#1MERDEKA COPPER GOLD PT MERDEKA COPPER GOLD TBK Investor Presentation March 2024 IDX: MDKA | 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. 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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 35.2Moz of gold, 8.4Mt of copper, 13.8 Mt of nickel and 1.0Mt of cobalt MERDEKA COPPER GOLD Status: Tujuh Bukit Copper Project Ownership: 100% Optimisation studies Tujuh Bukit Gold Mine Ownership: 2024 100% 100,000 Resources: 8.1 Mt cont. copper and 27.4Moz cont. gold Production ounces of gold Guidance Pani Gold Project MERDEKA BATTERY MATERIALS Merdeka Copper Gold assets MBM assets Mine Ownership: 51.0% 120,000 Resources: Production: 13.8Mt cont. nickel ~65Mtpa ore at full ramp-up Downstream Processing Ownership: • 50.1% (RKEF plants) • 60.0% (Matte Status: converter) • & GEM) Production: • Class 1 and Class 2 nickel HPAL JVS (CATL Acid Iron Metal (AIM) Project Ownership: Production: 80% First acid production in 1Q 2024 Multiple products (copper, gold, silver, iron ore pellets, acid and steam) Wetar Copper Mine Ownership: 70% Ownership: 100% Status Construction phase 2024 14,000 16,000 tonnes Resources 6.6Moz cont. gold Production Guidance of copper cathode 3#4MERDEKA COPPER GOLD Provident Corporate Structure Key Indonesian Shareholders SARATOGA 华友钴业 HUAYOU COBALT 7.6% Thohir Group CATL Other Merdeka Shareholders MERDEKA COPPER GOLD 50.0% 5% 44% IDX: MDKA Other MBMA Shareholders 42.4% 青山控股 TSINGSHAN JV partner on mine, processing facilities and IKIP MERDEKA BATTERY MATERIALS IDX: MBMA JV partner for HPAL plants GEM 4#5MERDEKA COPPER GOLD Major Shareholders Provident, Saratoga and the Thohir Group have a long history of co-investments with a proven track record in building multi-billion-dollar companies, as well as attracting high quality institutional investors Notable Investments Major Shareholders Saratoga Group 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 Group 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 Thohir Group Thohir Group • A private investment entity led by Mr Garibaldi Thohir, the President Director of Adaro Energy and Adaro Minerals and Commissioner of GoTo BERSAMA DIGITAL TOWER BERSAMA GROUP EV: US$4.6B MERDEKA COPPER GOLD MERDEKA BATTERY MATERIALS EV: US$6.3B/4.7B adaro adaro MINERALS EV: US$4.2B/3.8B goto EV: US$3.6B 5#6MERDEKA COPPER GOLD Pani Gold Project Pani will be one of the largest gold mines in Asia Pacific upon achieving full design production capacity 70% Ownership 6.7 Moz Contained Gold of Mineral Resource Pani Project Site Location Celebes Sea 2025 (HL) 2028 (CIL) Expected Gold Production 5.5Moz Indicated gold resources 19.0 Mtpa Peak processing throughput 500kozpa Peak gold production Multi decade Mine life ~5,000 Ha Tenement Size Balantia CENTRAL SULAWESI GORONTALO * Djalaludin Airport Molombulahe Ramboe Pani Gold Project Marisa Gulf of Tomini Gorontalo North Sulawesi West Sulawesi Central Sulawesi South Sulawesi Southeast Sulawesi Gorontalo NORTH SULAWESI 6#7MERDEKA COPPER GOLD FS Highlights Pani FS confirms robust project economics delivering attractive returns over a multi decade mine life 爫 Economics US$1.85 billion Post-tax NPV US$690 million Average Revenue per annum US$7.4 billion Cumulative FCF 32% IRR US$440 million Average EBITDA per annum US$254 million Upfront capital US$592/oz Cash Cost US$872/oz AISC 500kozpa To Production Peak gold production 4.7 Moz Cumulative gold production 7.0 Mtpa HL processing capacity 12.0 Mtpa CIL processing capacity 191 Mt Ore mined 0.86 g/t Combined gold grade ~90% Combined gold recoveries 0.56 Estimated strip ratio 7#8MERDEKA COPPER GOLD Pani Development Progress Pre-development construction activities continued across the site, with the development of an independent access road, establishment of accommodation facilities, and supporting infrastructure HATE HAFE Site Access Road Office Accommodations Various Infrastructure Road Access to Mining Open Pit 8#9MERDEKA COPPER GOLD TB Copper Project Merdeka is now completing optimisation studies, including the potential for improved metallurgical recoveries, higher underground production throughput and open pit mining of additional copper ore 100% Ownership TB Copper Project Site Location 8.1 Mt Jakarta Contained copper resources WEST JAVA Bandung Semarang CENTRAL JAVA Surabaya EAST JAVA Yogyakarta Malang PFS Development