#1MERDEKA COPPER GOLD 26th Credit Suisse Asian Investment Conference - 20th 23rd March 2023 IDX: MDKA I www.merdekacoppergold.com#2MERDEKA COPPER GOLD Disclaimer 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. Nothing in this presentation should be read or understood as an offer or recommendation to buy or sell Merdeka securities or be treated or relied upon as a recommendation or advice by Merdeka. Any information contained in this presentation that has been derived from publicly available or third-party sources (or views based on such information) has not been independently verified. Merdeka does not make any representation or warranty about the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by Merdeka. 2#3MERDEKA COPPER GOLD Portfolio Overview Merdeka controls a portfolio of globally significant assets across Indonesia with group mineral resources of 34.8Moz of gold, 8.5Mt of copper, 13.8Mt of nickel and ~1.0Mt of cobalt MERDEKA BATTERY MATERIALS 5 Mine, Smelter and Other Assets¹ Ownership: 51.0% (Nickel mine) 50.1% (Smelters) Resources: Refinery: 13.8Mt cont. nickel² Three RKEF plants with total NPI/Matte capacity of 88ktpa 6 Acid Iron Metal (AIM) Project Ownership: Status: 80% First production in 2H 2023 Production: Multi products (Cu, Au, Ag, Fe and acid) MERDEKA COPPER GOLD 434 1 2 6 3 Tujuh Bukit Copper Project Ownership: 100% Status: PFS in 1Q 2023 Resources: 8.2Mt cont. copper and 28.6Moz cont. gold³ 100% 2 Tujuh Bukit Gold Mine Ownership: Production Guidance: 3 Wetar Copper Mine 100% Ownership: 120-140koz of gold at an AISC of US$1,100- 1,300/oz net of silver credits Production Guidance: 16 - 20kt of copper cathode at an AISC of US$3.70 4.70/lb 4 Pani Gold Project 70% Ownership: Status: Resources: Feasibility study 6.4Moz cont. gold4 1. Ownership represents PT Merdeka Battery Materials ("MBM") shareholding in the respective assets. Other assets include Other assets include a 32.0% shareholding in IKIP, a limestone concession (IUP) covering 502Ha held under PT Anugerah Batu Putih and a hydro power project held under PT Cahaya Energi Indonesia 2. SCM Mineral Resource: February 2022 JORC prepared by AMC Consultants Pty Ltd. Total resources of 1.9 billion wmt (equivalent to ~1.1 billion dmt of ore) at 1.22% nickel and 0.08% cobalt 3. Resources information as of 31 December 2021 (https://merdekacoppergold.com/wp-content/uploads/2022/10/Consolidated-Mineral-Resources-and-Ore-Reserves-Statement-as-of-31-December-2021-Final.pdf) 4. Pani resources update (https://merdekacoppergold.com/wp-content/uploads/2023/02/Pani-February-2023-Mineral-Resource-Estimate.pdf) 3#4MERDEKA COPPER GOLD Key Shareholders Provident, Saratoga and the Thohir Group have a long history of co-investments with a proven track record in building value through multi-billion-dollar companies, as well as attracting international institutional investors Key Investments Major Shareholders Edwin Soeryadjaya Michael Soeryadjaya Saratoga Group Winato Kartono Hardi Liong Provident Group Gavin Caudle SARATOGA • One of the leading business groups in Indonesia, being a sponsor behind several large listed Indonesia corporations • Saratoga has invested in key sectors of the Indonesian economy including: consumer, infrastructure and natural resources • Provident Provident has created and driven the success of multiple publicly listed entities in Indonesia Aims to establish new private companies and develop them into high value public companies across telecom, infrastructure, mining and e-commerce sectors • Boy Thohir Thohir Group Thohir Group Mr. Thohir is the President Director of Adaro Energy and Adaro Minerals Indonesia and the President Commissioner of GoTo • Mr. Thohir has substantial interests in several other successful businesses BERSAMA DIGITAL TOWER BERSAMA GROUP EV: US$5.0B1 MERDEKA COPPER GOLD EV: US$6.9B¹ adaro adaro MINERALS EV: US$3.7B/3.0B1 Sector Legend: Infrastructure Natural Resources Tech Ownership Legend³: Saratoga Group Note: The entities shown are not an exhaustive list of Provident, Saratoga and Thohir Group entities. Shown personnel above are not UBO, but rather key personnel 1. EV calculated based on share prices as at 17 March 2023, with a FX rate of 15,202 goto EV: US$6.3B1 Provident Group Thohir Group 4#5MERDEKA COPPER GOLD Provident Corporate Structure Controlling Shareholders Thohir Group CATL Other Merdeka Shareholders SARATOGA 华友钴业 HUAYOU COBALT MERDEKA COPPER GOLD 8.5% 54.8% MERDEKA BATTERY MATERIALS Proposed ListCo 5% Note: MBM shareholding reflects pro forma position post conversion of Huayou convertible loan, pre-IPO. Post IPO, Merdeka expects to maintain a majority share ownership in MBM Other