Investor Presentaiton

Note: Pani - Commencement of Step-Out Drilling Comments MERDEKA COPPER GOLD Overhead & Cross Sectional Illustration of Planned Step-Out Drilling Between PANI COW & PANI IUP • JV with J Resources to develop a DRILLING LEGEND combined project. Expect to close H1 2020 - Merdeka's economic share is 40% and controls the JV HISTORIC CURRENT/2019 PROGRAMME 62,500 . Expect greater resources to Overhead View • • • reserve conversion and better economics from combined project Outcrops, thick, low strip Initial metallurgical testing shows high recoveries from CIL, heap leach and gravity Currently drilling 11,000 meters in area between existing resources. Two historical drill holes show area is mineralised 62,000 mN PANI COW J RESOURCES' RESOURCE 72.7MT at 0.98g/t Au for 2.30Moz (cut off grade 0.4 g/t Au) Reported 31/12/2018 STEP-OUT DRILLING ! KUD/IUP BOUNDARY Cross Sectional View • Q1 2020 consolidate data with drilling and feasibility to continue in Q2 2020 OPEN FILE 62,200mN Base Oxidati STEP OUT DRILLING 62,000mN MINERAL RESOURCE ESTIMATE 89.5MT at 0.82g/t Au for 2.37Moz (cut off grade 0.2 g/t Au) Reported 3/12/2014 KUD/IUP BOUNDARY - - Potential Pit Shape Drill trace Nա 62,000 mN 1. Two holes drilled by Utah International in 1982 between the two resources, assayed 406m @ 0.5g/t (GPD-04) and 154m @ 0.57g/t (GPD-05) 2. Pani IUP Resource estimate from SRK Report dated December 2014 based on 137 Diamond Drill holes, 26,000m drilling and using cut off grade of 0.2g/t Au 16 62,500

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