PT J Resources Asia Pasifik Tbk

Company Profile

SEPTEMBER
2016
Table
Table of
of contents
Contents
1. Company overview

2. Key investment highlights

3. Key growth strategies

4. Financial performance

5. Appendix:

A. Asset Overview

B. Income statement

C. Balance sheet

D. Cash flow statement

1
1. Company overview

2
Overview of J Resources

 We are an Indonesian owned gold producer

 We produce ~250,000oz per annum, derived mainly from our operating Indonesian assets
 We operate, mine and understand low grade-epithermal deposits and heap leach systems

Largest
Indonesian Listed  Listed on the Indonesia Stock Exchange in January 2012 as PT J Resources Asia Pasifik Tbk (“J
Gold Producer Resources” or the “Company”, PSAB IJ)
Company to  Total reserve of 1,968 Koz and total resources of 5,915 Koz as of Dec 2015
Date…

Balanced Set of  4 producing mines: Penjom (Malaysia), North Lanut (Sulawesi), Bakan (Sulawesi) and Seruyung (North
Kalimantan)
Assets – Key to
Our Growth  4 project pipeline: Pani and Doup in Development Stage, Bolangitang and Bulagidun in Exploration
Potential Phase with confirmed discoveries. All are in the Northern arm of Sulawesi

1 2 3 4 5 6 7 8

Penjom North Lanut Bakan Seruyung Pani Doup Bolangitang Bulagidun

Producing Mine Development Stage Exploration Stage

J-Resources is the #1 Largest Indonesian Listed Gold Producer Company1) and #2 Largest ASEAN Listed Gold
Producer
Note: 1) Market cap is IDR 9.79Tn (eq. US$ 736.8m) as of 31 Aug16
3
Corporate Structure

J Resources Mining Limited Public

92.5% 7.5%

PT J Resources Asia Pasifik

Others
Tbk. (the ”Company”)

98.9% 1.1%

PT J Resources
Nusantara

100% 80% 100% 100% 100%

J Resources Gold PT. J Resources Bolaang PT. Sago Prima PT. Arafura Surya
PT. Gorontalo Sejahtera Mining
(UK) Ltd. Mongondow Pratama Alam

Penjom Bakan North Lanut Seruyung Doup Pani Bulagidun Bolangitang

MC’s & ML’s 6th Generation Contract of Work IUP IUP 5th Generation Contract of Work

Malaysia Indonesia
Producing Mine Development Stage Exploration Stage
Note: Acquired from Avocet Mining PLC in June 2011
4
4 Management Team
Board of Commissioners
Christian Wijayanto AJ
President Commissioner
• 32 years of business experience
• Commissioner at PT Berau Coal (2006-2009)
• President Director at PT Berau Coal (2005-2006)
• Deputy President Director at PT Berau Coal (2004-2005)
Board of Directors
Jimmy Budiarto
President Director
• 16 years of industry experience
• Co-founder at J&Partners (2010-Present)
• Director at PT Bukit Makmur Widya (2009-2012)
• Vice President Director at PT Bukit Makmur Mandiri Utama
(2004-2007)
William Surnata
Director
• 30 years of industry experience
• Financial Director at PT Bukit Makmur Istindo (2004-2011)
• Deputy Regional Head at PT Bank Universal Tbk (1996-2003)
• Private Banking Division at PT Bank Bali Tbk (1986-1996)
Edi Permadi, Director
• 19 years of industry experience
• Director of External Relations at INCO (2006-2011)
• Manager of Employee & Industrial at INCO (2005-2006)
• Manager of Human Resources & Business Systems at INCO
(2004-2005)
Prof. Dr. Daud Silalahi
Independent Commissioner
• 32 years of business experience
• Environmental Advisor at PT Prasadha Pamunah Limba
(2008-Prseent)
• Environmental Advisor at PT Meares Soputan Mining (2006-
Present)
Budikwanto Kuesar
Director
• 41 years of industry experience
• President Director at PT Bukit Makmur Mandiri Utama (2009-
2012)
• Director at PT Bukit Makmur Mandiri Utama (2001-2009)
• Business Operation Director at PT Pamapersada Nusantara
(1992-2001)
Colin J. Davies
Independent Director
• 34 years of industry experience
• Chief Executive at Arasari Resources Group (2011)
• President Director at Laing O’Rourke Indonesia (2009-2010)
• GM, Strategic Planning at Leighton Contractors Indonesia
(2005-2008)
Adi Maryono
Vice President Exploration
• 27 years of industry experience
• VP, Business Development at Buena Group (2012-2013)
• General Manager Operations at Intrepid Mines (2010-2011)
• Exploration Manager SE Asia - Newmont Asia Pacific (2007-2010)
• Project Manager BHP Minerals (BHP Billiton, 1996-1999)
• Bsc in Geology, Msc in Minex, M-AIG, M-AusIMM, F-SEG, M-IAGI,
M-Perhapi
5
Milestones
2014 – PRODUCTION YEAR
 Bakan & Seruyung commenced commercial production
2012 – ESTABLISHMENT YEAR  2014 production of 223 Koz from 4 mines (Seruyung, Bakan, North Lanut & Penjom)
 Listed on IDX in January 2012  New experienced Geologist and Metallurgist team was on boarded
 Added more than 1 Moz of gold in new resources with a
major drilling campaign
 Completed feasibility and environmental studies for
Bakan and Seruyung

2015
2014
2013
2012

2011 2013 – DEVELOPMENT YEAR

Jun 2011 – CONSOLIDATION YEAR
 Acquired the gold portfolio of Avocet Mining mid-year
in Indonesia & Malaysia
 Inherited two producing assets with a combined
annual production of 100 Koz. * note from the Seller :
Lanut only last 1 year
 Indonesian licenses were close to expiry
 Obtained syndication loan of US$275m for Bakan &
Seruyung mines
 Fast-tracked development of Bakan & Seruyung
assets into production stage in one year
 J Resources becomes a signatory to the
International Cyanide Management Institute (ICMI)
Code
2015 – SUSTAINABILITY YEAR
 Seruyung & Bakan achieve signatory
status to the ICMI Code in January 2015
 Received ISO:14001 for all 4 producing
mines in May 2015
 Annual gold output 245Koz
 Obtained syndication loan of US$208.5m
on Feb’16 to develop existing 4 mines
and additional 4 mines (Pani,
Bolangitang, Bulagidun and Doup)

Jun Reserves = 493 Koz Au 2015 Reserves = 1,968 Koz Au

2011 Resources = 3,200 Koz Au Resources = 5,915 Koz Au

Source: Company Data

Note: The Mineral Reserve and Resource Estimates published in 2016 in accordance with the JORC 2012 Guidelines for Penjom, North Lanut, Bakan, Seruyung and Doup and the JORC 2004 Guidelines
for Pani.

