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Growth by discovery, acquisition

and development

Investor presentation, October 2013

Phu Kham Copper-Gold and Ban Houayxai

Gold-Silver Operations providing strong cash

flow to support dividends and growth

Phu Kham brownfield opportunities to

progressively lift annual copper and gold

output:

Process plant capacity expanded in 2012

Increased Recovery Project 2013

Exploration success in the Phu Kham

district has defined new resources

Pre-development opportunities:

Phonsavan Copper-Gold Project, Laos

Inca de Oro Copper-Gold Project, Chile

Production and growth

Established operation with competitive

cash costs

Process plant expanded in 2012: design

capacity increased by 33% to 16Mtpa on

harder primary ore

Increased Recovery Project; completed

2013 ahead of schedule and well under

budget

2013 production expected to be 62,000t

to 65,000t copper at an average C1 cash

costi of between US$1.25/lb and

US$1.35/lb

2013 Ore Reserve estimate confirmed

10-year mine life

Phu Kham: a foundation for growth

i: C1 direct operating costs, based on payable copper in concentrate produced, after precious metal

credits. Assumes DecH2013 prices of US$1300/oz gold and US$20/oz silver.

Data shown on a 100% equity basis.

Increased recovery achieved through less

selective rougher flotation together with

increased regrind, cleaner flotation and

concentrate handling capacity

Project completed several months ahead

of schedule and more than US$10M under

budget

Expected to lift annual production by

approximately 5,000t copper and 7,500oz

gold; concept confirmed by plant scale

tests

Utilises existing plant technology: low

technical risk, rapid payback

Phu Kham: Increased Recovery Project


First gold-silver doré poured 1 May 2012;

commercial production from 1 June 2012

2013 production expected to be 110,000oz

gold at an average C1 cash cost of US$600-

US$650/oz after silver credits

2013 Ore Reserves estimate extended mine

life and near-term gold-silver production

rates

Pervasive zone of high-grade gold

mineralisation extends beneath the current

pit design

Ban Houayxai Gold-Silver Operation

Data shown on a 100% equity basis

Joint Venture with Codelco (PanAust 60.45%)

Sulphide feasibility study completed in mid-

2012 provided strong production in first five

years; focus is on improving the production

and cost profile for the second five years for

the project to become robust

Study extended to evaluate potential for

existing oxide and additional sulphide

resources to make a material contribution to

the Project

Carmen deposit (PanAust 100%): positive

results from new resource drilling

Inca de Oro Copper-Gold Project, Chile

Porphyry-style mineralisation discovered

overprinting earlier IOCG mineralisation

Published intersectionsi have included:

CAR090:

105m at 0.56% Cu, 0.22g/t Au and 2.1g/t Ag from 99m

CAR095:

40.5m at 0.48% Cu, 0.16g/t Au and 2.8g/t Ag from 52.5m

(not true width)

CAR105:

103.5m at 0.62% Cu, 0.13g/t Au and 2.0g/t Ag from 3m

CAR108:

90m at 0.52% Cu, 0.33g/t Au and 2.7g/t Ag from 81m

MCAR111:

85.5m at 0.56% Cu, 0.25g/t Au and 3.2g/t Ag from 55.5m

MCAR114:

78m at 0.44% Cu, 0.37g/t Au and 2.0g/t Ag from surface

CAR116:

109m at 0.48% Cu, 0.15g/t Au and 2.3g/t Ag from 142.5m

Carmen copper-gold deposit

i: Full details of the drill intersections were announced in the PanAust March and June

quarter 2013 reports which can be downloaded from the Company’s website.

Benefiting from existing infrastructure

Phu Kham district

1000m

N Phu Kham

Nam San

Haul Road prospect

LCT deposit

Nam Ve; 7km NW of LCT

Mineralised trend prospective for

copper-gold and gold-silver mineralisation

LCT inaugural Mineral Resourcei estimate:

32Mt @ 0.77g/t Au, 4.9g/t Ag, 0.12% Cu

Intersectionsii at LCT have included:

LDD055:

13m @ 0.70% Cu, 2.14g/t Au, 18.3g/t Ag from 230m

LDD057D1:

10m @ 0.62% Cu, 1.47g/t Au, 5.3g/t Ag from 173m, and:

8m @ 1.08% Cu, 2.35g/t Au 5.5g/t Ag from 204m

LDD067:

19m @ 1.07% Cu, 8.58g/t Au, 58.9g/t Ag, 11.8% Pb, 1% Zn,

from 159m

Nam Ve - scout drilling intersected high-

grade gold and copper-gold mineralisation

Near-mine targets at Phu Kham

i: Data shown on a 100% equity basis, PanAust has a 90% beneficial interest in LCT.

ii: Full details of the drill intersections were announced in the PanAust March quarter 2013 report

which can be downloaded from the Company’s website.

