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Overview

3Q21

 2021 has been a very strong year as market prices have increased
significantly and are currently forecast to remain strong throughout the
remainder of the year.

 We have utilised this strong financial performance to fully prepay our

remaining Bonds and are now in a net cash position.

 3Q21 was the highest EBITDA generated ever in Bayan’s history primarily
due to significantly higher ASP combined with slightly higher sales volume
than originally anticipated.

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Bayan’s Financial and Operational Performance
YTD YTD
2020 3Q20 3Q21
3Q20 3Q21
Financial Performance
(In Million USD)
Revenue 1,395.1 307.5 725.4 1,003.2 1,749.1
Gross Profit 462.9 113.3 484.8 300.5 1,076.4
EBITDA 356.7 81.2 438.6 219.5 967.3
Net Profit After Tax * 1 344.5 42.4 321.1 118.2 680.1

Financial Ratios
Gross Profit Margin (%) 33.2% 36.9% 66.8% 30.0% 61.5%
EBITDA Margin (%) 25.6% 26.4% 60.5% 21.9% 55.3%
Net Profit Margin (%) 24.7% 13.8% 44.3% 11.8% 38.9%
Net Debt to EBITDA (x) 0.1 0.2 Net Cash 0.2 Net Cash

Operational Statistics
Overburden Removal (MBC M) 120.9 33.8 36.8 92.5 106.8
Strip Ratio (x) - based on production volume 4.0 3.6 4.0 4.3 3.9
Coal Production (MT) 30.2 9.4 9.3 21.5 27.3
Sales Volume (MT) 36.3 8.9 9.6 26.0 29.3
Average Selling Price (US$/MT) 38.4 34.6 75.4 38.6 59.7
Average Cash Costs (US$/MT) 28.8 25.6 29.9 30.3 26.8
*1 2020 Includes reversal of impairment provision net USD 165.8 million.
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 One of the Largest Coal Producers
1H21 Production
 Bayan is one of the top five coal
producers by production volume
50
40.1 and 3rd in terms of sales volumes in
40 Indonesia.
Million Tonnes

30 26.5

20 18.2 18.0 16.5  Bayan’s sales volume will remain at

13.3
8.7 similar to 2021 levels until the new
10
coal haul road to the Mahakam
0
Bumi Adaro Kideco Bayan Gems PTBA ITMG
River and the first barge loading
Source: Company Filings, Company Data facility is completed in 2022.

 This will unleash Bayan’s next level

1H21 Sales Volume of expansion to more than 60 mtpa.
50
40.2
40
Million Tonnes

30 25.8
19.7 18.1
20 17.1
12.9
9.0
10

0
Bumi Adaro Bayan Kideco Gems PTBA ITMG

Source: Company Fillings. Company Data

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 Low Cost Incremental Growth

Capex Intensity by Country (1)  Construction of the new haul road

Tabang Capacity Growth commenced in December 2019
250 60+
218
and is progressing albeit slightly
…Unlocking tangible capacity
behind schedule.
207
200 30+
upside at ~US$13/ton
175
discretionary growth Capex 159 161
150
110
130
 Despite the impacts of the COVID-
100
Today Upside
71
85
96 98
19 pandemic and the high rainfall
65
50 throughout 2021, our new coal
50
13 14
23
haul road and the first barge
0 loading facility is still targeted to
be brought into operation by the
end 2022. Once all three barge
Source: Wood Mackenzie loaders have been completed in
Notes
(1) Based on 2012 real dollars
2023 this will add an additional
(2) US$402m Capex (include BCT) divided by an incremental 30+ Mtpa production / sales capacity
25-30 million MT to our existing
2017 - 2020 CAGR (Production) capacity.

40  Total forecasted capex in the

29.0
30 region of USD 505 million (2021-
20 2023) for the Group, of which
13.0
US$ 412 million is expansionary
%

10
1.7 1.0 0.8 capex tied to the Tabang Project
0
GEMS Bayan Adaro Indika PTBA Bumi ITMG
and upgrading the BCT.
-10
-1.9 -5.9
Source: Company Fillings. Company Data
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 One of the Lowest Cost Producers in Indonesia

Global Cost Competitive Positioning

 Tabang is independently rated as
Q1 Q2 Q3 Q4 one of the worlds lowest cost
Tabang energy-adjusted producers of
seaborne thermal coal.

 Tabang has large reserves and a

very low Life of Mine (LOM)
Seaborne Export Supply (MT) stripping ratio of 3.8.

