3 - G-Resources

Acquisition & Development of the Martabe
Gold Project in North Sumatra Indonesia
Growing a World Class Asia-Pacific Gold Company
June 2009
G-Resources Presentation

Disclaimer
The materials used herein and this presentation (collectively, the “Presentation”) have been prepared by Smart Rich Energy Finance (Holdings) Ltd (proposed name change to G-
Resources Group Limited) (the “Company”) solely for use at the presentation to be made on from 1 June 2009 to 30 June 2009. By viewing the Presentation, or by reading the
materials used at the Presentation, you agree to be bound by the following limitations:
• The Presentation is strictly confidential and may not be copied, published, distributed or transmitted or disclosed by recipients to third parties.
• The Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities or an
inducement to enter into any investment activity, nor shall any part or all of the Presentation form the basis of, or be relied on in connection with, any contract or investment
decision in relation to any securities.
• The Presentation is being provided by the Company for informational purposes only and has not been independently verified. Neither the Company nor Morgan Stanley & Co.
International plc (the "Placing Agent") nor any of their respective affiliates makes any representation or warranty, express or implied, as to the fairness, accuracy, correctness or
completeness of the information in the Presentation, and nothing in the Presentation is (or shall be relied upon as) a promise or representation by the Placing Agent or any of its
affiliates. The Placing Agent and its affiliates shall have no liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of the Presentation or
otherwise arising in connection with the Presentation.
• The Presentation is based on the publicly available information about the Company as at 2 June 2009 (including, but not limited to, the report by Behre Dolbear Australia Pty
Limited ("BDA") dated 8 May 2009 in respect of the Martabe project (the "BDA Report") and the Company's announcements dated 12 May 2009) (the "Public Information") and the
Presentation is qualified in its entirety by reference to the Public Information. Copies of certain information relating to the Company are available at
http://www.hkexnews.hk/listedco/listconews/advancedsearch/search_active_main.asp and at www.g-resources.com. The information contained in the Presentation which is based
on the BDA Report has been extracted from the BDA Report and is subject to the assumptions and the qualifications set forth in the BDA Report. You are urged to review the BDA
Report and the other Public Information in their entirety.
• The Presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith
and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial
condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or
implied by such forward-looking statements. Given these risks, uncertainties and other factors, viewers of the Presentation are cautioned not to place undue reliance on these
forward-looking statements. The Company, the Placing Agent and their respective affiliates disclaim any obligation to update these forward-looking statements to reflect future
events or developments.
• The Presentation is only directed at qualified investors and investment professionals and other persons should not rely on or act upon the Presentation or any of its contents.
• The Presentation does not constitute a recommendation regarding the securities of the Company. By attending this presentation you acknowledge that you will be solely
responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your
own view of the potential future performance of the business of the Company.
• The Presentation speaks as of as of 2 June 2009. Any further discussions of the Company, the Placing Agent or any of their respective affiliates with any of the recipients shall not,
under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.
• Nothing in the Presentation constitutes an offer of securities for sale in the United States or any other jurisdiction, nor does it constitute an invitation by or on behalf of the Placing
Agent, any of its affiliates or the Company to subscribe for, purchase or sell any securities. Any decision to purchase or subscribe for securities in the possible offering must be
made solely on the basis of the publicly available information about the Company at the time of such offering (the “Public Information”). Any securities to be issued will not be
registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold: (i) in the United States, unless registered under the Securities
Act or pursuant to an exemption from such registration; or (ii) in any other jurisdiction outside the United States, unless in compliance with all applicable laws and regulations in that
jurisdiction.
• You agree to refer to the Public Information for more complete information about the offering. You should consider the Public Information before making any investment decision.
2

