Perenti Global : Chairman and Managing Director Address to Shareholders

2 October 2020

Market Announcements Office

Australian Securities Exchange Limited

Level 4

20 Bridge Street

Sydney NSW 2000

Dear Sir,

Attached is a copy of the Chairman's Address and Managing Director's Address to be delivered to shareholders of Perenti Global Limited at the Annual General Meeting of the Company to be held today.

Yours faithfully

STRATI GREGORIADIS

Company Secretary

Perenti Global Limited

Level 2, 202 Pier Street	PO Box 8286	T [phone]
Perth WA 6000	Perth WA 6849	E [e-mail]
Australia	Australia
Perenti Global Limited ABN 95 009 211 474 (ASX: PRN) (Perenti)	perentigroup.com

Perenti is a diversified global mining services group with businesses in surface mining, underground mining and mining support services. The Group was founded in Kalgoorlie in 1987 and is today one of the world's largest companies providing surface and underground mining at scale. Headquartered in Australia, Perenti has operations and offices in 13 countries across four continents, employs around 8,000 mining professionals and is creating enduring value and certainty for clients on some of the world's largest mining projects.

2020 ANNUAL GENERAL MEETING Address to shareholders Chairman: Ian Cochrane

Good Morning Ladies and Gentlemen

The 2020 financial year was one that demonstrated Perenti's ability to not only successfully navigate unprecedented events but also deliver very strong results in the process. This is a testament to the depth and agility of the Group, and the high-calibre team we have built across the business who were able to rapidly respond to the challenges we faced in the year.

In my address today I would like to expand on a few of the key operational and financial achievements we have delivered during the past 12 months. I will then invite Perenti Managing Director and Chief Executive Officer Mark Norwell to give us an insight into the strategic initiatives progressed throughout the year and how these will position Perenti for growth, and the successes we have had to date in the 2021 financial year.

Firstly, it goes without saying that the rapid spread of the COVID-19 virus tested the resolve of our people and the business.

The commitment and response to the COVID-19 situation by our people has been outstanding. This was particularly the case with our expatriate workforce, as many of them elected to stay on or fly back to site as the pandemic intensified, which meant working away from their families and friends for extended periods of time.

It is a credit to our internal COVID-19 taskforce and the broader Perenti team that amidst the flight cancellations and COVID-19 border restrictions our first expatriate crew changes were arranged and successfully completed in May 2020, and these continue across all of the Company's international operations today.

This measure was one of many that contributed to Perenti only experiencing isolated COVID-19 operational effects across its projects during FY20 and enabled the business to deliver a very strong financial performance in FY20. This included delivering record revenue of $2.04 billion, exceeding the $2 billion mark for the first time in the Company's history, and record underlying earnings before interest and tax of $444 million. The Group had strong cash conversion at 96 per cent, reflecting the Company's high quality earnings, and maintained return on capital employed above 16 per cent, in line with our strong focus on capital discipline under the Group 2025 strategy.

Crucially, Perenti's strong liquidity position was further enhanced in the year as a result of our focus on capital management, ensuring the Company was and remains well placed to withstand the ongoing global economic challenges from COVID-19 and has greater flexibility to fund growth opportunities.

Prior to the onset of COVID-19, in November 2019 a terrorist attack near the Boungou project in Burkina Faso resulted in the tragic loss of 19 members of our workforce and injured a further 26. In response to the senseless attack we provided rapid and ongoing care and support to the injured employees, and the families, friends and work colleagues of those who tragically lost their lives or were injured. Our thoughts continue to be with them. As a result of this attack, and continuing security issues in the northern and eastern regions of Burkina Faso, Perenti exited the Boungou and Bissa projects.

Level 2, 202 Pier Street	PO Box 8286	T [phone]
Perth WA 6000	Perth WA 6849	E [e-mail]
Australia	Australia
Perenti Global Limited ABN 95 009 211 474		perentigroup.com

Perenti is a diversified global mining services group with businesses in surface mining, underground mining and mining support services. The Group was founded in Kalgoorlie in 1987 and is today one of the world's largest companies providing surface and underground mining at scale. Headquartered in Australia, Perenti has operations and offices in 13 countries across four continents, employs around 8,000 mining professionals and is creating enduring value and certainty for clients on some of the world's largest mining projects.

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It is also with sadness that I report that in June 2020 a heavy vehicle incident occurred at AngloGold Ashanti's Obuasi Gold Mine in Ghana, which resulted in the tragic fatality of an Underground Mining Alliance employee, Justice Sarkodie. UMA, which is an incorporated joint venture between Perenti's subsidiary, African Underground Mining Services, and Ghanaian contracting company Rocksure International, has placed the utmost importance in supporting the family, local community and colleagues of Justice. Through UMA an investigation was undertaken into the cause of the fatality in conjunction with AngloGold Ashanti and the Ghanaian authorities, with lessons from this tragic event applied at the Obuasi mine and where applicable, across our business.

