#1Merdeka Battery Materials Supporting the Global Energy Transformation October 2023 GAAA MERDEKA BATTERY MATERIALS Powering the future, sustainably. IDX: MBMA | www.merdekabattery.com#2MERDEKA BATTERY MATERIALS Powering the future, sustainably. Disclaimer The information in this presentation has been prepared by representatives of PT Merdeka Battery Materials Tbk (the "Company") for use in presentations by the Company and does not constitute a recommendation regarding the securities of the Company. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither the Company nor any of the Company's advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Further, nothing in this document should be construed as constituting legal, business, tax or financial advice. The information set out herein is still in draft form and may be subject to updating, completion, revision, verification and amendment and such information may change materially. It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor its advisors or representatives are under an obligation to update, revise or affirm. This presentation contains certain projected financial and operational information of the Company, such as sales volume per year, certain cost items and estimated capital expenditure. Such projected financial information constitutes forward-looking information based on management's reasonable expectations and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying projected financial and operational information are necessarily inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial and operational information. Actual results may differ materially from the results contemplated by the projected financial and/or operational information contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such projections will be achieved. The Company's independent auditors have not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, they have not and will not express an opinion or provide any other form of assurance with respect thereto for the purpose of this presentation. This presentation and the information contained herein does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities of the Company. This document is not an offer of securities for sale in the Republic of Indonesia and does not constitute a public offering under Indonesian capital market laws and regulations ("Indonesian Capital Market Law"). The securities of the Company may not be offered to more than 100 parties (including Indonesian citizens or entities located in Indonesia or offshore, or foreign citizens or entities located in Indonesia) and/or to fewer than 100 parties but result in sales to more than 50 parties (including Indonesian citizens or entities located in Indonesia or offshore, or foreign citizens or entities located in Indonesia) and/or a sale (irrespective of whether such sale is preceded by an offer) to more than 50 parties (including Indonesian citizens or entities located in Indonesia or offshore, or foreign citizens or entities located in Indonesia), in a manner which constitutes a public offering under the Indonesian Capital Market Law. Neither this presentation nor any portion hereof may be sent or transmitted to the Republic of Indonesia or any jurisdiction where it is unlawful to do so. Any failure to comply with these restrictions may result in a violation of the Indonesian Capital Market Law or the applicable laws of other jurisdictions. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered, sold or delivered within the United States absent from registration under or an applicable exemption from the registration requirements of the U.S. securities laws. This presentation and the information contained herein is being furnished to you solely for your information and may not be reproduced or redistributed to any other person, in whole or in part in any manner. In particular, neither the information contained in this presentation, nor any copy hereof may be, directly or indirectly, taken or transmitted into or distributed in the United States, Canada, Australia, Japan or any other jurisdiction which prohibits the same except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of the United States or other national securities laws. No money, securities or other consideration