Asiamet Resources Limited · LSE:ARS
Asiamet Resources — Investor Presentation (May 2025)
26 slides from Asiamet Resources's investor presentation, May 20, 2025
Slide 1: BKM Copper Project Optimised Feasibility Study
AIM : ARS BKM COPPER PROJECT Optimised Feasibility Study Delivering a Realistic, Financeable, First Stage Project to Unlock District Scale Production Growth May 2025
Slide 2: Disclaimer
DISCLAIMER The information contained in this confidential document (the “Presentation”) has been prepared by Asiamet Resources Limited (the “Company” or "Asiamet") solely for informational purposes. This Presentation and the information contained in it has not been independently verified and no reli
Slide 3: BKM Stage 1 - Key Investment Highlights
BKM STAGE 1 - KEY INVESTMENT HIGHLIGHTS “ BKM: Delivering Near-Term Copper Production with Multiple Growth Options 1 4 Stage 1: Low-risk, 10ktpa Copper Cathode Development Compelling Project Economics Levered to Copper Upside Re-engineered for lower capex, faster execution, and simpler delivery >50%
Slide 4: BKM Entering Production Amid Copper Market Deficit
BKM ENTERING PRODUCTION AMID COPPER MARKET DEFICIT Mined production expected to struggle to keep up Global copper market forecast to be in structural with increasing demand driven by clean energy supply deficit post 2025, underpinning a positive transition, electrification, EV uptake, Data and AI pr
Slide 5: BKM Stage 1 Feasibility Study at a Glance
BKM STAGE 1 FEASIBILITY STUDY AT A GLANCE “ Stage 1 Designed for Rapid, Low-risk Execution — Base Case NPV of $122m Post-tax at $4.30/lb Copper $122.4m 17.7% 4.5 yrs NPV8 IRR Payback Period (post tax, excl. closure) (post-tax, excl closure) 12.8 yrs 124kt 0.77:1 Copper Cathode Production Strip Ratio
Slide 6: BKM Site Video
BKM SITE VIDEO Click Below to Watch the BKM Stage 1 3D Site Video 6
Slide 7: Simpler, Lower-Risk, 10ktpa Copper Cathode Development
SIMPLER, LOWER-RISK, 10KTPA COPPER CATHODE DEVELOPMENT Project Physicals Copper Cathode Production (t) Unit 2025 BKM Stage 1 12,000 Ore Mined Mt 28.5 Waste Mined Mt 22.0 10,000 Strip Ratio W:O 0.77 8,000 Maximum Mining Rate Mt/yr 5.4 6,000 Maximum Ore Treatment Rate Mt/yr 2.6 Soluble Copper Grade %
Slide 8: Capex Intensity of $17,492/t Benchmarks Well vs Peers
CAPEX INTENSITY OF $17,492/T BENCHMARKS WELL VS PEERS Capital Cost Estimate Capex Intensity Benchmarking ($/t Cu) (2) Item $m Mining Facilities 14.1 Process Plant Infrastructure 63.3 Non-Process Plant Infrastructure 17.2 Offsite Infrastructure 3.6 Construction Installation 25 Freight 5 Project Indir
Slide 9: Compelling Financial and Economic Metrics
COMPELLING FINANCIAL AND ECONOMIC METRICS Financial and Economic Metrics LT copper price $4.30/lb; cathode premium $40/t; discount rate 8.0% Item Unit Value Financial information Low cash cost profile delivering >50% EBITDA Revenue $m 1,192 margins EBITDA $m 612 NPAT $m 372 Power source - thermal co
Slide 10: Well Positioned to Benefit from Rising Copper Prices
WELL POSITIONED TO BENEFIT FROM RISING COPPER PRICES Leverage to Copper Price Base Case Upside Case High Case Item Unit (Broker Cons.) (Broker Cons. +5%) (Highest Broker Price) Copper price $/lb 4.30 4.52 5.00 Revenue $m 1,192 1,240 1,372 EBITDA $m 612 656 778 NPAT $m 372 412 524 NPV8 (post-tax, exc
Slide 11: Opportunities to Further Enhance Project Economics
OPPORTUNITIES TO FURTHER ENHANCE PROJECT ECONOMICS Improved BKM Stage 1 Copper Recovery through Emerging Heap Leach Technologies Recovery of total copper from the BKM Stage 1 heap leach ~ 60% Copper remaining in the heap leach spent ore predominantly in bornite and chalcopyrite minerals Existing and
Slide 12: Financing Strategy Underpinned by Strong Lender Interest
FINANCING STRATEGY UNDERPINNED BY STRONG LENDER INTEREST WITH MULTIPLE OPTIONS Preliminary discussions with multiple International and Indonesian banks Strong Financing Interest Banks have expressed keen interest to review the Feasibility Study for credit assessment Targeting a balanced mix of debt
Slide 13: Clear Pathway to Production
