INVESTOR UPDATE INVESTOR

September 20131 Disclaimer

The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation by Barminco Finance Pty Limited (“Barminco”) is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Barminco, its directors, employees or agents, nor any other person accepts any liability, including with out limitation, any liability arising out of fault or negligence for any loss arising from the use of the information contained in this presentation. This presentation contains statements that constitute "forward looking statements". Examples of these forward looking statements include, but are not limited to, (i) statements regarding Barminco’s future results of operations and financial condition, (ii) statements of plans, objectives or goals and (iii) statements of assumptions underlying those statements. Words such as "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "believe", "continue", "probability", "risk" and other similar words are intended to identify forward looking statements but are not the exclusive means of identifying those statements. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that such predictions, forecasts, projections and other forward looking statements will not be achieved. A number of important factors could cause Barminco’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements. As such, undue reliance should not be placed on any forward looking statement. Certain financial data included in the presentation are “non-GAAP financial measures” under Regulation G of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), including Adjusted EBITDA and EBIT. These non-GAAP financial measures do not have a standardized meaning prescribed by International Financial Reporting Standards and therefore may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with International Financial Reporting Standards. Although Barminco believes these non-GAAP financial measures provide useful information to users measuring the financial performance and condition of the business, persons are cautioned not to place undue reliance on any non-GAAP financial measuring the financial performance and condition of the business and persons are cautioned not to place undue reliance on any non-GAAP financial measures and ratios included in this presentation.

2 Introductions

• Chief Executive Officer - Peter Stokes – Peter Stokes was appointed Chief Executive Officer of Barminco in February 2013 and has over 20 years of resources and mining services experience – Prior to joining Barminco, Peter served as the Chief Operating Officer at Linfox Pty Ltd, Australia’s second largest logistics provider – Peter was also previously a Partner in the resources practice of Accenture • Chief Financial Officer - Peter Bryant – Peter Bryant was appointed Chief Financial Officer in April 2013 and has over 27 years of financial and company secretarial experience – Prior to joining Barminco, Peter held leadership roles, including Chief Financial Officer and Company Secretary, at Seven West Media and engineering and development group GRD Limited, both of which were in the ASX 100 – Peter commenced his career with Ernst & Young

3 Barminco Overview

Revenue of $675M (excluding AUMS)

50%

Underground Contract Mining Diamond Drilling Other AUMS Joint Venture

86% of Revenue 11% of Revenue 3% of Revenue Revenue of $150M (50%)

• Operations in Australia, Egypt, South Africa, as well as West Africa through the African Underground Mining Services Joint Venture (‘AUMS JV’) • Approximately 2,768 employees (1,740 in Barminco and 1,028 in AUMS JV).

Market leader in underground hard-rock contract mining in Australia

4 Specialist Underground Mining Expertise that is Difficult to Replicate

• Development Mining – Description • Core business is focused on high-speed mechanized development mining • Utilises hard-rock electric/hydraulic jumbo drills and diesel engine powered equipment – Competitive Advantage • Decline access mining is increasingly being proven as the optimal solution in many underground applications • Advantages are sustained through a refined process and highly skilled labor to drive efficiency • Production Mining – Description • Includes production drilling, charging and blasting and loading and hauling to the surface • Operators are familiar with modern explosives technology and engineers are available for drill and blast design and optimisation – Competitive Advantage • Fleet size and in-house rebuild program provide flexibility to start jobs on time and with as- new equipment • Fleet is optimized through extensive equipment testing and evaluation

5 Operations Spanning Australia and Africa

86% of revenue driven by production and development activity and 93% derived from Australia

6 Experienced Management Team and Independent Board

BOARD OF DIRECTORS Board & Committee Members – Jock Muir (Chairman), Peter Hatfull, Bruno Camarri, Barry Lavin Gresham Private Equity Directors – Mark Rimmer, Linus Stigsby Bremerton Pty Ltd Directors – Peter Bartlett, Jon Young (Alternate)

CEO Peter Stokes

Chief Financial EGM Business EGM Risk General Counsel & EGM Officer Development Management Company Secretary Human Resources Peter Bryant Daniel Archer Ross Kelly Kim van Herten TBA

GM Eastern States GM Assets & GM WA & Int’l General Manager Australia Engineering Blair Sessions AUMS Rod Bedggood Peter Campain

7 FY13 Highlights

• Secured Mt Lyell

• Secured Agnew production

• HSE performance

• Refinance successfully completed

• Achieved targeted finance objectives

8 ACTUAL Summary of FY13 Results ($M) Revenue

Mining 584.4

Diamond Drilling 71.4 • Barminco Group (including AUMS) recorded Crushing 16.1 Other 3.2

EBIT of $92.7M which was in line with Total Revenue 675.1 expectations Project Costs 546.8

