Asiamet Resources: 2024 Annual Report and Financial Statements

For the year ended 31 December 2024 In USD unless otherwise noted

Company Information 3

Overview 4

2024 Highlights 5

Chair's Statement 7

Chief Executive Officer's Statement 10

Strategic Report 11

Overview of Operations 11

Board of Directors 22

Directors' Report 24

Risk Management Report 28

Stakeholder Engagement Statement 30

Corporate Governance Statement 32

Directors' Responsibility Statement 37

Financial Statements 38

Consolidated Statement of Financial Position 39

Consolidated Statement of Comprehensive Loss 40

Consolidated Statement of Cash Flows 41

Consolidated Statement of Changes in Equity 42

Notes to the Consolidated Financial Statements 44

Independent Auditor's Report 69

Antony (Tony) Manini Director, Executive Chairman Dominic Heaton Non-Executive Director

Matthew Doube Non-Executive Director

Feng (Bruce) Sheng Non-Executive Director

Eva Armila Djauhari Non-Executive Director

Peter Chambers Non-Executive Director (Resigned October 2024)

Darryn McClelland

Thistle House

4 Burnaby Street Hamilton HM11 Bermuda

Crowe UK LLP

2nd Floor, 55 Ludgate Hill London, EC4M 7JW

Bird & Bird LLP

12 New Fetter Lane London EC4A 1JP

Optiva Securities Limited 7 Harp Lane

London EC3R 7DP

Computershare Investor Services Plc The Pavilions

Bridgewater Road Bristol BS13 8AE

Asiamet Resources Limited ("Asiamet " or the "Company") is an emerging mid-tier exploration and development company focused on copper and copper-gold deposits in Indonesia, with its key projects located on the islands of Kalimantan and Sumatra, adjacent to the key growth markets in Asia. The Company holds two assets in its portfolio:

• The KSK Contract of Work ("KSK CoW") is 100% owned by the Company and is located in the Kalimantan Volcanic Arc, a highly endowed and prospective region of Kalimantan, Indonesia. The KSK project comprises:

  • BKM copper project ("BKM Project" or "BKM"):

    Development ready heap-leach Solvent Extraction-Electrowinning ("SX-EW") project.

  • BKZ polymetallic project:

    Emerging high-grade polymetallic zinc-lead-silver-gold-copper and copper-silver deposits (800 metres north of the BKM Project). BKZ contains JORC compliant resources of Lead, Zinc and Copper.

  • Exploration portfolio:

    The KSK CoW covers a large and highly prospective area where Asiamet has identified a pipeline of fifteen copper, polymetallic and gold targets including the BKM Project and the BKZ deposit.

    Specifically, drilling at BKZ has outlined JORC compliant Exploration Targets for the Upper Zinc Zone, Lower Copper Zone and a new Gold-Silver zone, which are expected to convert into defined Resources with limited further drilling.

• The Beutong project ("Beutong Project") is 80% owned and held under an Izin Usaha Pertambangan Operasi Produksi (Operation Production Mining Business Licence) ("IUP-OP") in Aceh Province, Indonesia. The Beutong Project represents a rare opportunity given its key characteristics, that include:

  • Large high-quality copper-gold porphyry development project located in close proximity of existing infrastructure;

  • Contained metal in JORC compliant Resources (100% basis) of 2.43Mt Cu, 2.11Moz Au and 20.9Moz Ag;

  • Significant Resource expansion and exploration upside potential.

Coupled with its exciting project portfolio, Asiamet has a strong technical and commercial team with extensive experience in South-East Asia and a proven track record of bringing mining projects into production.

BKM Copper Project (Asiamet: 100%)

• Biomass feedstock study (announced on 27 March 2024)

• Engagement of PT Rexline Engineering Indonesia and BGRIMM Technology Group as the engineering design and procurement partners for the 2024 update of the BKM copper project feasibility study (announced on 28 March 2024).

  BKM Stage 1 Project Physicals to Considerably Reduce Upfront Capital (announced on 25 June 2024) Mining Physicals

• 47% decrease in total material mined. Life of mine Strip Ratio reduced from 1.37 to 0.72. New open pit design reduces material mined to 28Mt compared to 38.4Mt. These large reductions in material movement reduce the total mining costs and accelerate project timelines.

• Flexibility for future expansion: The new open pit design sits entirely within the 2023 feasibility study pit design and allows for seamless future expansion of the mine to lift copper production capacity.

  Processing Physicals

• Higher Soluble Copper Grade: Ore processed is 28Mt at 0.55% soluble copper grade compared to 38.4Mt at 0.51% in the 2023 feasibility study. Heap leach pad lift heights are reduced from 10m to 6.6m, allowing for earlier copper extraction and potentially accelerating first production of cathode.

  Heap Leach Design

• Staged Construction for Cost Efficiency: The new design of the BKM heap leach facility allows for the first three years of stacking operations to be conducted on a much smaller area, reducing upfront construction requirements.

  Work undertaken during 2024 culminated in completion of the updated Feasibility Study for the BKM Copper Project post period end (7 May 2025). The key Production Physicals listed in the table below:

  Project Physical		2025 FS Update	2023 FS Update
  Ore Mined	Mt	28.5	38.4
  Waste Mined	Mt	22.0	52.5
  Total Material Mined	Mt	50.5	90.9
  Strip Ratio	Waste:Ore	0.77	1.37
  Maximum Mining Rate	Mt/yr	5.4	15.5
  Maximum Ore Treatment Rate	Mt/yr	2.6	4.5
  Heap Leach Facility Lift Height	m	6.6	10
  Soluble Copper grade	% Cu	0.55	0.51
  Copper Production Period	Years	12.8	10
  LOM Cathode Produced	kt	122.0	154.1
  Avg Cathode Production (Less First and Final Years)	ktpa	10.2 (11 years)	17.0 (8 years)

  During the year ended 31 December 2024, the Company successfully raised US$3.55 million:

• Completed direct share placement to PT BUMA Internasional Grup Tbk (IDX: "DOID") and management, raising gross proceeds of approximately $3.295 million (announced on 15 October 2024).

