1 UK/Europe September 2003 The Tampakan Project

2 INDOPHIL-THE COMPANY Market Listed ASX (IRN) Share price $ Aug 2003 Capitalization $47 M Capital Structure Issued Shares: M Options: M Major Shareholders Lion Selection Group 37.5% Xstrata 2.44% Alsons Devt Corp 1.7%

3 INDOPHIL’S GROWTH IPO in May exploration targets in Philippines Tampakan purchased from WMC Title transferred Nov Holding company formed with Tampakan Group of Co Agreement signed Aug 2003 A$11.8M capital raised A$ 8.1M - 54 million shares placed at 15 cents A$ 0.5M – Xstrata exercised option A$ 3.2M – Shareholders Share Placement Plan

4 LOCATIONTampakan Far South East (Cu/ Au project) Lepanto Didipio (Cu/Au prospect) Climax Mining Rapu Rapu (Cu, Zn, Au,Ag project) Lafeyette PASAR Smelter Glencore Boyongan (Cu/Au prospect) Anglo American/Philex Gold jv

5 TAMPAKAN OWNERSHIP CURRENT OPERATING INTEREST ENTITLEMENT Indophil95% Alsons Devt Corp 5% NOTE: Tampakan Group of Companies (TGC) has a royalty interest POST OPTION EXERCISE: Indophil30% Xstrata60% Alsons Devt Corp10%

6 TAMPAKAN CROSS SECTION

7 DRILLING PROGRAM

8 HIGH GRADE CROSS SECTION (1)

9 HIGH GRADE CROSS SECTION (2)

10 HIGH GRADE CROSS SECTION (3)

11 RESOURCE Indicated & Inferred Resource* % Cu, 0.3g/t Au Mt Cu, 8.68 Moz Au, Moz Au equiv. (US$350/oz Au, US$0.75/lb Cu) Global Resource - 16 M oz Gold, 12 Mt Cu* Potential high grade resource % Cu equiv Moz Au equiv. * All resources non- JORC

12 COMPARISONS CurrentStart of Operations ReservesBlb CuMoz AuBlb Cu Equiv Blb CuMoz Au Grasberg Batu Hijeau11714 Ok Tedi Lihir Resource TAMPAKAN15919

13 DRILLING PROGRAMS Previous program ( ) US$38 M Deposit area - 2km x 1.6km 85 drill holes include: 375 m at 1.05% Cu g/t Au 196 m at 1.55% Cu g/t 76 m at 2.20% Cu g/t Au Current Program (July ’03- Dec ’04) > 30 holes 1st hole 117 m at 1.72Cu g/t Au

14 INDICATIVE VALUE  Pre - Tax and Debt Financing  Min. mine life of 20 years  Capex US$420 M *WORK OF PREVIOUS OWNER. Results based on one options which does not necessarily represent scale, process and technology to be adopted for any potential development Scoping Study NPV=US $280M* Assumptions:  11% Discount Rate  Cu US$ 0.80/lb ; Au US$280/oz  Max Annual Production - 170,000 oz Gold - 158,000 tonne Copper

15 ARSENIC

16 OPTIONS Options Large (15M tpa), lower grade (1% Cu equiv); or Smaller (<10M tpa), high grade (2% Cu equiv) Concentrate (hi/lo arsenic) and/or Metal production (acid leach) Objectives Minimum risk 4-year payback

17 PROGRAM July ’03 - Commenced drilling program > 8000 metres Infill to bankable feasibility Aug-Dec ’03- Review Resource Process flowsheet Environmental Impact Community Assistance Program Dec ’04 - Pre-feasibility Study completion Dec ’05 - Bankable Feasibility Study completion End ’05 - Development decision

18 MANAGEMENT FOCUS Community Relations Strong relationship with all communities Key agreements in place Involvement of Filipino partners Process development Flotation test work Security Low key vigilance Legal All c ourt rulings vs Lepanto favour Indophil

19 SUMMARY Tampakan – A world class deposit Strong management - track record in project development in South East Asia High quality partners Value creation leverage