 A new JORC reserves statement in

2021 resulted in an increase of
Source: Wood Mackenzie, Company Data

1H21 Strip Ratio 72% in Tabang/North Pakar

reserves to 1,475 million MT.
12 11.0
10  Tabang has one of the lowest
8 7.1 average stripping ratio’s in
6 5.1 Indonesia.
4.4 4.4
3.9
4 2.6
2

0
Tabang Bayan Adaro PTBA Kideco Bumi ITMG
Source: Company Filings, Company Data

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 And One of the Highest Margin Producers in Indonesia

1H21 EBITDA Margin (%)

 Over the last few years, Bayan
60
51.7 has transformed itself into one of
50 the highest margin producers in
40.6
40 33.1
Indonesia.
28.2 26.0
30 24.6
 This is due to the ramp up of its
20
world class Tabang coal complex,
10
which is anticipated to continue to
0 grow and produce industry
Bayan Adaro ITMG PTBA Kideco BUMI
Source: Company Filings, EBITDA estimated using Company Data leading margins.

1H21 Net Profit and Net Profit Margin (%)  Net profit margins are anticipated
400 35% 40% to continue to outperform the
359.0
industry norms due to the low
cost base, low royalty rates and
30%
300
20%
18% 14%
20% lower corporate tax than first Gen
12%
200
17% CCOW’s.
189.3 10%

100 4%
146.0 126.5 120.3 117.6 0%
90.9
0 -10%
Bayan Adaro Gems PTBA Kideco ITMG Bumi
Net Profit Net Profit Margin
Source: Company Filings, Company Data

6
 Deleveraged the Group

Net Debt / EBITDA

 In January 2020, the Company
x
issued a 3 year Non-Call Life “NCL”
8 bond of US$ 400 million to ensure
5.8x
6 adequate liquidity going forward.
4 2.6x
 In 3Q21 Bayan fully prepaid all the
2
0.1x 0
0.5x 0.1x (0.4)x (0.2)x -0.3x outstanding Bonds.
0
2015 2016 2017 2018 2019 2020 1Q21 2Q21 3Q21
-2  Existing Working Capital Facilities
of approximately US$ 300 million
are still available.
EBITDA / Interest Expense
 Targeted net leverage of less than
x
2.5x EBITDA throughout the
250 commodity cycle.
200 171.5x
 Bayan has been re-assigned
150
independent credit ratings of BB-
100 by Fitch in November 2020 and
50
39.2x
23.8x
Ba2 by Moody’s in September 2021.
16.8x 9.9x 14.9x 14.4x
2.7x 3.7x
0
2015 2016 2017 2018 2019 2020 1Q21 2Q21 3Q21

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 3Q 2021

Overburden Removal

Coal Production

Weighted Average Strip Ratio

Average Cash Costs

Coal Sales

Average Selling Price

Committed & Contracted Sales

EBITDA

Debt and Cash Position

Capital Expenditure
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 Overburden Removal (OB)
(million BCM)
40
33.8
36.1 37.1 36.8
 3Q21 OB of 36.8 million BCM was
generally in line with the Budget
30
despite significantly higher than
Budgeted rainfall.
20
 3Q21 OB was generally in line with
10 the 2Q21 due to higher rainfall
offset by an additional 4 fleets
0 utilised in Tabang, as site targets
3Q20 2Q21 3Q21B 3Q21
Note : B stands for Budget Figure to increase production in the 2H21.

(in million BCM) 2Q21 3Q21B 3Q21  Tiwa Abadi commenced

Teguh Sinarabadi / Firman overburden stripping in the
8.5 11.1 8.7
Ketaun Perkasa quarter. Tiwa Abadi is the first of
Perkasa Inakakerta 1.8 2.0 1.6 the Pakar North concession to
Wahana Baratama Mining 4.0 3.6 3.2 commence production.
Tabang Concessions 21.7 18.6 23.2
Gunungbayan Pratamacoal - - -
Pakar North - 1.8 -
Total 36.1 37.1 36.8

Overburden was generally inline with Budget and 2Q21 levels

9
 Coal Production
(million MT)
10 9.4 9.3
9.0 8.8
 3Q21 coal production of 9.3 million
8 MT was slightly higher than the
Budget due to site pushing to reach
6
revised RKAB levels and take
4 advantage of higher water levels
than anticipated through additional
2 coal barging.
0  3Q21 coal production was
3Q20 2Q21 3Q21B 3Q21
Note : B stands for Budget Figure marginally higher than the 2Q21.