• Raised further $0.255 million through retail offering (announced on 18 October 2024).

• Appointment of Mudit Goenka as head of Corporate Finance (announced on 26 November 2024).

  BKM Copper Project:

• Capital Cost Reduced by estimated US$58 Million (announced 23 December 2024).

• During 2024, the work undertaken to reduce the capital and operating costs resulted in a significant improvement to the project execution and risk reduction. This is reflected in the updated Ore Reserves that were released on 2 May 2025 and the updated Feasibility Study released on 7 May 2025

I am pleased to report on the substantial progress made by our Company in 2024. A comprehensive re-engineering and optimisation of the BKM Copper Project is nearing completion with an updated feasibility study completed post period end in May 2025. Studies have delivered a significant reduction in the upfront capital cost to build the mine and reduced the overall project footprint to deliver a simplified, more readily financeable development. Concurrently, the final permits required to enable mine construction were advanced in line with the project schedule. With project financing activities ramping up, the Company appointed Mudit Goenka as the Head of Corporate Finance to lead the project financing workstreams. In addition, a capital raising of $3.55 million was completed through a placement to long term supportive shareholders, including management and our major shareholder, PT BUMA Internasional Grup Tbk. (IDX: "DOID") in October 2024.

The copper market strengthened significantly in the first half of the year, with prices rising over the first few months to a record high of $11,105/t in May before retreating to around $8,800/t by the end of 2024. The medium to longer term outlook for copper remains robust due to strong underlying supply-demand fundamentals driven by the global transition to renewable energy and continued investment in electrification to support artificial intelligence (AI) and super-computing, all of which are copper intensive. Simultaneously, a significant shortfall in new mine supply is predicted due to long term under-investment in exploration and new projects. M&A activity in the sector continues to increase as mining groups look to replenish their resource inventories and future growth pipelines.

During the year, Asiamet achieved excellent safety standards across its business. Activities were primarily focussed on advancing key engineering workstreams and associated studies to deliver a revised feasibility study for a smaller capex, smaller footprint copper mine development at BKM. At the same time, project financing initiatives for the development of BKM were advanced, with both debt and equity providers and potential off-take and project partners. This included the selection of a bank endorsed independent technical expert ("ITE") and significant interaction with the ITE to ensure the BKM Feasibility Study satisfactorily covered the key requirements of potential debt financiers.

The BKM copper project is a feasibility stage mine development project within a highly mineralised district on

the Company's KSK Contract of Work ("KSK CoW") in Central Kalimantan, Indonesia.

A Feasibility Study for BKM, published in May 2023, demonstrated a technically and economically viable copper project. Following a review of the outcomes of the 2023 study work management commenced evaluating the opportunity for developing a smaller, higher grade starter project to reduce the upfront capital cost. This approach offers the advantage of a lower environmental footprint and preserves significantly more of the underlying primary copper sulphide resource for future expansions. Engineering design and project optimisation has significantly reduced the upfront capital cost and the Company delivered an updated feasibility study post period end, in May 2025.

BKM is considered a starter project for the wider Beruang Kanan district which remains highly underexplored. The potential for further resource growth through expansions of existing deposits and new discoveries is very high as demonstrated by the results from limited exploration drilling completed to date on this newly recognised

+3km long mineralised system.

Directly to the north of the BKM development project site, drilling at the BKZ prospect in 2022 delineated a new high-grade zinc-lead-copper-gold-silver deposit which remains open in multiple directions. Multiple high grade shallow copper intersections immediately south of BKM represent further walk-up copper resource targets.

The Beutong project in Aceh, Indonesia, is a large, high-quality porphyry copper-gold-molybdenum deposit which benefits from proximity to infrastructure and remains a key asset in the Company's portfolio. During the year, the Company received interest from several public and private mining companies looking for exposure to new large-scale copper resources near existing infrastructure. Asiamet maintained a modest programme of community engagement in the Beutong area during the year. Subject to market conditions, the Company will consider drill evaluation of known extensions of the resource to better understand development options for the project.

At a corporate level, Peter Chambers resigned from the board in October 2024 for personal reasons. We thank Peter for his contributions and wish him well.

The Company's Chief Development Officer (and former Chief Financial Officer) James Deo left the Company at the end of 2024 to pursue new opportunities. James has been integral to the Asiamet management team since early 2018 and we wish him well with future endeavours.

We welcomed Mudit Goenka to our management team in late 2024 as the Head of Corporate Finance. Mudit brings over a decade of investment banking experience and will primarily focus on driving project financing for the BKM copper development project and managing all corporate finance and M&A-related functions for the Company.

As the Company transitions to mine development and operations, it plans to continue to evolve its board and grow its senior management, finance and operations teams.

The Company also acknowledges the long-term contribution of Mr. Jefferson Dau who sadly passed away during the year. Mr. Jeff served as a Director of Asiamet local subsidiaries KSK and PCK since inception.

At the time of writing this report, many of the major economies have committed to large infrastructure development programs focussed on decarbonisation through transitioning their electricity grids to renewable energy and the electrification of transport and industry. Copper is the key electrification metal.

The copper price varied considerably throughout 2024 hitting an all-time high of $11,105 per tonne ($5.03 per pound) in May 2024 before subsequently falling back to $8,800/t ($4 per pound). From the start of 2025 the copper price has strengthened and currently rangebound between $9,400-$10,000/t.

The medium to longer-term outlook for copper remains very robust due to the strong underlying demand fundamentals driven by the global shift towards renewable energy and decarbonisation. In addition, construction, infrastructure and defence spending are set to increase across the globe all of which consume substantial volumes of copper. Additional demand is increasing from energy intensive data centres and associated Artificial Intelligence (AI) industries. Exacerbating the strong demand side fundamentals is a predicted shortfall in new mine supply due to long term under-investment in exploration and new project development. M&A activity in the sector continues to increase as larger mining groups look to replenish their resource inventories and future growth pipelines.

