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Clear space Clear space PT AMMAN MINERAL INTERNASIONAL TBK (AMMN) H1 2026 Audited Results 21 September 2026
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Table of Contents 1. H1 2026 Highlights Higher Sales Volumes and Favorable Prices Deliver Strong Cash Generation 2. Operating Performance Mining and Smelter Production Growth 3. Financial Performance Cost Control and Rapid Deleveraging 4. Guidance Improving Phase 8 Grades Drive Increased Metal Production Guidance 2
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You must read the following before continuing. The following applies to the information following this page, and you (each referred to hereafter as a “Recipient”) are advised to read this carefully before reading, accessing or making any other use of these materials. Any failure to comply with these terms and conditions may constitute a violation of applicable securities laws. This following presentation has been prepared by PT Amman Mineral Internasional Tbk. (the “Company” or “AMMN”) solely for information purposes only and does not constitute a recommendation regarding any securities of the Company. Neither this document nor any part thereof may be retained by the Recipient nor may any portion thereof by shared, copied, reproduced or redistributed to any other person in any manner. 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Clear space Clear space H1 2026 Highlights Higher Sales Volumes and Favorable Prices Deliver Strong Cash Generation
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5 • Higher production volumes, improved metal grades, and higher sales volumes – volume and grades will continue to improve • Favorable commodity price environment – expected to continue for medium term • Completion and Project Acceptance Certificate (PAC) for the Smelter on 24 July 2026 • Improved Smelter and PMR reliability – provision of full year copper cathode and refined gold production guidance • Tapering capital expenditure – reflecting near completion of major capital projects • Growing cash flow with focus upon improving leverage – transition from investing, to generating and repaying lenders • Updated Batu Hijau and Elang JORC – enabling Elang mine planning & FID in 2027 H1 2026 Summary
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Clear space Clear space Updated JORC Reserves Batu Hijau mine life extended • Combined Batu Hijau and Elang copper reserves position Amman among top 10 globally • Batu Hijau reserves increased 10.2%, despite 18 months of production; contained copper rose 2.6%, while contained gold declined 6.7% • Elang reserves increased approximately 2.0% across ore tonnage, copper, and gold content • Gold prices assumption increased from US$1,800/oz to US$2,500/oz, copper remains at conservative US$4.0/lb 6Note: 1. Classified and reported in accordance with the JORC Code; 2. Resources include reserves JORC estimates as of 31 Dec 20241 Total (Mt) Grades Contained Cu (%) Au (g/t) Cu (Blb) Au (Moz) Stockpiles 254 0.32 0.11 1.78 0.92 Phase 7 9 0.62 0.97 0.13 0.29 Phase 8 442 0.38 0.36 3.70 5.11 Batu Hijau ore reserves 705 0.36 0.28 5.61 6.32 Batu Hijau mineral resources 2 2,758 0.27 0.19 16.46 13.02 Elang ore reserves 2,526 0.32 0.33 17.78 26.44 Elang mineral resources 2 3,820 0.30 0.20 25.13 35.10 JORC estimates as of 30 Jun 20261 Total (Mt) Grades Contained Cu (%) Au (g/t) Cu (Blb) Au (Moz) Stockpiles 316 0.33 0.14 2.31 1.40 Phase 7 9 0.62 0.97 0.13 0.29 Phase 8 451 0.33 0.29 3.31 4.21 Batu Hijau ore reserves 777 0.34 0.24 5.75 5.90 Batu Hijau mineral resources 2 2,609 0.27 0.15 15.52 12.40 Elang ore reserves 2,581 0.32 0.33 18.17 27.00 Elang mineral resources 2 3,982 0.30 0.28 26.03 36.70