Core shed prospect

Focused on the KTL copper-gold

deposit

Pre-feasibility study nearing

completion

Scope: 7Mtpa open-pit and flotation

operation producing 25,000t copper

and 20,000oz gold in concentrate

Alternative low capital cost

development scenario to transport

high-grade mineralisation to Phu

Kham for processing

Close to existing road and power

infrastructure; nearby town could

provide a workforce

Phonsavan Copper-Gold Project, Laos


PanAust’s commitment to sustainable

development is a key consideration in the

way the Company undertakes its business

activities

Strong emphasis on delivering sustainable

benefits to the communities within the

vicinity of its operations

Further information on PanAust’s

sustainability programs and credentials,

including the latest Sustainability Report,

can be viewed at the Company’s website

Strong commitment to sustainable development

Around 50% of food requirements for the Phu Kham

camp are sourced locally

PanAust’s community development programs have a

strong focus on education

Competitive copper and gold producer with

strong cash flow to support growth

initiatives

Organic growth provided by capital

efficient brownfield opportunities and pre-

development opportunities in Laos and

Chile

Proven track record of discovery and

resource growth

Proven track record as a successful

developer of operations

Summary

Supplementary slides

Listed on the Australian Securities Exchange (ASX:PNA); constituent of the

S&P/ASX100 index

Issued securities (30 Sep 2013) 620M shares

4.2M unlisted options & rights

Share price (30 Sep 2013) A$2.11

Market capitalisation A$1.3Bn

12-month average daily turnover ~A$10M

FY2012 dividends paid Total A$0.07/share

FY2013 interim dividend (Sep 2013) A$0.03/share

Substantial shareholders Guangdong Rising Assets

Management (GRAM) ~22.6%

Shareholding structure ~73% institutional investors (incl. GRAM)

Top 20 shareholders ~56%

PanAust Limited securities

March 2013: PanAust received the 2013 Sustainability Leadership Award at the Asia Mining

Congress in Singapore in recognition of PanAust’s program to create and support business

opportunities within the villages closest to the Company’s mining operations in Laos

Previously at the Asia Mining Congress, PanAust received awards for “Best Community

Development Initiative” in the Southeast Asia category for:

2011 – The positive contribution that PanAust’s Technical Trades program had made to

local communities and the greater Lao economy

2010 – PanAust’s Livelihood Improvement Programme designed to assist sustainable

development of the local communities

December 2011: PanAust received the Government of Lao PDR Labour Order Class 1

Award for the “best development in a rural area” for the Company’s outstanding contribution

to rural socio-economic development and poverty eradication

December 2011: PanAust received the Ethical Investor magazine 11th Sustainability Award

within the social and community category in recognition of the Company’s Livelihood

Improvement Program that is designed to assist the sustainable development of the

communities around the Phu Kham Copper-Gold Operation in Laos

Award winning sustainability performance

PanAust’s commitment to sustainable development is a key consideration in

the way the Company undertakes its business activities and incorporates a

strong emphasis on delivering sustainable benefits to the communities within

the vicinity of its operations.

Further information on PanAust’s sustainability programs can be viewed at the

Company’s website www.panaust.com.au

Sustainability Report 2012: PanAust uses the reporting requirements of the

Global Reporting Initiative (GRI) G3, and reports to an A+ Application Level.

To achieve this rating the report has undergone external verification prior to

publication.

PanAust’s Sustainability Report and GRI index are available on PanAust’s

website at www.panaust.com.au/reports The 2012 Assurance Statement

provided by the external agency (ERM-Siam, Co Ltd) is incorporated into the

report.

Strong commitment to sustainable development

http://www.panaust.com.au/

http://www.panaust.com.au/reports

Good operating environment, stable

government

Ready access to key infrastructure: power,

water, road

Mineral Exploration and Production

Agreement (“MEPA”) – sets out approvals

process for project development, operating

framework and fiscal regime – mine

development fast track

30-year tenure refreshed with each new

mine development

25% company tax rate and net smelter

return royalty of 3% to 6%

GoL owns 10% of Phu Bia Mining Ltd,

PanAust’s Lao-registered entity

Laos: a great place to operate

Corporate tax rate 25%, paid annually in arrears

Royalty payment is based on metal prices - net smelter return royalty

i.e. off-site costs (transport, shipping, TC/RC’s etc) are deductable :