Indonesia remains a solid investment destination for the energy transition minerals and continues to consolidate its position as a global mining powerhouse. The country has attracted very significant foreign investment in its nickel mining and metal processing industries with over $30bn of investment commitments received for mining and battery metal production over the past five years. Multiple large-scale process facilities have been built and

several others in the advanced construction stage. The country is also a leading coal, copper and gold producing nation with new production and processing capacity continuing to be built.

With our portfolio of advanced stage copper assets in Indonesia, Asiamet is well placed to benefit from a sustained period of stronger copper prices.

I would like to extend my gratitude to our shareholders for their continued support over the past year and look forward to reporting further on our progress during 2025.

As a final note, I thank our employees, consultants and contractors for their contributions to the Company over the past year and express my sincere gratitude to all our stakeholders in Indonesia and internationally for their ongoing support. It is much appreciated.

I am pleased to report on the years activities which focused on the path forward for the BKM copper project. The last twelve months has delivered material advancement of a smaller scale, higher-grade operating plan that delivers a significantly lower pre-production capital cost to deliver first copper cathode.

The Company initiated this program early in the year completing an initial heap-leach optimisation with Mineria & Servicos SPA, Chile ("M&S") focusing on developing staged construction of the Heap-Leach Facility ("HLF") in a new location. The aim was to reduce upfront project capital cost by being able to build the facility in two stages which has been successful. The HLF was the single largest capital cost item in the 2023 Feasibility Study ("FS") and is the critical path activity for project construction.

Based on the outcome of the work on the HLF, the Company developed an updated mine design and production plan. Mid-year, the Company announced a set of updated project physicals for the smaller project, achieving a 47% reduction in the total material mined with a materially lower strip ratio and higher soluble copper grade feeding the plant. Cathode production from the plant is reduced from 17 to 10-11ktpa.

At the end of 2024, we announced an updated capital cost estimate which delivered a pre-production capital cost reduction of circa $58m relative to the 2023 study.

Through the year, we progressed engagement related to our forestry permit which is the last key permit needed to commence site preparation and construction works.

From a sustainability perspective, the Company maintained its community development initiatives in and around the KSK CoW. Asiamet has a long-standing partnership with the Yayasan Tambuhak Sinta ("YTS") foundation, a highly respected foundation which attracts funding from a range of donor agencies and international Non-Governmental Organisations.

The YTS foundation supports local government capacity building, health, education and agricultural initiatives designed to help deliver tangible benefits to the lives of the local Dayak communities while simultaneously developing a broader awareness of mining in preparation for project construction and operations. Increasing our levels of community engagement at the Beutong Project is an objective for 2025.

I would like to take this opportunity to thank our shareholders for their patience and continued support during this exciting time of the Company's development and look forward to reporting on and communicating our progress during 2025.

Asiamet is incorporated in Bermuda and is engaged in the exploration and development of its mineral properties in Indonesia. The Company's shares trade in British Pounds Sterling ("GBP") on the AIM Market in London under the symbol "ARS".

Asiamet has two principal areas of interest:

• The KSK CoW in Central Kalimantan, Indonesia where Asiamet holds a 100% direct interest. The KSK CoW covers multiple copper and gold prospects including the BKM Project and the nearby surrounding BKZ polymetallic deposit. A Mineral Resource Estimate, Ore Reserve Estimate and a Feasibility Study ("BKM FS") were completed for the BKM Project in 2025. The BKM FS technical report was compiled using study inputs from various subject matter experts, all of which were external and independent of the Company. The Mineral Resource and Ore Reserve Estimates were prepared in accordance with the JORC (2012) Reporting Standards.

• The Beutong IUP-OP located on the island of Sumatra, Indonesia where Asiamet holds an 80% direct interest. EMM holds the Beutong Project covers two porphyry copper-gold-molybdenum prospects (West and East Porphyries) and the Beutong Skarn (copper-gold) project. Beutong is a development project with a large copper-gold Resource and has an operation production licence.

  BKM Project - Feasibility Study Update

  During 2024, Asiamet continued to work with its engineering partners to recast the BKM Copper project and undertake a complete revision of the feasibility study. The primary outcome of this work has been a significant reduction in the pre-production capital expenditure together with de-risking the project execution strategy. The updated 2025 Feasibility Study was released on 7 May 2025 and delivered the key metrics as below.

  Table 1 - Summary LOM BKM Feasibility Study Metrics (JORC) - May 2025

  Area	Measure	Unit	2025 Feasibility Study	2023 Feasibility Study
  Production	Initial mine life	Years	12.8	9.2
  	Ore mined	Mt	28.5	38.4
  	Waste mined	Mt	22.0	52.5
  	Strip ratio	Waste:Ore	0.77:1	1.37:1
  	Average soluble copper grade	%	0.55	0.51
  	Soluble copper recovery (from Heap Leach)	%	79.0	78.6
  	Copper cathode produced	Kt	124.0	156.3
  Capital	Initial project capital (ex. Growth & Cont.)	$M	145.5	208.7
  	Contingency	$M	21.8	26.7
  	Total Project Capital Cost	$M	178.4	235.4
  	Life of Mine Sustaining capital	$M	22.7	35.4
  Closure	Closure costs	$M	45.3	45.7
  Economic Assumptions	Discount	%	8.00	8.00
  Financials	Revenue	$M	1,191.8	1,396.6
  	Operating costs (ex. royalties)	$M	488.3	657.3
  	EBITDA	$M	612.2	655.3
  	NPAT	$M	372.6	378.6
  	C1 costs	$/lb	1.79	1.91
  	AISC	$/lb	2.37	2.25
  	NPV8 post-tax	$M	109.7	146.9
  	NPV8 post-tax, pre-closure	$M	122.4	162.8
  	IRR post-tax	%	17.3	20.4
  	IRR post-tax, pre-closure	%	17.7	21.0
  	Payback period	Years	4.5	3.4

