Big picture - Why invest in Asiamet Resources
Asiamet Resources Snapshot
In carrying out our mineral exploration, development and mining activities we:
- build long-term, trusting relationships with all of our stakeholders;
- provide a fair and transparent work environment;
- ensure the health and safety of our employees and contractors; and
- act in an environmentally responsible manner.
Our main stakeholders include:
- local communities,
- employees, management and directors,
- local and national governments,
- joint venture partners,
- contractors and suppliers, and
- civil society organizations.
As part of our commitment to ensuring that local society benefits from our activities, we engage local people as employees, contractors and suppliers. We provide support and training to our employees, contractors and suppliers in order to achieve this goal, and we pay fair compensation for their services and products.
We respect local cultures and human rights.
Our social and community development programs are locally-driven, participatory and sustainable. We support programs that build local capacity and strengthen the quality of governance throughout society.
We follow good corporate governance and business practices. We conduct our activities with integrity pursuant to all applicable laws and regulations as well as our internal policies and our code of business conduct and ethics.
Our vision is to see our company discover and develop one or more significant mineral resources that will generate enormous wealth. This wealth will genuinely benefit all our stakeholders, including local communities, and will contribute to the development of a society in Kalimantan that is based on true human values.
Our mission is to discover, and bring into production, one or more large mineral resources in Kalimantan, Indonesia, while carrying out our activities in a manner that:
- adheres to the highest standards of corporate good governance and best practice in all our activities and affairs;
- respects and empowers local communities, and contributes to their sustainable development;
- is environmentally responsible; and
- fairly and equitably enriches all stakeholders.
We have been been actively exploring in Indonesia since 1996 and have considerable experience of the country's geology, its people and the decision making structure. The Company is focused on exploring its copper and gold prospects in Kalimantan and Sumatra, Indonesia.
In Central Kalimantan, the company has drilled more than 35,000 metres at its KSK copper project, uncovering the potential for a world class deposit. From April 2011 to January 2014, the KSK project was under joint venture to a subsidiary of Freeport-McMoRan Exploration Corporation. A review of historical data on the project using state of the art techniques and processes has confirmed the potential for major copper deposits below the level of drilling to date. KLG announced a maiden Inferred Resource on the Main Zone of the Beruang Kanan Prospect on September 26, 2014, of 47 million tonnes averaging 0.6% copper or 621,700,000 pounds of copper (please see the full release).
In Aceh, on the island of Sumatra Indonesia, the Beutong mineral resource is located within the Beutong IUP. Beutong's Mineral Resource on a 100% basis comprises: as announced January 14, 2015, Measured and Indicated Resources of 93Mt at 0.61% Cu, 0.13ppm Au, 1.97ppm Ag and 97ppm Mo (0.3% Cu Reporting Cut) for contained metal of 1,241MIbs copper, 373koz gold, 5,698koz silver and 20MIbs molybdenum (0.3% Cu Reporting Cut); and Inferred Resources of 418Mt at 0.45% Cu, 0.13ppm Au, 1.11ppm Ag and 129ppm Mo (0.3% Cu Reporting Cut) for contained metal of 4,092MIbs copper, 1,746koz gold, 14,903koz silver and 112MIbs molybdenum (0.3% Cu Reporting Cut) (please see the full release).
In East Kalimantan, its Jelai gold prospect has the potential to yield a major epithermal deposit.
Jelai Gold Project
The holder of the Jelai Izin Usaha Pertambangan ("IUP" or "Jelai") is PT Jelai Cahaya Minerals ("JCM"). A wholly-owned subsidiary of the Company, KLG Singapore Private Limited ("KLG SING") holds 99.3% of the shares of JCM. The remaining 0.7% continues to be held for the benefit of Asiamet by the same two nominee shareholders who previously held 100% of JCM.