MBM Shareholders 36.7% 5#6MERDEKA COPPER GOLD Corporate Snapshot Merdeka is a leading Indonesian mining company with a unique growth pipeline and a proven track record of value creation Share Price (IDR/shr) Share Price Performance Since IPO 6,000 Market Capitalisation / Enterprise Value 5,000 US$6.1/US$6.9 billion¹ Value (USD M) Share Price 4,000 3,000 Avg. Daily Traded Value US$15-17 million² one of the most liquid IDX listed companies 2,000 1,000 Equity Research Coverage 24 Analysts 0 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 1. Market capitalisation and enterprise value based on share price as of 17 March 2023 2. Average daily value of shares traded in 2023 (as of 17 March 2023) 350.0 300.0 250.0 200.0 150.0 100.0 50.0 Value Traded (USD M) 6#7MERDEKA COPPER GOLD Mining Method Metals Mineralisation Type Ore Reserves¹ Mineral Resources¹ Estimated Mine Life Process Method Recovery Rate Workforce Open Pit Mining Tujuh Bukit Gold Mine Production Information Conventional open pit Gold and silver High sulphidation epithermal 0.6 Moz cont. Au & 27 Moz cont. Ag 1.1 Moz cont. Au & 61 Moz cont. Ag -4 years Oxide heap leach Gold 79% and silver 13% ~3,200 employees and contractors Heap Leach and ADR Plant €113 猖 2022 Highlights Full year production of 125,133 ounces of gold 21koz of gold, 142koz of silver sold at an average price of US$1,711/oz and $20/oz during 4Q 2022 US$259 million revenue achieved in 2022 Full year cash cost of US$780/oz and AISC net of silver credits of US$1,131/oz net of silver credits Exploration program targeting mine life extension underway. 30,000m RC and diamond drilling is planned to continue testing along strike of current resources (Pit A and Pit C) and surface exploration at Salakan and Lompongan prospects during 2023 No LTI occurred during the quarter with the mine achieving 15.5 million man-hours without LTI with a TRIFR per million hours to date at 0.37 1. Reserves and Resources information as of 31 December 2021 (https://merdekacoppergold.com/wp-content/uploads/2022/10/Consolidated-Mineral-Resources-and-Ore-Reserves-Statement-as-of-31-December-2021-Final.pdf) 7#8MERDEKA COPPER GOLD Mining Method Metals Mineralisation Type Ore Reserves¹ Mineral Resources¹ Estimated Mine Life Process Method Recovery Rate Wetar Copper Mine Production Information Conventional open pit Copper Volcanogenic massive sulphide ("VMS") 127 kt cont. Cu 153 kt cont. Cu -3 years Sulphide heap leach -80% Workforce ~2,800 employees and contractors Open Pit Mining Processing Plant 唱 2022 Highlights Full year production of 19,551 tonnes of copper 5,085 tonnes of copper sold at an average price of US$7,326/t during 4Q 2022 US$179 million revenue achieved in 2022 1000 D Full year cash cost of US$2.64/lb and AISC of US$3.37/lb of copper produced Regional 22,000m exploration programme planned with a focus on the Partolang area. Results received during 4Q 2022 for the Partolang Bridge area were very encouraging. Updated resources is expected in March 2023 No LTI occurred during the quarter and achieved 2.37 million man-hours without LTI with a YTD TRIFR per million hours of 1.21 with two recordable injuries during the quarter 1. Reserves and Resources information as of 31 December 2021 (https://merdekacoppergold.com/wp-content/uploads/2022/10/Consolidated-Mineral-Resources-and-Ore-Reserves-Statement-as-of-31-December-2021-Final.pdf) 8#9MERDEKA COPPER GOLD Tujuh Bukit Copper Project Merdeka is progressing a Pre-Feasibility Study (PFS) which is targeted for completion in 1Q 2023. The PFS is assessing a phased development approach to optimise pre-production capital investment Conveyor Decline Sea Level SLC Area Undercut Level Extraction Level First Lift Panel Cave == Crusher Level- Second Lift Panel Cave Legend: SLC PC#1 PC#2 PIT A PIT C Ore Body Exploration Decline Access Decline Ventilation Raise Access Decline -Service Conveyor Decline Decline 9#10MERDEKA COPPER GOLD Competitive "Cycle-Proof" Cost Structure Tujuh Bukit Copper Project is anticipated to be a low-cost, long-life operation with a 1st quartile AISC of US$0.50/lb net of gold credits1 – favourably positioned compared to peer SLC and block caving operations - US$/lb 12.0 10.0 First Quartile 8.0 6.0 4.0 MERDEKA COPPER GOLD 2.0 Grasberg ON Carrapateena newgold Rio Tinto Government of Mongolia Oyu Tolgoi Underground New Afton Rio Tinto/CODEL.CO El Teniente Open Pit/Mixed Second Quartile 44444444042% (ZTS) Tongkuangyu Development Third Quartile LEE 河钢集团 GROUP HBIS GROUP Palabora Production Fourth Quartile 0.0 Source: CRU, S&P Global Market Intelligence. AISC inclusive of by-product credits. 