Frieda River Copper-Gold Project

PanAust Managing Director, Dr Fred HessPNG Chamber of Mines and Petroleum 24 November, 2015

74,000 to 76,000t

195,000 to 205,000oz

1.4 to 1.5Moz

PanAust Limited

2015 production targets

Two Operations in Laos

PanAust Limited

Phu Kham Copper-Gold Operation Ban Houayxai Gold-Silver Operation

PanAust Limited

Project overview

Koki

Ekwai

Nena

The project history is approaching 50 years

First discovered

1960s 2014

Several project owners

PanAust 80% acquired

1970s 1980s 1990s 2000s

Frieda River has its challenges

The prize…

For PanAust:A strategic project that could

operate for 30+ years

For PNG:A nation-building ‘Project of

National Significance’ capable of opening up the region and boosting economic development

Leveraging our experience in LaosOperational excellence Project development

Similar terrain

Sustainability

Logistics

We value sustainability

EducationSmall business development

Infrastructure

Health careAgriculture

Leading-practice environmental management will be key to Frieda’s success

“River is life”In the words of Sepik River communities…

Australian climate leaders

Most Profitable Carbon Reduction Activity

Our strategic pathway to success

Start small

Think big

Our strategic pathway to success

Think big

Frieda River will be executed as

an integrated set

of smaller projects

MineOperations

ProcessPlant

Integrated storage facility

PowerSupply Non

ProcessInfrastructure

Transport Logistics

We have gained further knowledge following acquisition

• Seismic, hydrogeological, geotechnical and river bathymetry field programs

• Laboratory testing to support geotechnical and metallurgical evaluations

• Geological modelling

• Engineering studies relating to mining, ore processing, waste rock storage, logistics and power generation

• Technical and economic evaluations to support the proposed development concept

• Planning for an exploration access track between the Frieda River and the project site

• Preliminary discussions with potential financiers

The dream is taking shape

HIT pit

ISF embankment

Access road

ISF high water level

concentrator

Waste conveyor

power station

quarries

Raw water intake

Tailings pipeline

camp

A world-class copper deposit being advanced by an experienced project team

who are applying the many lessons of the past to define a robust project scope of work

that will operate for 30+ years, and generate immense economic benefit to Papua New Guinea.

…now, if only metal prices would recover!

Em tasol Lukim yu bihain