Geochemical/alteration zonation and structural controls on the Wafi- Golpu porphyry Cu-Au resource, a world class deposit in PNG

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Geochemical/alteration zonation and structural controls on the Wafi- Golpu porphyry Cu-Au resource, a world class deposit in PNG Geology and mineral exploration East Asia: from Russia to PNG,, 2013 Doug Menzies Acting Geology Manager (Wafi-Golpu Project) Menzies, D., Shakesby, S., Morehari, G., Tekeve, B., Fitzpatrick, N, Kur, J., Kulinasi, N., Miam, G., Larsen, J., Alupian, B, Finn, D., Peter, D., Golias, P., and Wass, J.

Private Securities Litigation Reform Act Safe Harbour Statement This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbour created by such sections. These statements may be identified by words such as expects, looks forward to, anticipates, intends, believes, seeks, estimates, will, project or words of similar meaning. All statements other than those of historical facts included in this presentation are forward-looking statements, including, without limitation, (i) estimates of future earnings, and the sensitivity of earnings to the gold and other metals prices; (ii) estimates of future gold and other metals production and sales, (iii) estimates of future cash costs;( iv) estimates of future cash flows, and the sensitivity of cash flows to the gold and other metals prices; (v) statements regarding future debt repayments; (vi) estimates of future capital expenditures; and (vii) estimates of reserves, and statements regarding future exploration results and the replacement of reserves. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forwardlooking statements. Such risks include, but are not limited to, gold and other metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, project cost overruns, as well as political, economic and operational risks in the countries in which we operate and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors (such as availability of credit or other sources of financing), see the Company's latest Annual Report on Form 20-F for the year ended June 30, 2011 which is on file with the Securities and Exchange Commission, as well as the Company's other SEC filings. The Company does not undertake any obligation to release publicly any revisions to any "forward-looking statement" to reflect events or circumstances after the date of this presentation, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

Disclaimer

Morobe Mining Joint Venture 50 : 50 Joint Venture [2008]

Wafi-Golpu Location Regional/structural Geology Wafi-Golpu geology model Alteration and mineralisation zonation Surface Geochemical expression Paragenetic model

Location Wafi-Golpu Morobe Province Wafi-Golpu Morobe Province Lae Demakwa Lae Huon Gulf Huon Gulf Bulolo 25 km Hidden Valley Plant Wau Hidden Valley Papua New Guinea MMJV project area Lae Morobe Province Morobe Port Moresby MMJV Tenement Holding (EL & ELA) Landsat/Geo-eye Image

Wafi-Golpu Location Regional/structural Geology Wafi-Golpu geology model Alteration and mineralisation zonation Surface Geochemical expression Paragenetic model

Regional structural controls Wafi Transfer Structure Wafi Transfer Wafi Golpu

Regional magnetic and radiometric data Wafi Transfer

Structural model for emplacement

Wafi Golpu Location Regional/structural Geology Wafi-Golpu geology model Alteration and mineralisation zonation Surface Geochemical expression Paragenetic model

Wafi-Golpu Geology Model - mineralisation SCHEMATIC PLAN VIEW Miapilli Malaria Zone Golpu 21,000mN Legend Wafi Diatreme Bx Western Diatreme Golpu Porphyry Cu-Au Nambonga Porphyry Cu-Au B Zone Link A Zone 20,000mN Carb-BM Epithermal Au (Qtz-Rh-BM veins) 500 m 20,000mE High Sulphidation Epithermal Au Wafi Local Grid

Wafi-Golpu Mineralised System SCHEMATIC CROSS SECTION W High Grade Qz-Rhd veins Wafi High Sulphidation Au 7.2 mill Oz Au E Nambonga Porphyry Cu-Au Wafi B Zone Link Zone Wafi A Zone 1mill Oz Au, 0.1 Mt Cu Diatreme Golpu Porphyry Cu-Au 20.3 mill Oz Au, 9.0 Mt Cu 500m Telescoped mineralisation events/systems Multiple Porphyry Cu-Au centres (Golpu, Nambonga) High Sulphidation epithermal overprint (Wafi (Au)) Intermediate sulfidation Carbonate-Base metal (Quartz-Rhodochrosite) veins. Total resource inventory Wafi-Golpu to 28.3 Moz of Au and 9.06 Mt of copper or 73.5Moz of Au equivalent.

The Golpu porphyry intrusive complex. Five separate porphyries coalesce in central area All can be described as Hornblende Porphyry Can be mineralised or barren at different locations Meta-sediments caught up in the complex and in the halo are mineralised. Bounded on east and west by Rafferty s and Dokaton Faults.

Diatreme Conical / wine glass geometry Milled and angular clasts in feldspar & pyrite after hornblende rich matrix. Dominantly matrix supported. Pervasive silica-sericite-koalinite-pyrite alteration Accretionary lapilli at surface suggestive of venting Pebble dykes on the margins Produced by meteoric incursion on a magma chamber

Local structural geology Post mineral thrust Faults Post mineral thrust faulting during the east-west compression Off-set to the 0.5% Cu shell, porphyries and diatreme Pliocene (2.5-5.0 Ma) Cloos et al., (2010). Reactivation and compression of original extensional structures. Thrust Fault Rafferty s Fault Dokaton Fault Thrust Fault 0.5% Cu Shell

Wafi Golpu Location Regional/structural Geology Wafi-Golpu geology model Alteration and mineralisation zonation Surface Geochemical expression Paragenetic model

Alteration Model SCHEMATIC PLAN VIEW Golpu 500 m Silicification Intense silicification Hot spot of alteration is much larger than known intrusions

