Consolidated Mineral Resources and Ore Reserves Statement as of 31 December 2018

PT Merdeka Copper Gold Tbk (“Merdeka”) reports Mineral Resources and Ore Reserves as of 31 December each year.

As of 31 December 2018, the Tujuh Bukit Heap Leach Oxide Project Mineral Resources are 102 Mt at 0.69 g/t gold and 16 g/t silver containing 2.2 Moz of gold and 53 Moz of silver as shown in Table 1. Mineral Resources are inclusive of the Ore Reserves.

As of 31 December 2018, the Wetar Mineral Resources are 10 Mt at 1.99 % copper containing 196 kt of copper as shown in Table 2. Mineral Resources are inclusive of the Ore Reserves.

As of 31 December 2018, the underground Tujuh Bukit Copper Porphyry Project Mineral Resources are 1.9 Bt at 0.45% copper and 0.45 g/t gold containing 19 Blbs of copper and 28.3 Moz of gold as shown in Table 3.

As of 31 December 2018, Merdeka Group Gold Ore Reserves are 43 Mt at 0.82 g/t gold and 23 g/t silver containing 1.1 Moz of gold and 32 Moz of silver as shown in Table 4. Mining depletion during 2018 was 4.8 Mt containing 254 koz of gold.

As of 31 December 2018, Merdeka Group Copper Ore Reserves are 3 Mt at 2.81 percent copper containing 93 kt of copper as shown in Table 5.

The gold Ore Reserves do not include the Tujuh Bukit heap leach pad working inventory of 8 Mt at 0.58 g/t gold and 10 g/t silver containing 0.2 Moz of gold and 2.5 Moz of silver. The heap leach pad is considered to be a working inventory because the active ore placement lift has a planned 150 day leach cycle to realize 100% of the estimated total recovery. In addition to this planned leach cycle, there is potential for additional recovery of metal as the leach solution percolates through the underlying lifts. This potential additional recovery is not quantified or included within metal recovery or economic estimates. Grades are estimated from total metal stacked less metal extracted divided by total tonnes stacked on the heap leach pad.

The copper Ore Reserves do not include the Wetar heap leach pad working inventory of 6 Mt at 1.34 percent copper containing 74 kt of copper. Grades are estimated from total metal stacked less metal extracted divided by total tonnes stacked on the heap leach pad.