Investor Presentaiton

Equity Raising Overview Offer Size and Structure Merdeka Conversion Key Shareholder Pre- Commitments Pricing Use of Proceeds Joint Lead Managers & Joint Underwriter The Placement, Entitlement Offer and Merdeka Conversion (together the "Offer") will raise up to approximately $40.9 million if fully subscribed. Two-tranche placement to raise approximately $19.7 million (before costs) through the issue of approximately 787.6 million fully paid ordinary shares in the Company ("New Shares") ("Placement") О Tranche 1 is fully underwritten to raise approximately $14.3 million via the issue of approximately 572.5 million fully paid ordinary shares in accordance with ASX Listing Rules 7.1 and 7.1A ("T1 Placement") Tranche 2 to raise approximately $5.4 million via the issues of approximately 217.1 million fully paid ordinary shares comprising of approximately $4.9 million to PT Merdeka Copper Gold Tbk (IDX:MDKA) ("Merdeka"), approximately $0.5 million to Non-Executive Director Mr. Gavin Caudle and approximately $0.05 million to Executive Chairman Mr. Colin Moorhead ("T2 Placement") The T2 Placement is conditional upon receipt of shareholder and FIRB approval. The Company has received binding commitments from Merdeka Mr. Gavin Caudle and Mr. Colin Moorhead to participate in the T2 Placement The Placement will be undertaken on an ex-entitlement basis Pro-rata non-renounceable entitlement offer of up to approximately 763.3 million New Shares on the basis of 1 New Share for every 3 shares held on the record date of to raise up to $19.1 million ("Entitlement Offer") о The Joint Underwriters have partially underwritten the Entitlement Offer to the extent of the key shareholder binding pre-commitments of approximately $8.1 million and will commit to further sub-underwriting demand facilitated via the bookbuild process All New Placement Shares and New Entitlement Shares will be listed on ASX and will rank pari-passu with existing fully paid ordinary shares in SIH In addition to Merdeka's participation in the Placement, subject to receipt of shareholder and FIRB approval, Merdeka will also undertake $2.1 million debt to equity conversion ("Merdeka Conversion") to emerge as a new strategic shareholder with an anticipated shareholding of approximately 7.1%. Merdeka, via its wholly owned subsidiary PT Merdeka Mining Servis, is also engaged to deliver the Sihayo Gold Project Key shareholders (Provident Minerals Pte Ltd, PT Saratoga Investama Sedaya, Goldstar Asia Mining Resources (L) Berhad and Asian Metal Mining Developments Limited, with an aggregate shareholding of 63.7%) have provided binding pre-commitments to participate in the Entitlement Offer via a Debt Conversion Facility for a total amount equal to the debt owed by the Company at Offer completion (estimated to be $8.1 million) Offer price of $0.025 per New Share represents a discount of 21.9% to Sihayo's last close (17 August 2020) of $0.032 per share, a 22.5% discount to 10-day VWAP of $0.032 per share and a 19.2% discount to 30-day VWAP of $0.031 per share Sihayo has confirmed to the Joint Lead Managers that funds raised pursuant to the Offer will be applied towards funding of exploration, early project works and lead items, debt and creditor repayments and working capital Argonaut Securities Pty Ltd ("Argonaut"), Bell Potter Securities Limited ("Bell Potter") and CLSA Australia Pty Limited ("CLSA") are acting as Joint Lead Managers to the Offer. Argonaut Capital Ltd, Bell Potter and CLSA are acting as Joint Underwriters to the Entitlement Offer Page 18 SIHAYO GOLD

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