Project Blackstone

Investment Opportunity in Coal

Mining Asset

November 2022
Project Blackstone
November 2022

Investment Highlights Summary of the Opportunity

Opportunity to invest in a coal PT Biaro Resources Indonesia (“BRI”), the holder of Mining Business License (IUP-OP)
company with high quality for 9,100 ha in East Kalimantan, is planning to raise fund through prepayment offtake
reserve. facility and or equity investment or any capital market transactions worldwide. BRI is a
consortium of PT. Persadatama Lestari Coal Mining (“PLCM”) and PT. Mandiri Alam
Have a strong Coal Deposit Sejahtera (“MAS”)
Estimation (90,831,952 ton)
with based on high calorific Concession Details
value (cooking coal) 6,944
Kcal/Kg up to 8,136 Kcal/Kg
(dry ash free basis).

 Both coal concession in PLCM

and MAS are still in the
exploration stage and in a
process in obtaining the permit
(to be done within weeks).

Will commence operation by

January 2023 (target • The concession is located in Muara Lawa, Kutai Barat - East Kalimantan.
production 600,000 ton in
• Area: 9,100 ha concession area with 6,000 ha prospective area
2023)
• Concession Type: Mining Business License (IUP-OP)
 Clean and Clear and a debt- • Awarded on: 2 June 2016 (PLCM)
free company. • Exploration: started in Agustus 2022 covering 4,000 Ha (PLCM)
• 37-km access to existing hauling road and mid distance to port facilities.
Legal dispute was resolved
with a court decision that the
Infrastructures
current shareholders are the
legitimate owners.

PLCM is currently in a
process in obtaining the permit
to develop a mine mouth
power plant as future plan for
offtake of the mining product.

Port Facility Mining Facility

• Stock pile; intended for coal silo facility stage I, • Hauling Road
with capacity of 200,000 tons. • Drainage System
• Jetty; at a distance of 90 km from the site • Overburden area
• Coal Crusher • Stock Pile
• Barge Loading Conveyor • Weight Bridge
• Weight Bridge
Project Blackstone
November 2022

Exploration Area

• Exploration activities were started in August 2022

covering 4,000 Ha. During Sept-Oct 2022, the
exploration was further undertaken to gain more
data in regards to the field conditions.

• The areas covered during the exploration were:

 Block PLCM – 4,100 Ha
 Block MAS – 5,000 Ha

• The proximate analysis of coal samples showed

that the area contains high grade quality coal
(6,944 – 8,136 kcal/kg)

• Based on drilling results, the non-JORC reserve is

40 million tons, with average stripping ratio of 7.0x
within 1,381 Ha area.

Coal Quality Analysis

Quality
No Sample GCV TM IM ASH VM FC TS HGI
(cal/gr) (%ar) (%adb) (%adb) (%adb) (%adb) (%adb)
1 LSK-01A 7.446 5.4 2.4 6.4 41.4 49.8 3.37 60
2 LSK-01B 7.237 7.1 4.1 6.4 39.8 49.7 1.42 54
3 LSK-02 7.802 4.4 2.6 3.9 44.3 49.2 1.44 41
4 LLK-01A 5.521 7.8 2.7 26.8 31.4 39.1 0.90 72
5 LLK-01B 6.737 6.1 2.9 13.7 37.8 45.6 2.08 49
6 KRK-01 7.212 5.2 2.6 9.7 43.8 43.9 3.33 46
7 KRK-02A 7.202 4.4 2.4 9.6 42.1 45.9 3.56 48
8 KRK-02B 7.144 3.9 2.4 9.4 42.3 45.9 4.08 46
Average 7.037 5.05 2.7 10.7 40.3 46.1 2.50 52

Resource Estimation Reserve Estimation

Resource Reserve
Coal Seam Measured Indicated Inferred Coal Coal Pit Area Average
Seam Reserve Striping
(MMT) (MMT) (MMT)
A 6 14 29 (MMT) (Ha) Ratio
A 2 113 8.30
B 22 58 116
B 24 259 6.63
C 1 1 2
C 0.1 53 8.53
D 2 6 11
D 4 221 7.20
E 3 7 15
E 4 197 8.52
F 2 6 11
F 2 125 8.30
G 1 1 3 G 1 183 7.19
H 3 7 13 H 3 117 8.19
I 14 35 70 I 2 115 2.72
TOTAL 42 1,381
TOTAL 54 135 270
Overall Average Striping Ratio 7,00
Project Blackstone
November 2022

Corporate Structure

Global Outlook
In the first half of 2022, global coal consumption was little changed (we estimate a decrease of less than 0.5%) compared with the first
half of 2021, with the economic slowdown more than offsetting any demand increase resulting from higher natural gas prices.

• Coal prices rose dramatically in 2022, with Newcastle coal futures prices averaging $250/tonne and the Asian marker price
averaging $145/t, its highest since 2008.
• Coal consumption grew over 6% in 2021 to 160 EJ, slightly above 2019 levels and its highest level since 2014.
• China and India accounted for over 70% of the growth in coal demand in 2021, increasing by 3.7 and 2.7 EJ, respectively.
• Global production matched consumption with an increase in supply of 440mt. China and India accounted for much of the increase in
production, which was largely consumed domestically, as well as Indonesia, supporting higher exports.
• Notably, both Europe and North America showed an increase in coal consumption in 2021 after nearly 10 years of back-to-back
declines.

Global coal consumption 2020-2023 5-years historical coal prices