Presentation Team
Team
Owen Hegarty
Chief Executive Officer
& Vice Chairman
Peter Albert
Deputy Chief Executive
Officer
Richard Hui
Executive Director
Background
► Over 35 years direct experience in the global mining industry
► Founding Managing Director and CEO of Oxiana from 1995 to mid 2008
► Worked with the Rio Tinto Group for 25 years and served as Managing Director of Rio
Tinto Group’s Asian business and Australian copper and gold business
► Director of AusIMM
► Metallurgist and Chartered Engineer with over 25 years of experience
► Previously the Executive General Manager – Asia of OZ Minerals covering all Asian
mining operations, projects, business development and Government relations: including
responsibilities for the Sepon and Martabe projects
► Joined Oxiana Limited in 2000 from Fluor Daniel where he held the position of General
Manager – Projects
► Previously worked with Shell-Billiton (Australia), Aker Kvaerner and JCI (South Africa)
► Over 15 years of engineering and investment management experience in Australia, Hong
Kong and China
► Previously worked as a project engineer for BHP Billiton
► Also serves as an executive director of China Sci-Tech Holdings Limited and an executive
director of China Strategic Holdings Limited
► Responsibilities include business development and investor relations
3

Table of Contents
SECTION 1 Introduction & Company Overview
SECTION 2 Investment Highlights
SECTION 3 Appendix
4

1. Introduction & Company Overview
5

Summary of Transaction
Acquirer ► G-Resources (renamed from Smart Rich Energy Finance) (1051.HK)
Seller ► OZ Minerals (OZ)
Date
Acquired Assets ► Martabe Gold-Silver Project, North Sumatra, Indonesia
Consideration
Expected Size of Equity
Financing
Sole Financial Advisor ► Morgan Stanley
Step 1: CST completes acquisition from OZ Minerals (27 June 2009)
CST (985.HK)
Approximately
US$ 220M Cash
Maxter OZ Minerals
OMM Shares
► Agreement to acquire Martabe by CST from OZ was signed on 24 April 2009
► Agreement to acquire Martabe by G-Resources from CST signed on 9 May 2009
► Approximately US$ 220M by China Sci Tech
► Additional US$ 10M (Paid by shares with a lock-up of 3 years)
► Up to US$ 587M
► Equity placing of up to 13Bn new shares at a minimum price of HK$ 0.35
Agincourt Resources
(Singapore)
Private Limited
(“ARS”)
PT Artha Nugraha
Agung (“ANA”)
95% 5%
PT Agincourt Resources (“PTAR”)
(“Martabe Project”)
6
Step 2: G-Resources completes acquisition from CST
CST (985.HK)
Maxter
Maxter Shares
Approximately
US$ 220M Cash
+
US$ 10M
consideration shares
G- Resources
(1051.HK)

G-Resources Company Overview
► G-Resources, will be a single purpose clean vehicle with gold
mining as the principal business post completion of the
transaction
► Current market cap of HK$1,403M (1)
► Name change from Smart Rich Energy Finance to G-Resources
► Consolidation of shares effected on 1 June 2009
► Deloitte appointed auditors on 14 May 2009
► Convertible bonds fully converted as of 27 May 2009
► Pre-transaction cash on hand will be approximately US$29M (2)
► Non-core investments to be sold in Q3 2009 to realise
approximately an additional US$20-30M
7
Other Potential
Gold Projects
G-Resources Limited
Indonesia
Martabe Project
Notes
1. Share price as of Friday, 29 May 2009 of HK$ 1.66
2. Include proceeds from convertible notes

Proposed Financing
Issuer
Expected Offering Size
Expected Timing
Use of Proceeds
Sole Global Coordinator
and Sole Bookrunner
► G-Resources
Minimum Price ► HK$ 0.35
► Approximately US$ 587M, which amounts to about 92.42% (1) of the enlarged share capital post-offering
► Up to 13Bn new shares (100% primary)
► Launch of Placing – mid to late June
► Approximately US$ 220M for the acquisition of the Martabe Project from CST
► Approximately US$ 285M for development capital expenditure on the Martabe Project
► Remaining funds for transaction costs, business development and general working capital
► Morgan Stanley
Key Event Date
Transaction Announcement 13 May 2009
Cornerstone Roadshow 18 – 26 May 2009
Approval from the Foreign Investment Review Board of Australia 27 May 2009
Written Consent from the OZ Minerals Financiers 1 June 2009
Dispatch of Circular 2 June 2009
Change of Name 3 June 2009
Cornerstone Subscription Announcement 5 June 2009
IR Roadshow 23 – 24 June 2009
EGM Date G-Resources: 22 June 2009; CST: 25 June 2009
Potential Launch of Placing On or after 25 June 2009 (T Date)
Settlement and Closing T + 5
Notes
1. Assuming share price equals minimum price of offering
8

