Perenti Global : Presentation to Macquarie WA Forum

A leading mining

services provider

Mark Norwell

Managing Director and CEO Perenti

December 2020

FY20 highlights

REVENUE

EBITDA

$2.04B $444M

EBIT(A)

$212M

NPAT(A)

$110M

up 4% on the back of new projects, partially offset by contract cessations

OPERATING CASH CONVERSION

96%

up 7% due to exceptional operational performance in challenging conditions. $12.8M positive impact from AASB16 adoption

ROACE

16.6%

reduced by 2.5% due to increased depreciation. Q4 impacted by COVID-19 and other business challenges

NET LEVERAGE

1.3x

reduced by 14% due to EBIT reduction, increased interest and increase in the effective tax rate from normalisation of taxation expense

FULL YEAR DIVIDEND PER SHARE

7.0 cents

up from 89% in FY19. Quality cash backed earnings with a high conversion rate of EBITDA into cash

maintained ROACE of over 16% with continued focus on capital discipline

down 0.1x on 1H20, further strengthened the balance sheet to position for growth

including a 3.5 cents interim dividend and a 3.5 cents final dividend, both fully franked

FY19 figures are proforma figures which include 100% of Barminco and AUMS for a full 12 months and exclude amortisation and any one-off or non-underlying items; FY20 figures are underlying and exclude amortisation and any one-off or non-underlying items as disclosed in Perenti's FY20 full year results presentation dated 24 August 2020; ROACE is defined as underlying EBIT(A) / sum of average receivables, inventories, PP&E less trade payables for the relevant period; Net Leverage is defined as Net Debt / underlying EBITDA

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We are a global mining services provider

OPERATING IN

11 Countries

4 Continents

YEARS OF EXPERIENCE

30+

SCALE OF BUSINESS

55+ Global projects

7,700 People*

Current operations and offices

Near term target market

* People numbers are rounded from 7,729 as at June 2020

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Our portfolio of iconic mining services brands

Underground

Mining

• A market leader in global hard-rock underground mining, specialising in rapid high-speed mine development, production, diamond drilling, vertical development, design planning and scheduling, and equipment supply and maintenance

Surface

Mining

• Our surface mining operations span both Australia and Africa
• In Australia we offer drilling services including exploration and production drilling, blasting services and geotechnical services
• In Africa, AMS offers complete surface mining services including exploration, mine planning and production

Investments

• Provides support services to the mining and oil and gas sector, including mineral analysis, assaying services and supply & logistics
• The largest contributor is BTP which provides equipment rental, maintenance and used equipment and parts sales

FY20	FY20 Underlying	FY20	FY20 Underlying	FY20	FY20 Underlying
Revenue	Segment EBIT(A)1	Revenue	Segment EBIT(A)1	Revenue	Segment EBIT(A)1
64%	80%	30%	10%	6%	10%

$1.3bn	$196m	$606m	$25m	$138m	$25m
(15% margin)
		(4% margin)		(18% margin)

1 FY20 Underlying Segment EBIT(A) shows segment contribution before Group Functions cost of $35m.

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Market leader in underground mining services through our Barminco business

Significant growth in revenue

• Record revenue of $1.3bn in FY20
• Average annual growth of 22%1 since FY18

30 years of providing expert	Key clients are major global miners
mining solutions globally

Team of approximately 130 specialist

engineers2

Exceptional earnings and margins

• FY20 EBIT(A) of $196m
• Industry leading profit margin

80% of	EBIT(A) MARGIN	Opportunities for growth through
15%
group	North America and Southern Africa
		expansion strategy

1Average annual growth calculated on a compound basis, 2018 and 2019 revenue figures are proforma which include 100% of Barminco and AUMS for a full 12 months 2Includes engineers who hold management positions

3Orderbook is calculated in line with the disclosures on slide 10 of this presentation

$4.4bn orderbook3	$6.0bn pipeline
(as at June 2020)	(as at June 2020)

82% of	68% of
group	group

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Stable, long-term customer relationships

Perenti has a strong track record of contract renewals and extensions as customers typically use a single contractor over the mine life

Client		Project1	Type	2000	2005	2010	2015	2020	2025	2030 +
	2	Superpit	Surface
		St Ives	Surface
		Sunrise Dam	Underground
		Flying Fox	Underground
		Woodie Woodie	Surface

SukariUnderground

AgnewUnderground

HuntlySurface

IduapriemSurface

Spotted Quoll	Underground
Dugald River	Underground
Mungari	Surface
Yaramoko & Bagassi South	Underground
Nova Bollinger	Underground
	Term Contracted	Contract Rollovers and Variations Under Negotiation	Mine Life Remaining	3	4
	Contract Renewal	Extension Option

1 Not an exhaustive list of Perenti's client relationships or projects. 2 In November 2019, Barrick Gold Corporation sold its interest in Kalgoorlie Consolidated Gold Mines ("KCGM") to Saracen Mineral Holdings Limited. In December 2019, Newmont Goldcorp sold its interest in KCGM to Northern Star Resources. 3 Mine Life Remaining based on Wood Mackenzie report dated September 2020. 4 Extension Option is an option with Perenti's client to extend at the client's election.

