Successful Completion of US$3.55 million Raise

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO US PERSONS OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA OR JAPAN, OR ANY MEMBER STATE OF THE EEA, OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM, TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF ASIAMET RESOURCES LIMITED.

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT (THE "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 UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

18 October 2024

ASIAMET RESOURCES LIMITED

("Asiamet" or the "Company")

Successful Completion of US$3.55 million Fund Raise

Asiamet Resources Limited is pleased to announce that the Company has raised a further US$0.260 million through a retail offering via BookBuild (the "Retail Offer"), as announced on 15 October 2024, and additional subscriptions from new and existing shareholders, placing, in aggregate, 26,043,245 new common shares of US$0.01 each in the capital of the Company ("Common Shares") at an issue price of US$0.01 (0.77 pence) per share (the "Issue Price"), to raise US$0.260 million (£0.2 million) gross.

This follows the Company's announcement on 15 October 2024 of the US$3.0 million subscription with its major shareholder, PT Delta Dunia Makmur Tbk. ("DOID"), and the US$0.295 million subscription by certain members of the Board and management team (together, the "Subscription"). A total of 329,500,000 new Common Shares are being issued pursuant to the Subscription (the "Subscription Shares").

The Company has also issued an additional 3,767,000 new Common Shares at a price of US$0.01 per share ("Consultant Share Issue") to various consultants as settlement of fees for the provision of services.

The total number of new Common Shares to be issued via the Subscription, Retail Offer and Consultants Share Issue is therefore 359,360,245 (the "New Common Shares").

Use of Proceeds

The net proceeds of the Retail Offer, together with the net proceeds from the Subscription, will deliver the final optimisation milestones for the BKM project with a particular focus on significantly reducing the project's initial construction capital cost prior to project financing. 

The optimisation programme aims to reduce upfront capital costs by US$50-80 million from the US$235.4 million reported in the 2023 Feasibility Study, building on the US$26 million of savings already identified. 

Importantly completion of this work will enable the Company to progress project financing to an advanced stage with a lead bank and progress additional financing options such as copper cathode offtake finance.

Strategic Timing and Copper Market Thematic

Asiamet is ideally positioned to capitalise on the growing demand for copper, with the copper market forecast to face a supply side deficit driven by the accelerating shift towards renewable energy and electrification. Copper is critical to this energy transition, and the Company's progress on the BKM copper project comes at a time of strong market fundamentals.

Substantial news flow is expected over the ensuing six months with project financing being key to unlocking value for the Company.

Near-Term News Flow

Investors can expect the following key milestones in the near term:

·      Q4 2024:  Completion of optimisation work with updated detailed engineering.

·      Q1 2025: Project debt financing materially advanced with preferred bank (s), advanced discussions ongoing with project execution partners.

·      Early Works: Early construction activities, including road access upgrades and camp construction, will begin following project financing.[1]

·      First Copper Production: The project remains on track to deliver first copper by 2027, with further updates to follow.¹

Darryn McClelland, Chief Executive Officer, commented:

"With the completion of the private placement to DOID, subscription by directors and management and support from long term shareholders and importantly our retail shareholders, Asiamet is well-positioned to complete the final optimisation works for the BKM copper project and significantly advance financing for mine development.

The strategic imperative for the Company is to continue to deliver on our core objectives as we move into what will be a transformative phase for the Company.

We look forward to updating the market with the results of the optimisation process before the end of the year and this will be the basis on which we head into financing discussions.  We expect news flow to increase leading out of the engineering optimisation to drive sustained positive momentum for Asiamet as we move towards securing project financing."

Admission and Total Voting Rights

Application for the admission to trading on AIM of the 359,360,245 New Common Shares is being made and is expected to occur at 8.00 a.m. on or around 28 October 2024 ("Admission"). Following Admission, the Company's issued ordinary share capital will comprise 2,953,442,174 Ordinary Shares. From Admission, the figure of 2,953,442,174 may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information, please contact:

IMPORTANT NOTICES 

The content of this announcement has been prepared by, and is the sole responsibility of, the Company. 

This announcement and the information contained herein is restricted and is not for publication, release or distribution, directly or indirectly, in whole or in part, in or into or from the United States (including its territories and possessions, any state of the United States and the District of Columbia (the "United States" or "US")), Australia, Canada, Japan, New Zealand, the Republic of South Africa or any other jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction.