Company Vision & Strategy
The Vision ► A globally competitive Asia-Pacific focused gold company
The Strategy
► Growth centered around a core starter asset at Martabe
► Near-term value accretion through completion of Martabe development to time,
budget and quality
► Future growth through:
Organic growth:
▬ Further conversion of Martabe’s resources to reserves
▬ Delineating resources at near-mine deposits and discoveries
▬ Near-mine and regional exploration on the COW
Acquisition
▬ Acquisition and development of other gold projects in Indonesia
▬ Acquisition and development of other quality, advanced projects and
producing assets, with a focus initially on highly prospective SE Asia
and Australasia
Leveraging off management with significant experience in discovery,
acquisition, planning and execution of gold & base metals projects in the
region
9

2. Investment Highlights
10

Martabe Overview
► The Martabe Project is a world class gold and silver project located in North Sumatra Province, Indonesia
Discovered some 10 years ago
7 million ounces of gold equivalent resources
Part of a large-scale mineralised district which has the potential to host further gold and potentially base metal
deposits
► Fully permitted under a sixth generation Contract of Work (“COW”) with construction underway
► Significant value accretion through
Completing the transaction
Completing the project to time, budget and quality
Increasing resources and reserves
Growth through discovery and acquisition
► Targeting a +1moz/a gold company
11

G-Resources Investment Highlights
6
7
Strong Gold Price
Outlook
Experienced and
Committed Management
Team in Place
5
Strong Government &
Community Support
1
World Class Gold and
Silver Deposit with 7Moz
Gold Equivalent in
Resource
12
4
2
Excellent Infrastructure
and Logistics
Great Upside for
Expansion, Longer Life
and Further Discoveries
3
Low Cost Structure

1
Large High Quality Gold Resource Base
►Key areas :
Purnama (Pit 1) Reserve
Barani Resources
Ramba Joring Resources
Ramba Joring East
Tor Uluala and Uluala Hulu
Tor Uluala and Uluala Hulu
Ramba Joring
1.2Moz Au, 5.2Moz Ag
Purnama
4.3Moz Au, 56.2Moz Ag
Barani
0.4Moz Au
13
Tor Uluala
Ramba Joring
Purnama
Uluala Hulu
Ramba
Joring E
Barani

1
Large Reserve and Resource Base
► JORC Code statement at 30th June 2008
► Reserves defined for Purnama: 2.2Moz Au and 29.7Moz Ag
► Resources defined for Purnama, Barani and Ramba Joring prospects: 5.9Moz Au and 61.5Moz Ag
► All oxide Reserves. Most of the Resource base is oxide. Untested sulphide potential continues below oxides
► Resource and Reserve statement to be updated in Q3 2009
Reserves & Resources
Reserves
Deposit Tonnes
Mt
Gold Grade
g/t Au
14
Silver Grade
g/t Ag
Contained Gold
Moz Au
Contained Silver
Moz Ag
Proved Purnama 3.9 2.7 42 0.336 5.288
Probable Purnama 31.8 1.8 24 1.883 24.419
Total 35.7 1.9 26 2.219 29.707
Resources
Measured Purnama 3.8 2.9 46 0.354 5.568
Indicated Purnama 47.7 1.7 22 2.604 33.513
Inferred Purnama 39.7 1.1 13 1.388 17.201
Ramba Joring 36.6 1.0 4 1.191 5.207
Barani 10.4 1.1 - 0.368 -
Total 138.1 1.3 14 5.905 61.489
Source Behre Dolbear Australia, May 2009

