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May 2014

PAPUA MINING PLC. May 2014. Disclaimer

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May 2014

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  1. PAPUA MINING PLC May 2014

  2. Disclaimer The contents of the presentation slides (the “Slides”) and the information which you are given at the accompanying verbal presentation (“Presentation”) have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 (the “Act”). Reliance on the Slides and/or the Presentation for the purpose of engaging in any investment activity may expose an individual to significant risk of losing any or all of the property or other assets invested. These Slides do not comprise an admission document, listing particulars or a prospectus relating to Papua Mining plc (the “Company”) or any subsidiary of the Company, nor do they constitute an offer or invitation to purchase or subscribe for any equity securities of the Company and should not be relied on in connection with a decision to purchase or subscribe for any such securities. Neither the Slides nor the Presentation constitute a recommendation regarding any decision to sell or purchase equity securities in the Company. The Slides and the Presentation are confidential. The Slides are supplied to you solely for your information and may not be reproduced or distributed to any other person or published, in whole or in part, for any purpose. No reliance may be placed, for any purpose whatsoever, on the information contained in the Slides or given in the Presentation or on the completeness or accuracy of such information. No representation or warranty, express or implied, is given by or on behalf of the Company, Cenkos Securities plc (“Cenkos”) or their respective shareholders, directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in the Slides and the Presentation, and no liability is accepted for any such information or opinions (including in the case of negligence, but excluding any liability for fraud). The Slides and the Presentation, and their contents, are directed only at persons who fall within the exemptions contained in articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (such as persons who are authorised or exempt persons within the meaning of the Act and certain other persons having professional experience relating to investments, high net worth companies, unincorporated associations or partnerships and the trustees of high value trusts) and persons to whom distribution may otherwise lawfully be made (together “relevant persons”). Any investment, investment activity or controlled activity to which the Slides and the Presentation relate is available only to such relevant persons and will only be engaged with such relevant persons. Persons of any other description, including those that do not have professional experience in matters relating to investments, should not rely or act upon the Slides. The Slides should not be distributed, published, reproduced or otherwise made available in whole or in part by recipients to any other person and, in particular, should not be distributed to persons with an address in the United States of America, Australia, the Republic of South Africa, the Republic of Ireland, Japan or Canada or in any other country outside the United Kingdom where such distribution may lead to a breach of any legal or regulatory requirement. No securities commission or similar authority in Canada has in any way passed on the merits of the securities offered hereunder and any representation to the contrary is an offence. No document in relation to the fundraising to which the Slides and the Presentation relate has been, or will be, lodged with, or registered by, the Australian Securities and Investments Commission and no registration statement has been, or will be, filed with the Japanese Ministry of Finance in relation to the fundraising or the equity securities of the Company. Accordingly, subject to certain exceptions, the equity securities of the Company may not, directly or indirectly, be offered or sold within Canada, Australia, Japan, South Africa or the Republic of Ireland or offered or sold to a resident of Canada, Australia, Japan, South Africa or the Republic of Ireland. The Securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “US Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and may not be offered or sold within the United States or to, or for the account or benefit of, any US Person as that term is defined in Regulation S under the US Securities Act. The Company has not been registered and will not register under the United States Investment Company Act of 1940, as amended. The Slides and the Presentation, and their contents, are confidential and should not unless otherwise agreed in writing by Cenkos be copied, distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. No recipient of or attendee at this Presentation should deal in or attempt to deal in or otherwise engage in any behaviour which would or might constitute market abuse (as defined in section 118 of the Act) in relation to any securities or other qualifying investments to which these Slides (or any of them) relates. By agreeing to attend the Presentation and/or receive the Slides you: (i) represent and warrant that you are a relevant person; and (ii) agree to the foregoing (including, without limitation, that the liability of the Company, Cenkos and their respective directors, officers, employees, agents and advisors shall be limited in the manner described above). IF YOU ARE NOT A RELEVANT PERSON OR DO NOT AGREE WITH THE FOREGOING, PLEASE IDENTIFY YOURSELF IMMEDIATELY. Cenkos, which is authorised and regulated by the Financial Conduct Authority, is advising the Company and no one else in relation to the proposed fundraising and will not be responsible to anyone other than the Company for providing the protections afforded to customers of Cenkos. Any other person should seek their own independent legal, investment and tax advice as they see fit. Cenkos’ responsibilities as the Company’s nominated adviser and broker under the AIM Rules will be owed solely to the London Stock Exchange plc and not to the Company, to any of its directors or any other person in respect of a decision to subscribe for or acquire shares or other securities in the Company. Cenkos has not authorised the contents of, or any part of, the Slides or the Presentation and no representation or warranty, express or implied, is made by Cenkos as to any of its contents. The Slides contains forward-looking statements. These statements relate to, among other things, analysis and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements also relate to the Company’s future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “envisage”, “estimate”, “expect”, “intend”, “may”, “plan”, “will” or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements contained in the Slides are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. Given the risks and uncertainties associated with a company of this nature, potential investors should not place reliance on forward-looking statements. These forward-looking statements speak only as at the date of these Slides. The Company does not undertake any obligation to update forward-looking statements or risk factors other than as required by any relevant regulations, whether as a result of new information, future events or otherwise. Papua mining plc