6
Excellent Turnaround Story Post-Acquisition
Mining Rate Processing Rate Resources
(USD / Ton) (USD / Ton) (Koz)

3.1 14.0 5,915

1.9
3,200

3.8

Jun 2011 Jun 2016 Jun 2011 Jun 2016 Jun 2011 Dec 2015

Cash Cost(1) All-in Sustaining Cost(2) Discovery to Resource Cost Reserves

(USD / Oz) (USD / Oz) (Koz)
1,133
1,202 27.1
1,968

580 647
10.1
493

Jun 2011 Jun 2016 Jun 2011 Jun 2016 Jun 2011 Jun 2016 Jun 2011 Dec 2015

Pre-Acquisition Post-Acquisition / Current

Source: Company Data
(1) Cash Cost, including mining, processing, SGA and royalty costs
(2) All-In Sustaining Cost (World Gold Council)

Turnaround story post-acquisition, with significant continuous improvement in both operational efficiency and
sustainability of the assets
7
Assets Location
 The Company has a geographically diverse portfolio of assets across Malaysia and Indonesia.

PENJOM (100% Owned) BULAGIDUN (100% Owned) BOLANGITANG (100% Owned)

• Producing since 1996 • Exploration stage • Exploration stage
• Contract expiration: 2025 • Copper & gold • Gold & silver
• Reserve: 552Koz • Ex-BHP asset • Ex-BHP asset
• Resource: 1,306Koz
• Processing: Resin-in-Leach

NORTH LANUT (80% Owned)

• Producing since 2004
• Contract expiration: 2034
• Reserve: 157Koz MALAYSIA
• Resource: 452Koz
• Processing: Dynamic Heap
Leach Manado Office
• Ex-Newmont asset KL Office

BAKAN (80% Owned)

• Producing since Dec-2013
• Contract expiration: 2034
• Reserve: 745Koz
• Resource: 1,385Koz INDONESIA
• Processing: Dynamic Heap
Leach Jakarta Office
• Ex-Newmont asset

SERUYUNG (100% Owned)

• Producing since 2014 PANI (100% Owned) DOUP (100% Owned)
• Contract expiration: 2033 • Development stage • Development stage
• Reserve: 388Koz • Reserve: 126Koz • Resource: 1,821Koz
• Resource: 573Koz • Resource: 379Koz • Ex-Placer-Dome and
• Processing: Dynamic Heap • Ex-BHP asset BHP asset
Leach
• Ex-Indochina (Ivanhoe) asset

Producing Mine Development Stage Exploration Stage

Source: Company Data
Note: Reserve and Resource data as at Dec 2015

8
 Corporate Social Responsibility Initiatives

Education and Training Healthcare Services Welfare and Disaster Relief

 Education assistance by providing free

books for local society in Nunukan
 Provide training programs to youth and
families
 Build water treatment facility and
 Provide on-site training to youth and retaining wall
courses to villagers (95 participants
from 14 villages)  Social economic programs

 Provide site visits to
university students with workshops and
excursions (MGEI Goes to Campus
Program with the Gorontalo State
University)
 Free medical services
 Assistance in repairing healthcare
facilities
 Regular disinfection and fogging
 Provide food and necessities
(Mentoring Project Village in Doup)
 Provide aids and monetary assistance
 Disaster relief

9
1 Selected Multiple Awards and Certifications

Note: ISO Certification Note: ISO Certification Note: Safety Award

Note: MEMR (ESDM) Award Note: MEMR (ESDM) Award Note: MEMR (ESDM) Award Note: MEMR (ESDM) Award
10
2. Key Investment Highlights

11
Key Investment Highlights

Positive outlook for gold demand

1 - Positive gold demand outlook driven by China and India.

Experienced Management Team with proven track record

2 - Management team with significant experience in various top gold or mining companies

Proven Top Gold-Mining Operator

3 - Proven track record of efficient mining operation, achieving continuous improvement in Cash Cost
margin to 47.9% respectively in 2015

Well diversified assets with Substantial Growth Profile

4 - Production growth of ~245Koz in 2015, implying CAGR of 34% during 2012-2015 period
- Well diversified assets with 4 producing mines, 2 development-stage mines and 2 exploration-stage
mines

Sustainable strong growth strategy underpinned by increased reserves

5 replenishment
- Despite the strong growth of production, Reserves and Resources replenishment outperformed
production

Significant Upside from Resource to Reserve conversion

6 - Potential upside of resource-to-reserve ratio from 33.3% in Dec 2015 to industry mean of 45.1%, or c. 2,668.1
Koz worth of Reserves

Significant reserves & resources and well diversified across 8 mine-sites in Southeast Asia
7 - As of Dec 2015, J Resources has total Reserves and Resources of 2Mox and 6Moz respectively, well spread across its
8 mines

12
1 Positive outlook for gold

… Led by China and India Which Account for Over 40% of the
Gold Demand Expected to Grow.. World Gold Demand (2015 Total Gold Demand)

6,000 Demand is expected to outpace supply from

China
2016F onwards
5,500 22%

5,000
4,500 Rest of World
42%
4,000
3,500 India
21%
3,000
2,500
Middle East Europe ex CIS
2,000 7% 8%
2007 2009 2011 2013 2015 2017F 2019F
Supply Demand Source: World Gold Council (Dec 2015)

Source: World Gold Council (30Jun16)

Gold demand

As of Dec 2012 (5yr average) As of Jun 2016 (5yr average)  China has the largest demand for gold with 22% of total
ETF, Central ETF, Central Banks demand, followed by India with 21%.
Jewellery Jewellery
Banks & Others & Others
49% 52%
12% 11%
 Jewellery still accounts as the top gold demand driver
Bar and Coin
Bar and Coin
29%
28%

Technology
Technology
8%
11%

Jewellery Technology Bar and Coin ETF, Central Banks & Others

Source: World Gold Council (30Jun16)

13
2 Experienced management team with proven track record
Board of Directors
Jimmy Budiarto
President Director
• 16 years of industry experience
• Co-founder at J&Partners (2010-Present)
• Director at PT Bukit Makmur Widya (2009-2012)
• Vice President Director at PT Bukit Makmur Mandiri Utama
(2004-2007)
William Surnata
Director
• 30 years of industry experience
• Financial Director at PT Bukit Makmur Istindo (2004-2011)
• Deputy Regional Head at PT Bank Universal Tbk (1996-2003)
• Private Banking Division at PT Bank Bali Tbk (1986-1996)
Edi Permadi, Director
• 19 years of industry experience
• Director of External Relations at INCO (2006-2011)
• Manager of Employee & Industrial at INCO (2005-2006)
• Manager of Human Resources & Business Systems at INCO
(2004-2005)
Experienced Management Team with solid track record, a combined of 167 years of experience in various top
companies in gold / metal mining industry.
Budikwanto Kuesar
Director
• 41 years of industry experience
• President Director at PT Bukit Makmur Mandiri Utama (2009-
2012)
• Director at PT Bukit Makmur Mandiri Utama (2001-2009)
• Business Operation Director at PT Pamapersada Nusantara
(1992-2001)
Colin J. Davies
Independent Director
• 34 years of industry experience
• Chief Executive at Arasari Resources Group (2011)
• President Director at Laing O’Rourke Indonesia (2009-2010)
• GM, Strategic Planning at Leighton Contractors Indonesia (2005-
2008)
Adi Maryono
Vice President Exploration
• 27 years of industry experience
• VP, Business Development at Buena Group (2012-2013)
• General Manager Operations at Intrepid Mines (2010-2011)
• Exploration Manager SE Asia - Newmont Asia Pacific (2007-
2010)
• Project Manager BHP Minerals (BHP Billiton, 1996-1999)
• Bsc in Geology, Msc in Minex, M-AIG, M-AusIMM, F-SEG, M-
IAGI, M-Perhapi
14
3 Top gold-mining operator