1 Gold & Silver Production Profile for Current Reserves
► Due to the mothballing of the project by OZ Minerals and the change of control of Martabe, project
completion now estimated to be Q1 2011
Gold Production
koz
300
250
200
150
100
50
0
4,000
3,000
2,000
1,000
0
187
1,769
253
2,893
3,175
3,368
15
3,055
2,480
1,818 1,808
2011 2012 2013 2014 2015 2016 2017 2018 2019
Source Behre Dolbear Australia, May 2009
245
260
272
2011 2012 2013 2014 2015 2016 2017 2018 2019
Silver Production
koz
188
Mid Term Target Production
116
112
28
444

2
Excellent Infrastructure and Logistics
►Adjacent to the Trans-Sumatran highway
►Linked by major arterial road to North
Sumatran capital and Indonesian’s third
largest city, Medan
►40km from the port town of Sibolga
►240 MW power station just
commissioned at Sibolga
►High-voltage grid passing 6km from the
mine site
►Existing communications and local
business infrastructure
►Water resources available
►Existing Indonesian mining capability
16

3
US$ / oz
600
400
200
0
Low Cost Structure
► Martabe’s operating life of mine cash cost is estimated at US$ 240/oz (net of silver credits)
Very favorable cost position compared to peers
In early years, the cash costs are expected to be around $220/oz
2008 Total Cash Costs (Net of by-product credits)
Martabe Goldcorp Barrick Centamin
Egypt
Notes
1. Estimated cash cost per BDA report
(1)
Eldorado Boroo
(Centerra)
Aurizon
Mines
17
Jinfeng
(Sino Gold)
Lihir Kinross Newmont Beyinhar
(Sino Gold)
Kumtor
(Centerra)
Gammon
Gold
Source: Company Filings

3
Straightforward, Low-Cost Mining and Processing
ROM
ORE
CRUSHING
COS
► 4.5Mtpa bulk style open-cut mining; Extremely low strip ratio of 0.7:1
► Straightforward and standard process
Mine, crush, SAG/Ball mill, CIL operation, gold/silver bullion production
► Gold recoveries 70-80%, silver recoveries 60-80%
► Total life of mine cash cost net of silver credits: US$ 240/oz
BALL MILL CYCLONE LEACH CIL
SAG MILL
PEBBLE
CRUSHING
18
ELUTION E/W
REGENERATION
BULLION
CYANIDE
DETOX
TAILINGS
THICKENER
TSF

3
Operating Costs
► Martabe’s total production cost averages US$
240/oz of gold over the life of the mine
In early years, the cash costs will be closer
to $200/oz
► Mining cost averages US$2.52/t of material
mined
► Processing costs average US$11.10/t milled
► Further opportunities to reduce costs exist
► Low costs attributable to:
Scale
Low Strip Ratio
Grade
Simple process flow-sheet
Good metallurgical recoveries
Excellent logistics and existing
infrastructure
Existing Indonesian mining capability
Notes
1. First full year of production
Operating Costs
Cash Costs (US$M)
19
2011 (1) LOM
Mining 28.9 155.5
Milling 50.8 396.2
Administration 8.4 67.3
Realisation 2.9 20.4
Total Site Costs 91.0 639.5
Royalties 2.3 16.5
Silver Credit -35.8 -257.5
Total Cash Cost 57.5 398.4
Total Cash Cost (US$/oz) 228 240
Unit Costs
Mining (US$/t) 2.23 2.52
Processing (US$/t) 11.29 11.10
Administration (US$/t) 1.87 1.89
Total Unit Cost (US$/t) 15.39 15.51

3
Project Capital Expenditures
Project Schedule and Capital Cost Update Capital Expenditures
► Project started construction in mid 2008
► More than 30% of engineering design completed
► Expected completion in Q1 2011
► Resumption of previous contracts under
negotiation
► Long lead-time items such as SAG and ball mills
largely completed and soon to be delivered
► World competitive capital cost due to scale,
quality of orebody and location
► A full review of timetable and capital budget to be
undertaken at transition with a view to tightening
both
20
US$M Forecast to complete
Mining Capital Cost 10.3
Process Plant and
Infrastructure
211.2
Indirect Costs 10.5
EPCM Costs 44.3
Other Owners Costs 66.4
Project Contingency 17.5
Total 360.2
Capex Spent To Date 75.7
Remaining Capex 284.5