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• Net sales: Significant YoY growth reflecting improving production, sales volumes, and favorable commodity prices • EBITDA: Maintaining healthy margins and strong cash generation • Net Income: From net loss to net profit • Debt and net debt: Repaid US$588mn debt YTD with increased cash on balance sheet • Capex: Reducing capital expenditure reflecting near completion of major capital projects Audited Financial Summary Higher sales volumes and favorable prices deliver strong cash generation Net Sales US$mn EBITDA US$mn Net Income US$mn Debt and Net Debt US$mn Capex US$mn 2,052 1,128 504 5,845 | 5,026 130 1,024% YoY 1,207% YoY 444% YoY 9% YTD 13% YTD 82% YoY 55% margin 2.4x net debt-to- EBITDA 7
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Mining – Processing, and Smelting – Refining delivered both Production and Sales Growth Production and Sales Production: Growth across the value chain • Higher processing throughput and higher ore grade increased produced metal content • Smelter production ramping up, with increased cathode and refined gold production Sales: Benefited from integrated value chain • Copper cathode sales growing consistently • Concentrate and refined metal sales in both Q1 and Q2 8 Mining and Processing Smelting and Refining H1 2026 Concentrate (kdmt) Copper in Concentrate (Mlbs) Gold in Concentrate (koz) Copper Cathode (kt) Refined Gold (koz) Production Volumes 347 211 346 49 122 Sales Volumes 120 72 121 49 66 Realized price US$6.80 per lb US$4,864 per oz US$13,625 per tonne US$4,746 per oz 81% YoY 136% YoY 481% YoY 146% YoY n/a YoY n/a YoYn/a YoYn/a YoYn/a YoY 163% YoY n/a YoYn/a YoYn/a YoY 39% YoY
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Clear space Clear space Operating Performance Mining and Smelter Production Growth
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Clear space Clear space Completing New Facilities – Tapering Capex Smelter and PMR completion in 2026 10 Processing plant expansion • Expanded annual ore capacity to 85 million tonnes • Mechanical completion achieved Q2 • First ore through the new mill in mid August Smelter and PMR • Annual input design capacity is 900,000 tonnes • Annual output up to 220,000 tonnes of copper cathode and 579,000 ounces of refined gold • Smelter and PMR passed Performance Guarantee Test (“PGT”) • High mined grades require temporary blending of smelter input 867 925 719 653 130 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Total capital expenditure (US$mn)
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495 308 60 43 346 0.88 0.61 0.14 0.11 0.65 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Gold (koz) Gold grade (g/t) 236 159 89 120 211 0.59% 0.47% 0.33% 0.38% 0.52% H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Copper (Mlbs) Copper grade (%) Mining and Processing Phase 8 progressing to high grade ore, increasing volumes and recovery rates 11 Concentrate production (dmt) Phase 8 mining began Jan 2025 Copper in concentrate (Mlbs) Gold in concentrate (koz) 444,143 310,940 191,657 254,907 347,307 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 89.5% 84.9% 76.8% 89.8% 92.7% 86.6% 83.8% 80.6% 80.7% 84.5% Recovery rate (%) Recovery rate (%)
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Smelting and Refining Smelter and PMR performing consistently 12 Note: 1. November 2025 – April 2026 direct concentrate sales; 2. June smelter production rate at 93% and subsequently in July and August production rate continue to improve and stabilize - 124,723 122,131 52% 51% H1 2025 H2 2025 H1 2026 Refined gold production (oz) PMR production rate (%) 19,805 60,044 48,756 22% 66% 53% H1 2025 H2 2025 H1 2026 Copper cathode production (tonnes) Smelter production rate (%) Copper cathode production First production March 2025 Refined gold production First production July 2025 1,2 1 1 1