is being solicited, and, if any is sent in response to this presentation or the information contained herein, it will not be accepted. This document may not be taken away. 2#3MERDEKA BATTERY MBM in Numbers MATERIALS 1. Market capitalisation as of 10th October 2023 US$5.2 billion Market Capitalisation¹ 88,000 tonnes p.a. Nickel in NPI production capacity2 ~50,000 tonnes p.a. Strategic Partners Nickel in matte CATL GEM production capacity² 华友钴业 青山控股 HUAYOU COBALT TSINGSHAN 2. MBM produced 38,768 tonnes of nickel in nickel pig iron (NPI) in 2022. ZHN (nameplate capacity of 50ktpa) was commissioned in June 2023. MBM acquired a 60% interest in a nickel matte conversion facility, located within IMIP, producing approximately 50ktpa of high-grade nickel matte 3#4MERDEKA BATTERY MATERIALS Powering the future, sustainably. Portfolio Overview Merdeka Group controls a portfolio of globally significant assets across Indonesia with mineral resources of 35.2Moz of gold, 8.4Mt of copper, 13.8Mt of nickel and 1.0Mt of cobalt MERDEKA BATTERY MATERIALS .. Mine & Downstream Processing¹ Ownership: 51.0% (mine), 50.1% (RKEF plants), 60.0% (Matte converter), HPAL JV (CATL & GEM) 13.8Mt cont. nickel² Acid Iron Metal (AIM) Project Ownership: 80% Status: First acid production in Q4 2023 Resources: Production: Downstream Processing: HPAL, high-grade nickel matte converter and RKEF processing capabilities to produce Class 1 and Class 2 nickel Multiple products (copper, gold, silver, iron ore pellets, acid and steam) Legend: Merdeka Copper Gold assets : MBM assets MERDEKA COPPER GOLD 414 Status: Tujuh Bukit Copper Project Ownership: 100% Optimisation studies Tujuh Bukit Gold Mine Wetar Copper Mine Ownership: 100% Ownership: 100% Resources: 8.1Mt cont. copper and 27.4Moz cont. gold² 2023 Production Guidance: 120,000 140,000 ounces of gold 2023 Production Guidance: 14,000 16,000 tonnes of copper cathode Pani Gold Project Ownership: 70% Status: Resources: FS near completion 6.6Moz cont. gold² 22 1. Ownership represents PT Merdeka Battery Materials Tbk ("MBM") shareholding in the respective assets. Other assets include a 32.0% shareholding in IKIP, a limestone concession (IUP) covering 502Ha and a hydro power project Resources information as of 31 December 2022 (https://merdekacoppergold.com/wp-content/uploads/2023/04/Consolidated-Mineral-Resources-and-Ore-Reserves-Statement-as-of-31-December-2022.pdf) 2. 4#5MERDEKA BATTERY MATERIALS Powering the future, sustainably. Corporate Structure MBM is supported by reputable Indonesian shareholders via parent company Merdeka Copper Gold (IDX: MDKA) and has established strong strategic relationships with global leaders in the EV battery value chain Key Indonesian Shareholders Provident SARATOGA 华友钴业 HUAYOU COBALT Thohir Group MERDEKA COPPER GOLD 7.6% 50.0% 青山控股 TSINGSHAN JV partner on mine, processing facilities and MERDEKA BATTERY MATERIALS IKIP CATL Other Merdeka Copper Gold Shareholders 5.0% ~44.0% Other MBM Shareholders 42.4% 5#6Notable Investments¹ Major Shareholders MERDEKA BATTERY MATERIALS Powering the future, sustainably. Major Shareholders Provident, Saratoga and the Thohir Group have an established history of co-investment with a distinguished track record in building value through multi-billion dollar companies and attracting blue chip international investors Edwin Soeryadjaya Michael Soeryadjaya Saratoga Group Winato Kartono Hardi Liong SARATOGA • One of the leading business groups in Indonesia, being a sponsor behind several large listed Indonesian corporations • Saratoga has invested in key sectors of the Indonesian economy including: consumer, infrastructure and natural resources Provident Group Gavin Caudle 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/processing and e-commerce sectors Garibaldi Thohir Thohir Group Thohir Group ⚫ Mr Thohir is the President Director of Adaro and President Commissioner of GoTo ⚫ Mr Thohir has substantial interests in several other successful businesses Sector Legend: BERSAMA DIGITAL TOWER BERSAMA GROUP EV: US$4.7B Infrastructure Natural Resources MERDEKA COPPER GOLD MERDEKA BATTERY MATERIALE EV: US$6.4B / 6.0B Tech adaro adaro MINERALS EV: US$4.7B/2.9B 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 of 10th October 2023 Ownership Legend: Saratoga