The Jelai Project consists of low-sulfidation epithermal gold-silver mineralization hosted by the northerly-striking and steeply west-dipping, Mewet, Sembawang, Lipan and Nyabi vein systems. Gold bearing-shoots are formed in these veins where intersected by secondary veins that strike northeasterly and dip steeply towards the northwest. Some of the gold bearing-shoots are open at depth. A total of 140 diamond drill-holes for a total of 16,813 m have been completed in three drill-campaigns from 1997 to 2012.
- Shows the most promise with a > 400 m long by 200 m high zone at > 1 g/t Au.
- Best gold result to date is 6.9 m at 24.7 g/t (down-hole length).
- Vein true-width averages about 3 m, with local widths that range up to 10 m.
- The Sembawang vein contains two gold bearing-shoots that are 200 m long by 75 m high at > 1 g/t Au.
- Best gold results are 1.2 m at 17.3 g/t Au and 4 m at 13.3 g/t Au (down-hole lengths).
- Vein true-width averages about 2 m and ranges up to 6 m.
- The Lipan vein contains one major gold bearing-shoot that is 100 m long by 50 m high at > 1 g/t Au.
- The best gold assay is 1.4 m at 15.4 g/t Au (down-hole length).
- The true width of the vein averages about 2 m, with local widths that range up to 6 m.
On December 9, 2013 the Company filed a technical report effective November 1, 2013 and signed December 5, 2013. The report recommends that the Company should complete gold resource calculations for Mewet, Sembawang and Lipan vein systems that are NI43-101 compliant.
There is insufficient exploration to define a mineral resource at this time and it is uncertain if further exploration will result in the target(s) being delineated as a mineral resource.
If the grade-tonnage characteristics of the gold resources justify, then a scoping study for development should be initiated. It is the authors' opinion that the location of the veins and the relationship to local topography favor open-pit mining of the Sembawang and Lipan veins and under-ground exploitation of the Mewet vein. This opinion does not imply that the veins contain economic mineral resources but merely highlights the relationships of the veins to local topography. Assuming a favorable outcome to the economic studies, then future exploration should focus on expanding gold-bearing shoots in the three known vein systems.
Eight drill targets are proposed by the authors for partially- to completely-concealed high-grade vein segments. These targets are delineated by the intersection of northerly- and northeasterly-trending lineaments drawn to coincide with known vein-trends, intrusive contacts, breaks in topographic slope and magnetic gradients. The targets typically, but do not always, coincide spatially with anomalous gold and arsenic in soil and surface rock-chip samples.
The Company is seeking a partner to continue exploration on the Jelai project.
KSK Contract of Work ("KSK CoW")
The holder of the KSK CoW is PT Kalimantan Surya Kencana ("KSK"). Asiamet holds 100% of the shares of Indokal. KSK is owned 75% by Indokal and 25% by PCK. Indokal owns 100% of PCK. The KSK CoW was granted April 28, 1997 between the Republic of Indonesia and KSK as a 6th generation CoW. The terms of the KSK CoW define several periods under which certain types of work on the KSK CoW are to be undertaken. The key Indonesian Government permit required to conduct the Company's 2015 work program was received on May 1, 2015. The Capital Investment Coordinating Board in consultation with the Ministry of Environment and Forestry and the Ministry of Energy and Mineral Resources of the GOI formally issued the Company with a forestry permit ("IPPKH") renewal on April 23, 2015. The IPPKH permit is valid for a period of two years and authorizes the Company to carry out both surface and drilling activities over permitted areas of the KSK CoW. A letter from the Minister of Energy and Mineral Resources was received on November 3, 2015, confirming the KSK CoW entered the fifth year of the Exploration Period on October 28, 2015. As such KSK has a total of 30+ years remaining for exploration, development and operations.
Surya Kencana LLC, a wholly owned subsidiary of Freeport-McMoRan Exploration Corporation holds a 1% NSR royalty capped at the $35.4 million invested by Freeport.
Asiamet announced the results of an independently prepared Preliminary Economic Assessment (PEA) study on April 5, 2016 and filed the technical report on May 19, 2016. The PEA is the first study undertaken to evaluate the economics of developing an open pit mine and heap leach solvent extraction electro-winning facility ("SX-EW") to directly produce copper cathode based on the near surface copper deposit reported in the 2015 BKM Resource estimate (ARS NR October 21, 2015). Results of the PEA study demonstrate excellent potential for developing a robust, low strip ratio, low capital intensity copper project with low operating costs, strong cash flow generation capacity and significant upside potential through further Resource growth.