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13 9 6 15 19 7 9 10 1 1 20 18 16 16 20 4.96 5.85 5.70 6.04 5.05 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Operating Costs: Fuel Prices & Smelter Ramp-up Unit mining cost increased 27% YoY driven by higher fuel prices Smelting and refining – cost per tonne produced 13 Materials mined – cost per tonne mined Unit processing cost reduced by 11% driven by improving metal ore content Smelting and refining unit costs will continue to reduce as production ramps up Processing mill – cost per tonne throughout 19 12 6 43 66 134 157 140 103 60 153 169 147 146 126 2.34 2.15 2.44 2.64 3.11 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Waste (Mt) Ore (Mt) Unit mining cost (US$/t) - - 19,805 60,044 48,756 3,340 1,604 2,044 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Copper cathode production (tonnes) Unit smelting and refining cost (US$/t) Cash costs (per copper lb sold) H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Operating costs, excl. adjustments 3.40 6.62 12.58 3.57 3.00 By-product credits1 (4.64) (7.39) (0.19) (3.74) (5.55) Smelting and refining treatment costs2 0.16 0.19 1.62 0.54 0.53 Royalties 0.67 1.00 0.67 1.00 1.44 Unit cash cost (0.40) 0.43 14.68 1.37 (0.58) Stockpiles (Mt) Ore (Mt) Unit processing costs (US$/t) Note: 1. Gold, silver, sulphuric acid, and selenium; 2. Reflect costs of Smelter and PMR
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Clear space Clear space Financial Performance Cost Control and Rapid Deleveraging
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69 72 127 107 173 116 41 196 180 4.46 3.70 4.43 5.00 6.43 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Copper in concentrate (Mlbs) Copper cathode (Mlbs) Realized price (US$/lb) Smelter and PMR ramping-up during H1 2026 Favorable prices and strong cash generation 15Note: 1. Copper cathode sales volumes were 19 kt, equivalent to 41 Mlbs, in H1 2025; 57 kt, equivalent to 127 Mlbs, in H2 2025, and 49 kt, equivalent to 107 Mlbs, in H1 2026 1 1 1 55 121 114 66 344 267 - 170 186 2,263 2,570 4,039 4,822 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Gold in concentrate (koz) Refined gold (koz) Realized price (US$/oz) 770 429 355 492 779 686 231 587 624 663 454 311 1,549 1,115 183 1,664 2,052 H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Copper in concentrate (US$mn) Gold in concentrate (US$mn) Copper cathodes (US$mn) Refined gold (US$mn) Copper sales volume and realized price Net Sales Gold sales volume and realized price Net Income 479 163 (146) 404 504 31% 15% 24% 25% H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Net Income (US$mn) Net Income margin (%)
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Clear space Clear space Leverage Ratio Strong cash generation and rapid deleveraging 16 EBITDA 959 467 86 971 1,128 62% 42% 47% 58% 55% H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 EBITDA (US$mn) EBITDA margin (%) 2,451 3,531 5,048 5,756 5,026 1,333 754 1,002 677 819 3,784 4,285 6,050 6,432 5,845 1.5 2.5 9.1 5.4 2.4 H1 2024 FY 2024 H1 2025 FY 2025 H1 2026 Net debt (US$mn) Cash (US$mn) Net debt to LTM EBITDA (x) Leverage ratio • H1 2026 US$588mn debt repaid and another US$350mn repaid in Q3 2026 • Net debt to EBITDA reduced to 2.4x • Continued focus upon balance sheet strengthening through cost control and rapid deleveraging
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Clear space Clear space Guidance Improving Phase 8 Grades Drive Increased Metal Production Guidance
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Clear space Clear space 18 • Deliver on 2026 guidance • Focus on cost control as operations expand • Continuing debt repayment and leverage improvement • Smelter consistent operating performance – new performance records set in July – August • Major Project close out – LNG tank and ramping up new mill • Preparing for Elang FID in 2027 What to Expect in H2 2026
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Clear space Clear space 2026 Production Guidance Improving Phase 8 grades drive increased gold production guidance 19 • Metal guidance increased to reflect high mined grades • January - April concentrate direct sales to utilize available concentrate export permit • Smelter and PMR fully commissioned 2026 PRODUCTION GUIDANCE H1 2026 ORIGINAL REVISED CHANGE Mining and Processing Concentrate (kdmt) 347 900 900 - Copper in concentrate (Mlbs) 211 485 485 - Gold in concentrate (koz) 346 579 775 34% Smelting and Refining Copper cathode (kt) 49 - 130 New Refined gold (koz) 122 - 350 New
