Investment Rationale

• Emerging gold developer
• Major gold/silver project in Papua New Guinea
• Next to 28 Moz gold deposit (Porgera)
•  2.5 Moz Au eq resource (2.1 Moz Au) and growing
• Rapid increase in high grade zones
• High grades = low cost production
• Rapid payback from high margin gold production
• Major value uplift
• Rare quality asset
• Partnered with mining and development experts
• Team experienced in PNG in permitting and developing projects
• Confirmed structural link with adjoining Porgera gold mine
• Skilled personnel
• Landowner study completed

Papua New Guinea (PNG)

• Emerging market - PNG rich in:
  • oil & gas
  • gold & copper
  • agricultural products
• Historically stable political environment
• History of successful resource development
• Permitting process - straight forward; mines department & environment departments
• Title security - robust, provided work programme fulfilled substantially
• Outstanding growth opportunities
• Fabourable business and investment environment
• Familiar English/Western - based legal and government systems
• Open to foreign direct investment

Indochine commenced this project over 2 years ago and has attracted a group of major offshore investors in the US, UK and Europe, due to the scale and grade of the project, including some of the world's top funds, BlackRock, Baker Steel and Capital Group.

Mt Kare is situated 15 km from the adjoining 28 Moz world-class Porgera gold mine, with which it shares many similarities.  Porgera is one of the world's top 10 gold mines, with over 500,000 oz/yr production for over two decades, and has developed significant infrastructure, including roads and power lines, nearby to Mt Kare.  Porgera started as a high grade underground mine and later developed a major open cut operation, now more than 500 metres deep.

The Mt Kare project's total Mineral Resource is 43 Mt at 1.5 g/t Au for 2.1 Moz Au, 18 Moz Ag or a 2.5 million ounce gold equivalent, with nearly 75% in the higher confidence Measured and Indicated category, based on 454 diamond drill holes (73,639 m) as at July 2013.