progress 27.4 Moz Contained gold resources Underground Mining method ~200ktpa Peak copper equivalent production +30 years Estimated mine life ~US$750 million Pre-production capex JAVA SEA PT Smelting Gresik Smelter & Refinery Surabaya CENTRAL JAVA EAST JAVA INDIAN OCEAN Malang Tujuh Bukit Project x Banyuwangi International Airport Tujuh Bukit Project BALI BALI Denpasar 9#10MERDEKA COPPER GOLD TB Copper Project Development Strategy The PFS demonstrates that TB Copper will be a globally significant underground mine extracting only 24% of the currently defined mineral resource Conveyor Decline Undercut Level Extraction Level SLC Area 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 10#11MERDEKA COPPER GOLD Competitive "Cycle-Proof" Cost Structure TB Copper is anticipated to be a low-cost, long-life operation with a 1st quartile AISC of US$1.0/lb net of gold credits - favourably positioned compared to peer SLC and block caving operations US$/lb 6.0 5.0 40 4.0 3.0 First Quartile MERDEKA COPPER GOLD TB Cu 20 F-v Grasberg 1.0 0.0 CODELCO El Teniente Second Quartile IVANHOE MINES ZiJin Kamoa Kakula Third Quartile Rio Tinto LEE 河钢集团 Oyu Tolgoi O HBIS GROUP Palabora Fourth Quartile 29 Metals BHP Capricorn Copper Olympic Dam Underground Open Pit/ Mixed Development О Production 11 Source: CRU, S&P Global Market Intelligence. AISC inclusive of by-product credits.#12MERDEKA COPPER GOLD Overview of MBM Assets MBM's assets are strategically located in central Sulawesi, Indonesia's battery materials hub Sulawesi map Gorontalo Central Sulawesi West Sulawesi South Sulawesi Southeast Sulawesi North Sulawesi MBM's asset location BANDA CENTRAL SULAWESI SEA BDM Haul Road ~30km Maleo Airport (~104km North West) MBM Haul Road ~20km SCM Mine Concession Area Pombangie IKIP Huayou Slurry Pipeline SOUTHEAST SULAWESI IMIP MBM Labota Processing Port Facilities Karambao 12#13MERDEKA COPPER GOLD SCM Mine The SCM Mine was discovered by Rio Tinto in 2000 and is regarded as one of the world's largest nickel deposits Overview 青山控皎 TSINGSHAN MERDEKA BATTERY MATERIALS 51.0% MBMA Ownership Resources1 · 65Mtpa Ore Production Target Reserves1 Ore Type Production Location Multi-decade Mine life • • • 1.1 billion dmt containing 13.8Mt of nickel and 1.0Mt of cobalt 188 million dmt containing 2.4Mt of nickel and 0.2Mt of cobalt 77% limonite / 23% saprolite • ~65Mtpa ore at full ramp-up ~50km southwest of IMIP 1. Mineral resources as of May 2022 and ore reserve as of September 2022 9,675090.mN 9.670000.mN .9,665,000.mN.. Mining Concession SCM Resource Category Area 2022 0 5 kilometers Legend Resource Category KCMI-JORC 2022 ☐ - Measured Resource Area Indicated Resource Area Inferred Resource Area IUP PT SCM tenement Image topo Lidar 2017 background 13#14MERDEKA COPPER GOLD SCM Mine Haul Road MBM has a dedicated haul road linking the mine site to IMIP facilitating consistent saprolite ore haulage 14#15MERDEKA COPPER GOLD SCM Mine - Huayou FPP MBM has a dedicated haul road linking the mine site to IMIP facilitating consistent saprolite ore haulage FPP Area FPP Facilities (camp, warehouse, workshop, office) FPP Area Camp 15#16MERDEKA COPPER GOLD RKEF Plants Overview NPI margins are expected to remain competitive as production costs stabilise and captive ore supply increases, reducing MBM's exposure to nickel price fluctuations Overview RKEF Plants MERDEKA BATTERY MATERIALS 50.1% MBM Ownership Product 11° 青山控股 TSINGSHAN 88ktpa 2020 Production Nameplate Capacity Achieved Commercial (Ni in NPI) Nickel pig iron containing ~12% nickel Saprolite nickel ore at an average grade of 1.8% nickel Feedstock Avg. Recovery 92% Rate Production 2024 guidance: 85,000 - 92,000 tonnes AISC: US$11,000/t Opex Location ⚫ IMIP 16#17MERDEKA COPPER GOLD Nickel Matte Overview HNMI produces a high-grade nickel matte product enabling MBM to capture the additional margin to NPI Overview Processing Facility MERDEKA BATTERY MATERIALS 11° 青山控股 TSINGSHAN LGNM Facility 60% 50-60ktpa 2022 20% MBM Ownership Avg. Production Achieved Commercial (Ni matte) Production Product Feedstock Avg. Recovery Rate Production Opex . High-grade nickel matte containing ~70% nickel Low-grade nickel matte containing ~20% nickel 95% 2024 guidance: 50,000 - 55,000 tonnes AISC: US$13,000/t Location IMIP TO HNMI High-Grade Nickel Matte Product 17#18MERDEKA COPPER GOLD HPAL Development Plan MBM will develop multiple