Gold Production Revenue and Growth

(Koz) (US$’000)

245 280,174 286,591

223

128 149,291
98 120,429
66 77,871

2013A 2014A 2015A 1H2015 1H2016 2013A 2014A 2015A 1H2015 1H2016

Cash Cost(1), AISC(2), Cash Cost Margin and AISC Margin (3) EBITDA and EBITDA Margin
(US$ /oz) (US$’000, %)

76.8% 52.6%
51.2% 49.3%
46.5%
73.4% 59.3%
56.6%
52.6% 53.4%
1,182 146,683
1,054 22.5%
130,281
53.5%
760 48.9% 48.9% 47.9%
678 637 647
570 592 635 580 73,571
63,348

17,535

2013A 2014A 2015A 1H2015 1H2016 2013A 2014A 2015A 1H2015 1H2016
Cash cost AISC Cash Cost Margin AISC Margin EBITDA EBITDA Margin
Source: Company Data
(1) Cash Cost, including mining, processing, SGA and royalty costs
(2) All-In Sustaining Cost (World Gold Council) 15
(3) Cash Cost / AISC Margin is calculated by dividing Cash Cost / AISC with Average Selling Price.
Table ofcost
3 2. Cash contents
significantly improve margin…

Average Selling Price vs Cash Cost Trend

(US$ / Oz)

1,800

1,600

1,400

1,200
72%87%
AISC:

1,000 Cash Cost:

80%

800

600
AISC: 53% Cash Cost:
400 48%

200

-
2H-2011 1H-2012 2H-2012 1H-2013 2H-2013 1H-2014 2H-2014 1H-2015 2H-2015 1H-2016
Source: Company Data

Average Selling Price AISC Cash Cost

Cash Cost / AISC Margin improvement from 80% / 87% in 1H13 to 48% / 53% in 1H16 respectively
16
4 3. Diversified assets with attractive growth trajectory

Production History

(Koz) 101 67 223 245 98

34% CAGR 2012A – 2015A

93% CAGR 2013A – 2015A
78.0
85.4

73.0 126.0
45.1 36.4
28.8 15.0
56.2 49.9 36.0 4.0 47.6
36.6 14.3
2012A 2013A 2014A 2015A 1H2016
Penjom North Lanut Bakan Seruyung
Source: Company Data, as of June 2016.

 The leap in revenue in 2014 was supported by the first full-year operations of the Company’s two mines, located in Bakan and Seruyung. In 2015,
Bakan mine delivered a world-class performance for a low-grade heap leach mine producing 126Koz in 2015.
 Additional productions expected from newly developed Pani, Doup, Bulagidun and Bolangitang mines.

Diversified assets portfolio

1 2 3 4 5 6 7 8

Penjom North Lanut Bakan Seruyung Pani Doup Bolangitang Bulagidun

Producing Mine Development Stage Exploration Stage

 Diversified assets with annual production of ~245Koz per annum as of Dec 2015
 Pipeline of 8 assets strategically spread across mining and exploration, with 4 producing assets: Penjom, North Lanut, Bakan and Seruyung.
 Future growth secured with 2 near-development projects at Pani and Doup
 Greenfield exploration upside at Bolangitang and Bulagidun

Diversified assets of 8 mines with attractive CAGR of 93% from 2013A to 2015A
17
5 6. Total reserves continue to grow…

Continuous production growth…

(Koz)
1,968

493
(50)
(101) (67)
(223)
(245)
Jun-11 Jul-Dec 2011 2012 2013 2014 2015 2015
Reserve Production

…Without depleting Reserves…

(Koz)

1,968
1,814

1,204
893 929

493

Jun-11 Dec-11 2012 2013 2014 2015

Source: Company Data

Post being acquired from Avocet, the rate of Reserves replenishment of the combined assets have been higher
than the rate of its annual production, resulting an increase in the Reserves
18
5 6. Total resources continue to grow…

Resource continues to grow…

(Koz)

5,916
5,144

3,940 4,129

2012 2013 2014 2015

… while improving Resource Discovery Cost

(US$ / Oz)
60.00
1,237,787
53.89
1,011,850 50.00
953,314
40.00

30.00
27.08 18.27 20.00
256,957 10.13
10.00

-
2012 2013 2014 2015
Additional Resource (Oz) Resource Discovery Cost (US$ / Oz)
Source: Company Data

Resources replenishment have been consistently done in a prudent and cost effective manner, as shown by the
improvement of the Resources Discovery cost
19
6 5. Strong and high potential in Resource-to-Reserve
conversion
Growth Strategy
Gold reserves (Koz)

Reserve-to
Resource 15% 29% 24% 29% 35% 33%
Ratio (%)

5,916
5,144

3,940 4,129
3,199 3,088

1,814 1,968
893 929 1,204
493

49 96 101 67 223 245

Jun-11 Dec-11 2012 2013 2014 2015

Source: Company Data

Mineral Resources Ore Reserves Production

Reserve-to-Resource ratio
FY2015 Reserve-to-Resource ratio (%)

76.6%
63.8%
55.3% 58.1%
47.8% 50.6% 53.0%
46.3%
Mean: 45.1% 37.7% 39.3% 41.7% 42.0%

25.5% 27.7% 33.3%

22.9%

Yamana Gold IAMGOLD Alamos Gold J Resources Agnico-Eagle SEMAFO Tahoe Goldcorp Barrick Gold Alacer Gold Kinross Gold Eldorado Centerra Gold Newmont New Gold Detour Gold
Mines Resources Gold Mining
Source: Company Data, BofA Merrill Lynch Report (21Aug16)

Potential upside of resource-to-reserve ratio from 33.3% in Dec 2015 to industry mean of 45.1% or c. 2,668.1 Koz
worth of Reserves
20
7 4. Significant
Reserve andandResources
well-diversifiedHighlights
reserves & resources
balance across 8 mine-sites in Southeast Asia
Mineral / Ore Reserves Country Tonnes (FY15) Grade (FY15) Metal (FY15) Production (FY15)

Project Location Mt g/t Au Koz Au Koz Au

Bakan North Sulawesi 34.2 0.68 745 126

Penjom Pahang 9.6 1.78 552 36

Seruyung North Kalimantan 16.7 0.72 388 78

North Lanut North Sulawesi 3.5 1.41 157 4

Pani North Sulawesi 2.6 1.50 126 -

Total ore reserves 66.6 0.92 1,968 245

Life of Mine 8 years

Mineral Resources Reserve to Resource

(including ore reserves) Location Tonnes Grade Metal Ratio (%)

