Investor Presentaiton

Growth Plan Production Merdeka - Indonesia's New World Class Mining Company Delivering Its Strategy Actual 2015 2016 2017 2018 2019 223,000 oz 167,000 oz 141,468 oz 17,000 t 17,000 t MERDEKA COPPER GOLD Forecast 2020 & 2021 165,000-185,000 oz Gold Copper Gold Copper Gold Copper Gold IPO on Indonesia Stock Exchange US$130m project finance and US$25m corporate debt Constructed TB Gold Project Construction of TB Gold Project completed and made first gold pour Feasibility study to expand Tujuh Bukit • Concept study completed on TB Copper Project • Wetar acquisition • US$100m . Pani acquisition • US$50m acquisition facility US$200m TB Gold Project Opco term loan . US$92m rights issue • Expanded TB Gold Project plant from 4 mtpa to 8 mtpa Merdeka Holdco bank debt raised • US$60m rights issue • Signed an agreement with JRN to combine Pani resources AIM Project MOU with Tsingshan (signed in Feb 2020) • AIM Project Feasibility Drill results from Pani JV Project Drill results from TB Copper Drill results from Wetar H1 2021 • TB Copper PFS TB Copper Reserves/Permitting 17

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