Asiamet Resources Limited advised that the workstream relating to the Capital Cost Estimate for the BKM Copper Project has recently concluded with exceptionally positive results. The updated BKM Feasibility Study capital cost estimate based on high confidence, present day input cost forecasts is $236.5 million (including $26.6 million in growth allowance & contingency), only slightly above the $223.4 million capital estimate for the 2019 study. The Company considers this to be an exceptional outcome in the current highly inflationary environment being experienced by mining projects globally.

Initiatives undertaken to re-size the project and deliver a higher margin /more profitable, smaller footprint project have also served to significantly de-risk the project capital cost and are highly encouraging for the overall economics of the BKM Copper Project. Key reasons control of Capex costs have been realised: Reduced scope/size of the project leading to: Reduced mine/waste rock dump footprint (area reduced by 17% compared to 2019 FS); Reduced heap leach facility footprint (area reduced by 59% compared to the 2019 FS); Reduction in size of processing facility equipment (reduced capacity from 8Mtpa to 4.5Mtpa); Consolidation of several packages of work under BUMA Infrastructure to deliver cost synergies, particularly in overheads/indirect costs. Engagement with an Indonesian EPCM Group, Rexline Engineering, delivering a highly cost-effective solution for packages relating to materials handling, various ancillary facilities and some bulk materials.

opportunities identified to further reduce BKM Copper pre-production capex will be investigated as part of ongoing project cost optimisation. These include: Relocation and updated design of the Heap Leach Facility ("HLF") to reduce earthworks volumes and shorten the construction period, Optimisation of engineering services and construction management costs through further review and assessment of source and location of these services, Potential for cost savings through financing heavy equipment fleet used in project construction which can then be transferred to the mining operation. This optimisation seeks to compare the current base case scenario where all construction equipment is rental fleet versus purchasing the fleet and amortising the cost over the life of mine.

Delivery of the final BKM Copper FS update requires close out of project operational costs. Detailed internal cost models have been prepared for Processing and General & Administration areas with the final component, Mining costs, currently under review and pending third-party verification. There has been significant cost inflation related to mining operations, most notably Ammonium Nitrate used in blasting and biodiesel as required for mining fleet.

To assist in mitigating these cost increases the Company has reviewed the scope of work under a contract mining scenario and elected to take additional responsibility for certain activities outside of the mining contract scope. A first principles cost estimate for mining operations is being prepared to benchmark cost estimates provided by third parties. Finalisation of the pre-production capex cost for the BKM Copper project is a critical step in the development of Asia's newest producer of LME Grade A copper cathode direct to the growing copper consuming markets across Asia.