Operationally, a key highlight in FY20 was our ability to build on the successful Barminco acquisition in FY19. A key example was the geographic expansion of our Underground service offering into high quality mining jurisdictions, with the award of underground mining services contracts from Barrick Gold in Canada and Khoemacau in Botswana, together worth a combined $1 billion. Underground delivered a standout financial and operational performance through the Barminco and AUMS businesses across both Australia and Africa in FY20.

Our Surface ISG recorded a stronger result in the second half of FY20 reflecting progress made in transforming AMS, our surface business in Africa. We were also successful in securing more than $550 million in surface contract extensions and new work during FY20.

The Board believes that Perenti's ability to deliver excellent financial results in a year that experienced significant and unexpected challenges is a positive reflection on the executive team's performance and the strength of the business. Accordingly, the Board reached a strong consensus that the executive team's performance exceeded expectations and that the business is well positioned for growth. In consideration of this performance the Board approved FY20 STI rewards, including the inclusion of the cash conversion target. The cash conversion target was linked to the NPAT, however the Board considered the benefit to shareholders through strong cash management during Covid-19 by management and subsequently approved this portion of the bonus to ensure an alignment of benefits to shareholders and management. Even with the inclusion of the cash conversion component the overall bonuses were substantially lower than in FY19, due to the fact that the NPAT result was down against a stretch target included in the scorecard and due to the safety performance.

There have also been changes at the Board level since the 2019 AGM. I was delighted to welcome Andrea Hall as a Non-Executive Director in December 2019. Andrea has brought extensive directorship experience to Perenti that aligns with the company's strategy to provide shareholders with balanced representation, diversity and skillsets to underpin our long-term strategic vision. She was recently appointed as chair of the Audit & Risk Committee. I would like to welcome her here today. I should also note that Rob Cole was recently appointed to the role of Deputy Chair.

In addition, I would like to make special mention of Terry Strapp who, having agreed at my request to remain on the Board beyond his intended retirement date, will now retire at the end of December this year. Terry was first elected to the Board of the Company on 21 July 2005. He has made a fantastic contribution during his time on the Board and his wisdom and experience will be missed by all and in particular by me. This will be his last AGM as a Board member but hopefully not his last as a shareholder! Thanks again Terry for your contribution.

A key component of the Board's focus is on strengthening Perenti's organisational health under the Group 2025 strategy, which includes enhancing our environmental, social and corporate governance measures. To that end, I am pleased we developed our inaugural Sustainability Report in this year's 2020 Annual Report. This has been a step towards Perenti's long-term intention to enhance reporting and performance in this area, with a range of ESG initiatives we are targeting. In addition, we have made tangible improvements to our governance procedures, such as implementing a new code of conduct and policies.

Level 2, 202 Pier Street	PO Box 8286	T [phone]
Perth WA 6000	Perth WA 6849	E [e-mail]
Australia	Australia
Perenti Global Limited ABN 95 009 211 474		perentigroup.com

Perenti is a diversified global mining services group with businesses in surface mining, underground mining and mining support services. The Group was founded in Kalgoorlie in 1987 and is today one of the world's largest companies providing surface and underground mining at scale. Headquartered in Australia, Perenti has operations and offices in 13 countries across four continents, employs around 8,000 mining professionals and is creating enduring value and certainty for clients on some of the world's largest mining projects.

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In closing, I would like to sincerely thank Perenti's shareholders. I recognise that the important steps taken in response to the COVID-19 with regards to our prudent cash management approach may have impacted some shareholders, in particular our decision in March 2020 to defer payment of the company's interim dividend until October 2020. Hopefully, the decision to reactivate the Dividend Reinvestment Plan was of some assistance.

However, as the situation developed, and the strong measures taken by Mark and the Group Executive team took effect - including steps to strengthen our liquidity position - the Board had greater certainty by June 2020 to bring forward the interim dividend of circa $15 million to 23 July 2020. In addition, with our strong financial performance in FY20, the Board determined a final dividend of 3.5 cents per share. This brought the full year dividend payments to 7 cents per share, fully franked, reflecting our commitment to provide value to shareholders.

I am immensely proud of how Perenti has risen to the occasion in the face of adversity over the past 12 months. The Board is very grateful to Mark and the management team for their extraordinary efforts and commitment during extremely challenging times. This has positioned the Company for a very bright future that Mark will talk more about in his address. Thank you and I will now hand over to Mark.

