J Resources Company Presentation Mar17

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Company Presentation

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 This presentation has been prepared by the management of PT J Resources Asia Pasifik Tbk (the “Company”) for information purposes. By accepting this presentation, the recipient of this presentation (the “Recipient”) acknowledges and agrees that all of the information contained in this presentation is confidential.

 The information contained in this presentation has not been independently verified. Acceptance of this presentation constitutes the Recipient’s acknowledgement and agreement that none of the Company nor any of its respective directors, officers, employees, affiliates, agents or advisors (including, without limitation, attorneys, accountants, consultants, financial advisors and any representatives of such advisors) (collectively, “Associates”) makes, and they expressly disclaim, any

representation or warranty, express or implied, as to the accuracy or completeness of the information in this presentation, or any other written or oral communication transmitted or made available to a Recipient, or as to the existence, substance or materiality of any information omitted from this presentation. The Company and its respective Associates disclaim any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity relating to or resulting from the use of this presentation or any errors herein or omissions of any information from this presentation, and by accepting this presentation, the Recipient agrees that none of the Company or any of its respective Associates shall have any liability to the Recipient or any of its Associates relating to or resulting from the use of this

presentation or any errors herein or omissions of any information from this presentation.

 This presentation does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its respective Associates in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

 By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided. Participants agree further not to photograph, copy or otherwise reproduce these materials in any form or pass on these materials to any other person for any purpose, during the presentation or while in the conference room. Participants must return this presentation and all other materials provided in connection herewith to the Company at the completion of the presentation.

 This presentation contains statements that constitute forward-looking statements. Any statements set forth herein that are not historical facts are forward-looking statements. These statements include, among others, descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the consolidated results of operations and financial condition of the Company. In some cases, these statements can be recognized by the use of words such as “may,” “should,” “expects,” “believe,” “anticipate” “plans,” “will,” “estimates,” “projects,” “intends,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors and assumptions. Except as required under applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, different circumstances or otherwise.

 This presentation is not an offer of securities for sale in the United States. Any securities referred to herein have not been and will not be registered under the US Securities Act of 1933, as amended, (“U.S. Securities Act”) or any state securities laws in the United States and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with any applicable United States state securities laws. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States.

 This presentation will not be distributed or passed on in the Republic of Indonesia or to Indonesian citizen, nationals, corporations or residents and the securities referred to herein will not be offered or sold in the Republic of Indonesia or to Indonesian citizen, nationals, corporations or residents, in each case, in a manner, which constitutes a public offering of the securities under the Law of the Republic of Indonesia No. 8 of 1995 on Capital Markets and its implementing regulations.

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

Indon

esian independent gold producer



~200 koz per annum production for the last 3

years, derived mainly from our o

perating

Indonesian assets



US$120-140mm EBITDA, running at ~50%

margins (2014-2016)



We understand, develop and mine low

grade-epithermal deposits and heap leach systems

Total Reserve and Resource Base

1 (koz)

Leading

Indonesian Gold

Miner



Listed on the Indonesia Stock Exchange in January

2012 as PT J Resources Asia Pasifik Tbk (“J

Resources” or the “Company”, PSAB IJ)



3,127 koz Total Reserve and 7,020 koz Total

Resources as of December 2016

2

Large Reserve

and Resource

Base



4 producing mines: Bakan (Sulawesi), Seruyung (North Kalimantan), Penjom (Malaysia) and North Lanut

(Sulawesi)



4 project pipeline: Pani and Doup in Development Stage, Bolangitang and Bulagidun in Exploration Phase with

confirmed discoveries. All are in the Northern arm of Sulawesi

Balanced Set of

Assets – Key to

Our Growth

Potential

Source: Public Company Data.

Notes: 1. Ore Reserves and Mineral Resources Estimate published for 31 December 2016 in accordance with JORC 2012 Code and the KCMI 2011 Code.

