#1MERDEKA COPPER GOLD Indonesia's Next World Class Mining Company NDR Presentation Singapore / Hong Kong March 2016#2Disclaimer MERDEKA COPPER GOLD PT Merdeka Copper Gold Tbk ("PT MCG") make no representation or warranty (express or implied) as to the accuracy, reliability or completeness of the information. All statements in this document, other than statements of historical facts that address future timings, activities, events and developments that the Company expects, are forward looking statements. Although PT Merdeka Copper Gold, its subsidiaries, officers and consultants believe the expectations expressed in such forward looking statements are based on reasonable expectations, investors are cautioned that such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from forward looking statements include, amongst other things commodity prices, future technical assessments foe mine developments, continued availability of capital and financing, timing and receipt of environmental and other regulatory approvals, and general economic, market or business conditions. PT MCG and its directors, employees, agents, advisers and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained or derived from, or for any omissions from this document. The information disclosed relates to the proposed business of PT MCG at the date of this document. Neither the provision of this document nor any information contained in this document or subsequently communicated to any person in connection with this document is, or should be taken as, constituting the giving of investment advice to any person. By accepting this document you acknowledge and agree to be bound by each of the foregoing statements. PT Merdeka Copper Gold - Tujuh Bukit Project Resources H & S Consultants Pty Ltd: The information in this document that relates to Mineral Resources at Tujuh Bukit Project is based on information compiled by Mr Robert Spiers of H & S Consultants Pty Ltd, who is a full time employee in the mining industry and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves, "The JORC Code". PT Merdeka Copper Gold - Tujuh Bukit Project Reserves CSA Global Pty Ltd: The information in this document that relates to Mineral Reserves at Tujuh Bukit Project is based on information compiled by Ms Joan Bath of CSA Global Pty Ltd, who is a full time employee in the mining industry and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code of Reporting for Exploration Results, Mineral Resources and Ore Reserves, "The JORC Code". PT Merdeka Copper Gold Tbk. 2#3Table of Content PT Merdeka Copper Gold Tbk. 01 Company Overview 02 Heap Leach Project 03 Porphyry Project 04 Conclusion MERDEKA COPPER GOLD 3#4• • • • . . Company Overview Listed Indonesian Stock Exchange - MDKA 1. Gold Heap Leach Project Low Capex, Low Opex & Low Risk Funded, Permitted and in Construction Initial CAPEX US$126.9m Reserve mine life 9 years - 97,500 oz Au Eq per year Cash Costs <$500/oz Fully funded and permitted (incl. forestry) through to production start NPV5 US$254m Production starts Q4 2016 Operational cash flows provide "internal funding" to pursue the Porphyry Copper Project • 2. Porphyry Copper Project Sub-level Cave Copper / Gold / Molybdenum Mineral Resource - 1,900 Mt @ 0.45% Cu, 0.45 g/t Au 90 g/t Mo (0.2% Cu COG) Upper High Grade Zone - 260 Mt @ 0.8% Cu, 0.8 g/t Au, 160 g/t Mo Sub-level cave mining - 6mtpa expanding to 12mtpa 25 year mine life Initial CAPEX US$850m - $1,000m Valuation range US$350m – US$1bn MERDEKA COPPER GOLD 3. Growth Options Identified and executable options to fast track overall growth Indonesia is one of the world's top mineral locations Strategic Indonesian Shareholders seen as "preferred partners" Potential aggregation strategy can deliver additional growth options Strategic Indonesian Shareholders (control 50% plus of the company) Saratoga Group (Edwin Soeryadjaya), Garibaldi "Boy" Thohir and Provident Group Permitting, Government & Community Relations, Project Funding Resolved and settled all historical project ownership and forestry issues Shareholders demonstrated track record with international banks and funds via two outstanding IDX listed companies PT Tower Bersama Tbk PT Adaro Energy Tbk PT Merdeka Copper Gold Tbk. 4#5Company Overview Shareholding Structure • • • Listed in June 2015, first IDX non-production mining company IPO Issue price: Rp 2,000 per share Current Share Price: Rp 1,700 per share 52 week range: Rp 1,700 - 2,530 per share Name of Shareholder PT Trimitra Karya Jaya (1) PT Mitra Daya Mustika (2) MM Ambarsari Garibaldi Thohir Local Government Banyuwangi Amount of Shares % 588,540,000 16.5 588,540,000 16.5 324,710,000 9.1 243,530,000 6.8 229,000,000 6.4 PT Srivijaya Kapital (2) 162,360,000 4.5 IndoAust Mining Ltd 327,142,857 9.2 PT Saratoga Investama Sedaya Tbk (1) 159,592,943 4.5 Other Shareholders 526,521,340 14.8 Public 419,650,000 11.7 Total 3,569,587,140 100 Note: (1) Saratoga Group, (2) Provident Group PT Merdeka Copper Gold Tbk. MERDEKA COPPER GOLD 5#6Company Overview Management, Directors and Commissioners • Company Commissioners Mr. Edwin Soeryadjaya • • 35 years experience across multiple industry sectors, founding family of PT Astra International MERDEKA COPPER GOLD Commissioner / Director of over twenty companies including; PT Adaro Energy Tbk, Saratoga Group, PT Tower Bersama Tbk Mr. Garibaldi Thohir • 25 years experience across multiple industry sectors • President Director (CEO) of PT Adaro Energy Tbk • - Mr. Rick Ness • • 35 years of Indonesian mining industry experience 20 years with PT Freeport Indonesia and 9 years with PT Newmont Mining Company Management - Mr. Colin Moorhead, Chief Executive Officer (Incoming) • 29 years mining industry experience, formerly EGM Resources Newcrest Mining Limited • Director of The Australasian Institute of Mining & Metallurgy and member of The Joint Ore Reserve Committee (JORC) Australia - Mr. David Morrison, General Manager Operations • 25 years mining industry experience across the Asia Pacific, including 17 years in Indonesia (Toka Tindung and Mt. Muro) - Mr. Peter Scanlon, Project Manager (Construction) • 20 years with Thiess (Australia, Indonesia, India, Africa) • 11 years Indonesian experience (Batu Hijau, IndoMet Coal, gold plants, major oil & gas projects) PT Merdeka Copper Gold Tbk. 6#7Company Overview Project Location, Banyuwangi, East Java, Indonesia MERDEKA COPPER GOLD Miwah 3.14 M oz Au 8.96 M oz Ag Dairi. 