PTAR’s Martabe Gold Mine

PwC School of Mines23rd November 2017, Singapore

Developing a sustainable minerals business

in Indonesia

Disclaimer

• The materials used herein and this presentation (collectively, the “Presentation”) have been prepared by PT Agincourt Resources (the “Company”) solely for use atpresentations to be held during 2017. By viewing the Presentation, or by reading the materials used at the Presentation, you agree to be bound by the followinglimitations:

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Agenda

1. Martabe - Overview

2. Production

3. Exploration

4. Social License & CSR Programs

5. Women in Mining

6. Summary

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vvvv1. Martabe Overview

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Martabe Overview

World Class Gold District

Martabe is a world class gold and silver mine located in North

Sumatra Province, Indonesia

8.6 million ounces of gold equivalent1 resources

A 30-year operating permit issued under a Contract of Work

Excellent location and infrastructure

Producing ahead of plan

Notes: 1. Gold equivalent calculated as 60g/t Ag being equal to 1g/t Au 5

97’E 98’E 99’E [110’E]

3’N

2’N

1’N

Medan

Tebing Tinggi

TanjungBalai

PematangsiantarKabanjahe

Sidikalang

Lake Toba

SUMATRA

Parapat

RantauPrapatBarus Tarutung

80km0N

Sibolga

MARTABE DEPOSITS

Batangtoru PadangsidempuanGunung Sitoli

NIASISLAND

INDONESIAMARTABEGOLD MINE

Jakarta

Java

Nusa TenggaraIndianOcean

KalimantanSulawesi Irian Jaya

Kotanopan

Lubuksikaping

Singapore

Martabe Overview

World Class Gold District

Six known deposits within a 5km x 6km area with Purnama

the largest so far

Part of a large-scale mineralised district which has the

potential to host further gold and gold-copper deposits

Purnama

Tor UlualaRamba Joring

Uluala Hulu(behind Tor

Uluala)

Uluala Hulu(behind Tor

Uluala)

Process Plant

Barani

Horas

6 6

Martabe Occurs in One of the World’s Great Mineral Provinces

Arcs of Indonesia and adjacent areas form one of the worlds great gold and copper-gold mineral provinces

The province is equally well endowed with epithermal (gold) and porphyry (copper-gold) deposits

The Arc from Sumatra to east of Java contains approximately 70moz Au, 145mOz Ag and over 16 million tonnes of Cu in

past production and resources

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Operations View

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TSF

Lowlands

Process Plant

Ramba Joring

Purnama Pit

Barani Pit

Additional Mining Pits

Barani Pit – in full production9

Ramba Joring Pit – in development

Process Plant

Secondary Crusher

Leach Tanks Grinding mills

ElutionGold Room

Offices

Pebble Crusher

Coarse Ore Stockpile

Detoxification

Water, Air services

Primary Crusher

Purnama Pit

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Lowlands Infrastructure

Camp Fuel Farm

Workshops

Administration

Warehouses

Reagents Yard

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vvvv2. Production

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Martabe – Delivering Results

OPERATIONS 2013 2014 2015 2016 2017*

Tonnes Milled (Mt) 3.615 3.867 4.210 4.840 5.309

Gold Sold (Kozs) 280 274 302 309 337

Silver Sold (Kozs) 1,464 2,118 2,568 2,416 2,389

EBITDA ($’million) 249.9 219.3 239.3 279.9 tba

NPAT ($’million) 91.1 41.9 47.2 120.7 tba

Safety – 23 months Lost Time Injury freeEnvironment – compliantCommunity – strong supportGovernment – all permits in place

1313

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Martabe 2016,$429

$620

Martabe 2013, $799

$831 $924 $1,334

$0

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$600

$800

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$1,200

$1,400

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AISC - Mines > 200kozs

1st Quartile 2nd Quartile 3rd Quartile 4th Quartile

Global Comparison - AISC

All In Sustaining Cost

MIP – Martabe Improvement Program

MIP is…

Our continuous improvement program to optimise assets and costs, by improving efficiency & productivity,reducing costs, and increasing cash flow.

Our target is…

To be a first quartile cost producer (below $600/oz), delivering more than 300kozs of gold per year.

We will do this by…

Optimising our mine production to feed our process plant at its optimal rate of 5.5mtpa.Reducing the cost of production inputs, materials, supplies and services, to lower our unit costs.