Leading Gold Mining Company in Southeast Asia

125 140 121

44.5% 48.7% 51.6%

-200.0%

2014A 2015A 2016A

EBITDA EBITDA Margin

EBITDA and Margin

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Corporate Structure and Assets

Notes:

1. J Resources Mining Limited (formerly known as J&Partners Asia Limited) – Hong Kong incorporated holding company.

2. PT J Resources Asia Pasifik Tbk (formerly known as PT Pelita Sejahtera Abadi Tbk). 3. PT J Resources Nusantara (formerly known as PT Bara Kutai Energi).

4. PT J Resources Bolaang Mongondow (formerly known as PT Avocet Bolaang Mongondow). 5. PT J Resources Mining Services Indonesia (formerly known as PT Avocet Mining Services).

6. J Resources Netherland B.V. (formerly known as Avocet B.V.).

7. J Resources Gold (UK) Limited (formerly known as Avocet Gold Limited).

8. J&P Resources Gold OHQ (Malaysia) SDN. BHD. (formerly known as Avocet Mining (Malaysia) OHQ SDN. BHD.). 9. PT. Mentari Bukit Makmur, Johan Lensa, Lenny Hermawaty Tjioe and Rusmin.

10. PT. Lebong Tandai.

Minority9

PT J RESOURCES NUSANTARA3

98.87% 1.13%

Public _{Mining Limited}J Resources 1

PT J Resources Asia Pasifik Tbk2

7.50% 92.50%

J&P Resources Gold OHQ (Malaysia)

SDN. BHD.8

J Resources Netherland B.V.6

PT J Resources Mining Services

Indonesia5

PT J Resources

Bolaang Mongondow4 _{Prima Pratama}PT Sago PT Arafura Surya Alam _{Sejahtera Mining}PT Gorontalo

J Resources Gold (UK) Limited7

Specific Resources SDN. BHD

Penjom Mine Bulagidun Discovery

100.00% 100.00% 99.80% 80.00% 99.80% 99.50% 99.90%

20.00%

100.00%

COW IUP IUP COW

Minority10

Source: Public Company Data. _{Producing Mine} _{Development Stage} _{Exploration Stage} Bakan

Mine Seruyung Mine DepositDoup Pani Deposit

North Lanut

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Successful Growth Story

Source: Public Company Data,

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 2011 – CONSOLIDATION YEAR  Contract mining company

 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: North Lanut only last 1 year

 Indonesian licenses were close to expiry

2014 – PRODUCTION YEAR

 Bakan & Seruyung commenced commercial production

 2014 production of 223 Koz from 4 mines (Seruyung, Bakan, North Lanut & Penjom)  New experienced Geologist and Metallurgist

team was on boarded 2012 – ESTABLISHMENT YEAR

 Listed on IDX in January 2012  Added more than 1 Moz of gold in

new resources with a major drilling campaign

 Completed feasibility and environmental studies for Bakan and Seruyung

2013 – DEVELOPMENT YEAR

 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

5 years

Reserves = 493 Koz Au

Resources = 3,200 Koz Au

Jun 2011

2016

Reserves = 3,127 Koz Au_{Resources = 7,020 Koz Au}

2012

2013

2011

2014

2015

2016

2016 – PERSEVERANCE YEAR

 Exploration expands the resource inventory by another 1Moz to 7Moz  Exploration delivers a 50% increase in resource to reserve conversion from

2Moz to 3Moz

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Legend:

Diversified Mine Portfolio

Jakarta Office

KL Office Manado Office

Malaysia

Indonesia

The Company has a geographically diverse portfolio of assets across Malaysia and Indonesia

DOUP (99.5% owned1₎

• Development stage • Reserve: 1,234koz

• Resource: 2,222koz

• Ex-Placer-Dome and BHP asset

PANI (99.9% owned1₎

• Development stage • Reserve: 207koz

• Resource: 971koz

• Ex-BHP asset

BOLANGITANG (99.9% owned1₎

• Exploration stage • Gold & silver • Ex-BHP asset

BULAGIDUN (99.9% owned1₎

• Exploration stage • Copper & gold • Ex-BHP asset

PENJOM (100% Owned1₎

• Producing since 1996 • Contract expiration: 2025 • Reserve: 578koz

• Processing: Resin-in-Leach

NORTH LANUT (80% Owned1₎

• Processing: Dynamic Heap Leach • Ex-Newmont asset

BAKAN (80% Owned1₎

• Producing since Dec-2013 • Contract expiration: 2034 • Reserve: 621koz

• Processing: Dynamic Heap Leach • Ex-Newmont asset

Notes: 1. % owned by PT J Resources Nusantara.