  3. Papua Mining plc • Papua Mining plc (PM) is a UK incorporated company quoted on the AIM market in London • Boots-on-the-ground exploration for large copper and gold deposits in Papua New Guinea • Holding twelve licences with a total area of 2,435 km2through our two PNG incorporated subsidiaries • Recent exploration has focussed on the Mt. Nakru region of New Britain including targets at Junction, Flying Fox and Tripela • Approximately US$17 million expended to date on exploration leading to the current drilling programme at Tripela Papua mining plc

  4. PM Management Team Hugh Martin McCullough (aged 64), Chief Executive Officer Hugh McCullough has over 40 years’ experience in gold and base metal exploration, principally in Ireland, Ghana and Mali. Having previously worked as a project geologist, in 1982 he became chief executive of Glencar Mining plc, formerly a public company listed on the IEX (of the Dublin Stock Exchange) and AIM. Mr. McCullough was responsible for the management, financing and strategy of Glencar for over 27 years until Glencar was taken over by Gold Fields Limited in September 2009. During his time at Glencar, Mr. McCullough was involved in a number of multi million ounce gold discoveries and oversaw the development of certain gold deposits from exploration to production. Mr. McCullough is a Professional Geologist and holds an Honours degree in Geology from University College Dublin and the degree of Barrister-at-Law from the King’s Inns, Dublin. In 1994 he was appointed by the then Irish Minister for Energy to the National Minerals Policy Review Group to review Irish Minerals Policy and to make recommendations to the Minister for the reform of the fiscal and regulatory policy for the mining industry in Ireland. Kieran Harrington (aged 51), Technical Director
Kieran Harrington is a geologist with 30 years of experience and expertise in gold exploration, mine development, project evaluation and project management, with particular experience and past success in exploration of gold deposits in West Africa and Europe. He joined Glencar Mining plc in 1992 as a senior geologist where he was involved in the discovery of a major commercial mine in Ghana (Wassa) and the more recent discovery of the Komana Deposit in Southern Mali. He left Glencar as Technical Director on its acquisition by Gold Fields Limited in 2009. Prior to joining Glencar, Mr. Harrington worked with Tara Prospecting Ltd and Burmin Exploration and Development Ltd. Mr. Harrington is a Professional Geologist holding an Honours degree in Geology from the
National University of Ireland, Galway. Christopher Muller (aged 40), Country Manager and Chief Geologist Chris Muller has 15 years of experience in exploration and mine geology in a number of developing nations. Prior to joining the Group in November 2011, he held a managerial role with Morobe Mining Joint Ventures, the joint venture between Harmony Gold and Newcrest Mining in PNG where he led the Nambonga Porphyry and Golpu West/Golpu Deeps discovery team. He was responsible for the discovery hole in the Golpu West porphyry deposit. He has specific experience in Borneo, Mongolia and PNG in the design and implementation of geochemical sampling and geophysical programmes. Prior to joining Morobe Mining Joint Ventures he worked as a geologist for Allied Gold Limited in PNG, Ivanhoe Mines Limited in Mongolia, China and Indonesia and Glencar Mining plc in Ghana. Mr. Muller has a PhD in Tectonics/Biogeography of Indo-Pacific using  Rhopaloceran genetics, a High First Class honours degree from the Centre of Ore Deposit Research at the University of Tasmania and a Bachelor of Science degree from Macquarie University. management