3 Martabe Works Commissioned
►New Resource and Reserve JORC statement
►Recruitment of key personnel
►Appointment of Mining, Geology, Tailings and Water Management Consultants
►Appointment of engineer to undertake early engineering works
►Negotiations with prime contractor for Project Management of Martabe
►Commencement of negotiations with Earthworks Contractors
►Commencement of discussions with equipment suppliers
21

4
Great Upside for Long-term Growth
►Key areas for growth:
Purnama (Pit 1) Reserve
Barani Resources
Ramba Joring Resources
Other Deposits where Resources are
yet to be defined
Near mine exploration targets
Tor Uluala and Uluala Hulu
Ramba Joring
1.2Moz Au, 5.2Moz Ag
Purnama
4.3Moz Au, 56.2Moz Ag
Barani
0.4Moz Au
22
Tor Uluala
Ramba Joring
Purnama
Uluala Hulu
Ramba
Joring E
Barani

4
Great Upside for Long-term Growth (cont’d)
►A geological setting fertile for large
ore bodies
►COW covers significant mineral
district
►Multiple untested prospects in
1,639km2 COW area:
Numerous new gold targets
Additional regional targets show
porphyry potential
►Leverage into rest of Indonesia
Significant drill results to be followed up
Prospect Drill intersections
Uluala Hulu 118m @ 4g/t Au
83m @ 4.1 g/t Au
Aek Kapur 30m @ 3g/t Au
12 m @ 11.6g/t Au
Natas 5m @ 3.2 g/t Au
23
Epithermal
gold targets
HoistEM resistivity, COW, regional targets and
selection of significant drill intersections
Porphyry
gold-copper
targets

5
Strong Support from Government and Society
► Government Relations
Strong relationships established between the team and various
Government agencies/services at the National,Provincial, Regency,
District and Sub-District levels
► Community Relations
Program of community engagement, education, communications,
support and local business development
5% equity in the project to be held for the community
Land acquisition program complete
► Environment
Key studies have been completed
Management plan is in place
AMDAL (Social and Environmental Impact Assessment) approved 13
March 2008
Best standards applicable to the environmental setting
24

6
Strong Board and Management Team
Board of Directors Strong Regional Partner
► Dr. Lew Mon
Hung
► Owen Hegarty
► Richard Hui
► Member of the 11th National
Committee of the CPPCC & Foreign
Affairs Committee
► Consultant of HK Government Central
Policy Unit and a director of the Mirror
Post Cultural Enterprise Co.
► Former director, chief executive for
various financial institutions and long
history in commodity and gold trading
► Peter Albert
► Two additional NEDs with international mining and
regional experience to be appointed
Successful track record in exploration, mine development and mine operations
25
► G-Resources has a MOU with Worldlink Group
International Limited, which is owned by the Judith
Soeryadjaya family of Indonesia
Worldlink will contribute its extensive knowledge
of the business and operating environment in
Indonesia
Worldlink has substantial experience in
Indonesian resources through ownership stakes
in:
▬ PT Adaro Energy (coal)
▬ Interra Resources (petroleum)
► Worldlink intends to subscribe to shares of at least
US$30 million

6
Strong Management Team (cont’d)
G-Resources Organizational Chart Owen Hegarty (1)
Craig Parry
Exploration & Business
Development
Suria Admatja
Manager Social
Matthew McGann
Manager Environment
This team has an un-paralleled
successful track record in
exploration, mine development
and mine operations
Richard Hui
Business Development
Director
Darryn McLelland
Operations Manager
TBA
Maintenance Manager
Ted Fowles
Mining Manager
IT, Tax/Accounts,
Camp, Admin,
Procurement
Consumables
Board and CEO
Peter Albert (2)
Deputy CEO
Tim Duffy
GM Operations
26
Gary Lee
Health, Security and
Safety Manager
Graham Petersen
Geology Manager
TBA
Process Plant
Linda Siahaan
Government Relations
TBA
CFO
Project Execution Team
Ausenco:
Project Manager
Controls Manager
Engineering Manager
Construction Manager
Project Controls
Notes
1. To become Chairman in 6 months
2. To become CEO in 6 months

