Asiamet Resources Limited announce the successful completion of the KSK Biomass Feedstock Study, a crucial milestone in progressing a power solution for the Company's BKM copper cathode project in Central Kalimantan, Indonesia Undertaken in collaboration with Britmindo Mining Services Singapore Pte Ltd, the study is a comprehensive assessment aimed at establishing a sustainable power solution for the BKM Copper Project within and/or proximal to Asiamet's KSK licence area, in which BKM is located. The study, emphasising Asiamet's commitment to a renewable energy solution for the proposed greenfield BKM Copper Mine, addressed key parameters crucial for the development of a biomass power station in a remote mining region. All aspects referenced below will be developed in further detail once project execution and project development partners for the biomass power station are locked in, which are expected to be achieved in Second Quarter 2024.

Abundant Biomass Feedstock Resources:Through an extensive in-field investigation, data collection and analysis, the study has identified ample biomass feedstock sourced primarily from palm oil mills within a 100km radius of the proposed power plant location that could feed a biomass power station dedicated to the BKM Copper Project. Robust feedstock supply not only ensures operational sustainability but also aligns with Asiamet's commitment to a renewable energy solution for BKM. Remote Mining Power Solution:The biomass power station offers a reliable, renewable energy solution for producing copper cathode at BKM.

By leveraging local biomass resources, the project contributes to increased economic empowerment in the direct project area. Power Plant Location Assessment:Comprehensive evaluation concluded, proposing a unique cost-effective and lower carbon footprint transportation solution optimising available biomass transportation routes and significantly reducing the distance of the High-Voltage transmission line. Partnership model:Following the framework outlined in the 2023 Feasibility Study, the biomass power plant will be operated by a third party who will be responsible for its construction, operation and maintenance.

Asiamet is actively engaged in advanced discussions with potential partners interested in fully financing the dedicated biomass power plant for the BKM Copper Project and will make a further announcement relating to an MOU or similar agreement once this is complete. Sustainability Focus:The study underscores Asiamet's commitment to sustainable development by prioritising the use of renewable energy solutions to power BKM. Biomass feedstock sourcing from palm oil mills promotes circular economy principles and reduces reliance on fossil fuels.

The scope of work for the KSK Biomass Feedstock Study encompassed several key components aimed at establishing a sustainable power solution for the BKM Copper Project; these were as follows: Identification of Palm Oil Mills: Initial efforts focused on identifying and evaluating biomass feedstock sources, with a particular emphasis on palm oil mills located within a 100km radius of the proposed power plant location. Rigorous field investigations and data analysis were conducted to assess the suitability and availability of biomass feedstock, ensuring a robust supply chain for the biomass power station. The palm oil derived biomass material is of value for its energy content however it remains a stranded asset due to its location.

This opens the opportunity for use in power generation for the BKM Copper Project at relatively low cost. Optimal Power Plant Location: Simultaneously, the study optimised biomass transportation routes by evaluating existing infrastructure and potential transport networks. This entailed detailed assessments to minimise transportation distances and associated costs while maximising logistical efficiency.

Site evaluations were then undertaken to identify suitable locations for the biomass power station, considering factors such as accessibility, environmental impact, and proximity to biomass feedstock sources. Cost Analysis of Feedstock Transportation: Thorough analysis of transportation costs considers distance, terrain challenges, and environmental sustainability. Strategies to minimise carbon footprint and optimise logistical efficiency are integrated into transportation planning models.

Viability of Transmission Line Construction: Detailed assessments of transmission line route feasibility addressed terrain complexities and potential cost implications. Emphasis was placed on minimising environmental impacts and optimising energy transmission efficiency. Moreover, the feasibility of constructing high-voltage transmission lines to connect the biomass power station to the BKM Copper Project site was thoroughly assessed.

This involved conducting detailed surveys to identify potential routes, evaluate terrain challenges, and assess environmental impact and regulatory requirements. Integration of Sustainability Principles: Throughout the study, sustainability principles were paramount, with a focus on the use of renewable biomass feedstock and minimising environmental disruption aligning with Asiamet's commitment to responsible resource development and environmental stewardship.