(in million MT) 2Q21 3Q21B 3Q21

Teguh Sinarabadi/ Firman
0.8 0.9 0.7
Ketaun Perkasa
Perkasa Inakakerta 0.3 0.3 0.3
Wahana Baratama Mining 0.2 0.2 0.3
Tabang Conssesions 7.7 7.0 8.0
Gunungbayan Pratamacoal - - -
Pakar North - 0.3 -
Total 9.0 8.8 9.3

Coal production was 6% over Budget

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 Weighted Average Stripping Ratio (SR)
6
 3Q21 weighted average stripping
5
4.0 4.2 4.0 ratio was slightly lower than the
4 3.6 Budget due to:
3
 Slight delay in the
2 commencement of Pakar
1 North Production.
0
3Q20 2Q21 3Q21B 3Q21
 Lower SR at WBM.
Note : B stands for Budget Figure
 3Q21 weighted average stripping
Weighted Average SR (:1) 2Q21 3Q21B 3Q21 ratio was in line with 2Q21.
Teguh Sinarabadi / Firman
10.8 12.2 12.0
Ketaun Perkasa
Perkasa Inakakerta 6.4 6.1 5.4
Wahana Baratama Mining 16.9 14.5 11.1
Tabang Concessions 2.8 2.7 2.9
Gunungbayan Pratamacoal - - -
Pakar North - 7.0 -
Total 4.0 4.2 4.0

3Q21 weighted average stripping ratio was 6% lower compared to Budgeted SR

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 Average Cash Costs (Budget vs Actual)
35  3Q21 Cash Costs were US$ 29.9/MT
29.9
30
26.7
which was higher than the Budget due
25 to:
(US$ / MT)

20
 Higher unit costs of purchased coal
15
due to higher market price. This
10 coal has been used to blend with
5 our Tabang coal to take advantage
0 of arbitrage opportunities at
3Q21B 3Q21 different specifications.
Average Cash Costs include Royalty, Barging and SGA
Note : B stands for Budget Figure
 Higher wages and salaries due to
Cash Cost per Expense – 3Q21
second installment of annual
Selling
bonuses at an increased level as a
Other
Expense
2%
GA expense
1% result of better performance.
Production
Cost
5%
Overburden  Higher royalties due to higher than
Budgeted ASP.
Employee and Mining
Cost 31%
11%

Royalty
11% Partially offset by Lower Overburden
Coal
Purchase costs due to higher sales volume and
slightly lower average SR than
12%
Barging
Budgeted.
Coal
14%
Hauling
13%

3Q21 cash costs were higher than the Budget

12
 Average Cash Costs (2Q21 vs 3Q21)

40  3Q21 Cash Costs of US$ 29.9/MT were

35 29.9 higher than 2Q21 of US$ 27.5/MT due to:
30 27.5
25.6
 Higher unit cost of coal purchases
(US$ / MT)

25
20
due to higher purchase price than
15
2Q21 as market prices continued to
10 increase.
5  Higher wages and salaries due to
0 higher payment of second
3Q20 2Q21 3Q21
Average Cash Costs include Royalty, Barging and SGA
installment of annual bonuses than
2Q21.
 Higher royalty due to higher ASP
than 2Q21.
 Higher fuel costs than the 2Q21, as
we booked proceeds of termination
of fuel hedge in 2Q21.

3Q21 cash costs increased from 2Q21 levels

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 Coal Sales (by volume)

12 (million MT)

8.9 9.1 9.6

10 8.5  3Q21 coal sales volumes of 9.6
8 million MT were higher than the
6 Budget and 2Q21.
4
2
 Group inventory levels of 2.5
0 million MT as at the end of
3Q20 2Q21 3Q21B 3Q21
September 2021.
Note : B stands for Budget Figure

Average Senyiur Water Levels  Quarterly barging at Tabang -

Senyiur:
11.0
Average 2Q21: 9.0 meter
10.0  3Q20: 6.7 million MT.
9.0
Average 3Q29: 6.1 meter  2Q21: 7.1 million MT.
8.0
7.0  3Q21: 7.7 million MT.
Meter

Average 3Q21: 6.8 meter

6.0
5.0
4.0
3.0
2.0
M1 M2 M3

3Q20 2Q21 3Q21 Required for 300ft2

3Q21 sales volume was 13% higher than the Budget

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 Coal Sales (by volume) (continued)

Geographic Distribution (YTD 3Q21) – by Volume  The Company is focusing on

continuing to build its long term
Per Region Per Country contracts to Indonesian and other
Domestic
11% North Asia
Others
10% Philippines South East Asian IPP’s.
34% 28%
Malaysia
South Asia
16%
10%  As at 1 October 2021, committed
and contracted sales were 39.3
India
10% million MT for 2021 with an
average CV of 4,558 kcal/kg GAR.
Indonesia
South East
Asia
11% China  Excluding YTD 3Q21 deliveries we
39% 17%
Korea
14%
have 2.9 million MT of fixed prices
contracts for the remainder of the
Committed and Contracted Sales for 2021
year at an average CV of 4,394
39.3 million MT kcal/kg GAR at USD 67.5/MT.
Floating
Price
7.1
2.9
Fixed
Price

YTD 29.3
3Q21
Sales
Volume
15
 Average Selling Price (ASP)

80 75.4  3Q21 ASP of US$ 75.4/MT was

significantly higher than the Budget
70
and 2Q21 due to market prices
57.6
60 continuing to strengthen during the
(US$ / MT)