1. Estimated AISC based on a Scoping Study prepared by independent technical consultant ORELOGY with significant specialist contributions from Stantec, DRA, Ausenco and Hatch. Refer to the Tujuh Bukit Copper Project Update released on 17 October 2022 for additional information 10#11MERDEKA COPPER GOLD Pani Gold Project Pani is a significant undeveloped gold resource located across two adjacent mining tenements¹ in Gorontalo Province, Northern Sulawesi Pani is expected to become a long-life and low-cost gold mine with the potential to produce a significant amount of gold Pre-development construction activities continued across site, with the development of an independent access road, establishment of accommodation facilities and supporting infrastructure ensuring the construction ramp up from 3Q 2023 A 55,000 - 70,000 metre drilling campaign is planned for 2023 with 11 diamond drill rigs currently operating on site targeting the Baganite zone and infilling areas of the resource, with a further two diamond drill rigs performing sterilisation drilling Feasibility work is focused on optimising the project capital, mining schedule and maximising throughput and recovery opportunities from the early mining years, using conventional processing methods. Completion targeted for late 3Q 2023 with final investment decision shortly after West 500 mRL 250 mRL 0 150 300 metres Combined Pani Gold Project Schematic Section LOCATION MAP SECTION LINE GSM Pani COW PETS Pani IUP MERDEKA PT. MERDEKA COPPER GOLD TBK. PAINI GOLD PROJECT WEST-EAST CROSS SECTION OF THE PANI GOLD PROJECT Looking North, section width 20 m DRAW NO.: 001/PAN/1/2023 DATE: 25 January 2023 COW BOUNDARY IUP BOUNDARY IUP BOUNDARY COW BOUNDARY 388000 mE Pani Gold Project Mineral Resource Estimate (cut off grade 0.2g/t Au) 389000 mE Maiden combined mineral resources of 263.6Mt at 0.75 g/t Au containing 6.4Moz of gold² East 500 mRL 250 mRL 1. Merdeka's 70% effective economic ownership in Pani Gold Project is via controlling interests in both PBJ/Pani IUP (~83.35%) and GSM/Pani CoW (~50.1%) 2. Pani resources update (https://merdeka coppergold.com/wp-content/uploads/2023/02/Pani-February-2023-Mineral-Resource-Estimate.pdf) 11#12MERDEKA COPPER GOLD Merdeka Battery Materials Various significant EV value chain assets establish MBM as a vertically integrated, global player in the strategic minerals and EV battery value chain 51.0% SCM Mine MERDEKA BATTERY MATERIALS 49.0% Various% 50.1% HPALS 49.9% RKEFS (CSI, BSI, ZHN) 80.0% 20.0% AIM Project(s) 32.0% 68.0% IKIP • JORC resource of over: . o 1.1 billion dmt of ore o 13.8Mt nickel (1.22%) ○ Right mix of limonite (77%) vs saprolite (23%) for Grade 1 nickel (battery materials) o 1.0Mt cobalt (0.08%) Large, shallow, low cost, open pit mining within a 21,100 ha concession Legend MBM ownership % Tsingshan ownership % 202x Year Commencing Operations Various % Other • • MBM plans to develop at least 2 HPAL plants to be constructed at IKIP MBM will sell nickel limonite to HPAL plants First HPAL has a full capacity of 120ktpa and scheduled to production in commence 2025 • MBM intends to own 66% of the first HPAL • 2 operating RKEF (CSI, BSI) smelters in IMIP (combined nameplate of 38ktpa) • 3rd smelter (ZHN) under construction, scheduled to start production in 2H23 (nameplate capacity of 50ktpa) an • MBM is building converters to produce nickel matte, input in the EV battery supply chain • AIM will produce acid and steam for use in HPAL plants, in addition to producing other metals such as iron, copper and gold • Under construction and scheduled to start production in 2H 2023 ~3,500 ha industrial park with a focus on HPAL plants, which will benefit from MBM's huge limonite resource • IKIP will facilitate other future MBM partnerships • Strong emphasis on ESG and future plans regarding renewable energy currently under evaluation • ~50km dedicated haul road1 between the SCM Mine and IMIP (which is haulage grade but still being actively upgraded) ⚫ Other assets include 500 ha limestone mining concession with alternate access road 2023 2025 2020 2023 2023 2025 1. Approximately 20km of the haul road is owned by MBM; the remaining approximately 27km is owned by BDM and MBM has signed a long-term agreement to use BDM's haul road for transporting nickel ore. 12#13MERDEKA COPPER GOLD MBM Development Strategy MBM's various high quality EV value chain assets in Indonesia establishes MBM as a vertically integrated, global player in the strategic minerals and EV battery value chain Map of MBM's Assets - Central and South East Sulawesi, Indonesia Parutuliang MBM Haul Road - Under Construction 1 4 SCM IKIP MBM Haul Road ~20km1 The Huayou slurry pipeline runs in parallel to the haul roads BDM Haul Road2 ~30km Limonite stockpiles IKIP HPAL is expected to ultimately consume ~40Mtpa of nickel limonite ore from SCM Mine's large resource base. IKIP will be focused on hydrometallurgy technology for nickel processing through high pressure acid leach plants HPAL3 Pombangie 2 3 IMIP Labota Talowa Baai Sulawesi, Indonesia 1 SCM Mine 2 3 3x RKEF Smelters (CSI,BSI,ZHN) Acid Iron Metal (AIM) IKIP and Other 4 MBM Assets (including HPALS) 1. 