Investor Presentaiton

Pani - Commencement of Step-Out Drilling • • • • • Comments JV with J Resources to develop a combined project. Signed and expected to close H2 2020, pending regulatory and J Resources' lenders' approvals - Merdeka's economic share is 40% and Merdeka controls the JV Expect greater resources to reserve conversion and better economics from combined project Outcrops, thick, low strip implying low cost mining Initial metallurgical testing shows high recoveries from CIL, heap leach and gravity Diamond drilling continued throughout Q2 2020 using a single man portable drill rig with 8 holes completed or underway for a total of 1,423 metres. This brought total drilling in the current program to 9 holes completed or underway for a total of 1,829 metres. The planned program comprises 40 drill holes located on 29 drill pads for a total of approximately 10,500 metres MERDEKA COPPER GOLD Overhead & Cross Sectional Illustration of Planned Step-Out 62500mN 387500mE Drilling Between PANI COW & PANI IUP J Resources' Resource 72.7 MT at 0.98 g/t Au for 2.30 Moz (Cut off grade 0.4 g/t Au) Reported 31/12/2018 62000mN Proposed Drilling 2019-2020 Completed Drilling Historical Drilling IUP Pani Cross Sectional Viewi FILE 62,200mN . Drilling has been paused up till completion of the JV 62,000mN 388000mE 388000mE- ! KUD/IUP BOUNDARY OPEN Base Oxidati STEP OUT DRILLING 388500mE 388500mĘ 389000mE Mineral Resource Estimate 89.5 MT at 0.82 g/t Au for 2.37 Moz (Cut off grade 0.2 g/t Au) Reported 03/12/2014 389000mE. 62500mN 62000mN 61500mN 100 0 100m KUD/IUP BOUNDARY Potential Pit Shape Drill trace 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 Note: 22 22

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