7
Strong Gold Price Outlook
► Gold – a commodity, a currency, a store of value, a hedge against inflation, a hedge against geopolitical
and financial uncertainty
► Buoyant gold market to continue
Gold Historical & Forward Price
US$ / oz
1,000
900
800
700
600
500
400
Source: Bloomberg as of 7 July 2009
27
936
953
982
Forward Curve from
Bloomberg based on gold
spot price as of 7 July 2009
300
Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 2010E
Jan-10 2011E Jul-10 Jan-11 2012E Jul-11 2013E
Spot Forward
1,017

Value Proposition
EV / Reserves
US$ / oz US$ / oz
500
Comparable's
300
417
Average: 332
400
341
300
311
301
200
200
100
0
HKSE Listed Gold
Companies
Large Cap Gold
Companies
Small Cap Gold
Companies
Mid Cap Gold
Companies
2008 Total Cash Costs (Net of by-product credits)
US$ / oz
600
500
400
300
200
100
0
Martabe
240
Goldcorp
305
Barrick
337
370
382
399
400 400
421 440 450
517 525
Notes
1. HKSE Listed Gold Companies: Zijin Mining, Zhaojin Mining, Sino Gold, Real Gold, Lingbao Gold
2. Large Cap Gold Companies: Barrick, Goldcorp, Newmont
3. Mid Cap Gold Companies: Kinross, Newcrest, Agnico, Polyus, Yamana, Lihir, Eldorado
4. Small Cap Gold Companies: Red Back Mining, Centerra, Gammon Gold, Alamos, Aurizon Mines, New Gold, Golden Star
28
EV / Resources
100
0
3,000
2,500
2,000
1,500
1,000
500
0
Bonikro (Lihir)
612
246
Large Cap Gold
Companies
1,095
Tropican (AngloGold)
1,304
Cerro Blanco (Goldcorp)
153
Mid Cap Gold
Companies
1,441
Martabe
1,637
Hidden Valley (Harmony/Newcrest)
Ballarat (Lihir)
121 113
Small Cap Gold
(4)
Companies
1,709
1,817
Cadia East (Newcrest)
Comparable's
Average: 148
HKSE Listed Gold
Companies
(1) (2) (4) (3)
(2) (3) (1)
Eldorado
Boroo (Centerra)
Aurizon Mines
Jinfeng (Sino Gold)
Lihir
Kinross
Newmont
Beyinhar (Sino Gold)
Kumtor (Centerra)
Gammon Gold
Capital Cost
US$ / annual oz of production
2,358
Didipio (Oceana)
2,468
Boddington (Newmont)
Source Company Filings, BMO, Bloomberg, Factset as of 7 July 2009

Value Proposition (cont’d)
EV / 09E EBITDA
x x
20
40
15
10
5
0
15.5x
Mid Cap Gold
Companies
EV/ 09E Production
US$ / oz
10,000
8,000
6,000
4,000
2,000
0
7,557
Mid Cap Gold
Companies
12.6x
Large Cap Gold
Companies
11.7x
HKSE Listed Gold
Companies
Comparable's
Average: 11.5x
Notes
1. HKSE Listed Gold Companies: Zijin Mining, Zhaojin Mining, Sino Gold, Real Gold, Lingbao Gold
2. Large Cap Gold Companies: Barrick, Goldcorp, Newmont
3. Mid Cap Gold Companies: Kinross, Newcrest, Agnico, Polyus, Yamana, Lihir, Eldorado
4. Small Cap Gold Companies: Red Back Mining, Centerra, Gammon Gold, Alamos, Aurizon Mines, New Gold, Golden Star
6.8x
Small Cap Gold
Companies
29
09E P/E
30
20
10
0
32.7x
Mid Cap Gold
Companies
Oxiana Share Price
AUD
4.0
3.0
2.0
1.0
0.0
29.4x
Large Cap Gold
Companies
21.8x
HKSE Listed Gold
(1)
Companies
Comparable's
Average: 27.2x
24.5x
Small Cap Gold
Companies
(3) (2) (1) (4)
(3) (2) (4)
6,383
Large Cap Gold
Companies
5,273
HKSE Listed Gold
Companies
Comparable's
Average: 5,385
3,112
Small Cap Gold
Companies
242%
1-Jan-04 7-Oct-04 14-Jul-05 20-Apr-06 25-Jan-07 31-Dec-07
Source Company Filings, Bloomberg, Factset as of 7 July 2009