CLEAR PATHWAY TO PRODUCTION Next Steps Project Development Roadmap 2025 2026 2027 2028 Finalisation of Independent Technical Expert Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 review Feasibility Study Formal launch of structured engagement with lenders and strategic investors Project Financing Appointmen
Slide 14: Staged Development Leveraging Large In-Ground Value of JORC Copper Resources
STAGED DEVELOPMENT LEVERAGING LARGE IN- GROUND VALUE OF JORC COPPER RESOURCES BKM Stage 1A Heap Leach Expansion Opportunity to expand heap leach capacity with emerging heap leach technologies that have proven to enhance copper recovery Unlock additional ore previously considered uneconomical BKM Sta
Slide 15: Staged Development Leveraging Additional High Value Deposits Close to BKM
STAGED DEVELOPMENT LEVERAGING ADDITIONAL HIGH VALUE DEPOSITS CLOSE TO BKM BKM Stage 3 Development and Integration of BKZ Zn-Pb-Cu-Ag-Au Deposit Develop adjacent BKZ polymetallic deposit to produce zinc, lead, silver, gold and copper concentrate Mineralisation remains open in multiple directions Stag
Slide 16: Exploration of Existing High Potential Targets Near BKM
EXPLORATION OF EXISTING HIGH POTENTIAL TARGETS TO DELIVER FURTHER GROWTH NEAR BKM Multiple high-grade near surface copper hits at BKS e.g. 10m @ Initial drill defined 400-500Koz gold target at BKZ 2.5% Cu incl. 2m @ 7.5% Cu open along strike and to depth Similar footprint to BKM with only limited dr
Slide 17: KSK Contract of Work: Potential for More High-Grade Copper
KSK CONTRACT OF WORK: OUTSTANDING POTENTIAL FOR MORE HIGH-GRADE COPPER Copper-rich polymetallic vein systems over 4 sqkm at Far East Zone (FEZ). Approximately 10sqkm of potential interest at Baroi Central and South FEZ defined by outcropping massive bornite – chalcopyrite copper mineralisation with
Slide 18: Summary
SUMMARY “ Low-Risk, High-Impact Copper Development Positioned for Strong Returns and District-Scale Upside Stage 1: Low-risk, 10ktpa Compelling Project Copper Cathode Economics Levered to Development Copper Upside LME Grade A Copper Right Time to Enter Aligned with Indonesia’s Production - Copper Do
Slide 19: Appendix
Appendix 19
Slide 20: BKM Stage 1 Feasibility Study Contributors
BKM STAGE 1 FEASIBILITY STUDY CONTRIBUTORS Company Area of Expertise References / Information Supplied Crushing/Agglomeration/Heap Leach Stacking system feasibility study engineering design and cost PT Rexline Engineering Process Plant Engineering estimation. Cost estimation/ procurement of all equi
Slide 21: BKM Mineral Resources
BKM MINERAL RESOURCES Reporting Cut Tonnes Cu Grade Contained Copper Contained Copper Cu % M % Kt Mlbs Measured Mineral Resources (JORC, 2012) 0.2 20.6 0.7 148.5 327.3 0.5 14.9 0.8 124.9 275.3 0.7 8.6 1.0 87.6 193.0 Indicated Mineral Resources (JORC, 2012) 0.2 34.1 0.6 212.6 468.8 0.5 21.4 0.8 161.3
Slide 22: BKM Site Maps
T OF WORK ACCESS ROAD MAP T KALIMANTAN SURYA KENCAN CONTRAC BKM SITE MAPS | | 22
Slide 23: Conventional Process Flowsheet: Optimised Heap Leach Facility
CONVENTIONAL PROCESS FLOWSHEET: OPTIMISED HEAP LEACH FACILITY ORE ROM CRUSHING SYSTEM AGGLOMERATOR MINE & WRD ARD WATER RAFFINATE AGGLOMERATED ORE HEAP LEACH STACKER PLS PLS RECYCLE RAFFINATE LIMESTONE LIME NEUTRALISATION STORMWATER POND PLS POND RAFFINATE POND RAFFINATE BLEED PLS Thickening / GYPSU
Slide 24: BKM – Valuation Sensitivities
BKM – VALUATION SENSITIVITIES NPV8 $m (post tax, excluding closure cost) 200 Project most levered to copper price 180 among key value drivers 160 140 Lower sensitivity to operating costs reinforces robustness of the Feasibility 120 Study outcomes 100 80 Greater execution confidence given costs built
Slide 25: ESG a Key Focus Area for BKM
ESG A KEY FOCUS AREA FOR BKM ESG materiality assessment by ERM (Indonesia) ESG strategy and systems to be developed Digbee (UK based ESG platform) currently conducting Asiamet targeting to adhere to Equator Principles a ESG “gap analysis” eventually Securing long-term value for our stakeholders thro
Slide 26: What Has Changed Since 2023 Study?
WHAT HAS CHANGED SINCE 2023 STUDY? “ Stage 1 Feasibility Study Reflects a Fundamental Pivot — from a Higher-capex Project, to a Deliverable, Financeable Project with Clear Path to Production BKM (2023) BKM STAGE 1 (OFS 2025) $235.4m Significantly reduced: $178.4m Capex Contingency and growth : 12.8%