The Retail Offer Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act") or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, in or into the United States or to or for the account or benefit of any US person (within the meaning of Regulation S under the US Securities Act) (a "US Person"). No public offering of the Retail Offer Shares is being made in the United States. The Retail Offer Shares are being offered and sold outside the United States in "offshore transactions", as defined in, and in compliance with, Regulation S under the US Securities Act. In addition, the Company has not been, and will not be, registered under the US Investment Company Act of 1940, as amended.

This announcement does not constitute an offer to sell or issue or a solicitation of an offer to buy or subscribe for Retail Offer Shares in the United States, Australia, Canada, Japan, New Zealand the Republic of South Africa or any other jurisdiction in which such offer or solicitation is or may be unlawful. No public offer of the securities referred to herein is being made in any such jurisdiction.

The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Optiva Securities Limited ("Optiva"), which is authorised and regulated in the United Kingdom by the FCA is acting exclusively for the Company and no-one else in connection with the transactions and arrangements described in this announcement and will not regard any other person (whether or not a recipient of this announcement) as a client in relation to the transactions and arrangements described in this announcement. Optiva is not responsible to anyone other than the Company for providing the protections afforded to clients of Optiva or for providing advice in connection with the contents of this announcement, or the transactions and arrangements described in this announcement.

The Retail Offer Coordinator, which is authorised and regulated in the United Kingdom by the FCA is acting exclusively for the Company and no-one else in connection with the transactions and arrangements described in this announcement and will not regard any other person (whether or not a recipient of this announcement) as a client in relation to the transactions and arrangements described in this announcement. The Retail Offer Coordinator is not responsible to anyone other than the Company for providing the protections afforded to clients of the Retail Offer Coordinator or for providing advice in connection with the contents of this announcement, or the transactions and arrangements described in this announcement.

Strand Hanson Limited ("Strand"), which is authorised and regulated in the United Kingdom by the FCA, is acting as nominated adviser to the Company for the purposes of the AIM Rules and no-one else in connection with the transactions and arrangements described in this announcement and will not be responsible to any other person (whether or not a recipient of this announcement) as a client in relation to the transactions and arrangements described in this announcement. Strand is not responsible to anyone, other than the Company, for providing the protections afforded to clients of Strand or for providing advice in connection with the contents of this announcement or the transactions and arrangements described herein. Strand's responsibilities as the Company's nominated adviser under the AIM Rules for Nominated Advisers published by the London Stock Exchange plc are owed solely to the London Stock Exchange plc and are not owed to the Company or to any director or to any other person.

The value of Common Shares and the income from them is not guaranteed and can fall as well as rise due to stock market movements. When you sell your investment, you may get back less than you originally invested. Figures refer to past performance and past performance is not a reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations.

Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which may use words such as "aim", "anticipate", "believe", "intend", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks, assumptions and uncertainties that could cause the actual results of operations, financial condition, liquidity and dividend policy and the development of the industries in which the Company's businesses operate to differ materially from the impression created by the forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given those risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.

These forward-looking statements speak only as at the date of this announcement and cannot be relied upon as a guide to future performance. The Company, the Retail Offer Coordinator and Optiva expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect actual results or any change in the assumptions, conditions or circumstances on which any such statements are based unless required to do so by the FCA, London Stock Exchange plc or applicable law.

The information in this announcement is for background purposes only and does not purport to be full or complete. None of Optiva, the Retail Offer Coordinator or any of their respective affiliates, accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to this announcement, including the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of the announcement or its contents or otherwise arising in connection therewith. Optiva, the Retail Offer Coordinator and their affiliates, accordingly disclaim all and any liability whether arising in tort, contract or otherwise which they might otherwise be found to have in respect of this announcement or its contents or otherwise arising in connection therewith.

Any indication in this announcement of the price at which the Common Share have been bought or sold in the past cannot be relied upon as a guide to future performance. Persons needing advice should consult an independent financial adviser. No statement in this announcement is intended to be a profit forecast and no statement in this announcement should be interpreted to mean that earnings or target dividend per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings or dividends per share of the Company.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into or forms part of this announcement. The Retail Offer Shares to be issued or sold pursuant to the Retail Offer will not be admitted to trading on any stock exchange other than the AIM market of London Stock Exchange plc.