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Mine

• Mine Productivity – improved efficiency andproductivity rates

• Truck Fleet – pay load, operating performance

Mine to Mill

• Drill & Blast – fragmentation, size• Secondary crushing

Process Plant

• SAG productivity – operating parameters,speed, charge, weight, automation

• SAG liners, discharge grates• Pebble crusher• Availability, less relines

Costs

• Power• Supply costs• Overheads

Efficiency , Productivity, Cost Reduction, Increased Revenue16

MIP – Martabe Improvement Program

vvvv3. Exploration

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Location of Prospects

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Near Mine Martabe District CoW

EasternContactZone

Barani SE

WesternDome

Baringin Uluala Huluextensions

Mid UH-TU

Natas

Exploration Programs and Targets

Major program, significant results

Deposit Significant results

Tor Uluala 42.1m @ 5.71g/t Au;54.1m @ 5.62g/t including 12.5m @ 15.98g/t;

Ramba Joring 50.5m @ 53.05g/t Au, 36 g/t Ag;72.0m @ 12.3g/t Au, including 8.0 m @ 77.16g/t Au;37.0m @ 10.4g/t Au, including 5.7 m @ 20g/t Au

Barani 25m @ 99g/t Au including 2 m @ 1,135g/t;30m @ 22g/t Au, 73m@ 6.54g/t Au,

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• 2016 Reserves = 53Mt ore containing 3.2Mozs gold and 28Mozs silver;

• Long term target to get to 20 years Life of Mine, currently 10 years LoM

• Implemented biggest exploration program in 2017, investing $30m,

• Delivering major results, with more to come!

Note: 2016 Reserves average gold grade 1.9g/t

Exploration in 2017

Challenging work, professional team

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• Drilled 99,000

metres

• 15 drill rigs on

site

• Supported by 2

helicopters

• Team of 600

people

vvvv5. Social License

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Site View – Pre Development Period

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Community – Direct & Indirect Benefits

CSR Program1. Health

2. Education

3. Infrastructure

4. Agriculture

5. Economic development

6. Community relations

Capacity Building1. Development of local people

2. Training and skills

3. Gender diversity

4. Women’s empowerment

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Cataract Program – at a glance

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• Cataract is the leading cause of blindness in the world – and it is curable

• Causes include trauma, exposure, dietary. Mostly affects people in developing countries

• In North Sumatera (population 14 million) estimated up to 200,000 people suffer from Cataract blindness

• PTAR commitment to the program commenced in 2011, 6 programs completed

• PTAR has partnered with ANV (A New Vision – technical expert and NGO) and TNI (Facilities and support)

• Direct benefits to 6,289 patients, indirect benefits to their families = 25,156;

• Total impact to 31,445 lives

Program Partners

THE ORGANISERAN NGO RESPONSIBLE FOR SOME30,000 CATARACT REMOVALS IN

INDONESIA

THE MAIN SPONSORRESPONSIBLE FOR FUNDING &

MOBILISING SOME 300 VOLUNTEERS EACH YEAR

TENTARA NASIONAL INDONESIA[THE INDONESIAN NATIONAL FORCES]

RESPONSIBLE FOR PERMITTING, MOBILISINGPEOPLE/POTENTIAL PATIENTS, PROVIDING SUPPORTING

INFRASTRUCTURES 25

Cataract is…

• A cataract is a clouding of the eye's natural lenses, which lies behind the iris and the pupil.

• Cataracts are the most common cause of vision loss in people over age 40 and is the principal cause of blindnessin the world. It occurs due to the aging of eye lens network, clash of the eye lens (traumatic cataract), inflammationof the lens of the eye, Diabetes, and Genetic (young children).

• In North Sumatra, one of the most populous province in Indonesia with some 14 million inhabitants , it is predictedthat there are 170,000 - 200,000 people (1.5% of the total inhabitants) suffering from cataract. Every year there areadditional 17,000 cataract blindness cases. Cataract can only be cured through surgery, while the total numbers ofsurgeries have never exceeded 10,000 per year. 26

Socialisation and what follows

• Prior to the cataract surgery days, there is a series of socialization days to a targeted group of people such as CommunityLeaders, Religious Leaders, Lecturers & health facilitators and Babinsa (TNI's people responsible for facilitating and reachingout to the community). This socialisation is aimed to provide information of self hygiene, cataract and other eye diseaseprevention, and also to invite them to bring more potential patients to the eyes screening process.