  Table 2: LOM Capital Costs - 2025 Feasibility Study Update

  Plant Area	Capital Estimate $M
  Mining Infrastructure	14.1
  Process Plant Infrastructure	63.3
  On-Site Infrastructure	17.2
  Off-Site Infrastructure	3.6
  Construction Erection	25.0
  Freight	5.0
  Project Indirects	17.3
  Total Capital Estimate (excluding Growth & Contingency)	145.5
  Growth	11.1
  Contingency	21.8
  Total Capital Estimate	178.4

  Table 3: LOM Operating Costs - 2025 Feasibility Study Update

  Site Operating Costs	$M	Cost $/lb
  Mining	175.00	0.64
  Processing	187.50	0.69
  General and Administration	125.85	0.46
  LOM C1 Cash Cost	488.35	1.79
  Royalties	91.20	0.33
  Sustaining Capex	22.72	0.08
  Closure Cost	45.31	0.17
  All In Sustaining Costs	647.57	2.37

  KSK CoW Exploration

  KSK has processed and received an exploration permit for conducting a limestone resource definition programme at the Rinjen area, approximately 12 kilometres north of the BKM exploration camp. The limestone resource is an important aspect of the development plan for the BKM copper project to enable a low-cost source of neutralising reagent for the site water treatment plant. The programme is expected to commence in Q2, 2025.

  Permitting

  In January 2021, the Company received approval for the revised AMDAL permit (Environmental Permit) that allows the BKM Project to proceed to the final step to secure the forestry borrow-to-use permit. Ongoing work is underway to secure the remaining permits required to enable the Company to move forward into the financing and construction stages.

  In April 2022, the Company received conditional approval for the Forest Area Utilisation Agreement (Persetujuan Penggunaan Kawasan Hutan, ("PPKH") by the Ministry of Environment and Forestry ("MoEF"). The Company has completed all but one of the necessary conditions stipulated in the conditional approval with a shared use agreement of the forestry access road the remaining outstanding item. The Company continues to work through this.

  Outlook

  During 2025, the focus of the Company will be to:

• Advance project financing options for the BKM Copper Project.

• Conclude key permitting activities, primarily approval of Forest Area Use Agreement PPKH and supplementary permits for access and logistics.

• Update and submit government feasibility study and environmental and social impact assessment referring to the final BKM project feasibility study.

• Recommence community engagement at Beutong with a view to undertake field work in 2025.

Notes:

1. Duncan Hackman B.App,Sc, MSc, MAIG, a consultant from Hackman & Associates Pty Ltd, is responsible for the 2019 BKM Mineral Resource Estimate and is a Competent Person as defined by the JORC Code (2012 Edition) and a Qualified Person for the purposes of the AIM Rules for Companies and, having reviewed and verified the tabulated resources, consents to the release of the Mineral Resources Estimate included in the 31 December 2024 Annual Report.

2. The 0.2% Cu grade reporting cut-off grade approximates the mineralised domains extents.

3. Mineral Resources for the Beruang Kanan Main Zone mineralisation have been estimated in conformity with generally accepted guidelines outlined in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition).

4. In the opinion of Duncan Hackman, the block model Resource Estimate and Resource classification reported herein are a reasonable representation of the copper Mineral Resources found in the defined volume of the Beruang Kanan Main mineralisation.

5. Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into Ore Reserve.

6. Computational discrepancies in the table and the body of the Report are the result of rounding.

Notes: The tonnes and grades shown in the table are stated to a number of significant figures reflecting the confidence of the estimate. The table may nevertheless show apparent inconsistencies between the sum of components and the corresponding rounded totals. The Ore Reserves are reported within the final pit design forming the basis of the Updated Feasibility Study. They do not include Inferred Mineral Resources. The Ore Reserves treat Inferred Resources within the pit design as waste rock. The Competent Person for the Ore Reserves is Mr John Wyche who is a full-time employee of Australian Mine Design and Development Pty Ltd. Mr Wyche is a Member of the Australasian Institute of Mining and Metallurgy. He has 35 years of relevant experience in operations and consulting for open pit metalliferous mines. He has consented to be named as the Competent Person for the Ore Reserves. (Note: consent can only be quoted when the Ore Reserves Statement is issued to Asiamet). Ore Reserves are presented in the document "Ore Reserves Statement, BKM Copper Project, Central Kalimantan, Indonesia, as at 2 May 2025".

The KSK CoW retains a pipeline of 15 separate copper, gold and polymetallic targets additional to the deposits already defined at BKM and BKZ. These targets include the BKW and BKS prospects as well as Beruang Tengah, Gold Ridge, Mamuring, Volcano, Waterfall, Ketambung, Lakapoi, Rinjen, Baroi Central and South, Baroi Far East Zone, Mansur, Huoi and Focus. Previous geophysical, soil sampling and scout drilling programmes have identified significant copper, zinc and associated base and precious metal mineralisation warranting further exploration.

The BKZ Project is located less than 800 metres north of the BKM Project is defined by a strong zinc-lead-copper in soil anomaly measuring 400 metres by 200 metres, coincident with outcrops of massive sulphide.

The Mineral Resource Estimate, prepared in accordance with JORC (2012), for the BKZ polymetallic deposit are included in Table 6 below. The BKZ deposit remains open in multiple directions. In year 2022, the Company completed a drilling programme at BKZ which intersected strong zinc-copper-gold-silver mineralisation. The high-grade gold-silver zone has now been intersected over 250 metres of strike with a thickness of 30 to 70 metres and intercept grades between 1 and 5 g/t Au. Mineralisation is shallow and projects from near surface down to approximately 200 metres. An update to the Mineral Resource Estimate from the 2021/2022 drilling programme was published in May 2022.

* Lowest estimated Zn grade in the UPZ high grade zinc domain is 2.8% Zn. 30kT of the UPZ high grade zinc domain is estimated to host

< 4% Zn grade.

