PT Bayan Resources Tbk : 2025 Guidance

About this update from Pt Bayan Resources Tbk

PT Bayan Resources Tbk 2025 Guidance www.bayan.com.sg Executive Summary Total 2025 production is Budgeted to be in the range of 69 to 72 million MT with sales also anticipated to be in the range of 70 to 72 million MT. ASP is anticipated to be in the range of USD 58 to USD 60/MT based on the benchmark reference price (NEWCASTLE) being on average USD 125 and ICI4 being an average USD 55/MT for 2025. Revenue is forecast to be between USD 4.1 billion to USD 4.4 billion. Cash costs are anticipated to be in the range of USD 38 to USD 40/MT (include COGS, Royalties and SGA). EBITDA is forecast to be in the range of USD 1.4 billion to USD 1.6 billon. Capex is Budgeted to be in the range of USD 200 to USD 300 million. www.bayan.com.sg 1 Overburden Removal Volume (OB) Overburden Removal (million BCM) 355 - 373 266 161 40 33 85 138 (in million BCM) OB 2024D 2025B Gunungbayan Pratamacoal - Block I & II 7 28 to 30 Perkasa Inakakerta 11 17 to 19 Teguh Sinarabadi / Firman Ketaun Perkasa 28 7 to 9 Tabang Concessions (include North Pakar) 189 285 to 295 Wahana Baratama Mining 30 18 to 20 Total 265 355 to 373 2019 2020 2021 2022 2023 2024D 2025B Quarterly Overburden Removal (million BCM) 90 - 95 90 - 95 85 - 90 80 - 85 FY25 Overburden Removal volumes are Budgeted to increase significantly, principally due to the continued expansion of Tabang combined with the increase in SR at Tabang. 1Q25B 2Q25B 3Q25B 4Q25B D : Draft figures which are unaudited figures 2 www.bayan.com.sg Coal Production Coal Production (million MT) 69 - 72 57 50 38 39 32 30 (in million MT) Coal Production 2024D 2025B Gunungbayan Pratamacoal - Block I & II 0.3 1.0 to 1.5 Perkasa Inakakerta 1.5 2.0 to 2.3 Teguh Sinarabadi / Firman Ketaun Perkasa 2.4 1.0 to 1.2 Tabang Concessions (include North Pakar) 50.6 60.0 to 65.0 Wahana Baratama Mining 2.6 1.5 to 2.0 Total 57.4 69.0 to 72.0 2019 2020 2021 2022 2023 2024D 2025B Quarterly Coal Production (million MT) 18 - 20 18 - 20 16 - 18 14 - 16 FY25 Coal Production volumes are anticipated to increase by between 20% to 25% principally due to the continued expansion of Tabang. 1Q25B 2Q25B 3Q25B 4Q25B D : Draft figures which are unaudited figures 3 www.bayan.com.sg Weighted Average Strip Ratio (SR) Weighted Average Strip Ratio 5.1 5.0 - 5.5 4.4 4.6 4.0 3.9 3.9 Weighted Average SR (:1) Gunungbayan Pratamacoal - Block I & II Perkasa Inakakerta Teguh Sinarabadi / Firman Ketaun Perkasa Tabang Concessions (include North Pakar) Wahana Baratama Mining WEIGHTED AVERAGE SR Weighted Average SR 2024D 2025B 19.0 to 21.0 7.7 to 8.0 7.3 to 7.6 4.4 to 4.6 12.0 9.0 to 11.0 4.6 5.0 to 5.5 2019 2020 2021 2022 2023 2024D 2025B Quarterly Weighted Average SR 5.0 - 5.5 5.0 - 5.5 5.0 - 5.5 4.5 - 5.0 FY25 Weighted Average Stripping Ratio is Budgeted to be higher than 2024 as Tabang increases its stripping ratio closer to the average Life Of Mine SR. 1Q25B 2Q25B 3Q25B 4Q25B D : Draft figures which are unaudited figures 4 www.bayan.com.sg Cash Costs Average Cash Costs per MT (*) (USD / MT) Sing Gas Oil Price (*) (USD / liter) 1.0 35 42 40 38 38 - 40 0.8 0.8 0.7 29 28 2019 2020 2021 2022 2023 2024D 2025B * Average cash costs include barging, royalty, and SGA 0.5 0.6 0.4 2019 2020 2021 2022 2023 2024D 2025B Published by Engie Singapore, including PBBKB and VAT Converted from barrels to liter. FY24 Average Cash Costs are anticipated to be in the region of USD 38 to USD 40/MT which is in line with 2024. D : Draft figures which are unaudited figures 5 www.bayan.com.sg Cash Costs Cash Cost per Expense - 2024D (USD / MT) Other Costs 9% Employee Cost 8% Overburden and Royalty Mining 13% 42% Coal Purchase 4% Transportation 24% D : Draft figures which are unaudited figures Cash Cost per Expense - 2025B (USD / MT) Other Costs 9% Employee Cost 8% Royalty Overburden and 13% Mining 42% Coal Purchase 4% Transportation 24% 6 www.bayan.com.sg Coal Sales Coal Sales Volume (million MT) 70 - 72 56 47 36 40 40 29 2019 2020 2021 2022 2023 2024D 2025B Quarterly Coal Sales (million MT) 17 - 19 18 - 20 16 - 18 16 - 18 1Q25B 2Q25B 3Q25B 4Q25B D : Draft figures which are unaudited figures Geographic Distribution - 2024 Others, 10% Vietnam, 5% Philippines, 27% Malaysia, 6% India, 8% China, 20% Indonesia, 23% FY25 Budgeted Sales Volumes are anticipated to increase by between 25% to 30% to be in the range of 70 to 72 million MT. 7 www.bayan.com.sg Average Selling Price (ASP) Average Selling Price (*1) Quarterly Average Selling Price (*1) (USD / MT) (USD / MT) 118 58 - 60 58 - 60 58 - 60 58 - 60 71 76 48 60 58 - 60 39 2019 2020 2021 2022 2023 2024D 2025D 1Q25B 2Q25B 3Q25B 4Q25B We have forecast the benchmark reference price (NEWCASTLE) being an average of USD 125/MT and ICI4 being an average USD 55/MT in 2025. D : Draft figures which are unaudited figures * (1) ASP includes coal and non-coal sales 8 www.bayan.com.sg Committed and Contracted Sales ( 2025 ) 60.4 million MT 89% 11% 2025 Fixed Price Floating Price As at middle December 2024 committed and contracted sales were 60.4 million MT for 2025 with an average CV of 4,145 GAR kcal/kg. This represent approximately 80% of our 2025 planned sales volumes. Of this volume we have 11% which are on a Fixed Price with an average CV of 4,116 GAR kcal/kg at USD 52.1/MT. Additional sales will be made as progressive production targets and barging targets are met throughout the year. 8 www.bayan.com.sg

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