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3.1

1.5

Jun-11 Dec-16

14.0

3.9

Jun-11 Dec-16

1,133

594

Jun-11 Dec-16

27.1

11.7

Jun-11 Dec-16

1,202

683

Jun-11 Dec-16

A Leader In Cost Efficiency and Exploration

Mining Rate

(US$/Ton)

Processing Rate

(US$/Ton)

Cash Cost

1

(US$/oz)

All-In Sustaining cost

2

(US$/oz)

Discovery to Resource Cost

(US$/oz)

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67

223 245

192

2013A 2014A 2015A 2016A

Solid Operating Performance

Revenue

(US$mm)

Gold Production

(Koz)

Notes: 1. Debt includes loans from related parties, loans from third party, loans from non-bank financial institutions, finance lease and bank loans. 78

280 287

235

2013A 2014A 2015A 2016A

Total Debt

1

_/EBITDA

(x)

23.1x

3.2x

2.4x 2.6x

2013A 2014A 2015A 2016A

18

125 140 ₁₂₁

22.5% 44.5% 48.7% 51.6%

-200.0% -150.0% -100.0% -50.0% 0.0% 50.0%

2013A 2014A 2015A 2016A

EBITDA EBITDA Margin

EBITDA and Margin

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Low Cost Structure (Cont’d)

Source: Company Data.

Processing Rate Trend

(US$ / Ton)

Mining Rate Trend

(US$ / Ton)

2H-2011 1H-2012 2H-2012 1H-2013 2H-2013 1H-2014 2H-2014 1H-2015 2H-2015 1H-2016 2H-2016

4.1

20.3 20.1 21.2 21.4

16.9

15.0 15.1 17.3

10.0 _8.6 _9.6 _IndonesiaTotal

Malaysia

2H-2011 1H-2012 2H-2012 1H-2013 2H-2013 1H-2014 2H-2014 1H-2015 2H-2015 1H-2016 2H-2016

Total Indonesia

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Sustainable Low Cost Leadership

Notes: 1.Cash Cost includes mining, processing, SGA and royalty costs. 2. All-In Sustaining Cost, including cash cost, sustaining CAPEX, exploration cost, employee benefit and deferred mining cost (World Gold Council).

Cash Cost

1

_{, AISC}

2

_{and Cash Cost Margin}

(US$/oz)

1,054

697

600 594

1,182

785

665 683

73.4%

55.5%

51.3% _48.4%

2013A 2014A 2015A 2016A

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Proven Reserve and Resource Growth Track Record

Source: Company.

Post mine Avocet acquisition, the rate of Reserves replenishment has been over 3x times higher than the rate of its annual

production, resulting an significant Reserves increase of +39.8% CAGR from Jun-11 to 2016

Continuous Production Growth…

(koz)

493 893

929 1,204

1,815 1,968

Exceeded by Reserve Growth…

(koz)

3,127

Jun-11 Dec-11 2012A 2013A 2014A 2015A 2016A

493 (50) ₍₁₀₁₎ ₍₆₇₎ ₍₂₂₃₎

(245) (192)

3,127

(500) 0 500 1,000 1,500 2,000 2,500 3,000 3,500

Jun-11 Dec-11 2012A 2013A 2014A 2015A 2016A 2016A

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Proven Reserve and Resource Growth Track Record (Cont’d)

Source: Company.