2.3 M lbs Zn 1.3 M lbs Pb Sihayo 1.42 M oz Au Martabe 8.2 M oz Au 75.3 M oz Ag South China Sea Mesel 1.8 M oz Au Pani 2.37 M oz Au Toka Tindung 1.75 M oz Au Pacific Ocean Kelian 3.56 M oz Au 1.44 M oz Ag Mt Muro 1.25 M oz Au 34.6 M oz Ag Poboya (1.0 Moz) Tombulilato 2.5 M oz Au Donok/Tandai 2.7 M oz Au 30 M oz Ag Tembang 1 M oz Au 13 M oz Ag Rawas 1.425 M oz Au Way Linggo 0.486 M oz Au Indian Ocean Gn Pongkor 3.6 M oz Au 26.3 M oz Ag Cibaliung 0.445 M oz Au Tujuh Bukit 28 M oz Au 19 B lb Cu PT Merdeka Copper Gold Tbk. Awak Mas 2.83 M oz Au Batu Hijau Elang 25 M oz Au 17.2 M oz Au 14.1 B lb Cu 16 B lb Cu Wetar 0.5 M oz Au Lanut 1.0 M oz Au Doup 1.39 M oz Au Gosowong 5.9 M oz Au Romang 1.2 M oz Au Grasberg 38.5 M oz Au 35.6 B lb Cu 7#8Indonesia's Mineral Potential World Class Projects and more to be developed Miwah 3.14 M oz Au 8.96 M oz Ag Dairi 2.3 M lbs Zn 1.3 M lbs Pb Martabe 8.2 M oz Au 75.3 M oz Ag South China Sea Kelian 3.56 M oz Au 1.44 M oz Ag Mesel 1.8 M oz Au MERDEKA COPPER GOLD Toka Tindung Pacific Ocean Pani 2.37 M oz Au 1.75 M oz Au Sihayo 1.42 M oz Au Donok/Tandai 2.7 M oz Au 30 M oz Ag Tembang 1 M oz Au 13 M oz Ag Rawas 1.425 M oz Au Way Linggo 0.486 M oz Au Indian Ocean Gn Pongkor 3.6 M oz Au... 26.3 M oz Ag Cibaliung 0.445 M oz Au Mt Muro 1.25 M oz Au 34.6 M oz Ag (1.0 Poboya Moz) Tombulilato 2.5 M oz Au Tujuh Bukit 28 M oz Au 19 B lb Cu Awak Mas 2.83 M oz Au Batu Hijau 17.2 M oz Au 14.1 B lb Cu Elang 25 M oz Au 16 B lb Cu PT Merdeka Copper Gold Tbk. Strategic Shareholders mining investments (excl coal assets) Wetar 0.7 B Lb Cu Lanut 1.0.M oz Au Doup 1.39 M oz Au- Gosowong 5.9 M oz Au Romang 1.2 M oz Au Grasberg 38.5 M oz Au 35.6 B lb Cu 8#9Table of Content PT Merdeka Copper Gold Tbk. 01 Company Overview 02 Heap Leach Project 03 Porphyry Project 04 Conclusion MERDEKA COPPER GOLD 9#10Heap Leach Project Sources and Application of Funds Sources US$ Million Comments Equity $30m Equity spend from July 2015 Primary Debt Facility $110m BNP, HSBC, SocGen (5 Year Term) VAT Facility $10m BNP, HSBC, SocGen Total $150m Application US$ Million Comments Project Capex $126.9m Assumes US$11.7m contingency VAT Payments $11.0m 10% on 90% of expenditure (VAT refunded) Corporate $2.9m 17 months Interest $3.4m Includes commitment fees Fees $3.7m Legal & other Minimum Cash $2.1m Total PT Merdeka Copper Gold Tbk. $150m • • • . • MERDEKA COPPER GOLD 5 Year Term Primary Facility Robust pricing from leading banks Mandatory hedging 50% year 1 40% year 2 30% year 3 $1,200/oz net after margins executed Major permits in place Environmental & Social Forestry "borrow to use" Explosives Infrastructure IFC Standards / Equator Principle compliant Project CSR Pillars Education Health Public Infrastructure Economic Empowerment 10#11Significant Ore Reserve and Mineral Resources Top Quartile Ore Reserve Grades amongst HL Projects · MERDEKA COPPER GOLD Tujuh Bukit Heap Leach Cut-off Tonnes Gold Silver Gold Silver Project (g/t Au) (Mt) (g/t) (g/t) (oz) (oz) Resources Measured 0.3 42.2 0.93 28.9 1,261,767 39,209,748 Indicated 0.3 28.9 0.61 23.1 566,776 21,463,156 Total 71.1 0.80 26.6 1,828,543 60,672,904 Inferred 0.3 18.0 0.65 23.8 375,948 13,736,577 Reserves Proven 0.2 27.5 0.96 22.3 848,765 19,716,113 Probable 0.2 8.2 0.75 16.7 197,723 4,402,649 Total 0.2 35.7 0.91 21.0 1,046,488 24,118,762 Significant opportunity to increase reserves during operations Extend mine life and / or expand annual production rate Ore Reserves and Mineral Resources estimated by leading independent consultants CSA Global and Hellman & Schofield (H&SC) PT Merdeka Copper Gold Tbk. 11#12Heap Leach Project Annual Production Profile and Cash Operating Costs incl. royalties • Significant grade