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