** Highest estimated Zn grade in the UPZ low grade zinc domain is 2.6% Zn

2022 BKZ Polymetallic Deposit Inferred Resource Estimate (JORC Code, 2012)

Notes:

Duncan Hackman B.App,Sc, MSc, MAIG, a consultant from Hackman & Associates Pty Ltd, is responsible for the BKZ 2022 Mineral Resource Estimate and is a Competent Person as defined by the JORC Code (2012 Edition) and a Qualified Person for the purposes of the AIM Rules for Companies and, having reviewed and verified the tabulated resources, consents to the release of the Mineral Resources Estimate included in the 31 December 2024 Annual Report.

Lower Zn and Cu grade reporting cuts approximate the mineralised domains extents. Mineral Resources for the BKZ Polymetallic Project have been estimated and reported under the guidelines detailed in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). In the opinion of Duncan Hackman, the block model, resource estimate and resource classification reported herein are a reasonable representation of the mineral resources found in the defined area of the BKZ Polymetallic Project. Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into Ore Reserves. Computational discrepancies in the table are the result of rounding.

Continuity confidence associated with Lead-Zinc intercepts in wide spaced drilling to the east of the UPZ resources and Copper intercepts to the north of the LCZ are reported as Exploration Results and not included with the Resources reported here.

Gold mineralisation located to the east and at depth within the BKZ area is reported as Exploration Results and not included with the Resources reported here.

The Beutong Project is a large porphyry copper-gold system, which comprises the Beutong East Porphyry ("BEP"), Beutong West Porphyry ("BWP") and the Beutong Skarn ("BSK"). The Beutong Project has JORC (2012) compliant Resources as shown in Table 7 below. The near surface mineralisation at BEP and BWP comprises chalcocite, covellite and digenite copper mineralisation with lesser chalcopyrite.

At +600 metres depth there is a notable transition to chalcopyrite-bornite mineralisation, similar to the deeper sections of other large porphyry systems in Southeast Asia such as the giant high-grade Grasberg Indonesia (Freeport-McMoRan Copper & Gold), Wafi-Golpu PNG (Newcrest Mining) and Tujuh Bukit Indonesia (Merdeka Resources) deposits. At depth in the BEP, large clasts of potassic altered (biotite, potassic feldspar and magnetite) diorite porphyry with intense stockwork chalcopyrite-bornite mineralisation occur within a diatreme breccia and are interpreted to have been transported from a high-grade potassic core at depth. The BEP and BWP systems remain open in several directions and the interpreted BEP high-grade core remains untested at depth.

The Beutong Project holds an Izin Usaha Pertambangan Operasi Produksi "IUP-OP", which enables the Company to advance to the development stage. The IUP-OP provides for an initial 20 years of licence tenure which may be extended twice, each for a period of 10 years, totalling 40 years. The Company is committed to meeting in-country processing requirements and will work with companies that have pledged to build local smelters to process copper concentrate.

Notes

1. Duncan Hackman B.App,Sc, MSc, MAIG, a consultant from Hackman & Associates Pty Ltd, is responsible for the Beutong 2019 Mineral Resource Estimate and is a Competent Person as defined by the JORC Code (2012 Edition) and a Qualified Person for the purposes of the AIM Rules for Companies and, having reviewed and verified the tabulated resources, consents to the release of the Mineral Resources Estimate included in the 31 December 2024 Annual Report.

2. The Mineral Resource is reported using a cut-off grade of 0.3% and 0.5% copper.

3. The Mineral Resource is considered to have reasonable potential for eventual economic extraction by open pit and underground mining.

4. Mineral Resources are not Ore Reserves and do not have demonstrated economic viability.

5. This statement uses terminology, definitions and guidelines given in the JORC Code (2012 Edition).

6. The Mineral Resource is reported on an 80% basis - the Asiamet share of the Mineral Resource Estimate.

With many of the major economies focussing on policies for decarbonisation, transition to renewable energy and the electrification of transport, copper is expected to be a major beneficiary as this transition will require significant additional copper supply over and above the current baseload requirements.

While mining contributes significantly to employment and the global economy, it also provides sustainable benefits for the communities in which it operates. One of the biggest challenges facing mining companies is their ability to build strong relations, trust, acceptance and social support with the local people and government also known as the 'social licence to operate'. It takes substantial time, effort and resources to establish this licence to operate.

Asiamet has a strong understanding and awareness of this principle having established the Yayasan Tambuhak Sinta community development foundation (YTS foundation) in 1997 with the purpose of providing sustainable opportunities for local and regional communities during all phases of the mining lifecycle, through YTS, the Company is enabling the positive and sustainable development of the community to continue beyond the life of mine.

YTS delivers its programs through a holistic, inclusive, and integrated framework called "The Theory of Change", which has an enveloping principle what we call "the Golden Triangle" (Figure 1). This framework's approach to regional development includes the involvement of the Community, the Government and the Private Sector in a collaborative planning and implementation process working under common goals - good governance, sustainable livelihoods, equal and good access to education and health care embracing and preservation of local Dayak culture, appropriate and well-functioning infrastructure all the while respecting and maintaining the environment and gender equality. We believe that through this framework, we can maximise the implementation of ESG and related programs to ensure that they deliver benefits and opportunities to our stakeholder accordingly.

The aim is to have a responsible, conscientious and positive presence in the regions in which we operate, resulting in value for the host country, local communities, employees, contractors and shareholders. We continually monitor and review our approach to sustainability by engaging with and taking into account the views of these stakeholders.

The Company commissioned ERM Indonesia, a world leading ESG consultancy to review the Company's

sustainability policies and implement industry leading ESG playbook for the Company.

The Company regards environmental stewardship as an integral part of the business and are committed to understanding and minimising potential environmental impacts and risks associated with the activities we undertake across our portfolio. We understand that our environmental reputation and performance is fundamental to our ongoing success in accessing and developing assets in existing and new jurisdictions.

Since 2016, the Company has maintained an active nursery plantation programme and have revegetated and rehabilitated disturbed areas in and around the BKM area resulting from our field exploration and drilling programmes. The footprint of disturbance has been minimised and through this replantation exercise we have been able to achieve close to full revegetation of disturbed areas with local flora.