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Enabling operational continuity during COVID-19

CHARTER FLIGHTS

70

OUR PEOPLE MOVED

987

GOVERNMENT AND

OTHERS MOVED

127

DEDICATED

Logistics

Team

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Delivering our 2025 group strategy

Strategic Pillars	Operational	Strategic	Organisational	Technology
Excellence	Growth	Health	Driven Future

Horizon 1:	•	Deliver on safety,	•	Brand and		•	Strengthen		•	Building the
Setting the		operational and		marketing focus			governance and			foundations
foundations		financial targets					audit
(6 - 12mths)	•	Grow organically
	•	Transform AMS
	•	Capital discipline	•	Regional and service		•	Scalable		•	Technology
Horizon 2:
•	Ongoing focus		expansion			enhanced			driven services
Scaling the					management			model
	on innovation
business						systems

(1 - 3yrs)

Financial

Capacity

• Portfolio review
• Strengthen the balance sheet
• Increase cashed back profits
• Expand sources of capital

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Technology driven future

Unmanned aerial vehicles

Auto sampler system

Battery electric light vehicles

We are investing in new technologies to drive safety, productivity and sustainability

Focused on leading the
global mining services
industry in technological
capabilities	Robotics for sample preparation	Remote operation centre	Drilling automation
Completion of what is
believed to be a world
first, with the remote
operation of a loader
working underground in
FY20

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Strong order book and pipeline at June 2020

Our strong order book and large tendering pipeline underpins earnings and growth opportunities

1 Order book as of June 30, 2020, is remaining aggregate contract value between 1 July 2020 -30 June 2026. US$ revenues are converted using an exchange rate of US$0.69:A$1 given revenue from certain contracts received in US$. Order book is defined as our order book for mining services contracts. It is calculated based on monthly run-rate revenue, assuming that the contract continues to completion (including contractual extension options), without assuming any renewals and assuming contractual rates remain constant and there are no significant work stoppages or interruptions in production. 2 As of June 30, 2020. Represents Perenti's pipeline of identified opportunities to tender for a mining services contract in the next 24 months. Potential revenue opportunity is based on management estimates assuming all of these contracts are put out to tender on terms consistent with management's experience and based on data made available by mine owners.

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Key takeaways

Owner of iconic mining services

brands with 30 year history

Market leader in underground

Long term relationships through quality

contracts and extensions

Excellent cash conversion and appropriate

leverage given stable earnings

$8.8bn pipeline expected to deliver growth in FY22 and beyond

Growth opportunities skewed to underground, gold projects in quality jurisdictions

Execution of 2025 strategy which is

delivering results

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Important notice and disclaimer

This presentation and these materials (together the "Presentation") have been prepared by Perenti Global Limited ABN 95 009 211 474 (ASX:PRN) ("Perenti") as a summary of Perenti's operations and results for the purposes of a presentation to existing or potential investors in Perenti. By participating in this Presentation or reviewing or retaining these materials, you acknowledge and represent that you have read, understood and accepted the terms of this Important Notice and Disclaimer.

This Presentation should be read in conjunction with Perenti's 2020 and 2019 Annual Reports lodged with the Australian Securities Exchange ("ASX") on 24 August 2020 and 29 August 2019 and other periodic and continuous disclosure announcements that have been lodged by Perenti with the ASX.

This Presentation is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in the United States or any other jurisdiction.

This Presentation may contain forward looking statements concerning activities which are or may be undertaken, outlook or other matters ("Projections"). Any such Projections are based on assumptions which may differ materially from the actual circumstances which may arise. Actual results may differ from Projections and such variations may be material. You should not place undue reliance on any Projections, which are based only on information currently available to Perenti. Perenti undertakes no obligation to update any Projections for events or circumstances that occur subsequent to the date of this Presentation or to keep current any of the information provided. Past performance is no guarantee of future performance.

Recipients of this Presentation are advised that the information contained in this Presentation is not legal, tax, accounting, investment or financial product advice and should not be used as the basis for making investment decisions or other decisions in relation to Perenti or its securities.

This Presentation is not a disclosure document, is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. Perenti has no obligation to tell recipients if it becomes aware of any inaccuracy in or omission from the information in this Presentation. This Presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person. You should consult your own advisors as to legal, tax, financial and related matters and conduct your own investigations, enquiries and analysis concerning any transaction or investment or underwriting or other decision in relation to Perenti.

This Presentation, including opinions set out in it, is based on information compiled or prepared by Perenti from sources believed to be reliable, although such information has not been verified in all instances. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this Presentation. To the maximum extent permitted by law, none of Perenti, its directors, employees, advisors or agents, nor any other person, accepts any liability, including without limitation any liability arising out of fault or negligence, for any loss arising from the use of the information contained in this Presentation. In particular, no representation or warranty, express or implied, is given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forecasts, Projections or prospects referred to in this Presentation.

Non-IFRS Financial Information

This Presentation may use non-IFRS financial information such as EBITDA, EBITDA margin, EBIT(A), EBIT(A) margin, EBIT, NPAT(A) and EPS(A) (as well as the same measures stated on an underlying basis), net debt and return on average capital employed (ROACE). These measures are used to measure both group and operational performance. Further disclosures and reconciliations relating to non-IFRS measures are set out in Perenti's FY20 results presentation released to ASX on 24 August 2020. Non-IFRS measures have not been subject to audit or review. Certain of these measures may not be comparable to similarly titled measures of other companies and should not be construed as an alternative to other financial measures determined in accordance with Australian accounting standards.

$ refers to Australian Dollars

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