Investor Presentaiton

AISC and Cost Reduction Initiatives All-in Sustaining Costs (1) in 1H 2021 increased to US$1,122 oz due to higher absolute mining costs In 1H 2021, total absolute mining costs was higher due to higher stripping ratio resulting from pre-stripping of new Araren stage 5 Pit. However, mining costs per ton was lower by 16%. We expect the stripping ratio to normalize in 2H 2021. | Processing costs increased due to lower average gold head grade of total ore processed during the period. Site Support 8% Processing 27% 1H20 US$938/oz Mining 38% Royalty 2% Royalty 8% Sustaining capex 24% Site Support 12% Others 3% By credit (2%) Processing 25% Sustaining capex 30% Others (4%) 1H21 US$1,122 / oz By credit (5%) Implemented Cost Reduction Programs to Further Reduce Operating Cost Profile Upgraded mining fleets used by mining contractors Appointed new mining contractors on better terms: through associate company PT Geopersada Mulia Abadi (PT GMA) Increased Processing Plant capacity to 4.0 Mtpa in 2021 and 5.6 Mtpa by end 2022 Opting for cheaper power sources, secured through PLN as the main energy supplier Note: Mining 34% (1) All-in sustaining cost ("AISC") as defined by the World Gold Council and calculated in terms of all costs which are required in the mining cycle from the exploration stage up and including the provisions to support the mine closure stage. 12

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