The Beutong Project
The holder of the Beutong IUP is PT Emas Mineral Murni, ("PT EMM") an Indonesian company. PT EMM is owned 80% by Beutong Resources Pte Ltd. ("Beutong Singapore") a Singapore company. Beutong Singapore is owned 50% by Tigers Copper Singapore No. 1 Pte Ltd. ("Tigers Singapore"). Tigers Singapore is owned 100% by Asiamet Resources Limited. Therefore, Asiamet holds an effective 40% interest in the Beutong IUP at this stage (80% x 50% x 100% = 40%). PT Media Mining Resources ("PTM") owns the remaining 20% of the shares of PT EMM.
Pursuant to a joint venture agreement between PTM and Tigers Singapore dated February 11, 2011, as most recently amended November 19, 2014 (the "Option Agreement"), Tigers Singapore can increase its shareholding in Beutong Singapore from its current 50% ownership to 100% by completing expenditure and development milestones so that it can ultimately hold an effective 80% interest in the Beutong IUP.
The Beutong Project is located within the Beutong IUP located in Aceh in Indonesia, some 60 kilometres inland from the coastal city of Meulaboh on the island of Sumatra.
The Beutong Project
- Beutong's Mineral Resource on a 100% basis comprises:
Measured and Indicated Resources of 93Mt at 0.61% Cu, 0.13ppm Au, 1.97ppm Ag and 97ppm Mo (0.3% Cu Reporting Cut) for contained metal of 1,241MIbs copper, 373koz gold, 5,698koz silver and 20MIbs molybdenum (0.3% Cu Reporting Cut); and
Inferred Resources of 418Mt at 0.45% Cu, 0.13ppm Au, 1.11ppm Ag and 129ppm Mo (0.3% Cu Reporting Cut) for contained metal of 4,092MIbs copper, 1,746koz gold, 14,903koz silver and 112MIbs molybdenum (0.3% Cu Reporting Cut).
- Beutong's Mineral Resource on a relevant attributable 40% interest basis comprises:
Measured and Indicated Resources of 38Mt at 0.61% Cu, 0.13ppm Au, 1.97ppm Ag and 97ppm Mo (0.3% Cu Reporting Cut) for contained metal of 496MIbs copper, 149koz gold, 2,279koz silver and 8MIbs molybdenum (0.3% Cu Reporting Cut); and
Inferred Resources of 167Mt at 0.45% Cu, 0.13ppm Au, 1.11ppm Ag and 129ppm Mo (0.3% Cu Reporting Cut) for contained metal of 1,637MIbs copper, 698koz gold, 5,961koz silver and 45MIbs molybdenum (0.3% Cu Reporting Cut).
- Large scale copper-gold-molybdenum resource with a high grade core and potential for significant additional upside
- The Beutong IUP covers two porphyry copper-gold-molybdenum prospects - West and East Porphyries and the Beutong Skarn (copper-gold)
- Excellent infrastructure exists with major road, grid power and a port located nearby
- The Company has an option to earn up to an 80% interest in the Beutong Project pursuant to the terms of an existing option agreement.
Tony Manini, Director and Executive Chairman
Tony Manini has over 25 years of global resource industry experience across a diverse range of commodities in over 20 countries. His experience includes 14 years with Rio Tinto Limited and 8 years with Oxiana Limited (now OZ Minerals Limited) covering various technical, commercial, senior management and executive roles in exploration, project evaluation, project development and business development. As a founding member of the Oxiana Limited executive team he was responsible for establishing and managing the company's highly successful exploration and resources group and closely involved in the discovery and/or acquisition and development of Oxiana Limited/OZ Minerals Limited's four operating mines. Mr Manini is a founder of Tigers Realm Minerals and Tigers Realm Coal and has been Managing Director of Tigers Realm Metals Pty Ltd since its inception. He is also Executive Chairman of Tigers Realm Coal Ltd. Mr Manini holds an Honours Degree in Geology and is a Fellow of the Australian Institute of Mining and Metallurgy and the Society of Economic Geologists. Resident of Australia. Born 1963.