Group goto EV: US$4.5B Provident Group Thohir Group 6#751% MERDEKA BATTERY MATERIALS Powering the future, sustainably. MBM Assets Overview MBM's assets are strategically located in central Sulawesi, Indonesia's battery materials hub SCM Mine Various HPALS • Mineral resource of 1.1 billion dmt containing 13.8Mt of nickel (77% limonite) and 1.0Mt of cobalt Developing multiple HPAL plants in partnership with leading battery material companies such as GEM and CATL Central and South East Sulawesi The Huayue slurry pipeline runs in parallel to the haul roads 50% RKEF Plants 60% Ni Matte Converter 80% AIM Project • Three operating plants with a combined nickel in NPI production capacity of 88ktpa ⚫ Nickel matte conversion facility processing low-grade nickel matte to produce on average 50ktpa of high- grade nickel matte • AIM will produce multiple products including acid and steam for use in HPAL plants Parutuliang SCM Limonite Stockpiles HPALS³ 32% IKIP • A battery materials focused industrial park to be constructed inside the 21,100 ha SCM mine concession area IKIP Pombangie MBM Haul Road ~20km¹ BDM Haul Road² ~30km Karambao IMIP AIM, HNMI and RKEF plants MERDEKA BATTERY 1. 20km is from SCM's IUP boundary to BDM's haul road; it excludes the roads inside SCM's IUP 2. 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 3. HPALS future location within IKIP % MBM Ownership in Tsingshan JV 7 % MBM ownership in HPAL JVS#81. 2. 3. MERDEKA BATTERY MATERIALS Powering the future, sustainably. SCM Mine The SCM Mine was discovered by Rio Tinto in 2000 and is regarded as one of the world's largest nickel deposits SCM Mine Snapshot Resources¹ 1.1 billion dmt containing 13.8Mt of nickel and 1.0Mt of cobalt 9.675380 m Reserves² 188 million dmt containing 2.4Mt of nickel and 0.2Mt of cobalt Ore Type Mine Life Production³ Commercial 77% limonite / 23% saprolite Multi decade 9.67000.mN ~65Mtpa ore at full ramp-up, equivalent to 800ktpa of contain nickel 2023 Production Location ~50km southwest of IMIP 9,665,000.mN.... Concession Area 21,100 Ha Expiry September 2057 Mining Concession Mineral Resource: May 2022 JORC prepared by AMC Consultants Pty Ltd Ore Reserve: September 2022 JORC Technical Report of Ore Reserves Estimate of SCM Mine prepared by PT Aka Geosains Consulting with a data cut-off date on December 2018 and analytical data on May 2019 Based on resource grade of 1.22% nickel SCM Resource Category Area 2022 WE 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 8#9MERDEKA BATTERY MATERIALS Powering the future, sustainably. SCM Mine Haul Road The dedicated haul road upgrade linking the mine site to IMIP is now complete and saprolite ore haulage has commenced 6#10MERDEKA BATTERY MATERIALS Powering the future, sustainably. SCM Mine Haul Road (cont.) In mid August, MBM loaded the first shipment of saprolite ore onto haulage trucks for delivery to IMIP RKEF plants PT SULAWESI CAHAYA MINERAL FIRST HAULING NICKEL RE PT SULAWN CAHAYA MUNTRAL FIRST HAULING NICKEL ORE 10 10#11MERDEKA BATTERY MATERIALS Powering the future, sustainably. RKEF Plants CSI and BSI plants have been fully operational since late 2019 and a larger third plant, ZHN, was commissioned in June 2023 Summary • ZHN has more than doubled MBM's RKEF processing capacity from 38,000 to 88,000 tonnes per annum of nickel in NPI • ZHN will deliver 21,000 to 25,000 tonnes of nickel in NPI in 2H 2023 as it continues to ramp up to nameplate capacity of 50,000 tonnes per annum of nickel in NPI Commissioning Date Nameplate Capacity (per annum) Location Shareholders Product Process CSI November 2019 19,000 tonnes BSI ZHN February 2020 19,000 tonnes June 2023 50,000 tonnes IMIP 50.1% MBM / 49.9% Tsingshan Nickel Pig Iron (NPI) Rotary Kiln & Electric Furnace 11#12MERDEKA BATTERY MATERIALS Nickel Matte Overview Powering the future, sustainably. HNMI produces a high-grade nickel matte product with nickel content >70%. MBM is expected to produce 28,000 to 31,000 tonnes of nickel in nickel matte, following acquisition completion in 2Q 2023 MERDEKA BATTERY 60% MATERIALS 青山控皎 40% TSINGSHAN RKEFS Simplified Flow Diagram Converter Nickel matte is an intermediate product that is used to produce nickel sulphate, an integral component of the battery value chain CSI, BSI and ZHN HNMI $ By acquiring an existing