Doup North Sulawesi 53.3 1.06 1,821 -

Bakan North Sulawesi 81.5 0.53 1,385 53.8%

Penjom Pahang 30.8 1.32 1,306 42.3%

Seruyung North Kalimantan 34.4 0.52 573 67.7%

North Lanut North Sulawesi 12.6 1.10 452 34.7%

Pani North Sulawesi 9.2 1.28 379 33.2%

Total 221.8 0.84 5.915 33.3%

Note: 2015 ore reserves are reported to JORC 2012 & KCMI 2011 codes using a gold price of US$1,200 / oz with exception of Pani
2015 ore reserves for Pani (Ilota – Nanas) are reported to JORC 2004 & KCMI 2011 codes using gold price of US$1,200 / oz
2015 mineral resources are reported to JORC 2012 & KCMI 2011 codes for Bakan, North Lanut, Seruyung, Penjom & Doup
2015 mineral resources for Pani are reported to JORC 2004 & KCMI 2011 codes as no new drilling was undertaken
All reserves & resource numbers are reported post 2015 production depletion. Cut-off grades for each individual deposit vary between 0.20 & 0.50 g/t Au depending on the model

Conservative Gold Price approach at a US$1,200/oz, the JORC outcome still results in significant total
reserves of ~2MOz and resources of ~6MOz as of Dec 2015 21
3. Key growth strategies

22
Growth strategy – Becoming a world-class
mining company

1
Continue to Optimize 2 Bring Development
Producing Assets Assets Into Production

Value Accretive Acquisitions Grow Reserve Base

in Indonesia and the Through Resource
rest of Southeast Asia Conversion & Discovery

23
Table of contents
1 2. Operational Cost Efficiency

Mining Rate Trend

(US$ / Ton)

7.0
6.0
5.0
4.0
3.0
2.0
1.0
-
2H-2011 1H-2012 2H-2012 1H-2013 2H-2013 1H-2014 2H-2014 1H-2015 2H-2015 1H-2016
Total 3.1 2.5 2.0 2.3 2.3 2.0 2.3 2.1 2.1 1.9
Indonesia 6.3 4.5 3.0 4.0 4.2 2.9 3.3 2.4 2.3 2.0
Malaysia 2.5 2.0 1.7 1.3 1.6 1.5 1.5 1.4 1.4 1.1
Source: Company Data

Processing Rate Trend

(US$ / Ton)

25.0

20.0

15.0

10.0

5.0

-
2H-2011 1H-2012 2H-2012 1H-2013 2H-2013 1H-2014 2H-2014 1H-2015 2H-2015 1H-2016
Total 14.0 11.3 9.0 12.3 9.1 6.0 5.8 5.0 4.8 3.8
Indonesia 10.0 7.4 5.7 8.6 6.6 4.7 4.4 3.5 3.4 2.7
Malaysia 20.3 20.1 21.2 21.4 16.9 15.0 15.1 17.3 10.0 8.6
Source: Company Data

24
 1 Reserve
Dynamic Heap
andLeach Processing
Resources Highlights

The First Dynamic Heap Leach Processing in South East Asia

Leach pad Solution Management

operational &
management
Re-ploughing

Shorter Leaching
Cycle

Ore Sizing

Operational Efficiency Achievement

Reduce leaching cycle from 90days to 50days

Increase recovery rate by 10%

Reduce CN consumption by 40%

Increase leach pad productivity

25
 1 ESRM Management Process

Local ESRM Management International ESRM Management

International Cyanide Management Institute –

Indonesia Malaysia
ICMI Code

 Implemented an integrated EHS management system comprising  All 4 mine sites (Lanut, Bakan, Seruyung, Penjom) have been pre-
of standard operating procedures that are both ISO14001, OHSAS audited by an independent third party against the requirements of
18001 and ICMC compliant the ICMI code
 All waste management systems comply with both Indonesian and
Malaysian legal requirements, Hazardous waste is handled and  We have been a Signatory since 2013
treated by certified 3rd parties  Certification is scheduled for 2017 at Bakan & Seruyung sites
 All 3 mines in Indonesia are compliant with AMDAL (Environmental
Impact Assessment) requirements
 Legally required for businesses with
 environmental impacts and serves as the Audit Bodies and International Certification
 minimum environmental requirement
 Additional Legal Permits as required have
 all been obtained  The Company’s environmental management
systems are in full compliance with all the
 The Malaysian mine is in full compliance with the Malaysian requirements of ISO 14001 (audited by DQS(1))
environmental and legal requirements and we have been certified since 31st May 2015
 The Company is required to submit environmental reports on a
quarterly and annual basis
 The Company’s OHS management systems are in
 The Company is in full compliance with all permit and license
full compliance with all the requirements of
requirements to operate in both Indonesia and Malaysia
OHSAS 18001 (audited by SGS(2)) and we have
 All Monthly, Quarterly and Annual Reports required by government been certified since 1st May 2016
regulations have been submitted
 Compliant with legal requirements for annually approved Source: Company.
RKL/RPL(1) work plans and ongoing mine rehabilitation (1) DQS Holding GmbH based in Frankfurt am Main is the holding company of the worldwide DQS Group.
The group provides assessments and certifications of management systems and processes of any type.
 Mine Closure (RPT(2)) and Rehabilitation (RR(3)) requirements are (2) SGS is the world's leading inspection, verification, testing and certification company.

included in the existing AMDALs and the Mine Plans

Source: Company.
(1) RKL stands for Environmental Management Plan and RPL stands for Environmental Monitoring Plan.
(2) RPT stands for Mine Closure Plan.
(3) RR stands for Rehabilitation Plan
26
 1 Reserve
2 Optimizing Producing AssetsHighlights
and Resources and Turning Development
Assets into Producing Assets

Penjom Mine – Upside Expansion

Reserves & Resources (December 2015)
 JORC (2012 Code) Reserves
 9.6Mt @ 1.78g/t Au for 552Koz Au
 JORC (2012 Code) Resources
 30.8Mt @ 1.32g/t Au for 1,306Koz Au
 Current life of mine can be expanded at Kalampong Hill-5, Hill-
4S4 and Bukit Anugrah and thereafter there is further potential at
Bukit Anugrah North along strike.
 Exploration targets also exist at Kurnia and Mobia that are within
trucking distance to the process plant.
 Generative work is also reviewing a number of other prospects
with the licence areas and beyond.
 Recently obtained a license for new mining area: Terengun
(Bukit Berkah)

Project Pipeline

Note: A,B, C,D: Surrounding Target

Source: Company / Bubble size reflects current resource potential.

27
 1 Reserve
2 Optimizing Producing AssetsHighlights
and Resources and Turning Development
Assets into Producing Assets

North Lanut Mine – Upside Expansion

Reserves & Resources (December 2015)  Sulfide processing is ongoing to extend Lanut’s mine life.
 JORC (2012 Code) Reserves  Exploration targets also exist at Talugon, Badaro and Atoga, all
within trucking distance to the process plant.
 3.5Mt @ 1.41g/t Au for 157Koz Au
 Generative work is also reviewing a number of other significant
 JORC (2012 Code) Resources prospects with the Lanut Block as part of a review of the JRBM
 12.6Mt @ 1.10g/t Au for 452Koz Au Contract of Work

Project Pipeline

Source: Company / Bubble size reflects current resource potential.

