PT Merdeka Copper Gold (MDKA) Investor presentation summary

Portfolio overview and key assets

• Controls significant assets in Indonesia with large resources in gold, copper, nickel, and cobalt.

• Pani Gold Project under construction, targeting 500,000 oz annual gold production and multi-decade mine life.

• Tujuh Bukit Copper Project is a development-ready, long-life underground mine with 8.5Mt copper and 27.9Moz gold resources.

• Wetar Copper/Pyrite Mine is a mature operation with valuable pyrite stockpiles and 2024 guidance of 14,000–16,000 tonnes copper.

• MBM assets include one of the world's largest nickel deposits and integrated battery materials processing facilities.

Financial and operational highlights

• Pani Gold Project projects a post-tax NPV8 of $2.6b, 40% IRR, and $550m average annual EBITDA.

• Cumulative LOM gold production at Pani expected to reach 4.7Moz with peak annual output of 500,000 oz.

• TB Copper Project targets first quartile AISC of $1.0/lb net of gold credits, with estimated pre-production capex of $750m.

• TB Gold Mine has produced over 1 million oz since 2017, with 2024 guidance of 100–120koz at $900–1,050/oz cash cost.

• MBM's RKEF plants and nickel matte converter target 2024 production of up to 92,000 tonnes NPI and 55,000 tonnes high-grade nickel matte.

Development progress and strategy

• Pani Gold Project construction ongoing, with first gold expected in 2025 and CIL processing by 2028.

• TB Copper Project will extract only 24% of defined resource, using underground mining and panel caving.

• MBM developing multiple HPAL plants with partners GEM and CATL, targeting 115ktpa nickel capacity by 2027.

• AIM plant operational, producing acid and steam for HPAL, with all circuits to be fully operational by late 2024.

• Dedicated haul roads and supporting infrastructure in place for SCM Mine and Pani Project.