BUMI Resources - Diversification into Critical Minerals and Downstream Processing

Bakrie Tower,12thfloor Komplek Rasuna Epicentrum Jl. H.R. Rasuna Said

Jakarta, INDONESIA 12940

Website: https://www.bumiresources.com

PT Bumi Resources Tbk ("BUMI"), the world's largest thermal coal exporter and one of the largest global coal companies, is embarking on a diversification program that extends beyond thermal coal into the downstream and critical minerals sectors.

As part of this transition, BUMI has entered into a term sheet agreement with Wolfram Limited ("Wolfram"), an Australian-based company engaged in gold and copper mining. The acquisition of Wolfram is a strategic step in line with the BUMI transformation plan, considering Wolfram's potential to produce gold and copper in a relatively short time, which provides added value for shareholders.

The completion of this transaction remains subject to approval from the Foreign Investment Review Board (FIRB) in Australia.

BUMI has conducted comprehensive studies over the past few years to support this diversification strategy and is currently focusing on assets that are in production or near-term.