Investor Presentaiton

Wetar Strategic Review MERDEKA COPPER GOLD Copper production at Wetar will remain low while management's strategic review is completed and plan implemented in H2 2020 Historical Performance Strategic Review Conclusions The Wetar resource has delivered higher tonnes and higher grade than forecast since commencement of mining Despite achieving all important KPIs in 2019, the rate of copper leaching has slowed due to increased Total Dissolved Solids ("TDS") levels (predominantly ferrous) in the raffinate solution. At the same time, mining commenced at the high grade Lerokis pit which, due to its mineralogy, leaches poorly in such high ferrous raffinate Wetar Copper Production (tonnes) Wetar Strategic Review 17,071 16,777 2018 2019 Partolang ore is expected to leach with high TDS. Higher recoveries should be achieved with low TDS solutions Lerokis and Kali Kuning ore leaching is expected to improve significantly by lowering TDS in leach solutions 2020 A Neutralisation and Metals Precipitation Plant ("NMP") plant to reduce TDS levels is necessary to allow copper leaching to return to historical production levels. The capital estimate to develop the NMP plant is US$14 to 27 million over a 12-month period The development of Partolang is planned to proceed in Q3 2020. It is expected to significantly improve copper production despite high TDS. The capital associated with the development of Partolang and improving heap leach operations is expected to be US$9 to 12 million Wetar Ore is Intrinsically Valuable Optimisation of Wetar and Integration with AIM Project Management believes Wetar remains an extremely valuable asset because the ore contains high copper grades as well as good gold and silver grades. These metals are housed in very high-grade pyrite (FeS2) ore (typically 70-90%) which generally has high value if the sulphur can be converted to sulphuric acid and sold and the iron can be processed to a saleable product The current Wetar heap leaching process extracts a portion of the copper but none of the gold, silver, iron or sulphuric acid in a saleable form. It is estimated that the current process route delivers revenue of US$40-70 per tonne with a further possible US$200 per tonne of revenue recoverable via the AIM process A desktop study investigating Copper Tank Leaching ("CTL") as a viable alternative to heap leaching is nearing completion. The CTL process could potentially speed up the rate of copper leaching, provide more reliable and predictable recoveries and produce less iron and acid into solution. This process would also produce feedstock concentrate necessary for the AIM process rather than the AIM plant upgrading the pyrite feedstock (see next slide for AIM Project) A study on alternative power supply options to reduce power costs at Wetar has also commenced 20

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