Project EBITDA • Barminco recorded EBITDA of $125.2M which Mining 115.1 Diamond Drilling 9.2

was in line with expectations Crushing 3.2 Other 0.8 Total Project EBITDA 128.3 • Barminco recorded EBIT of $66.7M which was Shared Services Costs in line with expectations Operational Services 27.6 Head Office Services 21.2 SS Allocation (45.7) EBITDA 125.2 • Year on year Barminco EBIT up 132% Depreciation 55.9 Amortisation 2.6

EBIT 66.7

9 Mining Contracts Contribution to Results

• 16 mining projects contributed to FY13 results

• Mining projects represent 86% of Barminco revenue

• Average project EBITDA margin was 19%

• Project EBITDA margins within the range of 16%-28%

10 FY13 Capital Expenditure

($M) Total • Stay in business cap-x represents 3.5% Growth 24.7 of revenue Stay in business 23.5 Total Capital Expenditure 48.2

• Operating leases refinanced Operating Lease Conversion/Buyout 25.3 in June 2013 Total Capital Expenditure 73.5 (incl Op Lease adjustment)

11 The Balance Sheet 30 June FY13 FY12

Cash and Cash Equivalents 106.6 71.7

Trade and Other Receivables 88.1 103.7

• Cash on hand of $106.6m Inventories 25.9 29.0 Current Assets Other 4.5 3.7 Total Current Assets 225.1 208.1 • Revolving credit facility of Property, Plant & Equipment 133.3 126.9 Intangible Assets 261.3 263.9

$100M undrawn Current - Assets Other 65.5 22.3 Non Total Non-current Assets 460.1 413.1 Total Assets 685.2 621.2

• Inventory at $25.9m Trade, Other Payables & Provisions 96.7 128.3 HP Liabilities 20.6 17.5 Loans 0.0 339.1

• Continued focus on Current Liabilities Total Current Liabilities 117.3 484.9 working capital HP Liabilities 6.9 7.3 Loans 0.0 96.5

High Yield Bonds (net of capitalized borrowing 515.4 0.0 costs) Current Liabilities • Redeemable preference - Other 2.8 4.8 Non Total Non-Current Liabilities 525.1 108.6

shares and shareholder loan Total Liabilities 642.4 593.5 notes treated as equity Net Assets 42.8 27.7

12 Major Contract Status Update

TOP 5 FOR FY13 TOP 5 FOR FY14 49% of Revenue 58% of Revenue

• Flying Fox • Flying Fox • Ernst Henry • Renison • Agnew • Agnew • Sunrise Dam • Sunrise Dam • Dugald River • Dugald River

13 Mining Contracts Life Cycle

14 Continued Significant Cash Cost Buffers

2013F gold mine cash cost profiles (AU$/oz) 2013F copper mine cash cost profiles (AU¢/lb) 2013F nickel mine cash cost profiles (AU$/lb)

$1,800 ¢400 $8 Aug 30th price: AU¢360/lb 6mth ave to 30/06/13 price :AU$7.20/lb $1,600 Aug 30th price: $1,559.48/oz Aug 30th price: AU$6.97/lb 6mth ave to 30/06/13 price: $1,465.05/oz 6mth ave to 30/06/13 price: AU¢337/lb $1,400 ¢300 $6 43% 32% 36% $1,200 41%

100% $1,000 73% 80% 100% 71% 60% ¢200 $4 50% $800 40% 20%

Production Cash Cost Cost Cash Production $600 100% ¢100 $2 $400

$200

$0 ¢0 $0

1. Note: Cash costs are net of by-product credits; and copper prices are quoted at LME levels Source: Bloomberg and LME

15 Profitable Growth

FOCUS AREA ACTION FINANCIAL TARGETS (REVENUE)

Contract Protection Ensure we retain and manage all key contracts

As at June 2013 ($M) Change the mindset of Owner Operators to focus on Owner Operators the value generated by engaging with Barminco

Competitor contracts which are due for renewal will Competitor Contract Renewal be identified and proactively targeted $536

(Growth) $377 Ensure all clients engage Barminco to successfully $248 Greenfields Operations $127 operate new projects safely and profitably

$486 $490 $509 $522 Development of a successful framework that allows (Protect) Barminco to grow globally through organic and M&A Barminco International methods Primary Focus will be Greenfield Projects FY14 FY15 FY16 FY17

16 5 Year - Strategic Programs/Tactical Action Plans - 2014 OWNER OPERATORS – AUSTRALIAN UNDERGOUND MINES