20km is from SCM Mine's IUP boundary to BDM's haul road; it excludes the roads inside SCM Mine's IUP 2. 3. BDM means Bintangdelapan Minerals. MBM's haul road connects to BDM's haul road, and MBM has signed a long-term agreement to use BDM's haul road for transporting nickel ore HPALS future location within IKIP Under Development ZHN - Under Construction AIM-Under Construction Illustrative Image 13#140 6 4 2 12 10 00 8 Contained Nickel (Mt) 20 18.9 18 16 14 MERDEKA COPPER GOLD World Class Nickel Resource The SCM Mine is one of the world's largest nickel resources containing 13.8Mt of nickel and 1.0Mt of cobalt - this resource attracts downstream asset JV opportunities with leading players all along the battery value chain World Nickel Mines Overview - Top 25 Mines by Contained Nickel MERDEKA BATTERY MATERIALS 13.8 VALE 12.3 MBM's SCM mine has the 2nd largest nickel resource globally and the largest nickel resource in the world outside Russia TSINGSHAN 8.9 anTam 7.2 5.6 SCM (MBM) Indonesia Others 5.5 NICKEL 5.2 5.0 4.8 INDUSTRIES anTam 4.2 4.0 3.9 3.8 3.8 3.8 3.7 3.7 3.7 3.4 3.2 3.2 3.1 3.0 2.9 Norilsk SCM PT Vale Soroako Weda Bay FeNi Halmahera Dumont Kalgoorlie Nickel SLN Doniambo Crawford Source: Wood Mackenzie Turnagain Nc komis/Twin Metals Zebediela Jacaré Mindoro Goongarrie Terrafame Jinchuan Mount Keith Hengjaya Koniambo Gag Island Bahodopi Platreef San Felipe Cerro Matoso >50 TBP (Harita) 1.1 0.5 Key Takeaways Multi-decade mine life Large and shallow deposit can developed faster be 0.1 Right mix of limonite (77%) and saprolite (23%) for battery focused nickel processing (limonite is the raw material used in HPALS) close Large enough to ensure feedstock supply for multiple HPALS; proximity to near term HPAL commercialisation High future production potential (c.500ktpa Ni) In summary, MBM's downstream facilities are supported by stable ore supply for several decades and hence predictable long-term production and cash flow Kawasi Loji Lijikodolong 14#15MERDEKA COPPER GOLD Capturing the Entire Nickel Battery Value Chain Merdeka Battery Materials is a vertically integrated operation with existing profitable nickel processing facilities and planned HPAL plants to capture future battery materials value chain MBM EV Value Chain SCM Mine AIM Projects Limestone Mine 2023 Acid and Steam Limestone HPALS1 Limonite 2025 MHP3 Saprolite RKEFs² 1. HPAL: High Pressure Acid Leach 2. RKEF: Rotary Kiln-Electric Furnace 3. MHP: Mixed Hydroxide Precipitate Nickel Matte Limonite, Acid, Steam, Limestone 3rd Party HPAL Plants Precursor Potential to Supply Nickel Sulphate Anode/ Cathode Potential to Supply Battery Components Battery Plants Legend: NPI Trading Houses /Stainless Steel Mills 202X Current/Planned Potential Expansion 3rd Parties Estimated Year of Operations 15#16MERDEKA COPPER GOLD AIM Project AIM is a significant growth opportunity for Merdeka and is well positioned to benefit from the growth in acid demand expected as additional HPAL plants are constructed at IMIP and across Indonesia Wetar AIM Raw Material High-grade pyrite (FeS2) feedstock from Wetar sufficient to supply AIM for 15+ years $ AIM Products Buyers Transported 700km via sea to IMIP MERDEKA BATTERY (80%) 青山控皎 TSINGSHAN (20%) MATERIALS Step One Crush/Grind/ Flotation Pyrite Concentrate Step Two Roast and Acid Plant Step Three Chloridising Roast Step Four Metal Extraction Calcine Residue Residue Sulphuric Acid & Steam HPAL JV Stainless Iron Ore Pellets Copper, Gold & Silver On Market Sales Steel JV Other Tsingshan JVs at IMIP 3rd Party Buyers Construction activities continuing and is on track to deliver first acid production in 2H 2023 16#17MERDEKA COPPER GOLD AIM Project (cont.) Construction activities continue to progress with design reaching 99.6% completion while international procurement 99.8% completion Pyrite Plant Acid Plant Site works completed during the quarter include: • Pyrite Plant: Construction activities ahead of schedule with ongoing structural, mechanical and electrical works. Pre-commissioning will take place in May Acid Plant: Construction activities ahead of schedule, with ongoing structural, mechanical and electrical works. Pre-commissioning will take place in June • • Chloride Plant: Construction