advantage in 2017 and 2018 - MERDEKA COPPER GOLD Pits B West, B East and E ore sources (five open pits in total over the life of mine) Cash Unit Costs US$/oz (before Ag Credit) (after Ag Credit) • Calendar Year Gold Production ozs Silver Production ozs 2016 27,097 6,289 na na 2017 116,812 121,037 478 463 2018 158,677 182,528 318 301 2019 85,728 110,303 491 473 2020 97,421 299,859 466 421 2021 62,749 469,631 715 605 2022 91,101 468,730 514 439 2023 64,563 293,006 684 617 2024 73,068 358,422 611 539 2025 61,936 398,119 462 368 2026 411 27,257 na na TOTAL 839,563 2,735,180 503 456 Oxide ore metallurgy gold recovery 82.5% - Oxide ore approximately 93% of ore feed - 75mm crush size and cement agglomeration 50% up to 80% of gold recovery within 30 days of leaching PT Merdeka Copper Gold Tbk. 12#13Heap Leach Project World class financial and operating parameters MERDEKA Capital Cost Summary Pre-production capital (incl. contingency) Sustaining (future) capital USD m Operating Statistics 126.9 Mining rate (ore tonnes per annum) COPPER GOLD Value 4,000,000 30.9 Gold Total Operating Cost Summary Tonnes of ore treated Avg gold grade (g/t) 157.8 Met recovery oxide % Value Met recovery transition % 82 50 Silver 35,722,000 0.91 Met recovery oxide % Avg silver grade (g/t) 21 Met recovery transition % Cyanide consumption (kg/t) Recoverable gold ounces 839,563 Recoverable silver ounces 2,735,180 Cement consumption (kg/t) 12 16 0.35 4.5 Recoverable gold equivalent ounces 874,374 Financial Analysis Value Waste tonnes 22,291,304 Internal Rate of Return (IRR), after tax 50% Strip ratio 0.6: 1 Avg EBITDA USD 72 m Operating Cost Summary LOM (USD/t ore) Avg EBITDA (1 - 3 yrs) USD 102 m Mine & haulage Process 5.15 4.18 NPV (5%), after tax Feb 2016 Gold Royalties (%) USD 254 m 3.75 Service & support Included M&P Gold price assumption (USD/oz) 1,250 Site G&A & Corp HO 1.97 Silver price assumption (USD/oz) 15 Total 11.30 Payback period production yrs (after tax) 1.9 PT Merdeka Copper Gold Tbk. 13#14Construction Approach • • Most Experienced Owners Construction Team in Indonesia - Peter Scanlon - Project Manager - • • 20 years plus with Thiess (Australia, India, Indonesia, Africa) 11 years Indonesian experience (Batu Hijau, IndoMet Coal, gold plants, major oil & gas projects) Recruited 45 experienced Thiess construction professionals • Over 430 years of cumulative "Thiess construction experience" Outstanding Safety Culture and Approach - "Thiess safety" culture embedded into the Company Every aspect of work covered with safety standards Environmentally Focused - “Controlling the impact of everything we disturb❞ • Drains, culverts, gabion sediments traps • Immediate rehabilitation with ground cover Owners Team delivers significant benefits - - Open, transparent and “own the schedule and budget" • - Greater flexibility across all work fronts Initial limited construction commenced in July 2015 PT Merdeka Copper Gold Tbk. MERDEKA COPPER GOLD 14#15Construction Progress Site Overview July 2015 Tour Guide 2015 PT Merdeka Copper Gold Tbk. X MERDEKA COPPER GOLD Sign in N 2016 AfriGIS (Pty) Ltd. Image 2016 TerraMetrics Image 2016 CNES / Astrium Data SIO, NOAA, U.S. Navy, NGA, GEBCO Google earth Imagery Date: 12/30/2014 8°35'17.84" S 114°03'06.38" E elev 65 m eye alt 1.13 km 15#16Construction Progress Site Overview February 2016 MERDEKA COPPER GOLD 支 Tour Guide PT Merdeka