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Investor Presentaiton

1 2 Stage 1 of Cadia Expansion Project Approved 1,2 Stage 1 (in Execution) Estimated capital cost - $685m Stage 2 (in Feasibility Study) Estimated capital cost - $180m further plant expansion to 35mtpa • PC2-3 mine development . materials handling system upgrades • recovery improvements associated infrastructure • study finalisation expected initial works to increase plant capacity to 33mtpa middle of CY20 • PC2-3 mine targeting first production in FY23 targeting completion in late FY22 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. 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. 22
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