LEGEND Au Gold Cu Copper Pb Zn Ag Cannington Plutonic Au Owner: BHP Billiton Ni Nickel Owner: Barrick Gold Cu Mount Isa (Enterprise) Fe Iron Owner: Xstrata Zn Zinc Pajingo (Twin Hills) Sn Tin Cu Cu Nifty, (Duke - Dromedary) Owner: Evolution Mining Pb Lead Owner: Aditya Birla Minerals Cu Charters Towers (Warrior, Imperial) Ag Silver Coyote, (Bald Hill) Owner: Citigold Corporation Owner: Tanami Gold Paulsens (Voyager) Au Cu Ravenswood (Mount Wright, Sarfield) Owner: Northern Star Minerals Owner: Resolute Mining Wiluna (Burgundy, Calais, Henry 5) Darlot Tanami, (Callie, Granites) Au Au Owner: Apex Minerals Owner: Barrick Gold Owner: Newmont Mining Lawlers Murchison (Alliance, New Alliance) Au Owner: Barrick Gold Pb Zn Ag Broken Hill (Southern Operations) Owner: Independence Group Au Cu Cliffs, Leinster (Yakabindie, Jeicho) Owner: Perilya Ltd Golden Grove (Gossan Hill, Scuddles) Au Zn Cu Owner: BHP Billiton Pb Zn Ag Endeavor Owner: MMG Owner: Toho Zinc Homestead Teutonic Bore, (Jaguar – Bentley) Au Zn Cu Owner: Norton Gold Fields Owner: Independence Group Super Pit (Fimiston, Mt Charlotte) Tritton (Avoca Tank, Kurrajong, Carter) Frogs Leg, (Frogs Leg, Greensfields) Cu Au Owner: JV Newmont/Barrick Owner: Straits Resources Owner: La Mancha Resources Angas Cu CSA, The Mount Pb Zn Ag Au Owner: Glencore International Owner: Focus Minerals Owner: Terramin Australia Long Victor, (Victor South, McLeay, Moran) Owner: Independence Group Randalls, (Salt Creek, Maxwells) Cu Costerfield (Augusta) Owner: Silverlake Resources Owner: Mandalay Resources McMahon (Ken Far North) Owner: Mincor Resources Lanfranchi, (Tramsway, Winner, Deacon) Fosterville (Harrier, Phoenix) Otter Juan, (Coronet) Owner: Panoramic Resources Cu Owner: Crocodile Gold Owner: Mincor Resources Mariner/Miitel, (N09I, N10, Terrace) Owner: Mincor Resources Cu Stawell (Golden Gift) Owner: Crocodile Gold Ballarat, (Britannia, Mako, Berringa) Au Owner: Castlemaine Goldfields Henty, (Tullah ERA, Mount Julia, Tyndell) Au Owner: Unity Mining

17 5 Year - Strategic Programs/Tactical Action Plans - 2014 COMPETITOR CURRENT CONTRACTS – NEXT 12 MONTHS ONLY

Cosmo Deeps Owner: Crocodile Gold Australia Contract Date: October 2010 Estimate Value: $150m

Cannington Owner: BHP Billiton Pb Zn Ag Contract Date: Oct 2010 Estimate Value: $70m Degrussa Owner: Sandfire Resources Au Cu Contract Date: Dec 2010 Estimate Value: $122m Cannington Telfer Potosi Pb Zn Ag Owner: Perilya Ltd Contract Date: March 2011 Jundee Estimate Value: $45m Owner: Newmont Contract Date: Dec 2003 Estimate Value: $200m CSA Mine King of the Hills Pb Zn Ag Owner: Glencore Owner: St Barbara Contract Date: Contractor Removed Contract Date: April 2010 Estimate Value: $ TBA m Estimate Value: $130m Olympic Dam Higginsville

LEGEND Cadia Valley Red October Au Gold Owner: Saracen Minerals Prominent Hill Au Cu Cu Copper Contract Date: May 11 Owner: OZ Minerals Estimate Value: $20m Contract Date: May 2010 Ni Nickel Estimate Value: $229m Fe Iron Castlemaine Owner: Castlemaine Goldfields Zn Zinc

Higginsville Contract Date: Dec 2010 Sn Tin Estimate Value: $20m Owner: Alacer Gold Pb Lead Contract Date: May 11 Au Cu Mt Lyell Ag Silver Estimate Value: $20m Owner: Copper Mines of Tasmania Contract Date: March 2010 Estimate Value: $196m

18 5 Year - Strategic Programs/Tactical Action Plans - 2014 GREENFIELDS POTENTIAL - AUSTRALIA

Lennard Shelf Project Zn Pb Owner: Northwest Nonferrous

Tropicana Underground Mine Owner: JV AngloGold and Independence Group Project Update: A Pre-feasibility Study on a combined open pit and underground Au development, based on the extraction of the Fitzroy Crossing Havana Deeps mineralisation, is due for Halls Creek completion in mid-2013 and will examine the Au Cu trade-offs between open pit and underground Cloncurry Swan Deposit mining of the Havana Deeps ore body Owner: Ivanhoe Australia