HPAL processing plants in partnership with leading battery material companies JV with CATL JV with GEM MERDEKA BATTERY CATL MATERIALS 60ktpa End 2025 55% Nameplate Capacity (Ni MHP) Target First Production 66% MBMA Ownership Capacity MERDEKA BATTERY GEM MATERIALS MBMA Ownership 30ktpa Nameplate Capacity (Ni MHP) End 2024 Target First Production 30ktpa with option to participate in potential expansion of an additional 20ktpa 60ktpa Capacity Ore Supply • MBM Ore Supply • MBM • CATL: project financing, design and construction Responsibilities • • ENFI: design and engineering MBM permitting, incentives and local community relations · Low capex Capex • Cost overrun protection Location • IKIP Responsibilities • GEM: design, construction, and plant operation • MBM: permitting, incentives and project financing • Low capex (brownfield) Capex Location • Cost overrun protection IMIP 18#19MERDEKA COPPER GOLD AIM Overview AIM is a highly strategic asset and is well positioned to benefit from the growth in acid demand expected as additional HPAL plants are constructed at IMIP and across Indonesia Overview 11. MERDEKA BATTERY 青山控股 TSINGSHAN MATERIALS 1.2Mtpa 80% MBMA Ownership Acid Production Achieve Commercial 2024 Production Product · Feedstock Status • Acid and steam for use in HPAL plants Copper, gold, silver and iron ore pellets High-grade pyrite (FeS2) feedstock secured from Wetar for ~20 years First acid production in 1Q 2024 Location · IMIP AIM Facilities 19#20MERDEKA COPPER GOLD Capturing the Entire Battery Value Chain. MBM is a vertically integrated operation with existing profitable nickel processing facilities and planned HPAL plants to capture the full battery materials value chain MBM Value Chain SCM Mine AIM Projects Limestone Mine Acid and Steam Limestone HPAL Limonite MHP Saprolite RKEF Nickel Matte Limonite, Acid, Steam, Limestone 3rd Party HPAL Plants Precursor Potential to Supply Nickel Sulphate Anode/ Cathode NPI Traders and Steel Mills Potential to Supply Battery Components Battery Plants Legend: Current/Planned Potential Expansion 3rd Parties 20#21MERDEKA COPPER GOLD Commitment to Sustainability MSCI ESG RATINGS A CCC B BB BBB A AA AAA 'A' MSCI ESG Rating Highest rating received by an Indonesian Metals and Mining Company SUSTAINALYTICS a Morningstar company Top Quartile Sustainalytics ESG Risk Rating Metals & Mining Companies IDX KEHATI MSCI ESG Sector Leader IDX Kehati IDX KEHATI Index constituents represent companies with the best ESG score in each industry ESG Leaders Index MSCI Indonesia ESG Leaders Index consists of large and mid- cap companies with high ESG performance relative to their sector peers. Select Merdeka ESG Initiatives Net Zero Statement, Target and Strategy TCFD (Task Force on Climate-Related Financial Disclosures) assessment across Merdeka's subsidiaries ESG Gap Analysis Human Rights Policy completion and socialization 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 Signatory of UN Global Compact Socialisation program for the Code of Conduct & Whistleblowing Policy Anti-Corruption Policy and Anti-Bribery Policy socialisation GRI UN GLOBA COMPACT United Nations Global Compact AA1000 Licensed Report SUSTAINABLE DEVELOPMENT 000-306/V/3-MBR9H GOALS OKK 21#22MERDEKA COPPER GOLD Summary Established and proven nickel, gold and copper production capability Strong Indonesian shareholder support with a proven track record of value creation Multiple transformational growth projects in place to support the clean energy transition. Commitment to sustainability, safety, environmental protection and corporate social responsibility SCM 075 LV <- 123V 40#23MERDEKA COPPER GOLD For more information, please contact or visit [email protected] www.merdekacoppergold.com#24MERDEKA COPPER GOLD Appendix#25MERDEKA COPPER GOLD Management Team with a Proven Track Record Title Albert Saputro Jason Greive President Director • 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 • • CEO & Vice President Director 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 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 Gavin Caudle David Fowler Titien Supeno Eric Rahardja 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 • 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 • Biography Industry Experience 15+ years 30+ years 15+ years 20+ years 30+ years 30+ years 25+ years 25+ years 20+ years 20+ years 25