nickel matte converter, MBM is benefiting from immediate incremental cashflow by selling a higher value product HNMI can produce on average 50ktpa of high-grade nickel matte, complementing MBM's significant NPI production base Nickel Pig Iron Low-Grade Nickel Matte High Grade Nickel Matte 12 12#13MERDEKA BATTERY MATERIALS Powering the future, sustainably. HPAL Development Plan MBM plans to develop multiple HPAL processing plants in partnership with leading battery material companies Partner CATL Capacity • Nameplate capacity of 60ktpa of nickel in MHP Ore Supply Responsibilities • • GEM Nameplate capacity of 30ktpa of nickel in MHP, to be developed in two stages: Stage 1 at 20ktpa and Stage 2 increasing total nameplate capacity to 30ktpa MBM has the option to participate in GEM's potential expansion plans of an additional 20ktpa of nickel in MHP Multi decade supply of nickel ore secured from the SCM mine • CATL is responsible for arranging project financing, GEM will guide the design, construction, and operation of design and construction of the processing plant the processing plant MBM will take the lead in obtaining relevant Indonesian government permitting, approvals and incentives and local community relations • MBM will take the lead in obtaining relevant Indonesian government permitting, approvals and incentives, and arranging project financing, with support from GEM Proposed Location Indicative Timeline Ownership • IKIP Detailed feasibility and engineering in 2023 JV Parties MERDEKA BATTERY MATERIALS CATL Ownership 66.0% 34.0% • IMIP Stage 1 commissioning in late 2024, Stage 2 by mid-2025 JV Parties MERDEKA BATTERY MATERIALS GEM Ownership 55.0% 45.0% 13#14MERDEKA BATTERY MATERIALS Powering the future, sustainably. AIM Project Overview AIM will begin operations in Q4 2023 and ramp up towards nameplate acid production of 1.2Mtpa Wetar Copper Mine AIM Project AIM Process Raw Material High-grade pyrite (FeS2) feedstock from Wetar sufficient to supply AIM for 15+ years AIM $ Products Buyers Transported by Sea MERDEKA BATTERY (80%) 青山控股 TSINGSHAN (20%) MATERIALS 1. Crush/Grind/| Flotation 2. Roast and Acid Plant 3. Chloridising Roast 4. Metal Extraction Pyrite Concentrate Calcine Residue Residue Sulphuric Acid & Steam Iron Ore Pellets Copper, Gold & Silver HPAL JVS Stainless Steel JVs On-market Sales 14#15MERDEKA BATTERY MATERIALS Powering the future, sustainably. AIM Project Overview (cont.) AIM is a significant growth opportunity for MBM and is well positioned to benefit from the growth in acid demand expected as additional HPAL plants are constructed at IMIP and across Indonesia 15 15#16MERDEKA BATTERY MATERIALS Powering the future, sustainably. 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 SCM Mine AIM Projects Limestone Mine Acid and Steam Limestone Limonite HPALS¹ RKEFs² Saprolite 1. HPAL: High Pressure Acid Leach 2. RKEF: Rotary Kiln-Electric Furnace 3. MHP: Mixed Hydroxide Precipitate MHP3 Nickel Matte NPI Limonite, Acid, Steam, Limestone 3rd Party HPAL Plants Potential to Supply Nickel Sulphate Potential to Supply Battery Components Precursor Anode/ Cathode Battery Plants Trading Houses /Stainless Steel Mills Legend: Current/Planned Potential Expansion 3rd Parties 16#17MERDEKA BATTERY MATERIALS Powering the future, sustainably. ESG is Central to MBM's Long-term Strategy Merdeka has been working diligently on its ESG practices. MBM has its own ESG focus and is monitored as a subsidiary of Merdeka, thus the shareholders are aligned to ensure world-class ESG performance MBM's ESG Vision To be a leading enterprise in the global energy transformation enabling sustainable growth and creating shared value for all stakeholders Select Merdeka ESG Achievements July 2022 November 2022 January 2023 MERDEKA BATTERY SUSTAINABILITY REPORT Laporan Kabertanya 2022 IDX MSCI SUSTAINALYTICS a Morningstar company SUSTAINABILITY REPORT Laporan Keberlaruta 2022 Supporting the Global Energy Tran rmation and Committing Via Sustinere Practices Mendukung Transform Energi Global dan Berkomitmen pada Pra Keberlanjutan KEHATI ESG Sector Leader MERDEKA BATTERY MATERIALE IDX Kehati BBB Top Quartile MSCI ESG Rating Highest rating received by an Indonesian Metals and Mining Company Sustainalytics ESG Risk Rating Metals & Mining Companies 