activities are on schedule, with ongoing structural, mechanical and electrical works. Pre-commissioning will take place in June Wetar Barge Jetty: Construction is ongoing with structural, mechanical and electrical works ongoing. Wet commissioning will take place in July 17#18MERDEKA COPPER GOLD Merdeka ESG Mission Commitment to Sustainability Select Merdeka ESG Initiatives July 2022 Select Merdeka ESG Achievements November 20221 "Our Mission is ... to be leader in safety, environmental protection & corporate social responsibility... towards achieving our Vision to be a global leader in the Indonesian mining and metals industry." • TCFD (Task Force on Climate Related Financial Disclosures) assessment across Merdeka's subsidiaries Human Rights Policy completion and socialisation · ESG Gap Analysis MERDEKA COPPER GOLD LAPORAN KEBERLANJUTAN SUSTAINABILITY REPORT 2021 TÜV Rheinland Indonesia Assured Report Tumbuh di Tengah Tantangan Growth in the Face of Adversity PT Merdeka Copper Gold Tbk • Greenhouse Gas Emission independent baseline assessment for SCM to enable TCFD GHG Emission reduction roadmap Updating OHS & Environment Policies with 2022 signatories and to include new operating entities Employee Health: Online medical check-up and scheduling database launched and historical data updated Socialisation program for the Code of Conduct & Whistleblowing Policy 1. MSCI ESG rating upgraded 27 October 2022 2. Morningstar Sustainalytics rating upgraded 20 January 2023 January 20232 IDX MSCI SUSTAINALYTICS a Morningstar company KEHATI ESG Sector Leader BBB Top Quartile IDX Kehati MSCI ESG Rating Highest rating received by an Indonesian Metals and Mining Company Sustainalytics ESG Risk Rating Metals & Mining Companies 18#19MERDEKA COPPER GOLD TARGET 2030 GHG Emissions Reduction Roadmap 50% Reduction in GHG Emissions Intensity for Copper and Golda 29% Reduction in GHG Emissions Intensity for Acid BASELINE Energy Substitution Renewable electricity from geothermal sources. STRATEGIES mpry Signed two agreements with PLNc for green electricity in 2022, with the first site to utilize green energy from November 2022. Net Zero 2050 Emissions 2021 GOLD 0.6 tCO₂e per oz Au COPPER 3.6 tCO2e per ton Cu 2023 ACID 0.1 tCO2e per ton Acid (forecast based on first production) a. b. MDKA is projected to produce 1.3 MtCO2e emissions in 2030, while focusing efforts to reduce 29% emissions intensity by the same year. Energy Substitution Solar panel installation, micro hydro. Energy Efficiency Improving energy efficiency through technology and innovations. Land Rehabilitation Mined land reclamation, watershed rehabilitation program. Offsetting Land compensation, mangrove restoration, afforestation. Initial solar panel pilot project of 0.2 MW in 2021. Expansion plans to install solar panels with 24 MW capacity and a feasibility study for micro-hydropower plants. Innovative ideas to improve energy efficiencies and reduce GHG emissions. Mobile equipment oil lifetime extended through the use of Kidney Loop filtration and utilizing waste oil in blasting activities. Land rehabilitation is a regulatory requirement for Merdeka mine operations. Local tree species are planted to offset biodiversity. Initiate and monitor mangrove restoration and land compensation programs to increase GHG offset year-on- year. Performance against targets to be reviewed annually and to include further GHG reduction opportunities. The copper & gold GHG emission intensity has been revised to a stretch target of 50% from the original 2021 statement of 29% (Scope 1 and Scope 2) Acid emission intensity target of 29% by 2030 remains the same C. PLN = Perusahaan Listrik Negara (National Electric Company) d. Article 2(a), Paris Agreement, 2015 From 2030 onwards, the use of renewable energy and electric fleets are forecast to be the main contributors to achieve net zero by 2050 Achieving net zero by 2050 as a contribution towards holding the increase in the global average temperature NET ZERO to well below 2 C and pursuing efforts to limit the temperature increase to 1.5 C above pre- industrial levels d 19#20MERDEKA COPPER GOLD Summary Established and proven gold and copper production capability Strong Indonesian shareholders with a proven track record of value creation supported by an experienced Board and management team Well placed to deliver value to shareholders through its transformational growth projects and strategic positioning in the clean energy transition movement Strong balance sheet with the ability to access equity and debt capital markets to support its multiple growth objectives Commitment to sustainability, safety, environmental protection and