… while Improving Resource Discovery Cost

(koz, US$/oz)

3,200 _3,087

Jun-11 Dec-11 2012A 2013A 2014A 2015A 2016A

953

257

1,238

1,012

1,339

27.1

18.3 53.9

10.1 11.7

Resources replenishment have been consistently done in a prudent and cost effective manner and critical foundation for the

Company’s long-term Reserves growth

Resources Continue to Grow…

(koz)

7,020 5,915

5,148

3,940 4,132

2012A 2013A 2014A 2015A 2016A

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25.5% 27.3% 31.5%

38.2% 38.4% 38.9% 41.5% 44.5% 45.7% 46.3% 48.8%

55.4% 57.4% 58.1%

Reserve-to-Resource ratio (2016)

(%)

76.6%

63.8%

Large Asset Base for Continued Reserve Growth

Source: Company.

3,200 3,088 3,940 4,129

5,144 5,915

7,020

493 893 929 1,204

1,814 1,968 3,127

49 96 101 67 223 245 192

(2,000) 0 2,000 4,000 6,000 8,000 10,000

Jun-11 Dec-11 2012A 2013A

Ore Reserves

2014A Production

2015A 2016A

Mineral Resources

Gold Reserves

(koz) Reserve-to

Resource

Ratio (%) 15% 29% 24% 29% 35% 33% 45%

Potential upside of resource-to-reserve ratio given large asset base for continued reserve growth

Median: 45%

IAMGOLD Alamos Gold Yamana Gold Agnico-Eagle SEMAFO Goldcorp Tahoe J Resources Kinross Gold Barrick Gold Eldorado Gold Centerra Gold Alacer Gold Newmont Mining New Gold Detour Gold

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Experienced Management with Proven Track Record

Jimmy Budiarto

President Director

 16 years of industry experience  Co-founder - J&Partners (2010-present)

 President Director - PT Bukit Makmur Istindo Nikeltama (2010-2013)  Director - PT Bukit Makmur Widya (2009-2012)

 Vice President Director - PT Bukit Makmur Mandiri Utama (2004-2007)

Budikwanto Kuesar

Director

 41 years of industry experience

 President Director - PT Bukit Makmur Mandiri Utama (2009–2012)  Director - PT Bukit Makmur Mandiri Utama (2001-2009)

 Business Operation Director - PT Pamapersada Nusantara (1992 -2001)  Early career with PT United Tractors Tbk.

Prof. M. Daud Silalahi, SH

Independent Commissioner

 Over 32 years of business experience

 Environmental Advisor - PT Prasadha Pamunah Limbah (2008-present)  Environmental Advisor - PT Meares Soputan Mining (2006-present)  Environmental Legal Specialist - PT Freeport Indonesia (2005-present)  Chairman – Indonesian Environmental Law Dev. Assoc. (1984-present)

Colin J. Davies

Independent Director

 Chief Executive - Arsari Resources Group (2011)

 President Director - Laing O’Rourke Indonesia (2009-2010)

 GM, Strategic Planning - Leighton Contractors Indonesia (2005-2008)  Early career with Anglo American, BP Minerals, Pelsart & Austindo Group  Over 35 years of business experience

 Commissioner - PT Berau Coal (2006-2009)  President Director - PT Berau Coal (2005-2006)  Deputy President Director - PT Berau Coal (2004-2005)

 Chief Financial Officer - PT Bukit Makmur Mandiri Utama (2000-2009)

Christian Wijayanto A. J.

President Commissioner William SurnataDirector

 Financial Director - PT Bukit Makmur Istindo (2004–2011)  Deputy Regional Head - PT Bank Universal Tbk. (1996-2003)  Private Banking Division - PT Bank Bali Tbk. (1986-1996)

 Credit Review Division - PT Bank Perniagaan Indonesia (1987-1989)

Adi Maryono

Vice President Exploration

 Over 27 years of business experience

 VP, Business Development at Buena Group (2012-2013)  General Manager Operations at Intrepid Mines (2010-2011)  Exploration Manager SE Asia - Newmont Asia Pacific (1999-2010)  Project Manager BHP Minerals (BHP Billiton, 1990-1999)

Edi Permadi

Director

 Director - External Relations - INCO (2006-2011)  Manager – Employee & Industrial - INCO (2005-2006)