Ian Cochrane

Chairman

Level 2, 202 Pier Street	PO Box 8286	T [phone]
Perth WA 6000	Perth WA 6849	E [e-mail]
Australia	Australia
Perenti Global Limited ABN 95 009 211 474		perentigroup.com

Perenti is a diversified global mining services group with businesses in surface mining, underground mining and mining support services. The Group was founded in Kalgoorlie in 1987 and is today one of the world's largest companies providing surface and underground mining at scale. Headquartered in Australia, Perenti has operations and offices in 13 countries across four continents, employs around 8,000 mining professionals and is creating enduring value and certainty for clients on some of the world's largest mining projects.

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2020 ANNUAL GENERAL MEETING Address to Shareholders

Managing Director & CEO: Mark Norwell

Thank you Chairman, and good morning Ladies and Gentlemen.

I am proud to be leading a Company that has shown incredible resolve in the face of considerable challenges presented during the 2020 financial year. The way we responded has further cemented Perenti's position as a leading global mining services provider that creates enduring value and certainty for its stakeholders.

I am particularly proud of the commitment our people demonstrated as COVID-19 rapidly emerged across the globe. The dedication of our team to proactively identify and manage the challenges presented by the pandemic, ensured the Company only experienced isolated COVID-19 impacts in FY20.

This can be seen in our very strong financial results for the year, with record revenue of more than $2 billion, record underlying EBITDA of $444 million, cash conversion of 96%, and a strong return on capital employed at 16.6% - all impressive numbers by any measure. We entered FY21 with $5.4 billion work in hand, $600 million in cash and undrawn credit facilities and a robust pipeline of $8.8 billion, ensuring Perenti is well positioned for the future.

We are however mindful that the COVID-19 situation remains and will persist throughout FY21. The structures we have put in place ensure we are well positioned to withstand those challenges and navigate the issues as the situation continues to evolve. This includes the ongoing rotation of our expatriate workforce as flights and border restrictions change in the countries we operate in.

I would like to profoundly thank all our people for their commitment during these difficult and challenging times.

I join with the Chairman in expressing my great sadness at the two devastating incidents which took place during FY20 - the vicious terrorist attack near the Boungou project in Burkina Faso in November 2019 and the fatal heavy vehicle incident at Obuasi in June 2020. My thoughts continue to be with all employees impacted by these events, and their families, friends and work colleagues.

Safety is a paramount focus for me and the whole business, and nothing is more important to us than ensuring our people finish their work safely every day. Our focus is on doing all that we can to protect our people and this is reflected in our Group-wide Health, Safety and Environment System.

Moving onto our business strategy. In March last year we launched our 2025 Group strategy and considerable progress was made in the year to deliver against each of the five pillars of the strategy; operational excellence, strategic growth, organisational health, technology driven future, and financial capacity. Today I will provide a few key examples of the initiatives achieved under each of those pillars.

Firstly, operational excellence. FY20 represents the first full year of results for what is now Perenti, following the transformational acquisition of Barminco and the 50% of African Underground Mining Services that we didn't already own. The strong result delivered by Perenti is built on the exceptional performance and operational excellence of our underground business. It also demonstrates Perenti's ability to realise shareholder value through an acquisition and positions us well for further M&A activity.

Level 2, 202 Pier Street	PO Box 8286	T [phone]
Perth WA 6000	Perth WA 6849	E [e-mail]
Australia	Australia
Perenti Global Limited ABN 95 009 211 474		perentigroup.com

Perenti is a diversified global mining services group with businesses in surface mining, underground mining and mining support services. The Group was founded in Kalgoorlie in 1987 and is today one of the world's largest companies providing surface and underground mining at scale. Headquartered in Australia, Perenti has operations and offices in 13 countries across four continents, employs around 8,000 mining professionals and is creating enduring value and certainty for clients on some of the world's largest mining projects.

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In addition to the positive underground performance, our surface business in Africa, which has had some challenges during the year delivered improved financial performance during the second half of FY20 compared to the first half, despite the challenges presented by COVID-19. Whilst progress was made, the surface business is still well down on our expectations so a laser light focus on improving this business continues into FY21. The strength of the underground business and the improvement in our surface business demonstrates the benefit of running a portfolio of businesses.

For the second pillar, strategic growth, we consolidated our rebrand to Perenti that followed the Barminco acquisition in FY19. Our strategic growth has focused on building the presence and capabilities of our strong brands, targeting greater diversification of work to manage risk, and delivering more value and certainty to shareholders. In particular, our regional expansion initiative has focused on allocating capital and management time towards attractive mining jurisdictions. There were some significant achievements in FY20 in this area which included the expansion of our underground business with the award of new contacts in Canada and Botswana. This expansion provides significant growth opportunities in North American and Southern Africa with nearly one third of our tender pipeline focused on these markets.

Organisational health is our third pillar, which is underpinned by investing in our people. A number of successful initiatives have been implemented, such as our front-line leadership training program that was delivered to 73 employees across Perenti during FY20. Our ongoing commitment to upskilling our employees for the long-term health of the Group was recognised with Barminco being named Australia's 'Large Employer of the Year' at the National Australian Training Awards in 2019.