corporate social responsibility $ $ $ S Merdeka is poised to become a major producer of critical, clean energy metals 20#21MERDEKA COPPER GOLD For more information, please contact or visit [email protected] www.merdekacoppergold.com#22MERDEKA COPPER GOLD Appendix#23MERDEKA COPPER GOLD Management Team with a Proven Track Record Title Biography Albert Saputro Jason Greive President Director Acting CEO • More than 10 years of experience as equity analyst in natural resources • More than 15 years of relevant professional experience Currently also serving as Vice President Portfolio of PT Saratoga Investama Sedaya Tbk • • Qualified metallurgist with more than 29 years of mining experience Strong track record of driving value through operational improvement including safety, quality, mine life, processing and plant performance Held executive positions at Red 5, Evolution Mining, Barrick Gold and Rio Tinto Andrew Starkey Gavin Caudle Executive Chairman & Director • More than 20 years of finance experience in the Asia-Pacific natural resources, ⚫ infrastructure and related sectors • • Currently also serves as Executive Director in Provident Capital Previously the Managing Director of Pierfront Capital in Singapore Director • Founding shareholder of Provident Capital 16 years ago Former Partner at Arthur Andersen • Former Head of M&A / Private Equity at Citigroup/ Salomon Brothers for Indonesia • David Fowler Titien Supeno Eric Rahardja CFO & Director • • Accountant with • more than 30 years of experience in mining sector Held CEO / CFO positions for listed mining companies in Australia, South America and Indonesia Director More than 20 • years of experience in human resources. management Currently, she serves as the Director of PT Mitra Pinasthika Mustika Tbk, Commissioner of PT Mitra Pinasthika Mulia and Commissioner PT Mitra Pinasthika Mustika Auto. Commercial and Business Support More than 15 years experience in mining sector Previously the Director/CFO at Baramulti Group Boyke Abidin Peter Scanlon Luke Morris External Affairs • More than 30 years experience in mining sector including government affairs, community affairs, asset protection and corporate communication Currently also serving as an Executive Director in Nusantara Resources Limited • • Constructions More than 20 years of experience with Thiess Previously the Head of Construction at Thiess Indonesia COO • More than 20 years of international • mining experience, in Australia, Tanzania and Laos Most recently serving as the General Manager of BSI Previously at Phu Bia Mining Ltd in Laos holding senior Geotechnical and Mining Operational roles Industry Experience 15+ years 30+ 15+ years years 20+ years 30+ years 20+ years 25+ years 30+ years 25+ years 20+ years 23#24MERDEKA COPPER GOLD Merdeka Project Developments Overview Merdeka is advancing multiple operations and growth projects through exploration, feasibility study and development phases Tujuh Bukit Gold Mine Wetar Copper Mine Tujuh Bukit Copper Project Pani Gold Project AIM Project Prior to 2022 Produced first gold in 2017 Achieves nameplate production of ~20,000tpa 2022 2023 2024 2025 2026 2027 Future annual production guidance of 120,000 to 140,000 ounces of gold Future annual production guidance of 16,000 to 20,000 tonnes of copper. Source of pyrite for AIM Major underground drilling. Concept study completed PFS completion Feasibility, Development, Production Pani IUP and Pani Contract of Work combined Early works & feasibility study Development Construction in progress Construction completed. Acid supply to HPAL Future Production and Expansion Ramp up of Production & New Plants SCM Mine Acquisition, Feasibility and Mining First saprolite ore sales. Upgrade of haul road First limonite ore sales to HPAL plants Expected to mine ~65Mtpa of nickel ore Future Production and Expansion RKEF Smelters Acquisition, Feasibility and Production Two existing RKEF smelters Industrial Park / Acquisition, Feasibility and Planning HPAL Production Assets Growth Assets Construction of 50ktpa NPI smelter, nickel matte capability Further Development, Ramp up of Production Merdeka Battery Materials Development of IKIP with a focus on HPAL plants 24#25MERDEKA COPPER GOLD Select Merdeka Corporate Developments Since IPO, Merdeka has engaged in a number of value adding acquisitions, as well as attracting blue chip international institutional investors and a consortium of high-quality lenders Financing M&A/Operational Tujuh Bukit 2012 Acquired TB 2013-2015 Drilling and feasibility Gold study 2016 Completed construction 2017 Achieved first gold 2018 Doubled the size of the plant 2019-2020 Exploration to increase reserves