Zone of intense silicification On western and upper parts of Golpu Locally exhibits Uni-directional Silica Textures (UST), indicative of transition between magmatic and hydrothermal conditions (Seedorff et al, 2005)

Golpu Alteration/mineralisation zonation Porphyry (Golpu): Concentric Shells Alteration Kf - Bi+Mt - Act - Bi - Chl Sulphides Bn - Cpy Py First Cpy is coincident with first actinolite First Cpy 1% Cpy 3%Cpy Bn

Porphyry Style Mineralisation WR377 Chalcopyrite veins and veinlets ~1% volume proportion of chalcopyrite 10 wt.% Cu Bornite Spectacular Cu and Au grades for a porphyry ore deposit

Au vs Cu vs Mo zonation Golpu Long section - Mo in block model Golpu Long section - Au in block model Au:Mo Pearson correlation r = -0.024, n=32653 (negative correlation) Cu:Au Pearson correlation r = 0.607, n=32653 (positive correlation) Au:bornite Pearson correlation r = 0.21, n = 1890 (positive correlation) Cu:Mo Pearson correlation r = 0.031, n=32653 (neutral correlation) Interpretation: Greater Au deposition associated with bornite as proposed by Simon et al. (2000). separate metal deposition event for Mo vs Cu/Au. Molybdenite deposited by hypersaline Fe, K, Cl rich brine as oxochochloride complexes as proposed by Ulrich and Mavrogenes (2008) and Li et al. (2012).

High Sulphidation Epithermal alteration overprint Lilthological control to advance argillic alteration Zonation from vuggy silica, alunite, pyrophyllite to dickite/kaolinite caused by a volatile rich event Later Au-Cu producing event giving a sulphide zonation from enargite-tennantitetetrahedrite-to covellite.

Advanced argillic alteration overprint vuggy quartz (alunite-pyrite) WR316 96m quartz-alunite (pyrophyllite) WR316 135m quartz-alunite-kaolinite WR316 92m

High Sulphidation Epithermal Sulphide Zonation Southern Section

Carbonate base-metal Au-mineralisation Occurs at Link Zone, Northern Zone, Upper Nambonga Vein assemblages of quartz-rhodochrosite-au-as+/- galenasphalerite Produced by the mixing of magmatic fluid with bicarbonate waters

Wafi Golpu Location Regional/structural Geology Wafi-Golpu geology model Alteration and mineralisation zonation Surface Geochemical expression Paragenetic model

Surface geochemical

PCA of surface data

Wafi Golpu Location Regional/structural Geology Wafi-Golpu geology model Alteration and mineralisation zonation Surface Geochemical expression Paragenetic model

Paragenetic model porphyry intrusion Structural emplacement of porphyry intrusion associated with left-stepping sinistral fault jog, showing zonation of blue potassic (biotite-k-feldspar-magnetite) to green propylitic alteration (chlorite-actinolite+/- epidote) produce by hyper-saline fluids rich in K, Na, Fe chlorides.

Paragenetic model diatreme intrusion Intrusion of the diatreme due to meteoric incursion on a magmatic source, causing a phreatomagmatic erruption. Sericite alteration overprint on porphyry due to meteoric draw-down. Deposition of chalcopyrite-bornite mineralisation by a low density S-rich and Cu-Au-bearing phase (Sillitoe 2010, Corbett and Leach 1998) and separate molybdenite deposition by hypersaline Fe, K and Cl rich brine and Mo as oxochloride complexes (Ulrich and Mavrogenes, 2008 and Li et al. 2012)

Paragenetic model High sulphidation Porphyry intrusion and alteration Diatreme emplacement and venting High sulphidation epithermal vuggy silica-alunite-pyrophyllite to dickite-kaolinite alteration produced by an early volatile rich event resulting from the dissociation of H 2 S0 4 to H + (Corbett and Leach, 1998). A later liquid-rich event carrying Au-Cu-As producing a zonation from enargite-luzonite, tennantite-tetrahedrite to covellite.

Paragenetic model Carbonate BM Porphyry intrusion and alteration Diatreme emplacement and venting High Sulphidation epithermal overprint Quartz-carbonate-base metal + quartz-as-pyrite-rich low sulphidation epithermal mineralisation produced by the mixing of pregnant Au-As-Pb-Zn bearing magmatic fluids with bicarbonate surface waters (Corbett and Leach, 1998).

Paragenetic model post mineral faults Porphyry intrusion and alteration Diatreme emplacement and venting High Sulphidation epithermal overprint Quartz-carbonate-base metal Au epithermal veins Post mineral thrust faulting during the Pliocene (Cloos et al., 2010) off-setting the porphyry mineralisation and diatreme.

Paragenetic model Porphyry intrusion and alteration Diatreme emplacement and venting High Sulphidation epithermal overprint Quartz-carbonate-base metal Au epithermal veins Post mineral thrust faulting

Summary Wafi- Golpu mineralisation emplacement in extensional zone within a left-stepping sinistral Wafi Transfer fault. Porphyry Cu-Au mineralisation was deposited separate to Mo mineralisation. Diatreme vented due to H 2 O incursion on magma. High Sulphidation overprint depositing Au-Cu-As Later Au associated with quartz-carb-base metal veins produced by mixing with bi-carbonate waters Post mineral thrust fault during E-W compression Surface geochemistry analysis highlights Cu-Mo anomalism over porphyry Cu deposits. Principle Component Analysis good tool for identifying targets.

Questions? Contact details: Doug.menzies@cmcgeos.com www.cmcgeos.com