28
 1 Reserve
2 Optimizing Producing AssetsHighlights
and Resources and Turning Development
Assets into Producing Assets (Cont’d)

Bakan Mine – Upside Expansion

Reserves & Resources (December 2015)  There is significant potential at the Main Ridge, Campsite, Berkah,
 JORC (2012 Code) Reserves Busa and Vila to add to current life of mine.
 34.2Mt @ 0.68g/t Au for 745Koz Au  Exploration targets also exist at Gunung Botak, Jalina and Tapagale
all within trucking distance to the process plant.
 JORC (2012 Code) Resources
 Generative work is also reviewing a number of other significant
 81.5Mt @ 0.53g/t Au for 1,385Koz Au prospects with the Bakan Block including the Southern Gosan and
others (Gloria, Pusian & Lantungan).

Project Pipeline

Source: Company / Bubble size reflects current resource potential.

29
 1 Reserve
2 Optimizing Producing AssetsHighlights
and Resources and Turning Development
Assets into Producing Assets (Cont’d)

Seruyung Mine – Upside Expansion

Reserves & Resources (December 2015)  There is significant potential to build current resources at Ada
 JORC (2012 Code) Reserves Raye, Southern Area and the Northern Colluvium.

 16.7Mt @ 0.72g/t Au for 388Koz Au  Exploration targets also exist at West Dulun (5km) and Ada
Isut that should extend the current life of mine.
 JORC (2012 Code) Resources
 Generative work is also in progress on the porphyry potential
 34.4Mt @ 0.52g/t Au for 573Koz Au
Southern Area beneath the current epithermal system.

Project Pipeline

Source: Company / Bubble size reflects current resource potential.

30
2 Reserve
Turning Development Assets into Producing
and Resources HighlightsAssets

Pani – Development Project Doup – Development Project

Pani – Reserves and Resources Doup – Reserves and Resources

 JORC Reserves
 JORC (2004 Code) Reserves
 None, ongoing drilling
 2.6Mt @ 1.50g/t Au for 126Koz Au
 JORC (2012 Code) Resources
 JORC (2004 Code) Resources
 53.3Mt @ 1.06g/t Au for 1,821Koz Au (0.5g/t Au cog)
 9.2Mt @ 1.28g/t Au for 379Koz Au (0.5g/t Au cog)

Pani – Event Timeline Doup – Event Timeline

Definitive Drill Program Expansion Drill Program

Metallurgical Test Work Metallurgical Test Work

Revised Feasibility Study Revised Feasibility Study

Final Design Works Final Design Works

Construction Program Construction Program

Pilot Production Pilot Production

Commercial Production Commercial Production

2015 2016 2017 2018 2019 2016 2017 2018 2019 2020
31
2 Reserve
Turning Development Assets into Producing
and Resources HighlightsAssets (Cont’d)

Bolangitang – Exploration Project Bulagidun – Exploration Project

Bolangitang – Reserves and Resources Bulagidun – Reserves and Resources

 JORC Reserves  JORC Reserves
 None, exploration target  None, exploration target
 Non-JORC Resources  Non-JORC Resources

 Open to the south under recent cover material  Very large under-explored porphyry Cu-Au system
 Potential for parallel structures…  Generative work ongoing…

Bolangitang – Event Timeline (Subject to Results) Bulagidun – Event Timeline (Subject to Results)

Follow-up Exploration Follow-up Exploration

Program Program

Follow-up Drilling Program Follow-up Drilling Program

Definitive Drilling Program Definitive Drilling Program

Metallurgical Test Work Metallurgical Test Work

2017 2018 2019 2020 2021 2018 2019 2020 2021 2022

32
3 Grow Reserve Base Through Resource Conversion and
Discovery

 Discovery of new resources from known prospects which are of sufficient size to warrant further investment
 Resource identification and conversion via drilling in existing license areas
− Brownfield upside at existing operating mines
− Greenfield potential in currently held exploration blocks
 Targeting to hold consistent reserves to resources ratio
 Focusing on development of oxide ore and high grade non-oxide ore for sustainability
 Expansion to intrusive related gold copper deposit for long term growth
 Aiming for 10 years life of mine reserve balance

4 Value Accretive Acquisitions in Indonesia and Southeast Asia

 Targeting assets that are at or near development phase with attractive economics and exploration upside
 Focus on assets within Indonesia with Southeast Asia as potential new territories
 Has dedicated Exploration Department and New Business Development team that rank potential targets

Leading Gold
+ Producer in
Southeast Asia
Mining Assets Southeast Asia

33
4. Financial performance

34
Strong financial performance

Gold Production Revenue and Growth

(Koz) (US$’000)

245 280,174 286,591

223

128 149,291
98 120,429
66 77,871

2013A 2014A 2015A 1H2015 1H2016 2013A 2014A 2015A 1H2015 1H2016

Cash Cost(1), AISC(2), Cash Cost Margin and AISC Margin (3) EBITDA and EBITDA Margin
(US$ /oz) (US$’000, %)

76.8% 52.6%
51.2% 49.3%
46.5%
73.4% 59.3%
56.6%
52.6% 53.4%
1,182 146,683
1,054 22.5%
130,281
53.5%
760 48.9% 48.9% 47.9%
678 637 647
570 592 635 580 73,571
63,348

17,535

2013A 2014A 2015A 1H2015 1H2016 2013A 2014A 2015A 1H2015 1H2016

Cash cost AISC Cash Cost Margin AISC Margin EBITDA EBITDA Margin
Source: Company Data
(1) Cash Cost, including mining, processing, SGA and royalty costs
(2) All-In Sustaining Cost, including (World Gold Council) 35
(3) Cash Cost / AISC Margin is calculated by dividing Cash Cost / AISC with Average Selling Price.
Strong debt repayment capacity and
capital structure
Total Debt/EBITDA and Net Debt/EBITDA Total Debt/Equity and Net Debt/Equity
23.12x
21.59x
1.56x
1.45x 1.39x 1.35x

1.05x 1.03x 1.00x 0.94x

3.05x 2.97x 2.28x 2.24x 2.60x 2.45x

2013A 2014A 2015A 1H2016 2013A 2014A 2015A 1H2016

(annualized)
Total Debt / EBITDA Net Debt / EBITDA Total Debt/Equity Net Debt/Equity

EBITDA/Interest Expense Debt Maturity Profile

(in USD million)
5.18x 5.36x
4.62x

43
19
46
46 46

0.68x
20
14
3 8
1 0.06
2013A 2014A 2015A 1H2016 2016E 2017E 2018E 2019E 2020E 2021E
EBITDA/Interest Expense (annualized) Heavy Equipment Financing Syndication Loan
Source : Company Data. Note : Debt maturity profile to exclude third party loan and short-term bank loans

36
6. Appendix
A. Asset Overview
B. Income statement
C. Balance sheet
D. Cash flow

37
Penjom Mine – Operation Overview

Key Highlights Geology

Type of Contract
Contract Expiration
Production Capacity
(tonnes/year)
Ore Reserves (metric tonnes)
Mining Certificate (“MC”)  Penjom is part of the Central Gold (and Base Metal) Belt of
2025
Malaysia, where most of the gold occurrence is found, it is bounded
by the Raub-Bentong Suture on the west and the Lebir lineament on
the east. The area is well known for its precious and base metal
1,400,000
deposits and the geology is considered well understood.
9,600,000