Gold Pani Tujuh Bukit 2012 Acquired TB Copper 2018-2023 Extensive drilling campaign Nov 2018 Acquired a 66.7% in Pani Gold (IUP) Dec 2021 Acquired 100% in Pani Gold (COW) Mar 2022 Fully acquired 100% of Pani Mar 2022-2023 Finalising Feasibility study Gold (IUP) Copper 2012 Wetar Acquired <20% in Finders Resources (majority owner of Wetar Copper Mine) May 2018 Completed takeover of Finders. Stake in Wetar Copper Mine increased to 78% 2019 Material discovery and development of new Partolang resource Battery Materials Sept 2012 Equity/Other Merdeka established Jun 2015 US$65m IPO May 2018 US$92m RI Select Debt Jul 2019 US$60m RI Feb 2021 Signed a JVA with Tsingshan for construction of AIM Project Nov 2020 Addition to MSCI Indonesia Index Jun 2021 Achieved 100% ownership of Wetar Copper Mine Mar 2022 Acquired MBM seed assets (BSI, CSI) May 2022 Increased ownership in CSI & BSI to 50.1% May 2022 Acquired majority stake in ZHN Mar 2021 US$170m RI Feb 2016 US$130m loan Sept 2016 US$25m loan Oct 2018 US$200m loan Jul 2020 US$96m IDR bond Sept 2020 US$20m IDR bond Dec 2020 US$25m RCF Jun 2021 US$100m hedge Nov 2021 US$105m IDR bond Feb 2022 US$207m IDR bond 2023 Pre feasibility study to complete Jan 2023 Transferred AIM from MDKA to MBM Apr 2022 US$235m CATL Nov 2022 Achieved BBB MSCI ESG rating Aug 2022 US$260m AIM financing Aug 2022 US$29m VAT financing Sep 2022 US$269m IDR bond raised 25#26MERDEKA COPPER GOLD Indonesia's Rich Resources and Supportive Government Makes it an Optimal Country for EV Indonesia has established itself as the largest nickel producer globally underpinned by its large nickel resource base and strong government support allowing it develop into a global EV supply chain hub Indonesia Nickel Reserves (m tonnes) Indonesia has the largest nickel reserves in the world Indonesia Nickel Estimated Production Indonesia to dominate global nickel production by 2026 2,500 60% of global production by 2026 2,230 60% 2,106 1,878 2,000 1,447 1,701 83 88 190 88 245 90 290 50% 40% 21 21 Kt Ni 1,500 76 980 30% 65 1,000 691 65 1,490 1,597 1,769 1,846 20% 7 500 72 1,303 903 10% 5 617 0 0% Indonesia Australia Russia Philippines China 2020 2021 2022 2023 2024 2025 2026 % of Global Reserves NPI HPAL Products Ni Matte FeNi 22% 22% 7% 5% 3% Indonesia Share of World Supply (RHS) Indonesia Government Strategic Initiatives to Support the Development of EV Battery Supply Chain Nickel ore export ban: Indonesia first announced a nickel ore export ban in 2014 to take control of natural resources and encourage the production of domestic value-add products 2014 Nickel Export Ban Relaxation: Ban was relaxed in 2017 to a quota, following a budget deficit in 2016, with plans to fully-reimpose the ban in 2022 Nickel Ban Reinstated: In September 2019, the Indonesian Energy and Mineral Resources Ministry announced the reinstatement of the ban on nickel exports two years early, starting on 1 January 2020 2019 Drawing Investors: Indonesia effectively stopped shipments of unprocessed nickel, which attracted onshore investment from major Chinese companies 2020 Progressive Export Tax on Nickel Products: Indonesia's investment minister is considering imposing a progressive export tax on low content nickel products (NPI and Ferronickel) to further encourage downstream investments 2022 Source: USGC.gov, CRU, Macquarie Nickel Outlook 2017 26#27MERDEKA COPPER GOLD Established Partnerships with Global EV Battery Leaders Merdeka Battery Materials has strong strategic cooperation with CATL, Tsingshan and Huayou Cobalt, who are all major global players in the EV battery value chain • 青山控股 One of the world's largest nickel and stainless-steel producers • TSINGSHAN • Centralised management provides operating efficiency, cost competitiveness and scale benefits CATL World's no.1 EV battery maker with 37% market share in 2022 11,248 JV Partner with MBM on 3 RKEFS, AIM, IKIP and an offtaker for saprolite ore from SCM • Best-in-class nickel business operations provides globally competitive cost position and capital intensity advantage 7,192 ■C1 Cash 36% less than RoW Average² Cost $t/Ni Strategic shareholder of Merdeka • • 5% strategic shareholder of Merdeka Copper Gold and MOU to cooperate on battery metals supply chain in Indonesia Strong relationships with global OEMs which MBM will benefit from CATL's Select Key OEM Customers TESLA T gm DAIMLER TOYOTA Mercedes-Benz B w 华友钴业 One HUAYOU COBALT Strategic shareholder in MBM, limonite offtaker for SCM HYUNDAI RENAULT ROW Average Tsingshan of China's major Nickel-Cobalt-Manganese cathode suppliers with a strategic shareholding in MBM Currently constructing a slurry pipeline (along the haul road) to