The Company has made a commitment to the three-year land rehabilitation programme which will commence shortly after the issuance of the definitive forestry use agreement. This programme covers an area of 1,058 hectares in accordance with the forest offset requirement stipulated by the Indonesian government and as part of the Company's mining rights over the BKM area.

Since the start of Asiamet's mineral exploration programme, the Company has made a genuine contribution to the local economy, providing employment and business opportunities for local people, suppliers and contractors. The BKM Project, enjoys strong support from much of the local and broader Dayak communities and continues to work with stakeholders who will be directly and indirectly impacted by the projects' development. To date our continued ongoing engagement and communication with stakeholders provides valuable insights on the requirements for maintaining and strengthening `our social licence to operate in the region.

Through the YTS foundation, we have implemented several wide-scale environmental initiatives from mercury reduction and health awareness programs aimed at local artisanal gold mining communities, to social forestry programs that enable local villages to gain legal rights to the use of their forest in a sustainable and productive manner. The foundation has run education programs on sustainable farming and agriculture and have initiated activities to establish nurseries for reforestation, the cultivation of vegetables as well as sustainable fish farming.

The foundation has assisted local government and communities in a range of capacity building programs including IT support, budget and planning meetings, education with respect to healthcare support and educational grants. Local communities are also provided assistance with access to capital through credit unions, generating regional economic activity. With the involvement and participation of local people, YTS has helped establish various forums for local communities, government and businesses to raise and address issues which directly impact them.

During the year, the Company continued to work closely with the local government, the private sector and local communities to harness the positive changes that will continue to foster sustainable development in the vicinity of the BKM Project.

Stakeholder expectation of mining companies' ESG performance and the material landscape is evolving at an unprecedented rate. As a junior explorer and developer, Asiamet continues to navigate this landscape, identifying, assessing and mitigating risks to its business and responding to emerging areas of stakeholder interest.

The Board is accountable for the governance of programmes, practices and measures relating to ESG matters and has a comprehensive system of control and accountability for effective corporate governance, reviewed regularly and revised as appropriate. Asiamet continues to be guided by the Quoted Companies Alliance Corporate Governance Code ("QCA Code"). Throughout the past year, the Company complied with all aspects of the QCA Code and completed periodic reviews of its charter in order to maintain the robustness of its governance systems. No material issues were identified over the past twelve months. For more details on the Company's Corporate Governance policy and how the Company applies each of the QCA principles, refer to page 32.

The Company aims to be as transparent and open as possible in dealing with all stakeholders. The Board encourages employees and contractors of the Company and its subsidiaries to use the Company's anonymous whistleblower line to identify issues or irregularities so these can be addressed by the Board and Management.

The Strategic Report has been approved by the Board and signed on its behalf by:

Tony Manini is a geologist with over 35years diverse experience in the resources industry. His background covers a wide range of commodities in more than 20 countries and includes technical, commercial, senior management and executive roles in exploration, project evaluation, business development, strategy and operations with Rio Tinto, Oxiana / OZ Minerals, Tigers Realm Group and EMR Capital.

Mr Manini is co-founder of resources private equity firm, EMR Capital. He has been closely involved in the discovery and development of multiple mines and deposits in Laos, Indonesia, Australia and FE Russia and has listed three highly successful junior exploration companies each of which has made a major discovery. Mr Manini is also currently an Executive Director of EMR Capital and Chairman of C3 Metals Inc.

Mr Manini holds an Honors Degree in Geology and is a Fellow of the Australia Institute of Mining and Metallurgy and the Society of Economic Geologists.

Dominic Heaton has over 27 years of global resource industry experience across a diverse range of commodities. Mr Heaton was the Chief Executive Officer of Masan Resources and led the development and operations of the Nui Phao tungsten - polymetallic project in Vietnam. Earlier in his career, he served a variety of management roles at Aurora Gold, Oxiana, OZ Minerals and at MMG where he was General Manager of the 60,000tpa Sepon SX-EW copper project in Laos and as General Manager of Operations of Martabe gold mine in Indonesia.

Mr Heaton holds a Bachelor of Science; a Post Graduate Diploma in Mineral Processing Technology and he has also completed an Advanced Management Program with the Melbourne Business School. Mr Heaton is a member of Australian Institute of Mining & Metallurgy and Australian Institute of Company Directors.

Mr Doube is a highly experienced senior executive with an extensive background in investment banking, corporate finance and strategy, including nearly 20 years in the metals and mining sector. He has extensive experience and networks within the banks covering the resources sector, particularly in Australasia.

Mr Doube is Head of Strategy and Corporate Finance for PT BUMA Internasional Grup Tbk. (IDX: "DOID") Mr Doube was previously CFO for ASX listed Nusantara Resources Limited, leading the advancement, and eventual takeover, of the Awak Mas Gold project in Indonesia. Mr Doube holds a Bachelor of Laws and Legal Practice (Hon) and a Bachelor of Commerce (Accounting and Finance) from the Flinders University, South Australia.

Bruce Sheng is the Chairman of Melbourne based Asipac Group Pty Ltd, a diversified company with investments across the resources and financial sectors, and various property businesses. Mr Sheng also currently serves as Vice Chairman of the Australia China Business Council (Victoria) and the Executive Chairman of ASX listed Terramin Australia Ltd, a company developing a portfolio of zinc and gold projects in Australia and Algeria.

Eva Armila Djauhari, a prominent Indonesian lawyer with extensive mining related experience in both the private and public sectors. She is the founding partner of Armila and Rako Law specialising in investments, merger and acquisitions, project financing, restructuring and distressed asset management, compliance, and general corporate matters. As one of the few mining law practitioners in Indonesia, Ms Djauhari has worked extensively with key mining related Associations and Institutes advising the Government of Indonesia on various mining law and policy matters, and the promotion of foreign investment. In 2018 she was appointed by the Government (Director General of Minerals and Coal) to join the National Mining Policy Formulation Team (Tim Formulasi Kebijakan Tambang) preparing Indonesian mining policy. Ms Djauhari has a Bachelor of Law from Padjadaran University (Indonesia), a Master of Law from Queensland University of Technology (Australia) and an MBA from Queensland University of Technology (Australia).

