulo Pit Awak Mas Waste Rock Area UTM Zone 51 178,000mE 180,000mE 182,000mE 184,000mE Awak Mas Gold Project located in South Sulawesi, Indonesia 6#7Transformational Transaction 5 Indika to buy up to 40% project for up to US$40m Now Post US$40m Indika 19% Nusantara 100% 23% Nusantara Indika 60% Awak Mas Awak Mas 40% NUSANTARA RESOURCES LIMITED Funds USES Capex³ U$M 146 Pre-Production Mining³ 16 162 SOURCES Indika Buy 40% Bank Debt Sought Deferred Payments US$M 40 110-120 40* NUS Options + SPP est 10 * Provided by Indika subsidiary PT Petrosea Tbk for future project services. To be repaid from debt. Possible Partial refunding by mezzanine debt 7#8Exploration - Mine NUSANTARA RESOURCES LIMITED Confirmatory drilling / Reserve increase between US$1,250/oz and US$1,400/oz shells Extensional drilling / Convert mineralisation to Resources to east of pit, below ridge ■ Undrilled >1km between pits 180,000mE 181,000mE MINE CORRIDOR SECTION 1,500mRL Awak Mas Ore Reserve 2018 Mineral Resource Estimate Shell 1,500mRL Shell WEST INO DRILLING ☐ EAST Şalu Bulo 1,000m 500mRL 250m Ore zone Fault Mineral Resource Estimate Shell --Jan-2018 Highwall 180,000mE contact 63.7m @ 2.12g/t from 201.1m Cover/basement Potential mineralisation fault repetitions 181,000mE 7 182,000mE 1,000mRL mRL 8#9Multiple Targets on Regional Scale Trends Geophysics used in 2019 could unlock District 9,630,000 mN Contract of Work Salu Tabang p 180,000 mE Sewatu-Uran Tarra NW PP & Tarra Tarra West Salu Nangka P Magnetic Late-Stage Intrusives Lamasi Intrusives Salu Kombong p Kandeapi p Awak Mas Katapu p Puncak Utara ℗ Freddy-Bertie pp Bandoli-Mickey Salu Bulo Puncak Selatan Biwa-Lelating 0 9,620,000 mN Latimojong Formation Meta-sediments Deposit with resource P Exploration prospect kilometres 5 180,000 mE Dion Monzonites & Syenites 9,620,000 mN 9,630,000 mN 190,000 ME 9 190,000 mE#10Transformational Funding4 US$40m Indika purchase + US$40m Deferred Payments US$110-$120m Bank Debt sought Early Works Commencing in 2020 - build owners team, complete land comp, decision to mine and early works (like road construction, land clearing for civils) Build Team Recruitment underway for team to build and operate Project Optimisation Resource Studies to expand future production beyond 100koz pa³ Exploration throughout 2020: - Reserve increase Eastward extension of main pit - Reserve - Regional targets NUSANTARA RESOURCES LIMITED 10#11APPENDIX 1 Mineral Resource and Ore Reserves Mineral Resource Estimate - May 2018¹ NUSANTARA Ore Resource Estimate - September 2018² RESOURCES LIMITED Deposit Classification Tonnes (Mt) Au Grade (g/t) Contained Gold (Moz) Deposit Classification Tonnes (Mt) Au Grade (g/t) Contained Gold (Moz) Awak Mas Measured Awak Mas Indicated 36.4 1.4 1.62 Proved Probable 24.1 1.28 0.99 Inferred 3.1 1.0 0.10 Salu Bulo Proved Sub-total 39.5 1.4 1.72 Probable 2.8 1.67 0.15 Salu Bulo Measured Total Proved Indicated 2.9 1.7 0.16 Probable 26.9 1.32 1.14 Inferred 0.6 1.1 0.02 Total 26.9 1.32 1.14 Sub-total 3.6 1.6 0.18 Tarra Measured Note: Indicated 1. Inferred 2.3 1.3 0.10 2. Sub-total 2.3 1.3 0.10 Total Measured - - 3. Indicated 39.3 1.4 1.78 Inferred 6.0 1.1 0.22 4. All Mineral resources and Ore Reserves are completed in accordance with the 2012 JORC Code. The Mineral Resource is reported at a cut-off grade of 0.5g/t Au and constrained within US$1,400 per ounce optimised pit shells. The Ore Reserve is reported at a cut-off grade of 0.5 g/t Au and US$1250 per ounce gold price. All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding. Total 45.3 1.4 2.00 11#12APPENDIX 2 Development Funding Pathway4 Project Stage 1! Project Stage 2 Early Works ! Construction Indika US$40M US$15M for 25% Project Equity US$25M for 15% Project Equity Nusantara $6M Petrosea# US$40M Up to US$10M deferred payment Project Debt US$120M # - IDX listed PT Petrosea Tbk is 70% owned by Indika $4M Up to US$30M EPC deferred payment Target US$120M NUSANTARA RESOURCES LIMITED Decision to Mine Late 2020 Production Mezzanine 