PT Bumi Resources Tbk : | Monthly Update – July 2022

Bakrie Tower,12th floor

Komplek Rasuna Epicentrum

Jl. H.R. Rasuna Said

Jakarta, INDONESIA 12940

Website: www.bumiresources.com

Corporate Information

Monthly Update	: July 2022
Date	: September 6th, 2022

Markets:

Benchmark Coal Prices for High Grade coal continued to rise in July to $410.83/t versus $397.63/t for the month of June. The increase was due to continued strong demand from Europe and reduced supply due to the Russian / Ukraine conflict.

Low CV coal prices have underperformed the indices falling from highs in March of approximately $120/t to $75/t in August. Weak demand from India and China (due to COVID lockdown) have been the key drivers.

We expect the prices to recover as India comes out of it's monsoon season and China begins to open up before the National Party Congress in October.

Operations:

Realized prices in July were at $136.0/t, as prices fell from June's realised prices of $143.7/t, due to less high grade coal sold and more domestic coal sales in Arutmin. Arutmin's realised prices decreased to $76.2/t as compared to $91.8/t in June. KPC's prices increased to $167.2/t from $163.5/t in June.

Total sales in July increased from 5.9MT in June to 6.2MT. KPC sales fell slightly to 4.1MT in July versus 4.2MT in the month of June. Arutmin's sales increased to 2.1MT in July, from 1.6MT in June, as increased stocks from June allowed more shipments to be loaded.

Coal production was also slightly up in July at 7.0MT versus 6.3MT in June. KPC production increased to 5.0MT in July versus 4.6MT in June due to less rain and extensive investment in water management infrastructure at KPC by its key mining contractor. Arutmin's production was up to 2.0MT from 1.7MT in June.

The overall cash costs of production decreased from $44.74/t in June to $42.50/t in July. KPC's costs decreased from $51.59/t in June to $47.44/t in July due to reduced fuel prices. Arutmin's cash cost of production increased to $30.38/t in July from $26.48/t in June due to a non cash, accounting adjustment, for one of Arutmin's contractors. Overall year-to-date cash costs were at $44.58/t, with KPC's cash cost per tonne YTD, at $48.37/t, and Arutmin's YTD costs running at $36.62/t.

PLN / Antam total receivables fell to $108.9m at the end of July from $192.8m in June. Receivables above 90 days decreased from $10.3m in June, to $3.4m in July.

Debt Repayment:

Bumi paid interest on Tranche A of $3.0m in July, representing 7.5%, the Cash interest portion (6.5%) plus the accrued interest (1%) of Tranche A. Bumi also paid $115.3m in principal in July from Tranche A, leaving only $45.5m of Tranche A, which will be repaid in October's payment.

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Bumi announced a plan to hold an EGMS on the 11th October to approve a Non Pre-emptive Rights (NPR) Issue of $1.6bn in order to repay the remaining debt balance maturing in December of this year. If approved by OJK and the shareholders, 200bn new shares will be issued in return for the funds at Rp120 (6 month VWAP = Rp90). The NPR issue will obviate the risk of Bumi going into liquidation under the PKPU terms or requiring Bumi to negotiate and agree a restructuring of its total debt with the lenders.

Balance as at 11 Jul 2022:

• Tranche A Balance = $45.5m
• Tranche B Balance = $918.1m
• Tranche C Balance = $662.3m
• CVR = $100.0m

Operations Guidance:

After experiencing the highest levels of rainfall for over 20 years, over the January to May period our production guidance at KPC has been reduced as the revised Workplan and Budget approved by the Government is now set at a limit of 54MT, but the record high prices have more than offset the reduced production in respect to cash available and Net Profit.

Production for 2022.

• KPC: 52MT - 54MT
• Arutmin: 26MT - 29MT Prices:
• KPC: $140/t - $160/t
• Arutmin: $80/t - $100/t Costs:
• KPC: $45/t-$50/t
• Arutmin: $30/t-$37/t

MCB Conversions:

As of 19th August, a total of $449.70m of MCB's have been converted into shares (not including interest) and 74.66bn shares have been issued. Total MCB's outstanding as at 20th August is $262.1m (including the pool factor).

The conversion price, valid from 11th December 2021, is Rp80. This conversion price will apply until 10th December 2022.

The Company continues to look for a solution to convert the interest portion of the MCB's already converted in to shares, however Indonesian law and OJK are clear that the current interest cannot be converted into equity.

For further information, please contact:

Dileep Srivastava

Director & Corporate Secretary

PT Bumi Resources Tbk.

Tel	(62-21) 5794 2080
Fax	(62-21) 5794 2070
email	[e-mail]
	www.bumiresources.com

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