Asiamet Resources : BKM Copper Updated BFS Presentation

BKM COPPER PROJECT

A BUILD READY COPPER MINE IN INDONESIA

Perfectly Timed for the Energy Transition

MAY 2023

AIM : ARS | www.asiametresources.com

FORWARD LOOKING STATEMENT

The information contained in this confidential document (the "Presentation") has been prepared by Asiamet Resources Limited (the "Company" or "Asiamet") solely for informational purposes.

Information contained herein does not purport to be complete and is subject to certain qualifications and assumptions and should not be relied upon for the purposes of making an investment in the securities or entering into any transaction. The information and opinions contained in the Presentation are provided as at the date of this Presentation and are subject to change without notice and, in furnishing the Presentation, the Company does not undertake or agree to any obligation to provide recipients with access to any additional information or to update or correct the Presentation.

Except as required by applicable law or regulation, none of the Company or any of its directors, officers, partners, employees, agents, affiliates, representatives or advisers undertakes or agrees any obligation to update or revise any forward-looking or other statement or information in this Presentation, whether as a result of new information, future developments or otherwise and the Company or any of its directors, officers, partners, employees, agents, affiliates, representatives or advisers or any other party undertakes or agrees or is under a duty to update this Presentation or to correct any inaccuracies in, or omissions from, any such information which may become apparent or to provide you with any additional information. No statement in this Presentation is intended as a profit forecast or profit estimate (unless otherwise stated).

To the fullest extent permitted by applicable law or regulation, no undertaking, representation or warranty or other assurance, express or implied, is made or given by or on behalf of the Company or any of its parent or subsidiary undertakings or the subsidiary undertakings of any such parent undertakings or any directors, officers, partners, employees, agents, affiliates, representatives or advisers, or any other person, as to the accuracy, sufficiency, completeness or fairness of the information, opinions or beliefs contained in this Presentation. Save in the case of fraud, no responsibility or liability is accepted by any person for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred, howsoever arising, directly or indirectly, from any use of, as a result of the reliance on, or otherwise in connection with, this Presentation. In addition, no duty of care is owed by any such person to recipients of this Presentation or any other person in relation to the Presentation.

This presentation contains "forward-looking statements" including but not limited to, statements with respect to the Company's plans and operating performance, the estimation of Mineral Reserves and Mineral Resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward- looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward- looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which the Company operates.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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BKM COPPER PROJECT FEASIBILITY STUDY

Robust Economics

$162.8m

NPV8

(post tax, excl. closure)

21.0%

IRR

(post-tax, excl closure)

$1.91/lb

C1 Cash Costs

$1.4bn

Initial LOM

Revenues

$655.3m

EBITDA (LOM)

5.95p

Project NPV8

per share

3.4 yrs

Payback Period

9.2 yrs

Initial life of Mine

Significant

Upside

All references to NPV uses a long-term copper price of $3.98/lb.	3
All dollars are US dollars unless otherwise stated.

Project NPV8 (post tax, excl. closure costs) per share is based on shares outstanding as at 1 May 2023.

BKM COPPER PROJECT FEASIBILITY STUDY

Robust Mine Plan and Conventional Process Flowsheet

MINING AND ORE RESERVES

PROCESSING AND ORE HANDLING

Ç√

				Contained
				Copper
	Tonnes	Total	Soluble		Solu
Ore Reserve	Copper	Copper	Total	ble
Category	Mt	%	%	kt	kt
Total Proved Ore	19.0	0.7	0.5	137	102
Total Probable Ore	21.8	0.6	0.4	135	95
Total Proved and	40.8	0.7	0.5	272	198
Probable Ore

Source : Ore Reserves as at 1 May 2023

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Process : conventional crushing and grinding, followed by agglomeration, heap-leach and SX-EW (no long lead items required)

Figures in tables may not add due to rounding

BKM COPPER PROJECT

Physicals and Production Profile

PROJECT PHYSICALS

PRODUCTION PROFILE

Item	Unit	Value
Mine life (initial)	Years	9.2
Mining
Mining method	-	Open pit
Mined ore tonnes	Mt	38.4
Mined waste tonnes	Mt	52.5
Strip Ratio	Waste:Ore	1.37:1
Processing
Processing method	-	Heap-leach and
SX-EW
Copper grade (soluble)	Cu %	0.51
Soluble Copper recovery	%	78.6
(overall LOM)
Copper recovered	kt	156.3

Copper Cathode Production (tonnes)

20,000

16,000

12,000

8,000

4,000

0

Yr 1

Yr 2

Yr 3

Yr 4

Yr 5

Yr 6

Yr 7

Yr 8

Yr 9

Yr 10

Low 1.37:1 life of mine (LOM) Strip Ratio

Mining 9.2 yrs, copper cathode production over 10 yrs.

Higher soluble copper grades delivers strong cash flow in early years enables rapid payback

Post initial ramp-up ore mined is consistent over LOM

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