REG - Asiamet Res Ltd - DOID Diligence for BKM Copper Project Complete

Asiamet ResourcesAnnouncement

29/06/2022 07:00

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RNS Number : 6009Q  Asiamet Resources Limited  29 June 2022

29 June 2022

 

DOID Diligence for BKM Copper Project Complete

 

Asiamet Resources Limited ("Asiamet" or the "Company") advises that the due
diligence undertaken by PT Delta Dunia Makmur Tbk. (DOID) including the first
phase diligence by a bank recommended Independent Technical Expert (ITE) has
been completed for the BKM copper project, located in Central Kalimantan,
Indonesia.

 

Key highlights of this process include:

 

·    DOID has completed an extensive due diligence process on the BKM
copper project;

·    No project 'red-flags' indicated from the ITE following provision of
independent report to the Company and DOID; and

·    DOID continues to be very supportive shareholder and is working with
the Company on finalising next steps with respect to advancing the BKM project
to development.

 

As advised in previous news releases (28 January 2022, 2 March 2022 and 25 May
2022) the Company has been working extensively with DOID and the recommended
ITE to review the 2019 Feasibility Study for the BKM copper project.  This
work covered all technical workstreams and the Company is pleased to report
that the review indicated no red-flags or fatal flaws of a technical nature.
The key findings of the ITE's review of the 2019 study are being addressed as
part of the updated 2022 FS being undertaken by NewPro Engineering, including
updating capital and operating costs and key economic assumptions.

 

While this extensive diligence process has taken considerable time, a key
benefit is the progress that has been made towards project financing.  This
places the Company in a strong position, confirming all work to be finalised
before commencing the debt financing process.

 

As previously indicated, the completion of the diligence process and the
initial ITE review of the BKM copper project concludes the diligence period
for DOID and the expiration of the exclusivity period.  The Company and DOID
are advancing discussions on a preferred path for consolidating the strategic
partnership between both companies and advancing the BKM project to financing
and development.

 

Ronald Sutardja, President Director (DOID) commented:

"We are pleased with the outcome of the extensive due diligence process and
the report from the ITE providing a clear pathway to project financing for the
BKM copper project.  As the largest shareholder of Asiamet we look forward to
working closely with the Company to support the development of the
strategically important BKM copper project."

 

Tony Manini, Asiamet Executive Chairman commented:

"Having now completed extensive diligence on the BKM copper project with DOID,
Asiamet is in a strong position heading into project financing.  This
extended diligence process has also allowed us to incorporate the
recommendations of the proposed ITE into the feasibility update currently
being undertaken by NewPro and hence fast track a key component of the
financing process. We maintain a strong working relationship with DOID in
respect of the key inputs into the feasibility study, project financing and
development strategy for BKM. As our largest shareholder DOID is fully aligned
with the Company's objectives for developing the BKM copper project in the
fastest timeframe possible, and we are currently in discussions to achieve
those outcomes. The Company remains well funded to complete this work."

 

 

ON BEHALF OF THE BOARD OF DIRECTORS

Tony Manini, Executive Chairman

For further information, please contact:

-Ends-

Tony Manini
Executive Chairman, Asiamet Resources Limited

Email: tony.manini@asiametresources.com
(mailto:tony.manini@asiametresources.com)

 

Investor Enquiries

Sasha Sethi

Telephone: +44 (0) 7891 677 441

Email: Sasha@flowcomms.com (mailto:Sasha@flowcomms.com) /
info@asiametresources.com

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Bhavesh Patel / Stephen Allen

Telephone: +44 (0)20 3440 6800

Email: Bhavesh.Patel@rfcambrian.com (mailto:Bhavesh.Patel@rfcambrian.com)  /
Stephen.Allen@rfcambrian.com (mailto:Oliver.Morse@rfcambrian.com)

 

Optiva Securities Limited
Christian Dennis

Telephone: +44 20 3137 1903

Email: Christian.Dennis@optivasecurities.com
(mailto:Christian.Dennis@optivasecurities.com)

Follow us on twitter @AsiametTweets

 

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Abuse Regulations (EU) no. 596/2014 ("MAR").

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