Gold Reserves (Au oz) 552,000

Reserves and Resources

Average Grade (g/t Au) 1.78  The Penjom block comprises of 4 primary deposits (Anugerah,
Kalampong and Manik) which contains a combined JORC compliant
2% net smelter return and 5% based on resource of 9.6MT with gold grade of 1.78g/t (552Kozs of gold),
Royalties (%)
gazetted gold price based on work completed by SRSB in Dec 2015.
Location Pahang, Malaysia

 Penjom has been in operation since 1996 and is the longest gold
mining operation Malaysia. The project has been a model mine for
visiting mining professionals and students for years. 2P
JRN Stake Reserves Grade Metal
 The mine uses a VAT (tank) leach system which is suitable for Asset (%) (MT) (g/mt) (Kozs)
orogenic, medium-grade sulphide ore. The initial CIL process
method was later modified to RIL to neutralize active carbon. Penjom 100% 9.62 1.78 551.9
 Recently obtained a license for new mining area: Terengun
Stockpile 100.0% 2.24 0.90 65.2
(Bukit Berkah)
Kelampong 100.0% 7.38 2.05 486.7

Source: Company Data

38
Penjom Mine – Infrastructure

Facility Description

Mine pit  Design parameters are in line and/or more conservative compared to gold industry standards and practices.

 The 2.2MT stockpiles is located at the eastern side of the Kalampong Pit with average haul distance of 2.5km.
Stockpile Ore is divided by grade into 1) Low grade (0.5–1.0g/t), Medium-grade (1.0–2.0g/t), and 3) High-grade/ROM
(>2.0g/t). All ore types are further sub divided into low (<0.5% carbon content) and high carbon.

Excavator  6 unit 90t class exacators (CAT 390 DL) with 2 unit 55t class off highway haul trucks (CAT 773)

 Grinding circuits: Ore from the ROM stockpile is delivered to a Primary Jaw Crusher using a front end loader.
Thereafter to a series of grinding circuits which includes 2 SAG mills and 2 Ball Mills, and a series of Knelson
separators, resulting in 80% of -75 micron size materials for gold processing. The circuit can process up to
Processing plant 190mtph (c.1.4MTPA)
 Concentrator: utilizes a conventional Carbon In Leach (“CIL”) system, with small modifications – resin is used in
place of carbon and kerosene is used to neutralize the pregrobing carbon before the slurry goes into the
absorption circuit.

 Tailings from the processing plant is detoxified then discharged to the TSF. Drainage pump, detoxification, and
Tailing Storage Facility
discharge are monitored on a 2 hourly basis. Moreover, the TSF is inspected and approved annually by
(“TSF”)
government inspectors.

 The mine site has a 3km all-weather access road west of the state highway connecting Kuala Lumpur to Kota
Roads and support Bharu. Electricity is sufficiently provided for by the national grid. AC3 Processing water is recycled from the TSF,
other water are supplied by the local creeks. Local mobile signal and internet access are considered good.

39
North Lanut Mine – Operation Overview

Key Highlights Geology

Type of Contract
Contract Expiration
Production Capacity (tonnes/year)
Ore Reserves (metric tonnes)
Gold Reserves (Au oz)
Average Grade (g/t Au)
COW  Lanut is part of the North Sulawesi volcano-plutonic arc, where
2034
magmatism is still active as evidenced by Gunung Ambang, an
active volcano 10km northwest of Riska, roughly along the Lanut
1,200,000 Corridor. The site topography elevation ranges from 750m to 1050m
above sea level with the surrounding hills rising to 1,500 m: such that
3,500,000
all of the operating areas are contained within a bowl-like structure
157,000 that features a series of natural watercourses which drain the bowl
naturally.
1.41

Royalties (US$/kg on gold produced) 225 Reserves and Resources

Location North Sulawesi, Indonesia
 The Lanut block is from Riska desposit, which contains a combined
JORC compliant reserve of 3.5MT with gold grade of 1.41g/t
(157Kozs of gold), based on work completed by JRN and reviewed
 North Lanut has been in operation since 2004 and is the longest by Optiro in December 2015.
serving heap leach mine in Indonesia. The project has been a model
mine for training national mining engineers
 The mine utilised a static heap leach system which is suitable for
high sulphidation, epithermal, low-grade oxide ore but many pads
2P
have been retreated in recent years to improve efficiency
JRN Stake Reserves Grade Metal
Asset (%) (MT) (g/mt) (Kozs)

North Lanut 80% 3.48 1.41 157.4

Stockpile 80.0% - - -

Riska 80.0% 3.48 1.41 157.4

Source: Company Data

40
North Lanut Mine – Infrastructure

Facility Description

Mine pit  Design parameters are focused on the existing low stripping ratio areas at Riska, Rasik and Ayam Putih

 Blasted material to be removed by 45t class excavators with 30t class small rigid dump truck
 1 Excavator CAT 345, fleet capacity is up to 1.35MTPA of material removal, 5,500 effective working hours per
Excavator
year per truck
 Waste dump locations are in Effendi, Rasik and Ayam Putih Block with average haul distances of approx. 2.0km

 Ore hauled to heap leach pads segregated into cells with capacity 5-20KT. Leaching process uses 0.03% cyanide
over 24 hr/day for 30-35 days for Oxide ore, 35-40 days for Transition ore and 35-40 days for Sulphide ore
Processing plant  Concentrator: utilizes a conventional Carbon In Leach (“CIL”) system, with small modifications – resin is used in
place of carbon and kerosene is used to neutralize the pregrobing carbon before the slurry goes into the
absorption circuit.

 The mine site is approximately 30km from the state road connecting Kotombagu to Lanut. Electricity is provided
Roads and support by on site diesel generator, and water is taken from pit run off areas and local creek. Local mobile signal and
internet access considered good.

41
Bakan Mine – Operation Overview

Key Highlights Geology

Type of Contract COW  The Bakan area is part of Bukit Balang, which has steep slopes and
Contract Expiration 2034
experiences over 300m of relief height differences.
 The area topography is hilly with many shallow valley ranges from
Production Capacity (tonnes/year) 4,000,000
350 – 800 m above sea level. The main existing watercourse is the
Ore Reserves (metric tonnes) 34,200,000 Dumagin River..
Gold Reserves (Au oz) 745,000
Reserves and Resources
Average Grade (g/t Au) 0.68
 The Bakan block comprises of 5 primary deposits (Durian, Osela,
Royalties (US$/kg on gold South Osela, Mine Ridge, and Camp Site) which contains a
225
produced) combined JORC compliant reserve of 34.2MT with gold grade of
Location North Sulawesi, Indonesia 0.68g/t (745Kozs of gold), based on work completed by JRN and
reviewed by Optiro in December 2015.
 Bakan achieved initial production in Dec-13 having been built in just
24 months under extreme wet weather conditions that challenged
both the construction and development teams.
 The mine utilises dynamic heap leach technology which is suitable
2P
for high sulphidation, epithermal, low-grade oxide ore and is the
JRN Stake Reserves Grade Metal
second lowest cash cost producer in the portfolio.
Asset (%) (MT) (g/mt) (Kozs)

Bakan 80% 34.16 0.68 744.6

Stockpile 80.0% 0.31 1.38 13.7

Durian 80.0% 5.02 0.94 152.1

Osela 80.0% 5.35 0.80 137.2

South Osela 80.0% 2.15 0.54 37.2

Mine Ridge 80.0% 17.14 0.49 269.2

Campsite 80.0% 4.19 1.00 135.1

Source: Company Data
42
Bakan Mine – Infrastructure

Facility Description

Mine pit  Design parameters are in line and/or more conservative compared to gold industry standards and practices.