2022#13APPENDIX 3 Proposed Gold Plant Layout NUSANTARA RESOURCES LIMITED#14NUSANTARA RESOURCES LIMITED Notes 1. Nusantara ASX Announcement, 8 May 2018, Indicated Resource grows by a further 0.2Moz. 2. Nusantara ASX Announcement, 13 September 2018, Ore Reserve increases by 11% to 1.1Moz 3. Nusantara ASX Announcement, 4 October 2018, Definitive Feasibility Study Confirms Robust, Long-Life, Low Cost Project 4. Nusantara ASX Announcement, 9 December 2019, Awak Mas Gold Project Funding 5. Nusantara ASX Announcement, 13 December 2019, Placement - Successful A$11M Equity Raise to fund Awak Mas Development Strategy 14#15Competent Persons Statement NUSANTARA RESOURCES LIMITED The information in this announcement that relates to the Ore Reserves of Nusantara Resources is summarised from publicly available reports as released to the ASX of the respective companies. The results are duly referenced in the text of this report and the source documents noted above. Exploration and Resource Targets Any discussion in relation to the potential quantity and grade of Exploration Targets is only conceptual in nature. While Nusantara Resources may report additional JORC compliant resources for the Awak Mas Gold Project, there has been insufficient exploration to define mineral resources in addition to the current JORC compliant Mineral Resource inventory and it is uncertain if further exploration will result in the determination of additional JORC compliant Mineral Resources. Exploration Results The information in this report which relates to Exploration Results is based on, and fairly represents, information compiled by Mr Colin McMillan, (BSc) for Nusantara Resources. Mr McMillan is an employee of Nusantara Resources and is a Member of the Australian Institute of Mining and Metallurgy (AusIMM No: 109791). Mr McMillan 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 McMillan 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 that relates to the Mineral Resource Estimation for the Awak Mas Gold Project is based on and fairly represents information compiled by Mr Adrian Shepherd, Senior Geologist, (BSc), MAusIMM CP, for Cube Consulting Pty Ltd. Mr Shepherd is an employee of Cube Consulting Pty Ltd and is a Chartered Professional geologist and a current Member of the Australian Institute of Mining and Metallurgy (AusIMM No: 211818). Mr Shepherd 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 Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Shepherd 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 that relates to the Ore Reserves Estimation for the Awak Mas Gold Project is based on and fairly represents information compiled by Mr David Varcoe, Principal Mining Engineer, for AMC Consulting Pty Ltd. Mr Varcoe is an employee of AMC Consulting Pty Ltd and is a current Fellow of the Australian Institute of Mining and Metallurgy (AusIMM No: 105971). Mr Varcoe 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 Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Varcoe consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. Metallurgy The information in this report that relates to metallurgy and metallurgical test work and findings for Awak Mas Gold Project is based, and fairly represents information compiled by Mr John Fleay, Manager Metallurgy, FAusIMM, for Minnovo Pty Ltd. Mr Fleay is an employee of Minnovo Pty Ltd and is a current Member of the Australian Institute of Mining and Metallurgy (AusIMM No: 320872). Mr Fleay 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 Competent Persons as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Fleay consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. New Information or Data Nusantara Resources confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of Mineral Resources, Ore Reserves, production targets, and the forecast financial information derived from a production target, which all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not materially changed from the original market announcement. 15