Investor Presentaiton

MERDEKA COPPER GOLD Competitive "Cycle-Proof" Cost Structure TB Copper is anticipated to be a low-cost, long-life operation with a 1st quartile AISC of US$1.0/lb net of gold credits - favourably positioned compared to peer SLC and block caving operations US$/lb 6.0 5.0 40 4.0 3.0 First Quartile MERDEKA COPPER GOLD TB Cu 20 F-v Grasberg 1.0 0.0 CODELCO El Teniente Second Quartile IVANHOE MINES ZiJin Kamoa Kakula Third Quartile Rio Tinto LEE 河钢集团 Oyu Tolgoi O HBIS GROUP Palabora Fourth Quartile 29 Metals BHP Capricorn Copper Olympic Dam Underground Open Pit/ Mixed Development О Production 11 Source: CRU, S&P Global Market Intelligence. AISC inclusive of by-product credits.

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