47.5
3Q21.
50

40 34.6  Current forecast by Wood Mackenzie

are for market prices to remain strong
30
(and above Budgeted levels) for the
20 remainder of 2021.
10
 ASP anticipated to increase in 4Q21 as
0 we continue to benefit from strong
3Q20 2Q21 3Q21B 3Q21 market prices.
* ASP includes coal and non-coal sales
Note : B stands for Budget Figure

ASP continued to increase significantly in 3Q21

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 EBITDA
500 438.6  3Q21 EBITDA significantly
400 increased compared to the Budget
300
273.9 and 2Q21 due to significantly
176.9 higher ASP.
200
81.2
100  3Q21 EBITDA was the best quarter
0 ever in the history of Bayan.
3Q20 2Q21 3Q21B 3Q21
Note : B stands for Budget Figure

EBITDA Margin  3Q21 EBITDA margin of 60.5%

represents one of the best margins
70% in the Indonesian coal sector.
60.5%
60% 50.9% 52.4%
43.9%
50%
35.0%
40%
26.4%
30% 20.5% 19.3%
20%
10%
0%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21B 3Q21
Note : B stands for Budget Figure

One of the best EBITDA margin’s in Indonesian coal sector

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 Total Debt and Cash Position

 Issued US$ 400 million 3NCL

700
Bonds at 6.125% coupon on
621.9
600
24 January 2020.
547.9
(in million US$)

500  Bayan bought back US$ 250.9

million on 18 May 2021.
406.5
400 7.3 6.8 6.3
400.0 364.6 400.0 400.0 338.6  Working capital facilities of
300 approximately US$ 300 million
remain available.
200
40.0
 Turned net Cash from 1Q21.
100 149.1 149.1

 On 21 October 2021, Bayan fully

0 repaid the remaining US$ 149.1
3Q20 4Q20 1Q21 2Q21 3Q21
million of Bonds.
Cash & Restricted Cash Senior Notes WCF & Lease

Bayan continues to maintain low leverage and sufficient liquidity

18
 Capital Expenditure
 YTD Capex 2021 was US$ 100.8
60
55.8 million, which was below the
50.5 Budget (US$ 127.1 million) due to
50 46.8
slower than Budgeted progress on
the new Tabang 100km coal hauling
40
road and barge loading facilities
In Million USD

33.2
30 27.2 primarily as a result of the high
20.8 20.8
rainfall due to La Nina.
20 17.4
11.7 12.4
10  We continue to expect the haul road
and initial barge loading facility to
0
3Q20 4Q20 1Q21 2Q21 3Q21
be completed by the end of 2022.
The remaining 2 barge loaders will
Budget Actual
be completed in 2023.

 Major capex in 3Q21 was US$ 26.5

million in progress payments for
ongoing 100km haul road and barge
loading facility projects.

3Q21 Capex lower than Budgeted

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 Appendix
PT Perkasa Inakakerta PIK
PT Teguh Sinarabadi TSA
PT Firman Ketaun Perkasa FKP
PT Wahana Baratama Mining WBM
PT Brian Anjat Sentosa BAS
PT Bara Tabang BT
PT Fajar Sakti Prima FSP
PT Dermaga Energi DE Tabang
PT Tanur Jaya TJ
PT Tiwa Abadi TA
PT Silau Kencana SK
PT Orkida Makmur OM Pakar
PT Sumber Api SA South
PT Bara Sejati BS Pakar
PT Apira Utama AU
PT Cahaya Alam CA
PT Mamahak Coal Mining MCM
PT Bara Karsa Lestari BKL
Mamahak
PT Mahakam Energi Lestari MEL
PT Mahakam Bara Energi MBE

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 Appendix

Kangaroo Resources Pty Ltd KRL

PT Dermaga Perkasapratama DPP
PT Indonesia Pratama IP
PT Muji Lines Muji
PT Bayan Energy BE
PT Metalindo Prosestama MP
PT Sumber Aset Utama SAU
PT Karsa Optima Jaya KOJ
PT Gunungbayan Pratamacoal GBP

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 Disclaimer

This presentation contains forward-looking statements based on assumptions and forecasts made by PT. Bayan
Resources Tbk management. Statements that are not historical facts, including statements about our beliefs
and expectations, are forward-looking statements. These statements are based on current plans, estimates and
projections, and speak only as of the date they are made. We undertake no obligation to update any of them in
light of new information or future events.

These forward-looking statements involve inherent risks and are subject to a number of uncertainties, including
trends in demand and prices for coal generally and for our products in particular, the success of our mining
activities, both alone and with our partners, the changes in coal industry regulation, the availability of funds for
planned expansion efforts, as well as other factors. We caution you that these and a number of other known
and unknown risks, uncertainties and other factors could cause actual future results or outcomes to differ
materially from those expressed in any forward-looking statement.

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Thank You

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