Stockpile  The 0.3MT stockpiles comprises of 2 type of ores, oxide (100kt, 1.1gpt), transition (200kt, 1.5gpt)

 40t class excavators matched with 40t class articulate dump trucks and 30t rigid dump trucks
Excavator
 8 Excavator EC 480 DL with total capacity of 14.85MTPA and 5,500 effective working hours per truck per year

 Ore is divided based on oxidation degree before being crushed into 12.5-40mm of size using a 350tph crusher.
Processing plant  Utilizes a Dynamic Heapleach ("Dynamic HLP") system, where ore is crushed to P80-25 ml and mixed with lime
to reach stable ph>10 and stacked for placement on leachpad. 300ppm Cyanide watering will be undertaken from
sprinklers in span of 30-35 days for Oxide ore, 35-40 days for Transition ore and 35-40 days for Sulphide ore.

 The mine site is approximately 45km from the state road connecting Kotombagu to Bakan. Electricity is provided
Roads and support by on site diesel generator, and water is taken from local creek and springs. Local mobile signal and internet
access considered good.

43
Seruyung Mine – Operation Overview

Key Highlights Geology

Type of Contract IUP  Gunung Seruyung has steep slopes, a common feature attributed to
Contract Expiration 2033
the erosion-resistant silica alteration. Minor elevated areas, up to 30
m high, are found east of Seruyung. These are mainly underlain by
Production Capacity andesitic lavas.
2,800,000
(tonnes/year)
 The area is generally flat and consisting low-lying swamp except for
Ore Reserves (metric tonnes) 16,700,000 the anomalous protrusion of Gunung Seruyung, Adah Isut and Dulun
Gunung. Seruyung rises to an elevation of 220m (ASL) while Adah
Gold Reserves (Au oz) 388,000
Isut and Dulun have peak elevations of about 105m. The swampy
Average Grade (g/t Au) 0.72 terrain is generally less than 10m (ASL).
Royalties (% on gold produced) 3.75% Reserves and Resources
Location North Kalimantan, Indonesia  The Seruyung block comprises of 3 primary deposits (Main Silica,
Northern Collowium, and Ade Raye) which contains a combined
 Seruyung achieved initial production in Jan-14 having been built in JORC compliant reserve of 16.7MT with gold grade of 0.72g/t
record time from first drilling to first gold pour in just 18 months. A (388Kozs of gold), based on work completed by JRN and reviewed
tribute to both the staff and the contractors. by Optiro in December 2015.
 The mine utilises dynamic heap leach technology which is suitable
for high sulphidation, epithermal, low-grade oxide ore and is the
lowest cash cost producer in the current portfolio. JRN Stake 2P Reserves Grade Metal
Asset (%) (MT) (g/mt) (Kozs)

Seruyung 100% 16.7 0.72 388.4

Stockpile 100% 0.003 1.36 0.1

Main Silica 100% 6.19 0.82 162.1

Western Breccia 100% 6.24 0.59 117.6

Northern Collovium 100% 1.23 0.68 27.0

Ade Raye 100% 3.04 0.83 81.6

Source: Company Data

44
Seruyung Mine – Infrastructure

Facility Description

Mine pit  Design parameters are in line and/or more conservative compared to gold industry standards and practices

 The 3.2KT stockpiles is primarily used for stocking oxide clayey material which should be blended by hard
Stockpile
materials.

 Ore is divided based on oxidation degree before being crushed into 12.5-40mm of size using a 250tph crusher.
 Utilizes a Dynamic Heapleach ("Dynamic HLP") system, where ore is crushed to P80-25 ml and mixed with lime
Processing plant to reach stable ph>10 and stacked for placement on leachpad. 300ppm Cyanide watering will be undertaken from
sprinklers in span of 30-35 days for Oxide ore, 35-40 days for Transition ore and 35-40 days for Sulphide ore.
Dynamic pads will achieve optimum possible recovery of up to 86% with less cyanide consumption

 50-90t class excavator fleets with 40t class articulated dump trucks and 55t class off highway dump trucks,
combined with 30t rigid dump trucks
Excavators
 2 Excavator CAT 390DL, total capacity of 8.91MTPA, 5,500 effective working hours per year per truck
 3 Excavator EC 480 DL, total capacity of 5.57MTPA, 5,500 effective working hours per year per

 The mine site is accessed using a 1.5 hour river access by boat westward from Nunukan. Electricity is sufficiently
Roads and support provided for by on site diesel power generation. Most of process water is taken from a local creek and rainwater
dam. Local mobile signal and internet access are considered good.

45
 Income statement
(in '000s USD)

Income Statement 2013 2014 2015 1H 2015 1H 2016

Average Selling Price (US$/oz) 1,412.0 1,266.5 1,165.5 1,210.3 1,211.2

Cash Cost (US$/oz) 1,054.0 677.5 570.5 592.0 580.0

Gold Production (oz) 66,957.0 223,305.0 244,850.0 127,991.0 98,358.0

Penjom 36,635.0 49,931.0 36,232.0 19,618.0 14,344.0
Lanut and Bakan 30,322.0 87,986.0 130,569.0 64,582.0 47,589.0
Seruyung – 85,388.0 78,049.0 43,791.0 36,425.0

Revenue 77,871.0 280,174.0 286,591.0 149,291.7 120,429.0

Gross Profit 3,260.0 129,425.0 148,966.0 76,508.4 69,530.0
Gross Margin (%) 4.2% 46.2% 52.0% 51.2% 57.7%
SG&A (31,808.0) (44,003.0) (47,706.0) (20,267.4) (23,463.3)
EBIT (28,548.0) 85,422.0 101,260.0 56,241.0 46,066.7
EBIT Margin (0.4) 0.3 0.4 0.4 0.4
Interest Income 225.0 384.9 416.4 212.9 217.7
Amortization and write-off (15,494.0) (16,320.0) (19,442.0) (9,261.6) (5,768.4)
Share in net loss of a joint venture – (20.0) – – –
Gain (Loss) on sale of PPE (1,553.0) (39.6) 1.7 – –
Interest Expense (25,639.0) (28,172.0) (28,315.0) (12,862.8) (11,829.3)
Income from settlement of commodity derivative insrument 29,500.0 – – – –
Share in net income of a disposed subsidiary 408.0 – – – –
Others - Net 2,204.0 4,313.5 3,850.0 (2,975.2) (8,619.8)

Profit Before Tax (38,897.0) 45,569.0 57,771.1 31,354.2 20,066.8

Net Tax Expense 12,573.0 (19,690.8) 26,497.0 (10,342.0) (8,281.3)