  5. Group Shareholding % South Pacific Mining Holdings Limited 28.3 Michael Somerset-Leeke 18.6 JP Morgan Asset Management UK Limited 7.3 HargreaveHale Limited 6.5 Peter de Savary 5.8 SalidaCapital (Europe) Limited 4.9 Stanley Nominees Limited 3.8 Directors hold2.5 Total shares in issue 34,996,334 Group shareholding

  6. PNG – Proven Potential • Numerous world class copper-gold deposits in the region • Golpuis the most recent world-class discovery in PNG • Much of PNG is under-explored • High potential for discovering additional economic mineral deposits Ambunti Project New Britain Project Frieda New Britain Island Indonesia PNG Port Moresby Papua new guinea PNG Mobile Belt PM Group Project Locations Copper/Gold deposits Gold deposits MAP AREA Australia Data Sources: Harmony Gold Mining website, Newcrest Mining Ltd Dec 2013 Mineral Resource Statement

  7. REGIONAL GEOLOGY geological setting

  8. Systematic approach to exploration • Historical data collation • Remote Sensing • Airborne Geophysics • Ridge and Spur Soil/Drainage Rock Chip Sampling • Grid Soil Sampling • Trenching • Geological (Lithology, Alteration & Structural) Mapping • Mineral analysis (Petrology, Micro-Probe, PIMA, XRD) • Ground geophysics (Induced Polarization and Electro-magnetic surveys) • Diamond drilling STRATEGY Exploration strategy

  9. Flying Fox 2011 Soil Geochemistry, Rock sampling, Alteration mapping Ground IP 2013 Ground EM, drilling Tripela 2012 Soil Geochemistry, Rock sampling 2013 Rock sampling Trenching Alteration mapping 2014 Drilling Kandoka 2012 Soil Geochemistry, Rock sampling Mapping Kori-Dagi 2011 Soil Geochemistry, Rock sampling 2012 Soil Geochemistry Rock sampling Mt Du Faure 2012 Ridge & Spur soils, Rock sampling Simuku South 2011 Soil Geochemistry, Rock sampling Mapping Pora 2013 Soil Geochemistry, Rock sampling Kulu-Fulleborn Trend Roku 2013 Soil Geochemistry, Rock sampling Junction 2011 Soil Geochemistry, Rock sampling 2012 Rock sampling Alteration mapping Ground IP & EM 2013 – trenching, drilling Plesyumi South 2010 Soil Geochemistry, Rock sampling 2012 Soil Geochemistry Rock sampling Mapping Ground IP & EM New britain targeting

  10. Geological Mapping Making friends Field mapping MAPPING - ALTERATION

  11. Path to Discovery • Following systematic soil geochemical sampling over selected geophysical target areas, contoured geochemical grids are generated for each element • Discovery of widespread high-grade copper mineralisation at surface at numerous localities across the Mt Nakru area • Integration of soil geochemistry with rock chip sampling and geological mapping data defined three main anomalies in the Mt. Nakru area, namely Junction, Flying Fox, and Tripela • The vectoring exercise supports the possible presence of porphyry systems • Diamond drilling at Junction and Tripela to test for the inferred mineralised porphyry systems. PROSPECTIVITY