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Clear space Clear space Sumbawa ~50 km Batu Hijau Elang Elang “Super Giant” Project On Track Elang Mine FID 2027 20 Progress updates Power ComplexProcessing Plant Smelter ComplexBenete Port • Elang Final Investment Decision expected in 2027 Mine planning in progress JORC completed Q3 2026 • Batu Hijau mine life extended to 2031/2032, stockpile processing until 2033/2034 • Elang first ore 2031/2032 using Batu Hijau’s expanded integrated facilities • Elang will utilize existing smelter, processing plants, power facilities, and Benete Port • Elang ore will be transported via a new overland conveyor (“OLC”) • OLC corridor permitting, and preliminary engineering contracting in progress
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Clear space Clear space Notes: 1. Nm means not meaningful; 2. Net of treatment and refining charges and mark- to-market price adjustments from previous shipments; 3. Net of mark-to-market price adjustments from previous shipments 22 Production and sales data1 Units H1 2025 H1 2026 YoY (%) Mining operations Concentrate Production dmt 191,657 347,307 81% Sales dmt - 120,079 nm Copper (in concentrate) Production Mlbs 89 211 136% Sales Mlbs - 72 nm Selling price (net)2 US$/lb - 6.80 nm Gold (in concentrate) Production oz 59,578 346,354 481% Sales oz - 120,667 nm Selling price (net)2 US$/oz - 4,864 nm Smelting and refining operations Copper cathode Production tonnes 19,805 48,756 146% Sales tonnes 18,522 48,654 163% Selling price (net)3 US$/t 9,808 13,625 39% Refined gold Production oz - 122,131 nm Sales oz - 65,544 nm Selling price (net)3 US$/oz - 4,746 nm Financial results Units H1 2025 H1 2026 YoY (%) Net sales US$mn 183 2,052 1,024% EBITDA US$mn 86 1,128 1,207% Net income/(loss) US$mn (146) 504 444% Capex US$mn 719 130 (82%) Operating cash flow US$mn (644) 763 218% Dec-25 Jun-26 YTD (%) Cash and cash equivalents US$mn 677 819 21% Assets US$mn 13,871 13,801 (1%) Total debt US$mn 6,432 5,845 (9%) Net debt US$mn 5,756 5,026 (13%) Equity US$mn 5,431 5,861 8% Financial Highlights
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Clear space Clear space Key Features of the Smelter and PMR Copper cathode and refined gold meet LME1 and LBMA2 quality standards 23 KEY FEATURES OF THE SMELTER Annual smelter blended feed: 900,000 tonnes Annual smelter production capacity: 220,000 tonnes of copper cathode with 99.99% purity 830,000 tonnes of sulfuric acid with 98.50% purity KEY FEATURES OF THE PRECIOUS METAL REFINERY (“PMR”) Annual PMR feed: Annual PMR production capacity: 970 tonnes of anode slime from the smelter 579 kilo ounces of refined gold with 99.99% purity 1.8 million ounces of refined silver with 99.95% purity 77 tonnes of selenium with ~95.00% purity Smelter and PMR Complex Copper Cathode Refined Gold Refined Silver Note: 1. London Metal Exchange, LME brand application for copper cathode is approved and in process to be registered and certified; 2. London Bullion Market Association
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Copper and Gold Prices Source: Bloomberg as of 21 August 2026 24 Forward Copper PricesHistorical Copper Prices 7,000 9,000 11,000 13,000 15,000 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Aug-26 Comex Copper (US$/t) LME 3Mo Copper (US$/t) Historical Gold Prices Forward Gold Prices 1,000 2,000 3,000 4,000 5,000 6,000 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Aug-26 Gold Spot (US$/oz) 4,371 4,564 4,612 4,667 4,691 4,903 5,146 1,000 2,000 3,000 4,000 5,000 6,000 Q3 2026 Q4 2026 Q1 2027 Q2 2027 2027 2028 2029 Bloomberg Concensus Gold Forecast (US$/t) 14,136 14,039 14,010 14,013 14,009 13,985 13,971 7,000 9,000 11,000 13,000 15,000 Q3 2026 Q4 2026 Q1 2027 Q2 2027 2027 2028 2029 Bloomberg Concensus Copper Forecast (US$/t)