Net Income (26,324.0) 25,878.0 31,274.1 21,012.2 11,785.4

Net Margin (%) (33.8%) 9.2% 10.9% 14.1% 9.8%
Translation Adjustment 2.0 – – – –
Non-Controlling Interest (2,130.0) 2,882.0 7,056.0 2,684.6 3,031.5
Net Profit to Owners of the Company (24,193.0) 22,996.0 24,218.0 18,327.4 8,754.3

EBITDA 17,535.0 130,281.0 146,683.0 73,571.0 63,348.0

EBITDA margin 22.5% 46.5% 51.2% 49.3% 52.6%

46
Balance sheet
(in '000s USD)

Balance Sheet Full Year 2,013 2,014 2,015 1H 2015 1H 2016

Cash 26,791 11,328 6,202 6,284 19,653

Inventories 40,338 46,138 42,156 39,144 41,430
Other Account Receivables 1,857 2,300 1,846 3,886 -
Other Current Assets 6,991 4,786 15,973 13,326 21,197
Prepaid Taxes 13,958 4,661 2,092 4,913 20,752
Total Current Assets 89,979 69,213 68,270 67,553 103,032

Deferred Tax Assets 7,695 717 - - -

Prepaid Value Added Tax 7,025 19,889 22,915 20,584 -
Due from Related Parties 3,039 4,695 5,024 - -
PP&E 158,040 278,966 265,725 276,576 257,627
Deferred Stripping Costs 29,230 - - - -
Exploration and Evaluation Assets 52,434 75,801 99,430 80,475 102,956
Mining properties 422,289 361,888 331,269 351,315 321,134
Goodwill 31,498 31,498 31,498 31,498 31,498
Other non-current assets 4,248 14,045 5,304 8,334 3,840
Total Non-Current Assets 715,498 787,501 761,165 774,182 731,971

Total Assets 805,477 856,714 829,436 841,736 835,003

Short-term bank loans - 6,773 10,639 20,761 33,582

Trade Accounts Payables 33,349 44,039 26,189 29,987 16,353
Taxes payable 5,795 17,655 32,212 28,784 42,085
Accrued expenses 13,304 16,647 19,613 15,990 12,636
Current Portion of LT Liabilities
Loans from a third party - - 17,000 - -
Loans from non-bank Financial Institutions 196 109 492 59 419
Finance Leases 11,409 12,002 12,722 12,551 12,863
Bank Loans 33,855 81,604 109,532 83,893 32,875
Other Current Liabilities 1,592 443 4,746 362 901
Total Current Liabilities 99,499 179,272 233,143 192,388 151,716

Loans from a Third Party 41,840 22,000 - 17,000

Loans from Related Parties 70,744 78,718 79,232 80,306 80,742
Deferred Tax Liabilities 72,125 69,302 70,364 68,842 67,715
Long-term employee benefits liability 4,223 6,881 6,904 7,204 8,426
Reclamation and Mine Closure Reserve 10,330 18,694 17,930 18,742 18,405
LT Liabilities - Net of Current Portion
Loans from third party - - - 16,650
Loans from Non-Bank Financial Institutions 151 30 18 5 16
Finance Leases 33,970 24,270 14,448 20,005 8,534
Bank Loans 213,206 172,293 90,109 131,301 144,206
Other Non-Current Liabilities 9,627
Total Non-Current Liabilities 446,590 392,189 279,005 343,408 354,324

Total Liabilities 546,089 571,461 512,148 535,796 506,041

Capital Stock 8,402 58,830 58,830 58,830 58,830

Additional Paid-In Capital 152,935 102,482 102,482 102,482 102,482
Difference in value arising from transaction with non-controlling interest (4) (0) (0) 3 (0)
Exchange differences on translating foreign operations 55 111 - (1)
Other Comprehensive Income 44 - - -
Retained Earnings 62,399 85,394 110,213 103,720 118,966
Other Equity - - -
Non Controlling Interest 35,612 38,493 45,653 40,903 48,684
Total Equity 259,388 285,253 317,288 305,939 328,962

Total Liabilities and Equity 805,477 856,714 829,436 841,736 835,003 47

Cash flow statement
(in '000s USD)

Cash Flow Full Year 2,013 2,014 2,015 1H 2015 1H 2016

CASH FLOWS FROM OPERATING ACTIVITIES

Cash receipts from customers and others 113,347 280,174 291,255 143,236 117,890
Cash payments to consultants, employees and others (113,154) (168,061) (165,995) (83,194) (85,028)

Net cash generated from operations 192 112,113 125,260 60,042 32,861
Income tax paid (10,245) (4,583) (11,213) (3,893) (1,792)
Interest received 47 76 42 213 218

Net Cash Provided by (Used in) Operating Activities (10,005) 107,606 114,089 56,362 31,287

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of property, plant and equipment 498 23 2 - -
Proceeds from withdrawal of restricted time deposits 746 29 154 64 -
Decrease (increase) in restricted cash in bank - (3,206) 3,908 - (2,017)
Loan granted to a third party (410) (569) (329) - -
Loan granted to related parties (1,694) (1,656) (1,474) (596) (554)
Additions to mining properties (49,646) (14,267) (2,517) (8,417) (420)
Additions to exploration and evaluation assets (12,588) (22,404) (23,340) (4,657) (3,503)
Additions in deferred stripping costs - - - - -
Investment in a joint venture - (20) - - -
Acquisitions of property, plant and equipment (113,840) (46,727) (5,197) (1,868) (3,200)
Advance payments for purchases of property, plant and equipments (1,004) - - - -
Proceeds from disposal of a subsidiary - net of cash balance 137 - - - -

Net Cash Used in Investing Activities (177,801) (88,798) (28,793) (15,473) (9,694)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from loan from a third party 70,000 (30,500) (5,000) - (350)
Proceeds from loan from related parties 74,789 14,342 5,000 1,588 -
Payments from short-term bank loans - (4,062) (58,064) (31,188)
Payments from long-term bank loans (135,637) 56,092 (104,020) (34,930) (179,147)
Proceeds from long-term bank loans 259,269 (51,066) 47,955 - 183,490
Payments of loans from non-bank financial institutions (275) (194) (102) (25) (74)
Proceeds of short-term bank loans - 10,835 61,931 13,988 36,085
Payments of lease liabilities (5,274) (11,492) (12,584) (9,295) (7,175)
Interest and other financial charges paid (28,123) (23,332) (25,451) (12,513) (9,793)
Payments of loan from a third party (28,160) 10,660 - (5,000) -
Proceeds from sale of investment in shares of stock 0 1 - - -
Payments of issuance costs of bonus stock - (25) - - -
Payments of loan to related parties (602) (5,500) - - -

Net Cash Provided by (Used in) Financing Activities 205,986 (34,240) (90,334) (46,186) (8,151)

NET INCREASE (DECREASE) IN CASH 18,180 (15,432) (5,038) (5,298) 13,442

CASH AT THE BEGINNING OF THE YEAR 8,622 26,791 11,328 11,328 6,202
Effect of foreign exchange rate changes (11) (31) (88) 254 10

CASH AT THE END OF THE YEAR 26,791 11,328 6,202 6,284 19,653

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Table of contents
Disclaimer

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