17#18MERDEKA BATTERY MATERIALS Powering the future, sustainably. Corporate Milestones Signed a JV agreement with Tsingshan for construction of the AIM project after entering an MoU in 2020 Acquired majority stake in ZHN Increased ownership in CSI & BSI to 50.1% Acquired MBM seed assets (BSI, CSI and SCM mine) MBM OpCos' Milestones Over Time (Illustrative) AIM project to produce first acid in 4Q 2023 ZHN entered commissioning in June Completed acquisition of nickel matte production facility in June Completed MBM IPO in April Announced HPAL JV with CATL and GEM Completed the transfer of AIM project from MDKA to MBM AIM project achieving nameplate capacity Advance HPAL development Commissioning of remaining AIM project circuits ZHN achieving full year of nameplate capacity Other potential downstream expansions First MHP Production HPAL entering commissioning phase 2021 2022 2023 2024 Further strategic partnerships with world class battery players will result in additional low risk downstream projects 2025 onwards... 18#19MERDEKA BATTERY MATERIALS Powering the future, sustainably. Experienced Management Team Key Personnel / Biography Jason Greive Director and CEO 29+ years of international mining experience Mark Mitchell COO 27+ years of international mining experience Devin Antonio Ridwan President Director and CFO 25+ years of experience Andrew Starkey Director and Executive Chairman of MDKA 25+ years of experience Titien Supeno Director 20+ years of experience Shi Hongchao (Rugby) VP, Business Development 25+ years of experience Agus Superiadi President Director & CEO-SCM Mine 25+ years of international mining experience Ali Sahami Executive GM ESG 30+ years of experience . • • . Highly Experienced Management Team Track Record Previous Experience Qualified metallurgist with a strong track record in driving value through operational improvement NEXUSMINERALS Evolution MINING Qualified chemical engineer with a strong technical grounding in extractive metallurgy technologies MINERAL RESOURCES Mount Gibson Iron Rio Tinto BARRICK Ami Ambatovy BLACKTHORN RESOURCES Experienced in accounting, corporate finance and supply chain Experienced in Asia-Pacific natural resources, infrastructure and related sectors BUMI SUKSESINDO COPPER AND GOLD Provident PIERFRONT CAPITAL MERDEKA COPPER GOLD Goldman Sachs MACQUARIE Experienced in human resource management - including large workforces and attracting and retaining global talent Experienced in project management, power plant, gold and nickel operations Qualified with Indonesia nickel mines, which includes exploration, mine development, operation, HSE, permitting, contract negotiation, corporate affairs and external relations Experienced in environmental, social and governance aspects of nickel, copper, gold and coal mining projects globally MERDEKA COPPER GOLD MPM ZUELLIG PHARMA PT HM SAMPOERNA Tbk. 华电国际电力股份有限公司 HUADIAN POWER INTERNATIONAL CORPORATION LTD. VALE PT. VALE INDONESIA Tbk LORAX ENVIRONMENTAL Newmont 19#20MERDEKA BATTERY MATERIALS Powering the future, sustainably. Investment Highlights Globally Significant Resource The SCM mine is one of the world's largest nickel resources containing 13.8Mt of nickel and 1.0Mt of cobalt, attracting downstream JV opportunities with leading strategic partners Vertically Integrated MBM is vertically integrated with a clear pathway to move further down the EV battery value chain to drive significant, near-term earnings growth Long Term ESG Strategy ESG is central to MBM's long-term strategy, leveraging Merdeka's strong ESG track record affirmed by its sector- leading MSCI and Sustainalytics ESG Risk Ratings Leading Battery Materials Partners Strategic partnerships with CATL, GEM, Huayou Cobalt, and Tsingshan who are all widely regarded as leading global players in the EV battery value chain Substantial Growth and Value Creation Substantial progress achieved since 2022 with strategic M&As and project development demonstrating MBM's ability to deliver on its battery materials ambitions 20 20#21PT Merdeka Battery Materials Tbk Treasury Tower 69th Floor District 8 SCBD Lot. 28 Jl. Jenderal Sudirman Kav. 52-53 South Jakarta 12910, Indonesia T +62.21.3952 5581 F +62.21.3952 5582 E [email protected] www.merdekabattery.com MERDEKA BATTERY MATERIALS SCI 278 LV