transport limonite to their HPAL plant at IMIP SULAWESI TENGAH Haul & Pre Future partnerships Opportunity to establish additional partnerships over time • The quality of MBM's existing strategic partners is a testament to its clear strategic significance in the EV battery value chain • Haul road may also yield partnerships by connecting other mining concessions to IMIP Huayou is constructing a slurry pipeline parallel to the haul road to transport limonite to its processing plant at IMIP Source: S&P Global Market Intelligence, CRU, Macquarie Nickel Outlook H SCM IUP & Planned IKIP Site SULAWESI TENGGARA 27#28MERDEKA COPPER GOLD World's Leading EV Players in Indonesia Merdeka Battery Materials is well positioned as a leading supplier of EV battery precursors to capture future commercial opportunities with the world's leading EV players • ED HYUNDAI Launched the first locally made EV IONIQ 5 in March 2022 Partnering with LG Energy Solutions and local state-owned enterprises, invested in building a US$1.1bn EV battery factory in Karawang Regency, 65km from Jakarta, in 2022 CATL • Announced a US$6bn integrated battery supply chain investment in April 2022 • The nickel processing operations would be located in the FHT Industrial Park in Halmahera, in Indonesia's North Maluku Province • 华友钴业 HUAYOU COBALT Partnered with EVE Energy, Tsingshan and others to invest US$2.1bn in a nickel and cobalt smelting projects in Weda Bay The project has the capacity to produce 120ktpa of nickel and 15kt of cobalt • • T TESLA Reportedly signed a US$5bn, five-year contract to secure battery materials from two nickel processing companies operating out of IMIP Eyeing an industrial complex for its new EV factory in 2022 LG Energy Solution Construction commenced in June 2022 at its US$3.5bn, 150ktpa nickel sulfate smelter as part of a framework US$9.0bn consortium investment in Indonesia led by LG Energy Solutions • The consortium includes LG Chem, steelmaker Posco, LX International, and Zhejiang Huayou Cobalt Source: Public disclosure NINGBO LYGEND MINING • Partnered with the Harita Group, achieved first production at its US$1.1bn HPAL plant, located at Obi Island, in May 2021 • The plant will produce 35ktpa of MHP in phase 1 increasing to 52ktpa nickel in nickel sulphate and 6ktpa cobalt in sulphate in phase 2 Greening the future QMB青美邦 青山绿水 美丽世界 US$700m JV between GEM, Brunp Recycling (CATL), Tsingshan, IMIP and Japan Hanwa announced in 2018 QMB New Energy is expected to produce 50ktpa of nickel hydroxide intermediates and 4ktpa of cobalt smelting capacity Ford Signed a MoU with Vale Indonesia and Zhejiang Huayou Cobalt to build a US$2.5bn, 120ktpa plant to produce MHP in Indonesia • The project is expected to be completed in 2025 28#29MERDEKA COPPER GOLD Competent Person's Statements#30MERDEKA COPPER GOLD Merdeka Competent Person's Statement The information in this report which relates to Exploration Activities and Exploration Results is based on, and fairly represents, information compiled by Mr. Zach Casley, BSc (Hons). Mr. Casley is full-time employee of PT Merdeka Copper Gold Tbk. Mr. Casley is a certified Competent Person Indonesia (#CPI-199), a Member of the Indonesian Geologists Association (ID: 7083B), a Member of a Masyarakat Geologi Ekonomi Indonesia (ID: B-1173), a Fellow of the Australian Institute of Mining and Metallurgy (ID: 112745), and a Member of the Australian Institute of Geoscientists (ID: 1451). Mr. Casley has sufficient experience 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 2017 Kode KCMI for Reporting of Exploration Results, Mineral Resources and Mineral Reserves, and the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Casley consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. 30#31MERDEKA COPPER GOLD SCM Mine Competent Person's Statement The information in this report that relates to Mineral Resources is based on information compiled by Mr. Mick Elias and Mr. Dmitry Pertel. Mr. Elias is a part-time employee of CSA Global Pty Ltd and Mr. Pertel is a full-time employee of AMC. Mr. Elias is a Fellow of the Australian Institute of Mining and Metallurgy, and a CPI (Competent Person Indonesia; CPI-182; Nikel PHE-ESM) of IAGI (Indonesian Association of Geologists); Mr. Pertel is a Member of the Australian Institute of Geoscientists. Both have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Subject to review and modification (as required) of any relevant public reports prior to release, Mr. Elias and Mr. Pertel will provide Competent Person consents for disclosure of information from this report if it adequately matches the form and context in which it appears in this report. 31