Copper: • Up to US$3,000/t – 3%

• From US$3,000/t to US$4,000/t – 4%

• From US$4,000/t to US$5,000/t – 5%

• Above US$5,000/t – 6%

Gold • Up to US$450/oz – 3%

• From US$450/oz to US$500/oz – 4%

• From US$500/oz to US$600/oz – 5%

• Above US$600/oz – 6%

Silver • Royalty rate % is set by the gold rate

Fiscal regime, Laos

Phu Kham: 16Mtpa Upgrade and Increased

Recovery Project

2nd regrind mill six additional cleaner cells

2nd filter

3rd transformer

2nd ball mill

Increased flotation capacity

16Mtpa Upgrade Project

Increased Recovery Project

Phu Kham Copper-Gold Operation

Ban Houayxai Gold-Silver Operation

Phu Kham Reserves and Resources*

Category

Tonnes

(Mt)

Copper

grade

(%)

Gold

grade

(g/t)

Silver

grade

(g/t)

Proved 124 0.51 0.23 1.8

Probable 52 0.46 0.23 2.1

TOTAL 176 0.50 0.23 1.9

Category

Tonnes

(Mt)

Copper

grade

(%)

Gold

grade

(g/t)

Silver

grade

(g/t)

Measured 139 0.51 0.23 1.9

Indicated 75 0.45 0.21 2.3

Inferred 14 0.36 0.21 1.8

TOTAL 227 0.48 0.22 2.0

Ore Reserves (using price assumptions of US$2.75/lb copper, US$1,400/oz gold)

Mineral Resources (0.2% copper cut-off)

* As at 31 December 2012. Reported on a 100% equity basis – PanAust has a 90% beneficial interest.

Ban Houayxai Ore Reserves*


Category

Tonnes

(Mt)

Gold

grade

(g/t)

Silver

grade

(g/t)

Proved 8 0.82 8.4

Proved

(low-grade stockpile) 1 0.41 1.5

Probable 33 0.82 8.1

TOTAL 41 0.81 7.9

Ore Reserves (using price assumptions of US$1,400/oz gold and US$24/oz silver)

Ban Houayxai Mineral Resources*

Category

Tonnes

(Mt)

Gold

grade

(g/t)

Silver

grade

(g/t)

Oxide @ 0.25g/t gold cut-off grade

Measured 3 0.64 2.5

Indicated 8 0.70 3.7

Inferred 1 0.38 1.8

SUB TOTAL 12 0.66 3.2

Transitional @ 0.35g/t gold cut-off grade

Measured 4 1.00 10.4


Inferred 0.3 0.51 3.7

SUB TOTAL 16 0.93 9.5

Primary @ 0.40g/t gold cut-off grade

Measured 1 1.10 10.3


Inferred 7 0.87 6.0

SUB TOTAL 37 1.01 7.4

Combined

Oxide/Transitional/

Primary Resources

Measured 8 0.87 7.5


Inferred 8 0.81 5.4

TOTAL 65 0.93 7.2

Estimated based on a multiple indicator kriged model constrained by weathering and geological boundaries at the stated cut-off grades. Includes 1Mt of stockpiled

oxide material Rounding may cause minor computational discrepancies.


KTL Mineral Resources*

Category

Tonnes

(Mt)

Copper

grade

(%)

Gold

grade

(g/t)

Silver

grade

(g/t)

Measured 22 0.65 0.35 2.3

Indicated 62 0.40 0.15 2.3

Inferred 9 0.33 0.05 1.5

TOTAL 92 0.45 0.19 2.3

Estimated using an ordinary kriged model constrained by weathering and

mineralisation boundaries. Rounding may cause minor computational discrepancies.



LCT Mineral Resources*

Category

Tonnes

(Mt)

Gold

grade

(g/t)

Silver

grade

(g/t)

Copper

grade

(%)

Measured 3 0.72 2.3 0.02

Indicated 5 0.65 4.7 0.05

Inferred 25 0.80 5.3 0.15

TOTAL 32 0.77 4.9 0.12

Estimated based on a mineralogical constrained ordinary kriged model.

Rounding may cause minor computational discrepancies.

* As at 1 January 2013. Reported on a 100% equity basis – PanAust has a 90% beneficial interest.

Mineral Resources (0.3g/t gold cut-off)

Inca de Oro Mineral Resources*

* Reported on a 100% equity basis. PanAust has a 60.45% beneficial interest in Inca de Oro.