• In the eyes screening process, patients must register their data (name, age, address/location, phone number) and undergo aVISUS test to check whether a person has a cataract or not; and then the paramedics will allocate the date of the surgery.

• The surgery implements the quick (10 minutes) and safe method prescribed by Dr. Sanduk Ruit from Tilganga Institute ofOphthalmology in Nepal. The method is to make a small incision and replace the eye lens with artificial intraocular lens.Other than the 100% success rate, this method is very affordable.

Registration processSocialization Days

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Surgery Days

In the surgery room After the surgeryIn the surgery room 28

Washing face, hands and feet Anaesthesia processEyes screening

Post Operative Care

Post Ops is conducted one day after surgery; it consisted of eyes cleaning, eyes dropping, post surgery visus-test, general induction on taking care of the eyes post surgery.

CSOM (Cataract Surgical Outcomes Monitoring) usually takes place one month after the surgery; it is aimed tomonitor the progress of the patients, especially for those with specific needs.

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Personal Success Stories

Ahmad Rohan, 8 yr old, suffered blindness due to cataract on both eyes since he was5 years old. He could only stay home, moved by probing the walls, and could not playoutdoors. Since the problems occurred on both eyes, he could not stand sun rays or abright light. His parents had to cancel their plan to register him into a kindergarten.

But this year he is very happy, since he can finally go to school following a successfulcataract surgery on December 14, 2016 at the Military Hospital in Medan.

Deborah Simorangkir, a 16 yr old girl can now continue her education at Kota Tua

Village, Angkola, South Tapanuli. She suffered from cataract since the third year of

elementary school. It got worse when she was on the fifth year of her elementary school.

She no longer could read the blackboard. Her mother said the cause of the cataract was

a motorcycle accident. After recovering from cataract, Deborah wanted to continue her

education to vocational high school, majoring in beauty. "I want to have my own beauty

salon one day," she said.30

vvvv5. Women in Mining

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• Studies worldwide show a stronglink between successful companiesand diversity – it’s readily accepted

• Gender Diversity brings• Wider range of ideas, problem solving

ability, and opportunity for innovation• Different and complimentary personal

qualities• Access to a much larger talent pool for

recruitment

• Successful Gender Diversity willmake PTAR a better company

The Business Case for Gender Diversity

Women In Mining

Siti Khodijah, Exploration Geologist 32

Women In Mining

Recruitment• talent pool across “job family” e.g. high end

technical roles, trades, non skilled,professional, production, non production

Workforce training• understanding what it all means; giving people

the tools to work effectively; creating the rightenvironment and culture

Policy framework• HR policy which supports and enhances GD

e.g. EEO, affirmative action, recruitment,harassment

Practicality• infrastructure, facilities

Challenges in implementation

Theresia Amber Sari, Laboratory Technician 33

Women In Mining

Progressive targets over the next 3 years

• 25% female workforce by end 2019, currently 16%

• 40% female management by end 2019, currently 16%

HR Statistics – only the start, not the end result.

The goal is to establish• a positive and open culture across the organisation• where diversity is embraced as the norm,• where women feel they can contribute, and• our organisation functions more effectively.

PTAR Gender Targets

Sri Genti, Equipment Operator ADT 34

Women In Mining

476 women, working in more than 30 job roles = skilled, professional, production, non production roles

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• A successful Gender Diversity approachwill make PTAR a better company

• We have a number of actions in progress– policies, recruitment, training, removingbarriers

• Diversity relies on a positive and openculture in the workplace

• Success in GD aligns with our CoreValues Growth Respect Action Excellence Transparency

Summary

Nurhanifah Pulungan, Community Health Supervisor

Women In Mining

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vvvv6. Summary

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Summary

1. Optimising costs• MIP Program – efficiency, productivity, ounces = Cash Margin• Mine, Mill, Power, Major Contracts, Overheads

2. Optimising capacity• Optimising mine fleet• Optimising grinding circuit• Debottlenecking the process plant (existing assets)

3. Growth through exploration and development• Extensions to existing deposits, Near mine targets, Contract of Work targets• Sulphide program development

4. Sustainable Development• Fundamental belief and commitment to principles of sustainable development

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Thank you

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