Copper Gold Tbk. 2015 X Sign in N Google earth 2016 AfriGIS (Pty) Ltd. Image 2016 TerraMetrics Image 2016 CNES / Astrium Data SIO, NOAA, U.S. Navy, NGA, GEBCO 8°35'23.44" S 114°02'50.39" E elev 26 m eye alt 1.13 km O 16#17Construction Progress Main Office and associated Infrastructure MERDEKA COPPER GOLD PT Merdeka Copper Gold Tbk. 17#18Construction Progress Mine Access - 4km and Initial Mine Pit Roads - 2km MERDEKA COPPER GOLD PT Merdeka Copper Gold Tbk. H 18#19Construction Progress Concrete Foundations - ADR Process Plant MERDEKA COPPER GOLD PT Merdeka Copper Gold Tbk. 19#20Construction Progress Raw Water Dam MERDEKA COPPER GOLD 20 PT Merdeka Copper Gold Tbk.#21Construction Progress Environmental Controls - Gabion Structures MERDEKA COPPER GOLD PT Merdeka Copper Gold Tbk. 21 21#22Construction Progress Environmental Controls - Culverts MERDEKA COPPER GOLD PT Merdeka Copper Gold Tbk. 22 22#23Table of Content PT Merdeka Copper Gold Tbk. 01 Company Overview 02 Heap Leach Project 03 Porphyry Project 04 Conclusion MERDEKA COPPER GOLD 23#24World Class Mineral Resource High Grade Upper Section from RL -100 to RL -550 MERDEKA COPPER GOLD Tujuh Bukit Porphyry Cut-off Project (% Cu) Tonnes (Mt) Gold Copper Gold Copper (g/t) (% Cu) (M oz) (M lbs) Resources Measured 0.2 Indicated 0.2 Inferred 0.2 1,942 0.5 0.5 28.124 19,285 Resources Inferred 0.4 957 0.6 0.6 18.720 12,868 Inferred 0.5 609 0.7 0.7 13.646 9,437 Inferred 0.6 375 0.8 0.8 9.499 6,619 Inferred 0.7 228 0.9 0.9 6.483 4,528 . • • In situ mineral content globally significant for any single deposit Resource estimated by leading independent consultants - 19 Billion lbs Copper and 28 Million oz Gold Hellman & Schofield Australia (H&SC) Resource Valuation Metrics - 1% -3% of insitu metal value (Ludeman, F.L. 2000, A Decade of Deals 1990-99) Total Resource Value in-situ metal ~ USD 92 billion (basis US$3.00/lb Cu and $1,250/oz Au) Upper High Grade Resource in-situ metal ~ USD 21 billion PT Merdeka Copper Gold Tbk. 24 24#25World Class Mineral Resource Comparison with other regional projects Copper grade (%) 1.2% 1.0% 0.8% Golpu Northparkes 0.6% Tampakan 0.4% Tujuh Bukit Global Resource Tujuh Bukit SLC Oyu Tolgol Batu Hijau Frieda River Ok Tedi Cadia Valley Namosi Kingking 0.2% 0.0% 0.1 0.2 0.3 0.4 0.5 Gold grade (g/t) 0.6 Grasberg MERDEKA COPPER GOLD Didipio 0.7 0.8 0.9 1.0 1.1 ■Tujuh Bukit ■In production ■ Project PT Merdeka Copper Gold Tbk. Source: Company Annual Reports and Industry Data 25#26Porphyry Project Upper High Grade Zone within Global Resource MERDEKA COPPER GOLD Upper High Grade Zone 260Mt @ 0.8% Cu & 0.8 g/t Au N PT Merdeka Copper Gold Tbk. JORC Mineral Resource 1,942Mt @ 0.5% Cu & 0.5 g/t Au 26 26#27Porphyry Project Conceptual Mine Development 900RL 800RL 700RL 600RL Exhaust Vent Rise 500RL 400RL 300RL 200RL 100R Level Access ORL Vent Drive -100RL -200RL Decline -300RL -400RL -500RL -600RL -700RL Orepass -800RL Z -900RL -1.0GORI -1.100RL PT Merdeka Copper Gold Tbk. MERDEKA COPPER GOLD 900RL 800RL 700RL 600RL 500RL 400RL Exploration Drill Drive 300RL 200RL 100RL -100RL Shaft -200RL -300RL -400RL -500RL Conveyor Drive -600RL -700RL -800RL -900RL -1,000RL -1.100RL 27 27#28Porphyry Project Concept Study Outcomes Initial Capital Cost Summary Mine Development Processing Plant and Infrastructure Total Operating Cost Summary Tonnes of ore treated Avg gold grade (g/t) Avg copper