The Directors present their annual report on the affairs of the Group, together with the Financial Statements and

Auditor's Report for the year ended 31 December 2024.

The Group is engaged in the business of exploring and developing its mineral properties in Indonesia. The review of the business and future strategy is covered in the Chair's Statement on page 7.

During the year the Company raised $3.594 million (2023: $4.044 million) of new equity by the issue of 359.360 million shares (2023: 370.891 million shares). Further details are given in note 15 to the Financial Statements.

The results of the Group for the year ended 31 December 2024 are set out in the Consolidated Statement of Comprehensive Loss on page 40. The Directors do not recommend the payment of a dividend for the year (2023: nil).

Based on the going concern assumption and tests, the Company is aware that it currently does not have sufficient cash reserves to meet its obligations over the next 12 months. However, the Board and Management have assumed the Company will be a going concern for the 2024-year end audit and disclosure in the 2024 Annual Report for the following reasons. The Company:

• has a very supportive strategic shareholder in PT Delta Dunia Makmur Tbk. ("DOID"), which increased its equity interest in the Company from 34.5% to 40.17% through a private placement in October 2024.

• has the ability to raise funds from equity capital markets to meet ongoing development, exploration and working capital commitments.

It is the view of management that the Company will remain a going concern and its most advanced project, the BKM copper project will be funded into the early phases of construction by the end of the calendar year 2025. DOID increasing their shareholding in the Company from 34.5% to 40.17% is a demonstration of commitment to the project and to the Company longer term. At the time of the review of the 31 December 2024 accounts, the Company is not aware of any reason why funding will not be available when needed.

In the event that the Group is not successful in concluding debt or equity financing arrangements with strategic partners, there exists material uncertainty that may cast a significant doubt about the Group's ability to continue as a going concern and therefore, whether it will be able to realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the report.

The financial report does not contain any adjustments relating to the recoverability and classification of recorded assets or to the amounts or classification of recorded assets or liabilities that might be necessary should the Group not be able to continue as a going concern.

The Directors who served during the period to date are as follows: Tony Manini

Dominic Heaton Bruce Sheng

Eva Armila Djauhari Matthew Doube

Peter Chambers (retired on 7 October 2024)

The direct and beneficial shareholdings of the Board in the Company as at 31 December 2024 were as follows:

The direct and beneficial shareholdings of the Board in the Company as at 31 December 2023 were as follows:

1. Directors received their fees in the form of performance rights.

2. Includes Short Term Incentives and Long Term Incentives (fair value of options) earned.

3. Includes additional $0.005 committee fees for T Manini, D Heaton, E Armila, M Doube

4. Peter Pollard retired on 30 October 2023

5. Faldi Ismail retired on 22 September 2023

6. Peter Chambers retired on 7 October 2024.

In the year to 31 December 2024, the Company recorded $0.179 million of performance rights (2023: $0.210 million) as payment for director fees. The performance rights are issued after the Audited Annual Accounts have been released and will vest immediately and in accordance with the Company's share trading policy. The number of ordinary shares received will be determined by the share price at the time of issue.

In the year to 31 December 2024, no options were granted to Directors (2023: nil). As at 31 December 2024, nil (2023: nil) options issued to Directors were outstanding.

There are no matters or circumstances which have arisen since 31 December 2024 that have significantly affected or may significantly affect the operations of the Group. Following the end of financial year, the Company released an updated feasibility study for the BKM copper project (7 May 2025).

The Company has set out its full Corporate Governance Statement on page 32.

The Group is exposed to a variety of financial risks and the impact on the Company's financial instruments are

summarised in the Risk Management Report on page 28.

This Directors' Report has been approved by the Board and signed on its behalf by:

The Company has undertaken an evaluation of the risks it is exposed to as a result of the environment it operates in. The Company's risk exposures and the impact on the Company's financial instruments are similar to those reported in the previous Annual Report and are summarised as follows:

Credit risk is the risk of potential loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations. The Company's credit risk is primarily attributable to its liquid financial assets, including cash, receivables, and balances receivable from the government. The Company limits the exposure to credit risk in its cash by only investing its cash with high-credit quality financial institutions in business and savings accounts which are available on demand by the Company for its programs. The Company does not invest in money market funds.

The successful exploration of natural resources on any project requires significant capital investment. The Group currently sources finance through the issue of additional equity capital. The Group's ability to raise further funds will depend on, inter alia, the success of its investment strategy and acquired operations and market conditions. The Group successfully raised capital recently, however, the Group may not be successful in procuring the requisite funds on terms which are acceptable to take the Project(s) forward and, if such funding is unavailable, the Group may be required to reduce the scope of its investments or anticipated expansion. As the Group is currently in the exploration stage, it does not generate revenue and is therefore reliant on its cash resources and obtaining additional financing to fund its operations. Should the cash resources deplete and should there be a lack of available financing alternatives, the Group may find it difficult to fund its working capital.

Further, the Company will require funding to bring the BKM Copper Project into production. There is a risk that funding may not be available on acceptable terms for these projects. The Company seeks to mitigate this risk by diversifying potential funding sources between debt, equity, joint venture partnering and other options.

Liquidity risk is the risk that the Company will not have the resources to meet its obligations as and when they fall due. The Company manages this risk by closely monitoring cash forecasts and managing resources to ensure that it will have sufficient liquidity to meet its obligations.

The exploration and mining business is controlled by a number of global factors, principally supply and demand which in turn is a key driver in global metal prices; these factors are beyond the control of the Group. Exploration is a high-risk business and there can be no guarantee that any mineralisation discovered will result in proven and probable reserves or go on to be an operating mine. At every stage of the exploration process, the projects are rigorously reviewed, both internally and by qualified third-party consultants to determine if the results justify the next stage of exploration expenditure, ensuring that funds are only applied to high priority targets.