Appendix
30

G-Resources Company Statistics
G-Resources Limited - Statistics
Bank Balances & Cash (1) : HK$ 90.1M
CN Tranche 1 Gross Cash Proceeds (2) : HK$ 24.5M
CN Tranche 2 Gross Cash Proceeds (2) : HK$ 136.0M
Available-for-sale Investments (SUNPEC) (1) : HK$ 185.1M
Available-for-sale Investments (Other) (1) : HK$ 12.1M
Other Assets Net of Liabilities: HK$ 36.1M
Implied NAV HK$ 483.9M
Implied NAV/ Fully diluted shs, excl options (845.4M) HK$ 0.57
TSO (post Capital Reorganisation)
G-Resources TSO pre-transaction: 445.4 M
G-Resources TSO pre-transaction
(incl. full conversion of 2nd Tranche Convertible Notes): 845.4 M
G-Resources TSO post-transaction
(incl. full conversion of 2nd Tranche Convertible Notes): 14,066.8 M
31
G-Resources Current Structure
G-Resources
Sino Union (“SUNPEC”)
(HKSE listed)
Other For Sale Investments
(Unlisted)
Number of SUNPEC
Shares held by G-
Resources:
253.6 million
SUNPEC Share Price
as of 19 June 2009:
HK$ 0.91
Notes
1. As of 31 December 2008 Balance Sheet
2. As per Circular of 27 February 2009