Mineralisation

0.25% copper cut-off grade Category

Tonnes

(Mt)

Total

copper

grade (%)

Acid

soluble

copper

grade (%)

Gold grade

(g/t)

Silver grade

(g/t)

Mo grade

(%)

Black oxide Measured 10.5 0.56 0.22 0.18 1.2 0.0054

Indicated 50.0 0.49 0.18 0.11 0.9 0.0047

Inferred 5.3 0.39 0.11 0.06 0.05 0.0035

SUB-TOTAL 65.8 0.50 0.18 0.12 0.9 0.0047

Green oxide Measured - - - - - -

Indicated 1.8 1.21 0.96 0.34 1.6 0.0054

Inferred 0.2 1.12 0.9 0.28 1.1 0.0066

SUB-TOTAL 1.9 1.20 0.96 0.34 1.6 0.0055

Mixed:

Oxide dominant

Measured - - - - - -

Indicated 1.5 1.03 0.21 0.11 2.4 0.0046

Inferred 1.3 0.6 0.15 0.15 2.2 0.0053

SUB-TOTAL 2.8 0.83 0.18 0.13 2.3 0.0049

Mixed:

Sulphide dominant

Measured 0.0 1.13 0.18 0.11 3.4 0.0059

Indicated 0.4 1.61 0.55 0.09 3.3 0.0060

Inferred 0.2 0.63 0.11 0.09 2.7 0.0067

SUB-TOTAL 0.6 1.26 0.39 0.09 3.1 0.0062

Supergene Measured 0.8 0.99 0.16 0.12 3.7 0.0067

Indicated 3.5 1.53 0.35 0.14 2.6 0.0057

Inferred 1.4 1.02 0.21 0.05 1.5 0.0056

SUB-TOTAL 5.7 1.33 0.29 0.11 2.5 0.0058

Primary Measured 185.2 0.44 0.02 0.13 2.0 0.0112

Indicated 122.4 0.32 0.01 0.08 1.5 0.0132

Inferred 75.6 0.29 0.01 0.06 1.4 0.0107

SUB-TOTAL 383.2 0.37 0.01 0.10 1.7 0.0117

Total Resources TOTAL 460.1 0.41 0.05 0.10 1.6 0.0106

Carmen Mineral Resources*

Category

Tonnes

(Mt)

Copper

grade

(%)

Gold

grade

(g/t)

Silver

grade

(g/t)

Transitional Measured 3 0.34 0.38 1.1

Indicated 1 0.35 0.27 1.2

Inferred 1 0.40 0.27 1.1

Primary Measured 2 0.33 0.46 1.0

Indicated 6 0.34 0.46 1.3

Inferred 32 0.34 0.31 0.9

Combined Transitional and

Primary

Measured 5 0.33 0.42 1.1

Indicated 7 0.35 0.43 1.3

Inferred 34 0.34 0.31 0.9

TOTAL 46 0.34 0.34 1.0


* PanAust has a 100% beneficial interest in Carmen.

This presentation has been prepared by the management of PanAust Limited (the 'Company') for the benefit of brokers, analysts and investors and

not as specific advice to any particular party or person.

The information is based on publicly available information, internally developed data and other sources. No independent verification of those

sources has been undertaken and where any opinion is expressed in this document it is based on the assumptions and limitations mentioned herein

and is an expression of present opinion only. No warranties or representations can be made as to the origin, validity, accuracy, completeness,

currency or reliability of the information. The Company disclaims and excludes all liability (to the extent permitted by law), for losses, claims,

damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its accuracy,

completeness or by reason of reliance by any person on any of it.

Where the Company expresses or implies an expectation or belief as to the success of future exploration and the economic viability of future

projects, such expectation or belief is based on management’s current predictions, assumptions and projections. However, such forecasts are

subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed, projected or

implied by such forecasts. Such risks include, but are not limited to, exploration success, gold and copper price volatility, changes to the current

mineral resource estimates, changes to assumptions for capital and operating costs as well as political and operational risks and governmental

regulation outcomes. For more detail of risks and other factors, refer to the Company's other Australian Securities Exchange announcements and

filings. The Company does not have any obligation to advise any person if it becomes aware of any inaccuracy in, or omission from, any forecast or

to update such forecast.

Competent Person Statements

The data in this presentation that relate to Exploration Results, and Mineral Resources are based on information reviewed by Mr Dan Brost who is a

Member and Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy. Mr Brost is a full time employee of PanAust

Limited. Mr Brost has sufficient experience relevant to the styles of mineralisation and type of deposits under consideration and to the activity which

he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results,

Mineral Resources and Ore Reserves (JORC Code) . Mr Brost consents to the inclusion in this presentation of the Mineral Resources in the form

and context in which they appear.

The data in this presentation that relate to Ore Reserves are based on information reviewed by Mr Ian Sheppard who is a Member of the

Australasian Institute of Mining and Metallurgy. Mr Sheppard was a full time employee of PanAust Limited at the time of reporting of the Ore

Reserves. Mr Sheppard has sufficient experience relevant to the styles of mineralisation and type of deposits under consideration and to the activity

which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration

Results, Mineral Resources and Ore Reserves (JORC Code). Mr Sheppard consents to the inclusion in this presentation of the Ore Reserves in the

form and context in which they appear.

Important notice

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