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PT Merdeka Copper Gold Tbk Public Expose March 2026 Public Expose – March 2026
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Disclaimer This presentation has been prepared by PT Merdeka Copper Gold Tbk (“Merdeka” or “MDKA”) and consists of written materials/slides for a presentation concerning Merdeka. By reviewing/attending this presentation, you agree to be bound by the following considerations: No representation or warranty (express or implied) is made as to the fairness, accuracy, or completeness of the information contained in the presentation or of the views, opinions and conclusions contained in the material. To the maximum extent permitted by law, Merdeka and its related entities, and its respective Directors, officers, employees, agents and advisors disclaim any liability for any loss or damage arising from any use of this material or its contents, including any error or omission there from, or otherwise arising in connection with it. Some statements in this presentation are forward-looking statements. Such statements include, but are not limited to, statements with regard to capacity, future production and grades, estimated revenues and reserves, targets are cost savings, the construction cost of new projects, projected capital expenditures, the timing of new projects, future cash flow and debt levels, the outlook for minerals and metals prices, the outlook for economic recovery and trends in the trading environment and may be (but are not necessarily) identified by the use of phrases such as “will”, “expect”, “anticipate”, “believe” and “envisage”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and may be outside Merdeka’s control. Actual results and developments may differ materially from those expressed or implied in such statements because of a number of factors, including levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation. Given these risks and uncertainties, undue reliance should not be placed on forward-looking statements which speak only as at the date of the presentation. Subject to any continuing obligations under applicable law or any relevant stock exchange listing rules, Merdeka does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements contained in this presentation, whether as a result of any change in Merdeka’s expectations in relation to them, or any change in events, conditions or circumstances on which any such statement is based. Nothing in this presentation should be read or understood as an offer or recommendation to buy or sell Merdeka securities or be treated or relied upon as a recommendation or advice by Merdeka. Any information contained in this presentation that has been derived from publicly available or third-party sources (or views based on such information) has not been independently verified. Merdeka does not make any representation or warranty about the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by Merdeka. 2 Public Expose – March 2026
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Highlights
Consolidated revenue and MBMA reached US$1.9 billion (-15% YoY) and US$1.4 billion (-22% YoY), respectively. The decline was mainly driven
by lower contributions due to a temporary shift in focus to NPI operations, lower copper productions, as well as maintenance activities at NPI
facilities. Nevertheless, the Company delivered solid performance, with consolidated EBITDA and MBMA increasing to US$373 million (+13%
YoY) and US$219 million (+34% YoY), reflecting strong cost discipline.
Merdeka Group reported EBITDA of US$373 million in 2025, up from US$329 million in 2024. This increase was driven by higher NPI and nickel
ore sales, as well as stronger gold prices throughout the year. Gold was the largest contributor to EBITDA at US$149 million, followed by NPI at
US$145 million, nickel ore at US$87 million, copper at US$27 million, and HGNM at US$10 million.
Project Updates:
• Tujuh Bukit Copper Project – Has entered the Feasibility Study stage following integrated optimization and metallurgical confirmation, with a
maiden resource at Gua Macan of 206 Mt @ 0.16% Cu and 0.24 g/t Au (±327 kt Cu & 1.59 Moz Au).
• Pani Gold Project – Pani has commenced heap leach operations at 8 Mtpa and is targeting 10 Mtpa, with CIL capacity at 12 Mtpa. In 1Q2026,
Pani completed its first gold sale of 16.06 kg to Antam and has formally submitted a listing application to the Hong Kong Stock Exchange.
• HPAL Plant – PT ESG produced ~26k tNi of MHP in FY2025, supported by new facilities enabling near-design capacity performance.
Meanwhile, PT SLNC continues to advance its 90,000 tpa HPAL project, with significant construction progress and a targeted start of
operations in 2H2026.
3 Public Expose – March 2026
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MDKA Consolidated Financial Statements (Before Minority)
In $ million 4Q 2024 4Q 2025 2024 2025
• Merdeka reported consolidated revenue of
Revenue 571.5 607.7 2,239.0 1,894.8 US$1.9 billion, reflecting a US$344 million
Cost of Revenue (exclusive of D&A) (446.6) (505.0) (1,855.3) (1,455.3) YoY decline, mainly driven by lower HGNM
Mining (44.5) (60.7) (169.0) (193.5) and NPI revenues.
Processing (434.8) (375.3) (1,591.8) (1,030.2)
Inventories 67.4 22.3 10.3 (36.6) • The Company reported EBITDA of US$373
Royalties (22.8) (41.3) (60.5) (113.7) million in 2025, supported by higher nickel
Others (11.9) (50.1) (44.3) (81.2) ore sales and stronger gold prices.
Depreciation and Amortization (66.7) (52.4) (207.4) (223.1)
Gross Profit 58.2 50.4 176.4 216.4 • EBITDA was primarily contributed by gold at
US$149 million, followed by NPI at US$145
Gross Profit Margin 10.2% 8.3% 7.9% 11.4%
million, nickel ore at US$87 million, copper at
US$27 million, and HGNM at US$10 million,
Operating Expenses (18.0) (25.5) (57.4) (69.7)
net of other expenses including corporate
Operating Profit 40.2 24.9 119.0 146.7 G&A.