Comparable Company Analysis
July 7, 2009 Mkt Value EV EV / EBITDA P / E P / CFPS EV / EV / EV / 09E
(US$Bn) (US$Bn) 2009E 2010E 2009E 2010E 2009E 2010E Reserves Resources Production
HKSE Listed Gold Companies
Zijin Mining 20.0 20.2 23.1 20.4 41.7 37.1 26.1 23.0 816 NM NA
Zhaojin Mining 2.3 2.3 12.3 11.9 22.3 21.2 13.3 14.5 431 170 NA
Sino Gold 1.2 1.2 10.3 7.6 21.8 14.4 13.2 9.4 237 91 5,273
Real Gold 0.5 0.5 6.2 4.6 11.9 8.5 9.8 7.3 185 79 NA
Lingbao Gold 0.3 0.5 6.6 5.9 11.6 10.8 2.8 2.2 NM 113 NA
Average 11.7 10.1 21.8 18.4 13.0 11.3 417 113 5,273
Large Cap Gold Companies
Barrick 28.6 32.1 9.9 8.7 18.6 16.5 11.4 9.8 231 185 4,332
Goldcorp 24.8 24.7 20.7 16.8 50.6 38.9 24.0 19.0 534 367 10,735
Newmont 18.9 21.8 7.3 6.1 19.0 14.9 9.5 7.9 257 185 4,082
Average 12.6 10.5 29.4 23.5 15.0 12.3 341 246 6,383
Mid Cap Gold Companies
Kinross 12.8 13.0 12.1 10.8 30.4 24.5 14.0 12.6 286 220 5,323
Newcrest 11.4 11.4 12.3 10.2 24.8 20.7 13.4 11.8 285 103 6,846
Agnico 8.0 8.2 31.0 11.1 75.2 23.4 36.5 13.4 454 294 13,655
Yamana 6.4 6.8 10.1 8.5 19.2 16.0 11.2 9.5 353 195 4,933
Polyus 7.1 6.4 12.2 9.5 25.1 17.6 18.3 13.0 87 45 NA
Lihir 5.4 5.4 10.5 9.4 19.8 16.9 12.1 11.3 225 82 5,013
Eldorado 3.3 3.2 20.1 15.1 34.6 24.3 24.8 17.7 418 134 9,575
Average 15.5 10.7 32.7 20.5 18.6 12.8 301 153 7,557
Small Cap Gold Companies
Red Back Mining 2.0 1.8 9.6 7.2 16.4 12.4 10.6 8.2 519 175 4,514
Centerra 1.0 0.9 3.5 2.6 9.4 6.5 5.0 4.0 161 67 1,258
Gammon Gold 0.9 0.9 6.5 5.1 13.5 10.1 8.3 5.7 283 98 4,486
Alamos 0.9 0.8 9.1 8.7 20.1 17.6 13.5 12.2 373 214 4,999
Aurizon Mines 0.6 0.5 7.4 6.6 20.1 16.6 9.2 8.4 553 188 3,455
New Gold 0.6 0.6 7.4 4.3 31.1 14.3 11.5 8.0 122 41 1,687
Golden Star 0.5 0.6 4.2 3.3 60.6 10.7 4.1 3.1 168 65 1,382
Average 6.8 5.4 24.5 12.6 8.9 7.1 311 121 3,112
Global Average 11.5 8.8 27.2 17.9 13.8 10.6 332 148 5,385
Source Company Filings, Bloomberg, Factset as of 7 July 2009
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Overview of Indonesia
Location SE Asia, 200km north of Australia
Population 240 million (as at Jan 2008)
Religion 90% Muslim
Political Democratic Republic
Environment ► President Susilo Bambang Yudhoyono
Elected in 2004 with an absolute majority (60%)
Democratic party won >20% of the vote in recent elections and
SBY nominated for pre-selection in 2009
SBY nominated Budyono as deputy and running mate – seen as a
positive for Indonesian investment environment
Next presidential elections in 2009
SBY remains popular with voters and is expected to be re-elected
GDP ► Nominal GDP of US$1,800 per capita
► Average growth in GDP over the last 5 years of 4.7%, with 2008
growth in GDP of 6.5% (highest in a decade)
Inflation ► Inflation has fallen from a high in 2006 of 13.1% to 5.7% in 2008
Currency ► Indonesian Rupiah
► Relatively stable averaging around 9,000 Rupiah per US$ over the
last 4 years
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Overview of Indonesia (cont’d)
► Established mining industry
Indonesia is one of the world’s largest producers of gold (ranked 8th), tin (ranked 2nd after China), coal (ranked the 3rd largest
thermal coal exporter after Australia and South Africa) and copper (ranked 3rd largest, after the USA and Chile)
Indonesia is home to the worlds largest gold producing mine, Grasberg
Minerals and related products represent c.19% of Indonesia’s total exports, with gold being the largest revenue earner
► Major international miners
Major international copper/gold and coal miners have been successfully working in Indonesia for over 20 years:
▬ Freeport/Rio (Grasberg Copper – Gold Mine)
▬ Newmont/Sumitomo (Batu Hijau Copper – Gold Mine)
▬ PT Inco (Sorowako Nickel Laterite Mining and Processing)
▬ OZ Minerals (Martabe Project Gold – Silver Project)
▬ New Hope (Adaro Coal)
▬ Straits Asia Resources (Sebuku Coal)
▬ BHP (Maruwai Coal)
► Mining Law
December 2008 – The Indonesian Government passed Indonesia’s new Mining Law
Impact of new Mining Law
▬ Article 169 of the new law states that current COWs are valid until they expire
▬ This provides Martabe with a minimum of 30 years of operations under the COW
▬ The Indonesian Energy and Mineral Resources Minister has issued a statement reassuring companies that the law
respects the sanctity of COWs
▬ The Martabe COW has been kept in good standing with all obligations to date met, including reductions in area and
completion of exploration and development requirements
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