Tom Price

Zn Au Cu Jervois Deposit

Matilda Gold Au Owner: Kentor Gold Owner: Blackham Resources

Gidgee Mine Au Owner: Panoramic Resources Carrapatenna Project Windarra Project Au Cu Ni Owner: Oz Minerals Owner: Poseidon Nickel Au Cu Stockman Deposit HBJ Mine Au Pb Ag Zn Owner: Independence Group Owner: Alacer Gold LEGEND

Au Gold Au Hillside Deposit Cu Copper Au Cu Whirling Dervish Owner: Rex Minerals Ni Nickel Nova Cu Ni Owner: Saracen Minerals Fe Iron Measured, Indicated and Inferred Owner: Sirius Resources Orbost Zn Resource at Whirling Dervish to a Preliminary geotechnical and mining studies indicate Nova Zinc depth of 260-290m totals 11.3Mt at will be a very low cost nickel mine: Sn Tin • Crystalline competent hostrock with good geotechnical 1.4gpt Au for 501,000 ozs of gold. Pb Lead characteristics (unlike most WA nickel mines) Heemskirk Tin Deposit • Amenable to bulk mining methods: <90 metre high Sn Ag Silver stopes, sub-level open stoping and long hole stoping Owner: Stellar Resources

19 5 Year - Strategic Programs/Tactical Action Plans - 2014 INTERNATIONAL GROWTH TARGET - AFRICA

Au Mongbaralu - Kibali Konkola Operation Owner: JV AngloGold Ashanti/Randgold Owner: Vedanta Au Cu Operation: Underground Construction Operation: Underground Contractor: Byrnecut International Contractor: Owner and Grinaker Life of Mine Est: N/A Buzwagi Gold Mine Life of Mine Est: 2036 Comment: Awarded 2012 Owner: Barrick Africa Comment: Awarded a $156 decline contract Life of Mine Est: 2023 Operation: Open Pit Contractor: Nil (Owner Operator) Nchange Operation Au Cu Comment: Currently drilling at depth Owner: Vedanta Operation: Underground and Openpit Geita Gold Mine Contractor: Grinaker Au Cu Sudan Owner: AngloGold Ashanti Life of Mine Est: 2030 (Black List) Operation: Open Pit Comment: Old mine Contractor: AMS Lubambe Operation Au Cu Life of Mine Est: 2022 Owner: JV Vale and Africa Rainbow Minerals Comment: Growth is viewed as high potential Operation: Underground and Openpit underground operation. Contractor: Murray Roberts Life of Mine Est: 2038 Au Cu North Mara Mine Comment: New Mine for this country started in 2012 Owner: Barrick Africa Operation: Open Pit and Underground Kinsende Operation Au Cu Contractor: Nil (Owner Operator) Owner: Metorex Life of Mine Est: 2021 Operation: Feasibility for Underground Potential Comment: Costs are increasing, subjected to Contractor: high level operational review Life of Mine Est: 20 years Comment: Operational 2015 Au Cu Bulyanhulu Gold Mine Owner: Barrick Africa Boseta - Zeta Operation Cu Life of Mine Est: 2036 Owner: Discovery Metals Operation: Open Pit and Underground Operation: Open Pit Feasibility for Underground Contractor: Nil (Owner Operator) Contractor: Owner Operator Comment: Greenfield project, key target for Life of Mine Est: 2027 owners growth profile Comment: Advance tender process, facing financial difficulties. LEGEND Au Kabanga Owner: Barrick Africa Brownfield Project Life of Mine Est: 30 Years Greenfield Project Comment: Greenfield project, key target for (Underground) owners growth profile

20 Outlook • FY14 will be a transition year with modest growth

• +90% of FY14 forecast EBITDA is secured

• Decreased reliance on gold

FY 14 EBITDA By Customer Glencore 10.9% 5.1% Xstrata Copper AngloGold Ashanti 23.1% Barrick Gold 18.6% Bluestone

Goldfields 5.0% MMG 15.4% 13.1% Western Areas 8.7% Centamin Egypt

21 Forward Revenue Mix

Contracted Expected rollover Pipeline FY14 Pipeline FY15 Pipeline FY16 Pipeline FY17

FY13 FY14 FY15 FY16 FY17

Number of new projects in each year Barminco 0 1 3 3 3

Proportion of Revenue pipeline vs. expected rollover vs. contracted Pipeline 0.3% 6.6% 18.6% 29.7% 38.2% Rollover 0.0% 13.6% 30.2% 36.8% 60.3% Contracted 100.0% 79.8% 51.2% 33.5% 1.5%

22