  12. Coppermoly Nakru prospect GEOPHYSICS Reduced-to-Pole aeromagnetic data showing Cu-Au prospects within an interpreted sigmoidal shaped dilational structure developed as a link zone during sinistral movement on a NW-SE trending regional fracture. geophysics

  13. Flying Fox N • Cu soil contour >50ppm • Cu soil contour >100ppm • Rock sample >1000ppm Cu • Drill target • Hydrothermal alteration zone • (from aeromagnetics data) • Logging Road Making friends Coppermoly/Barrick JV Ground Junction Tripela GEOCHEMISTRY – Mt. Nakru

  14. Ground geophysics – Junction IP & EM Making friends GEOPHYSICS - junction

  15. Prospectivity • Positive project review in September 2013 by Greg Corbett, a leading porphyry expert and his colleague Doug Menzies.* The review recognised the following characteristics of a copper-gold porphyry environment in our Mt Nakru area: • Well defined wall-rock mineral assemblage and quartz-sulphide veins typical of the upper parts of mineralisedporphyry copper-gold bearing environments • Elevated copper-molybdenum in surface soil samples similar to copper-gold porphyry deposits elsewhere • Multiple phases of igneous intrusions • D veins and pebble dykes diagnostic of porphyry environment. PROSPECTIVITY * The full Corbett & Menzies Consulting Pty Ltd September 2013 report is available on the Group’s website at www.papuamining.com

  16. PORPHYRY GEOLOGY Corbett 2014 Geological model

  17. Corbettand Menzies Interpretation JUNCTION TRIPELA Geological model

  18. Getting around Massive Sulphide at T11

  19. Getting around Massive sulphide outcrop at Tripela Massive Sulphide at T11

  20. Diagnostic indicators of porphyry proximity Porphyry indicators Dvein Pebble Dyke

  21. Schematic Long Section through the Harmony/Newcrest Wafi Golpu Deposit Wafi-Golpu Deposit (Harmony/Newcrest) GOLPU WAFI NORTH • Wafi Golpu Resource, Aug 2012 • 28.3 Moz Au • 9.1 Mt Cu • 38.9 Moz Au equiv • Wafi Golpu exploration target of • 40 Moz Au • 15 Mt Cu 400 metres SOUTH WAFI GOLPU 2010 Wafi resource Miapilli Porphyry 1000m RL 2007 resource 2010 Wafi resource 103Mt @ 1.9g/t 6.2 Moz Au 1400 metres Limit of Drilling DrillholeWR363 595m @ 1.653g/t Au & 2.03%Cu 2012 Wafi resource 132Mt @ 1.69g/t 6.9 Moz Au Drillhole WR377 883m @ 2.23g/t Au & 2.15%Cu 2010 Golpu resource Wafi-golpu deposit Drillhole WR359 860m @ 0.7g/t Au & 1.37%Cu 0m RL 2010 Golpu resource 501Mt @ 0.54g/t & 0.95% Cu 8.8 Moz Au / 4.3 Mt Cu 2012 Golpu resource 1,000 Mt @ 0.63g/t & 0.90% Cu 20.3 Moz Au / 9.1 Mt Cu Source: Harmony Gold Mining/Newcrest Mining websites Wafi golpu deposit

  22. Summary • The Kulu-Fulleborn Trend is highly prospective for Cu/Au porphyry and related deposits • Historical exploration work has been focussed on very small areas but has shown significant copper-gold mineralised systems occur in the belt at several localities • Papua Mining plc has been exploring with a systematic, field-based approach since 2010 • Combining new technologies with ‘boots-on-the-ground’, systematic geochemistry and prospecting has already produced significant hitherto undiscovered new targets across the entire licence area • Initial drilling in 2013 at the Junction target has confirmed porphyry signature at depth • Shallower target inferred at Tripela and drilling commenced there in January 2014 summary

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