Operating Profit Margin 7.0% 4.1% 5.3% 7.7%
• Finance costs increased aligned with
Finance Expenses, net (31.8) (34.7) (106.5) (117.1) higher debt levels, with the outstanding
Other Income, net 33.8 6.3 9.1 2.6 debt balance rising to $2.0 billion at the
Profit (Loss) Before Tax 42.3 (3.5) 21.7 32.2 end of 2025 compared to $1.7 billion at
Tax Benefit (Expense) (12.8) 5.4 (11.9) (16.1) the end of 2024.
Net Profit Before Minority 29.4 1.9 9.8 16.2
Net Profit Margin 5.1% 0.3% 0.4% 0.9%
EBITDA 107.6 78.2 329.3 372.9
EBITDA Margin 18.8% 12.9% 14.7% 19.7%
4 Public Expose – March 2026
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Consolidated Group Revenue
$ million
Gold Copper NPI HGNM Nickel Ore
-20%
2,228 2 66 (29) (110)
181
(453)
1,776 3
722 75
256
268
931 821
133 103
261 327
1
2024 Gold Copper NPI HGNM Nickel Ore 2025
Merdeka Group reported consolidated revenue of $1.8 billion in 2025, representing a 15% YoY decrease. The decrease was primarily driven by:
• A $453 million reduction in HGNM contributions as the Company temporarily shifted focus to higher-margin NPI operations; and
• A $110 million decrease in NPI reflected lower volumes due to turnaround maintenance at two out of three RKEF plants.
These declines were partially offset by higher contribution from gold and nickel ore sales, supported by improved average gold selling prices
along with increasing nickel ore sales volumes.
5 Public Expose – March 2026 1 Gold revenue inclusive of silver revenue; 2Excluding $11 million from others; 3Excluding $119 million from others.
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Consolidated Group EBITDA
$ million
Gold Copper NPI HGNM Nickel Ore Others
+13%
373
329 28 13
5 (4)
(27) 28 87
58
14 10
117 145
53 27
144 149
(57) (44)
2024 Gold Copper NPI HGNM Nickel Ore Others 2025
Merdeka Group reported 13% YoY increase in consolidated EBITDA to $373 million for FY2025, primarily driven by:
• Increase in third-party nickel ore sales attributable to higher sales volume.
• Better NPI segment profitability due to higher proportion of saprolite ore feedstock sourced internally from SCM mine, bringing RKEFs
cash cost down.
• Higher gold profitability, driven by higher gold ASP during the period.
These increase were partially offset with lower EBITDA in copper due to lower productions and HGNM due to partial shut-down in 2025.
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Project Development
TB Copper Pani Gold Project HPAL Operations
TB Copper advanced into the FS phase • Pani is progressing rapidly, with heap leach • PT ESG produced 25,994 tNi of MHP in
following completion of major post PFS: operations starting at 8 Mtpa in 2026 (up FY2025 (7,177 tNi in 4Q). The new FPP at
• Optimisation work on integrated from 7 Mtpa) and planned to expand to 10 SCM and slurry pipeline (completed Nov
underground and open-pit mine planning, Mtpa post-2026. The carbon-in-leach plant 2025) are operational, supporting near-
mining method refinement, flowsheet has been reconfigured to start at 12 Mtpa nameplate performance and more efficient ore
normaIization and pyrite processing (from 7.5 Mtpa). delivery to IMIP.
options. These consolidated into a single • On 16 March 2026, via PETS, the Company • PT SLNC is advancing its 90,000 tpa HPAL
mine plan and supported by metallurgical recorded its first gold sale to Antam of project, with commissioning targeted for
programs confirming ore compatibility and 16.06 kg (516.29 oz). 2H2026. As of 4Q2025, construction reached
improved recovery confidence. 83% for the plant and 67% for the FPP.
• As of 31 December 2025, total Ore
• A maiden Mineral Resource at Gua Macan: Reserves increased to 203.1 Mt at 0.79 g/t, • PT SLNC progress: energization of the 35kVA
206 Mt at 0.16% Cu and 0.24 g/t Au, for containing approximately 5.2 Moz of gold. power system, installation of the Limestone
327 kt of contained copper and 1.59 Moz of Ball Mill, and installation of steel structures in
• On 20 March 2026, MGR formally submitted
contained gold. both the HPAL and FPP.
a listing application (Form A1) to Hong Kong
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•
Public Expose – March 2026
Stock Exchange.
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Summary and 2026 Guidance
Gold production guidance of 80,000–90,000 oz with cash costs of US$1,150–1,250/oz (excluding royalties and silver credits), and
copper production of 4,000–5,000 tonnes with cash costs of US$2.80–3.50/lb.
NPI production is expected in the range of 70,000–80,000 tonnes, with cash costs below US$10,500/tNi.
Saprolite ore shipments are projected at 8.0–10.0 million wmt, while limonite ore sales are estimated at 20.0–25.0 million wmt. Cash
costs for both saprolite and limonite are expected to remain below US$21/wmt and US$11/wmt (excluding royalty), respectively.
In 2026, the Group’s key priorities are to achieve full potential of the AIM plant, increase mining volumes at the SCM mine, and expand
production capacity at the Pani gold mine. The Group also aims to establish new partnerships for the development of HPAL and TB
Copper.
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Thank you investor.relations@merdekacoppergold.com www.merdekacoppergold.com Public Expose – March 2026
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