The Group also has an excellent reputation for investing in the communities we work in. Since commencing operations in Africa, nearly 30 years ago, we have trained more than 25,000 Africans to be part of our business. A state-of-the-art training centre was recently built by Barminco in Botswana, where we plan to train over 500 local people to be an integral part of our operations at the Zone 5 mine.

As the Chairman mentioned, an important piece of work has been to define our commitment and approach to managing and delivering ESG-related initiatives across the Group. This is essential to achieve our aspiration to be the indispensable mining services company and to fulfil our purpose of creating enduring value and certainty.

Technology is paramount to the future of mining and we have made significant progress against our fourth strategic pillar, Technology Driven Future. During the year, we completed what we believe to be a world first, with Barminco successfully operating an underground loader from its head office in Perth working at a client's mine more than 750 kilometres away in the Goldfields region of Western Australia. In addition, Ausdrill deployed a semi-autonomous smart surface drill rig and has plans to leverage the autonomous potential of the drill to improve safety and operational performance more broadly. Beyond the technology applied to our current business, we are developing a new technology service offering that we will launch in calendar year 2021, so stay tuned.

The final pillar is financial capacity. The importance of a strong balance sheet was reinforced in the 2020 financial year, where Perenti's focus on capital discipline and liquidity management enabled the Company to withstand the challenges presented by COVID-19. For example, in June 2020, as a precautionary initiative, we secured additional debt funding on improved credit and covenant terms, further enhancing our strong liquidity position. The additional funding was established to ensure Perenti is well positioned to withstand any ongoing economic challenges COVID-19 may present and provide the Company with greater flexibility to fund growth.

Level 2, 202 Pier Street	PO Box 8286	T [phone]
Perth WA 6000	Perth WA 6849	E [e-mail]
Australia	Australia
Perenti Global Limited ABN 95 009 211 474		perentigroup.com

Perenti is a diversified global mining services group with businesses in surface mining, underground mining and mining support services. The Group was founded in Kalgoorlie in 1987 and is today one of the world's largest companies providing surface and underground mining at scale. Headquartered in Australia, Perenti has operations and offices in 13 countries across four continents, employs around 8,000 mining professionals and is creating enduring value and certainty for clients on some of the world's largest mining projects.

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I am also pleased to advise that in line with our recent announcement to the ASX we have successfully priced a US$450 million offering of bonds which have a five-year maturity to institutional investors in the United States, Europe, Asia and Australia. Upon financial settlement of the offer, which is subject to customary closing conditions, we intend to fund the early redemption of Barminco's outstanding US$350 million of bonds and to apply the net proceeds in partial repayment of amounts drawn which are currently outstanding under our revolving credit facilities.

Looking ahead, our commitment is to build on the achievements delivered under our 2025 Group strategy by investing in our people and business capabilities to ensure the Company delivers on its growth potential. We have already seen early success in FY21, with our underground business securing $540 million in contract extensions for clients in African and Australia. These are early examples of securing contract extensions, despite the ongoing economic uncertainty caused by COVID-19.

Within our pipeline of $8.8billion, there are a number of opportunities that, if secured, would see additional projects commence in the second half of FY21 with the full value of those opportunities realised in FY22 and beyond. This includes targeting further work in high quality mining jurisdictions, such as North America and Botswana, as we seek to build upon our regional expansion achieved during FY20. The targeted pipeline opportunities in North America alone are $1.8 billion. These growth initiatives will build on our already strong order book of $5.4 billion, of which $1.7 billion is secured work for FY21.

In closing, I would like to reiterate my thanks to the executive team and our people for their resilience and commitment in the face of the challenges presented in FY20. I'd also like to extend my thanks to our clients and suppliers for their ongoing support.

Finally, I'd like to express immense gratitude to our shareholders. We appreciate your loyalty during a volatile period, and I reaffirm my commitment to deliver long term growth and value for you, which is aligned with our tagline, Expect More.

Thank you, and I will now hand back to the Chairman.

Mark Norwell

Managing Director & CEO

-ENDS-

Investor enquiries:	Media enquiries:
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Level 2, 202 Pier Street	PO Box 8286	T [phone]
Perth WA 6000	Perth WA 6849	E [e-mail]
Australia	Australia
Perenti Global Limited ABN 95 009 211 474		perentigroup.com

Perenti is a diversified global mining services group with businesses in surface mining, underground mining and mining support services. The Group was founded in Kalgoorlie in 1987 and is today one of the world's largest companies providing surface and underground mining at scale. Headquartered in Australia, Perenti has operations and offices in 13 countries across four continents, employs around 8,000 mining professionals and is creating enduring value and certainty for clients on some of the world's largest mining projects.

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