Updated Ore Reserve for BKM Stage 1
By Asiamet Resources
Asiamet Resources Limited is pleased to announce an update to the Ore Reserve Estimate (“ORE”) for its 100% owned BKM Stage 1 Copper Project (“BKM” or the “Project”), located in Central Kalimantan, Indonesia. This updated reserve is the cornerstone of the 2025 BKM Stage 1 Optimised Feasibility Study (“OFS”), which is expected to be published shortly.
The Statement of Ore Reserves (including the JORC Table 1 Section 4, Estimation and Reporting of Ore Reserves) for BKM was prepared by Australian Mine Design and Development Pty Ltd (“AMDAD”) and is reported in accordance with the requirements of the JORC Code 2012.
This Reserve update forms an integral part of the technical disclosure required for the publication of the Optimised Feasibility Study (OFS) and reflects compliance with the JORC 2012 Code. The updated Ore Reserve Estimate supports transparent reporting, investor due diligence, and lender engagement, and ensures the forthcoming OFS is underpinned by a current, independently verified mineable inventory.
A summary of the highlights of the Ore Reserve Estimate is detailed below.
Highlights: 2025 BKM OFS Update:
BKM Stage 1 Ore Reserves now comprise:
o Proved Reserve Category: 15.0Mt @ 0.8% Cu for 117kt of contained copper
o Probable Reserve Category: 13.3Mt @ 0.7% Cu for 90kt of contained copper
o Total Ore Reserves : 28.3Mt @ 0.7% Cu for 207kt of contained copper
Waste Mined: 22.1Mt, low strip ratio of 0.8:1
Mining/Processing Method: Ore Reserves reported based on extraction by open-pit mining with heap-leach and solvent extraction / electro-winning (“SX-EW”) processing
Reserve Basis: Ore Reserves are constrained by BKM Stage 1 Optimised Feasibility Study 2025 heap leach facility design
Darryn McClelland, Asiamet’s Chief Executive Officer, commented:
“The 2025 BKM Ore Reserve Estimate is the culmination of more than 15 months of technical work undertaken as part of the Optimised Feasibility Study. The Ore Reserve tonnage supports the Company's strategic decision to redesign the BKM heap leach facility and materially lower upfront construction capital by mining a lower volume, higher-grade reserve at a dramatically reduced strip ratio. The selected Ore Reserve pit is smaller than the optimal value pit, preserving the opportunity to process additional ore if an expansion of the heap leach facility is undertaken in future.
Publication of this updated new Ore Reserve, ahead of the full 2025 BKM Optimised Feasibility Study, demonstrates clear progress being made in developing the BKM Stage 1 heap leach project. Stage 1 is the launchpad for unlocking the potential of the BKM mineral district and the wider KSK Contract of Work.”
Table 1: The April 2025 BKM Ore Reserve Estimate is summarised in the table below (100% Basis)
Notes: The tonnes and grades shown in table 1 are stated to a number of significant figures reflecting the confidence of the estimate. Table 1 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 Fellow 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. Ore Reserves are presented in the document “Ore Reserves Statement, BKM Copper Project, Central Kalimantan, Indonesia, as at 30 April 2025”.
A copy of the 2025 BKM Ore Reserve Statement, including the JORC Table 1 Section 4, is available on the Company’s website at www.asiametresouces.com and appended to this announcement via the following link https://asiametresources.com/technical-reports/
Qualified Person and Competent Person’s Statement
The statement of Ore Reserves (Table 1) has been completed by Australian Mine Design and Development Pty Ltd (“AMDAD”) and is reported in accordance with the requirements of the JORC Code (2012).
The information in this announcement and the report to which this statement is attached that relates to the estimation of Ore Reserves is based on information compiled by Mr John Wyche, a full-time employee of AMDAD, and who has acted as the Competent Person on the Ore Reserve Estimation of the BKM Project. Mr Wyche is a Fellow of The Australasian Institute of Mining and Metallurgy. He has 35 years of relevant experience in operations and consulting for open pit metalliferous mines, being sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Wyche consents to the inclusion in the report and this announcement of the matters based on his information in the form and context in which it appears. Mr Wyche confirms that he is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.
Data disclosed in this announcement has been reviewed and verified by Mr John Wyche, FAusIMM (Fellow of the Australian Institute of Mining and Metallurgy) acting as a qualified appointed adviser to Asiamet. Mr Wyche is a Competent Person within the meaning of the JORC Code 2012 and a Qualified Person for the purposes of the AIM Rules for Companies.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.