grade (% Cu) Contained gold ounces Contained copper tonnes MERDEKA USD mn Operating Statistics 332 Mining rate (ore tonnes per annum) 540 Copper Recovery % 872 Gold Recovery % TC & RC Value Royalties 260,000,000 Copper % 0.8 Gold % 0.8 6,018,518 Operating Cost Summary 1,976,000 SLC Mining 2,734,112 Process Plant (Crushing to Concentrate) Contained copper equivalent tonnes . • • Concept Study fully supports move to Pre-Feasibility Study Pre-Feasibility Study - - Infill drilling upgrade resource to Measured / Indicated Hydrogeology, Geotechnical and Structural Geology Mine planning Metallurgy and Processing Other infrastructure Indonesia mining / smelting regulations PT Merdeka Copper Gold Tbk. COPPER GOLD Value 12,000,000 85 70 $90/t and $0.10/lb 4.00 3.75 LOM (USD/t ore) 17.88 8.25 28#29Porphyry Project Potential EBITDA generation • • Commodity $2.50/lb $3.00/lb $3.50/lb $4.00/lb Prices / EBITDA pa $1,200/oz $204m $274m $344m $414m $1,300/oz $221m $291m $361m $431m $1,400/oz $238m $309m $379m $449m MERDEKA COPPER GOLD Minimum 25 year mine life SLC Operation does not sterilise remaining mineral resource - Additional ~400Mt at 0.6% Cu and 0.6 g/t Au to underpin "second stage long life mine" PT Merdeka Copper Gold Tbk. 29#30Global Copper Consumption v Mine Production 26 26 24 24 22 22 Global copper consumption (Mt) 20 20 18 16 2016 2018 MERDEKA COPPER GOLD Tujuh Bukit SLC potential production 2020 2022 Brownfield contribution ■Base case mines plus highly probable projects ■ Price related closures PT Merdeka Copper Gold Tbk. Source: Wood McKenzie 4.9Mt of new production capability from projects 2024 Demand or mine production capability (refined metal) 30#31Table of Content PT Merdeka Copper Gold Tbk. 01 Company Overview 02 Heap Leach Project 03 Porphyry Project 04 Conclusion MERDEKA COPPER GOLD 31#32• • • • . . Conclusion Indonesia's next World Class Mining Company 1. Gold Heap Leach Project Low Capex, Low Opex & Low Risk Funded, Permitted and in Construction Initial CAPEX US$126.9m Reserve mine life 9 years - 97,500 oz Au Eq per year Cash Costs <$500/oz Fully funded and permitted (incl. forestry) through to production start NPV5 US$258m Production starts Q4 2016 Operational cash flow provides "internal funding" to pursue the Porphyry Project • 2. Porphyry Copper Project Sub-level Cave Copper / Gold / Molybdenum Mineral Resource - 1,900 Mt @ 0.45% Cu, 0.45 g/t Au 90 g/t Mo (0.2% Cu COG) Upper High Grade Zone - 260 Mt @ 0.8% Cu, 0.8 g/t Au, 160 g/t Mo Sub-level cave mining - 6mtpa expanding to 12mtpa 25 year mine life Initial CAPEX US$850m - $1,000m Valuation range US$350m - US$1bn MERDEKA COPPER GOLD 3. Growth Options Identified and executable options to fast track overall growth Indonesia is one of the world's top mineral locations Strategic Indonesian Shareholders seen as "preferred partners" Potential aggregation strategy can deliver additional growth options • Strategic Indonesian Shareholders (control 50% plus of the company) Gold Heap Leach "under pins" the Company's future plans Massive leverage to copper market as Project Studies are completed PT Merdeka Copper Gold Tbk. 32#33PT MERDEKA COPPER GOLD TBK International Financial Centre, 12A Floor Jl. Jend. Sudirman Kav. 22-23 South Jakarta - 12920 Telephone: (+62 21) 2941 0806 Facsimile: (+62 21) 2941 0807 For further information, please contact the following email: [email protected]