Mineral exploration and development activities are inherently risky. There is a risk that the feasibility study and associated technical work may not achieve the expected results and that a failure to develop and operate projects in accordance with expectations could negatively impact results of operations and the company's financial position. Risks to the Company's BKM Copper Project include the ability to acquire and/or obtain appropriate access to property, regulatory approvals, supply chain risks, construction and commissioning risks.

The Company undertakes the necessary technical geophysical testing to ensure the target generation exercise is systematic. This data is then prioritised to give the Company the best possible chance to deliver a successful exploration program.

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices. These fluctuations may be significant.

Interest Rate Risk: The Company is exposed to interest rate risk to the extent that its cash balances bear variable rates of interest. The interest rate risks on cash and short-term investments are not considered significant.

Foreign Currency Risk: The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates against the Company's functional currency, which is the United States dollar ("USD"). The Company generally undertakes equity raises in Great British Pounds ("GBP") in the United Kingdom. The Company conducts its business in Indonesia in Indonesian Rupiah ("IDR") with a significant portion of expenditures being denominated in USD. A portion of the Company's business is conducted in GBP. As such, it is subject to risks due to fluctuations in the exchange rates between the USD and each of the IDR, GBP and AUD. A significant change in the currency exchange rates between the USD relative to foreign currencies could have an effect on the Company's results of operations, financial position and/or cash flows. The Company has not hedged its exposure to currency fluctuations.

Commodity Price Risk - While the value of the Company's core mineral resource properties, the KSK CoW and the Beutong IUP-OP are related to the price of copper and gold and the outlook for these minerals. The Company currently does not have any operating mines and hence does not have any hedging or other commodity-based risks in respect of its operational activities.

Historically, copper and gold prices have fluctuated and are affected by numerous factors outside of the Company's control, including but not limited to: industrial and retail demand; central bank lending; forward sales by producers and speculators; levels of worldwide production; short-term changes in supply and demand; and other factors related specifically to gold.

The Group's exploration and development activities are dependent upon the grant of appropriate licences, concessions, leases, permits and regulatory consents which may be withdrawn or made subject to limitations or performance criteria. Such licences and permits are a matter subject to the discretion of the applicable Government office or regulatory authority. The Group must comply with known standards, existing laws and regulations that may entail costs and delays depending on the nature of the activity to be permitted. The interpretations, amendments to existing laws and regulations, or more stringent enforcement of existing laws and regulations could have a material adverse impact on the Group's results of operations and financial condition. Whilst the Group continually seeks to do everything within its control to ensure that the terms of each licence are met and adhered to, third parties may seek to exploit any technical breaches in licence terms for their own benefit. There is a risk that negotiations with a Government in relation to the grant, renewal or extension of a licence may not result in the grant, renewal or extension taking effect prior to the expiry of the previous licence period, and there can be no assurance of the terms of any extension, renewal or grant.

In conducting operations in Indonesia, the Company is subject to considerations and risks related to the political, economic and legal environments in which the Company operates. Among other things, the Company's results may be impacted by changes in the political and social conditions in Indonesia, and by changes in governmental policies with respect to mining laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation.

This Risk Management Report has been approved by the Board and signed on its behalf by:

Although not required, the Company has included a Stakeholder Engagement Statement, in line with industry good practice. The Directors believe they have acted in the way most likely to promote the success of the Group for the benefit of its members as a whole.

This Statement should be read in conjunction with the overview of operations in the Strategic Report as well as the Corporate Governance Statement.

Directors are required to act in a way that they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole, taking into account a number of factors. Set out below are those factors and how the Directors have acted accordingly.

1. The likely consequences of any decision in the long term:

   The Board is focussed on the development of its two key assets: the BKM Project and the Beutong Project. All decisions are made with the view to the long-term successful development of each of these projects. Further details relating to the various initiatives that have been implemented by the Board in relation to these projects are contained in the Chair's Statement, Chief Executive Officer's Statement and the Strategic Report. Further, the Risk Management Report contains details of the principal risks confronting the Company and the Corporate Governance Statement contains the principles by which the Board operates to ensure the successful implementation of the Board's strategy.

2. The interests of the Company's employees:

   The Board considers the Company's employees and contractors to be key to the successful running of its business and is aware that the objectives of the Company being met will depend on the ability to attract, motivate and retain employees and contractors. The corporate culture of the Company is promoted through its employees and contractors and is underpinned by compliance with local regulations and the implementation and regular review and enforcement of various policies: Health and Safety Policy; Share Dealing Policy; Code of Conduct; Anti-bribery and Corruption Policy, IT, Communications and Systems Policy and Social Media Policy, so that all aspects of the Company are run in a robust and responsible way. The Board recognises that their decisions regarding strategy and risk will impact the corporate culture and that this will impact performance and considers that it has systems in place to ensure that the best interests of the employees and contractors are looked after.

3. The need to foster the Company's business relationships with suppliers, customers and others:

   There are a number of key relationships and resources that are fundamental to the Company's success, which include, amongst other things, relationships with suppliers, customers and its shareholders. These relationships are key components to the successful running of the Company's projects and are reviewed by the Board and Management on a regular basis to ensure that all potential risks are mitigated. To the extent any issues or concerns come to light following such review, or upon engagement with such stakeholders, the Company seeks to address matters in an expeditious manner in order to preserve and strengthen relationships. Further details of the how the Company communicates with its shareholders can be found in the Corporate Governance Statement.

4. The impact of the Company's operations on the community and the environment:

The exploration for and development of mineral resources can have significant impact in the areas where the Company and its contractors are active, and it is important that the communities in which we operate view Company's activities positively. The Company's Corporate Social Responsibility program is summarised in the Strategic Report. In respect of the environment, the Company has strict obligations to comply with local Indonesian environmental laws and to perform an environmental impact assessment where required as part of the mine development process.