The Frieda River

Copper-Gold Project

Brisbane Mining Club May 2015

PanAust Limited

Two Operations

in Laos

PanAust Limited 2015 guidance

74,000 to 76,000t

195,000 to 205,000oz

1.4 to 1.5Moz

GRAM – change in control

First PNG experience

with CRA (now RIO)

Bougainville, Papua New Guinea

Mining rate 125Mtpa

550,000oz pa

Processing rate 50Mtpa

175,000t pa

5,000 direct employees

Paying excess profit tax at rate of 66% immediately prior to closure

Closed (effectively) May 1989

Average grinding mill availability > 99% (<100 hours downtime pa)

Six year later…paradise lost

Six year later…paradise lost

25 years later…

Second PNG experience

with PanAust

Why return to PNG?

The Frieda River Project

Is a big

resource

Inexpensive

Looked familiar

We could see a

pathway to

unlocking value

Strong government and

community support

PanAust will succeed

Because it

has a

track record

of doing

things well!

Deploying capital wisely through specification of the project scope of work

Developing projects in remote third world locations

Driving operations hard for both production and cost outcomes

FUNDING

ORE BODY

Previous concept

PanAust’s concept

SCOPE OF WORK

Recipe for a new mine

FUNDING Phase one

ORE BODY

Previous concept

PanAust’s concept

Recipe for a new mine

SCOPE OF WORK Phase one

Phase two

Phase two

Development concept then

290,000oz pa

190,000t pa

Development concept

200,000oz pa

Development concept

125,000t pa

Development concept now

0

10,000

20,000

30,000

40,000

50,000

60,000

Pebb

le (

+55

Mt)

Re

ko

Diq

Re

so

lution

Co

bre

Pana

ma

Kam

oa

Ud

okan

Tam

pakan

El P

acho

n

Frie

da R

iver

(Glo

bal)

Que

llaveco

Wafi G

olp

u

Sie

rra G

ord

a

Frie

da R

iver

(HIT

)

Agua

Ric

a

Ayn

ak

Re

lincho

Ce

rro C

asale

West W

all

Ca

rrap

ate

ena

Sch

aft C

reek

Akto

gay

El M

orr

o

Ha

quira

Gale

no

Bosch

ekul/B

ozsha

ko

l

Ca

naria

co

Mic

hiq

uill

ay

Santo

Dom

ingo

Co

roccoh

uayco

Pum

pkin

Hollo

w U

nde

rgro

un

d

Tia

Ma

ria

Inca

de O

ro

Xio

ngcun

No

va

Bo

lling

er

Anta

s

Minera

l R

esourc

e C

onta

in

ed C

opper E

quivalent (K

t)

Undeveloped Copper Projects

* Wood Mackenzie, March 2015

0

5,000

10,000

15,000

20,000

25,000

30,000

Minera

l R

esourc

e C

onta

in

ed C

opper

Equivalent (kt)

Undeveloped Copper Projects

('Highly Probable'*)

* Wood Mackenzie, March 2015

Familiar terrain

Strong government and

community support

Leveraging existing

operational excellence

Wet weather

Training

International recognition

Em tasol

Lukim yu bihain

Important notices

This presentation has been prepared solely for informational purposes and not as specific advice to any particular party or person. The information is based on publicly available information, internally developed data and other sources. No independent verification of those sources has been undertaken and where any opinion is expressed in this presentation it is based on the assumptions and limitations mentioned herein and is an expression of present opinion only. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. PanAust Limited (Company) disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its accuracy, completeness or by reason of reliance by any person on any of it. The Company does not have any obligation to advise any person if it becomes aware of any inaccuracy in, or omission from, the information contained in this presentation.