Investor Presentaiton

2 3 Cadia's indicative cave production schedule' 1,2,3 Panel Cave Start Construction First production Ore (mt) PC2-3 (approved to execution) FY19 FY23 142 PC1-2 FY22 FY25 408 PC3-1 FY33 FY36 149 PC2-4 FY42 FY44 113 PC5001 FY44 FY47 96 PC1-4 FY48 FY50 175 PC2-5 FY51 FY54 35 55 35 Ore Production (Mtpa) 30 25 20 15 10 1 5. FYZD FY22 FY24 FY26 FY28 PC2-5 PC1-4 FY30 FY32 PC5001 FY34 FY36 FY38 PC2-4 ■PC3-1 = PC1-2 FY40 FY42 FY44 FY46 FY48 FYSO PC2-3 FYS2 FY54 PC2 FYS6 FY58 Stage 1 of the Cadia Expansion Feasibility Study has been prepared with the objective that its findings are subject to an accuracy range of ±15%. 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. PC1 FY60 FY62 FY64 DEV The production target underpinning the forecast financial information is contained in the graphs on slide 23 and is based on utilisation of 100% of the Cadia East Ore Reserves. Refer to slides 41 and 42 for the Cadia East Ore Reserves as at 31 December 2018 but note that such figures are subject to depletions for the period from 1 January 2019. Processing volumes are expected to progressively ramp up to be in the range of 33-35mtpa, subject to ore presentation from the mine which will vary over time according to draw rates, cave maturity and cave interaction as further caves are developed. For financial evaluation purposes, the projected mine and processing volumes post completion of the expansion are shown at the midpoint of this 33-35mtpa range. 25

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