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Investor Presentaiton

Cadia Life of Mine recovery improvement¹.2 Expected LOM gold recovery rates of around 80% and copper recovery rates of around 85% Stage 2 Feasibility Study - Estimated capital of $180m The Study will investigate: Concentrator 1 • additional coarse ore flotation capacity Concentrator 2 replacing secondary and tertiary cone crushers • new Vertimills • upgrades to pumps, pumps, hoppers, hoppers, pipes and • thickeners installation of a large Jameson Cell Study completion expected middle of CY20 1 2 Stage 2 has been completed to a Pre-Feasibility Study level with its findings at an accuracy range of ±25%. The findings in the Study and the implementation of the Cadia Expansion Project are subject to all necessary approvals, permits, internal and regulatory requirements and further works. The estimates are indicative only and are subject to market and operating conditions. They should not be construed as guidance. As Cadia is an AUD functional currency operation, the Studies have been assessed in AUD and the outcomes in this presentation have been converted to USD using an exchange rate of AUD/USD 0.75. 28
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