Asiamet Resources : Feasibility Update Presentation

BUILDING A LEADING INDONESIAN MINING BUSINESS

BKM Copper Project

Feasibility Study Update Discussion August 2022

JUNE 2019

August 2022

FS Sustaining Momentum

• Value Engineering activity commenced Q2, 2021 investigating options for increasing extraction of copper from BKM resource with several options considered:
• • Outcome: alternatives were capital intensive and overall economics not supportive of progressing
• Q1 2022 committed to progressing BKM development by updating 2019 FS utilizing heap leaching of the copper to produce pure copper cathode for direct sale.
• Expected to be relatively straightforward update of previous FS however several conditions related to previous study changed and need to be assessed in more detail.
• NewPro Engineering engaged to commence work on FS Update in April 2022.
• AMDAD Consulting engaged to update BKM pit optimization and flow through to detailed mine design and production scheduling.
• Independent Technical Expert engaged to complete review of 2019FS and provide guidance on requirements to move FS to being "bankable".
• FS Update full steam ahead, multiple workfronts progressing, aiming to deliver final version early Q4 to take through to debt financing.

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ITE Review of 2019 BKM Copper FS

• Bank recommended engineering consultancy engaged as an Independent Technical Expert (ITE) to conduct review of BKM Copper project FS to advise on preparedness for bank financing.
• Concluded no "Fatal Flaws" with the project.
• Various workstreams recommended updates, many aspects covered in the ARS commissioned studies with additional items accepted.
• Geotechnical and Hydrogeology review, update Water Balance/Water Management strategy.

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Feasibility Study Update

Optimization of BKM Pit

• Mining costs have been updated from 2018 Schedule of Rates, benchmarked against an operation of similar scale using the likely fleet to be employed at BKM. Mining costs based on a contractor model, so no capex for mining fleet.
• Processing costs updated based on the current circuit material balance produced by NewPro and updated cost estimates for labour, power and consumables. Not final but current best data.
• The cost base in the current optimization now reflects current best knowledge.
• General layout of mine, waste dump, heap leach pad and
  process plant remaining the same.

Feasibility Study Update

Newpro Engineering

• NewPro progressed several fronts of engineering activity
• Requests for pricing for key processing equipment have been issued
• Key areas of optimsiation have included heap leach pad design and water management/treatment technologies.
• Updating construction materials balance across the project including bulk earthworks (cut/fill), detailed development works.
• Input provided into pit optimization update in the form of updated processing operating costs.
• Commenced developing detailed CAPEX model for BKM project utilizing current input costs.
• • Heap Leach earthworks currently represent the most significant capital cost area and focus of attention.

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