Investor Presentaiton

AIM Pani JV TB Copper Operations Indonesia's Leading New Mining Company MERDEKA COPPER GOLD Actual 2017 2018 167,000 oz 141,468 oz 17,000 t 223,000 oz 2019 17,000 t Estimate 2020 175,000 - 195,000 oz Wetar Strategic Review Gold Copper Gold Copper Gold Copper Gold Copper Started Drilling Completed Concept Study Started Decline Development Cumulative Investment: US$51m Completed Decline Continue Drilling Complete PFS Continue and complete FS Acquired Pani IUP Signed agreement with JRN to combine resources (Pani JV) Start Drilling Close Pani JV deal PFS / Reserves / Permitting Construction Signed MOU with Tsingshan Complete Construction Start Construction Complete FS Start Production 11

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