Peter Bird, Director and Chief Executive Officer
Peter Bird is an experienced, well known and highly respected mining industry executive. His extensive experience covers technical, management, investment and human resource positions with major companies such as Western Mining Corporation, Merrill Lynch Equities and Newmont Mining. He has held senior executive roles at Newcrest Mining and Normandy Mining, two of Australia's largest gold producers with substantial operations in Indonesia. Peter was most recently the Managing Director of Heemskirk Consolidated Limited, an Australian listed producer of industrial minerals in Canada and previously operator of the Pajingo gold mine in Australia and the Los Santos tungsten mine in Spain. Over the past three years he has led the feasibility, financing and development of an industrial minerals project in Canada. Mr. Bird has a Bachelor of Applied Science in Geology from LaTrobe University and is a member of the Australian Institute of Mining and Metallurgy and the Australian Institute of Company Directors. Born 1963.
Doris Meyer, Chief Financial Officer and Corporate Secretary
Doris Meyer has been involved with the Company since 1997 initially as Corporate Secretary, then Chief Financial Officer, becoming a director in 2000. Ms. Meyer retired from the role of Chief Financial Officer in October 2013. She remains as Corporate Secretary. Ms. Meyer is well experienced in the mining industry and she is a member of the Associations of the Chartered Professional Accountants of British Columbia and Canada. Ms. Meyer has a broad network of contacts in financial markets in North America and Europe. Resident of Canada. Born 1952.
Mansur Geiger, Vice President Indonesia
Over 35 years mineral exploration experience in Australia and Indonesia. Mr Geiger is fluent in the Indonesian language and customs. He has worked on the KSK copper projects from its inception in 1982 and it is reasonable to say that he has committed his career to see the success of KGC in the form of a major mineral discovery. Resident of Indonesia. Born 1952.
Stephen Hughes, Director
Stephen Gregory Hughes (aged 43), is a geologist with over 20 years technical and management experience in copper-gold exploration and open pit and underground mine geology. He is recognized in Indonesia as a leading expert on copper-gold systems, and has evaluated more than 30 copper-gold deposits across Indonesia and the Philippines. His experience includes 12 years with Freeport-McMoRan Copper & Gold, managing their regional exploration activities and underground mine geology group, and he was also involved in the Grasberg open pit mine geology operations. He joined Oxiana Limited / OZ Minerals as Exploration Manager in 2007, focused on growing the company through exploration and acquisition of advanced copper-gold opportunities in Indonesia. Stephen is currently based in Jakarta Indonesia, as a key member of the Tigers Realm Group's copper-gold management team, where he is responsible for identifying, acquiring and developing high quality mineral resource and energy assets. Mr. Hughes is currently a director of PT Emas Mineral Murni, a private Indonesian mining and exploration company. He has not held any other directorships or partnership positions in the last 5 years. Born 1970.
Jefferson Dau, SH, Vice President Director KSK
Jefferson Dau has 35+ years as professional lawyer, Is a member of the Indonesian Chamber of Commerce and Industry and sits on the Advisory Board of the Indonesian Bar Association. Resident of Indonesia.
Bambang Setiawan, Commissioner KSK
Bambang Setiawan is a geologist with 35 + years experience. Masters (ITB) and PhD (France) in mining. Director General of Mineral, Coal and Geothermal, 2008 -- 2011 and President Commissioner of numerous mining companies. Resident of Indonesia.
Prasetianto W Mangkusubroto, Government Relations
Prasetianto Mangkusubroto has a Masters of Industrial Engineering with 22 years' experience in the Indonesian mining Industry. Working in both mining engineering and government relations for mineral and coal mining including companies such as Freeport. Resident of Indonesia.
Dr. Peter Pollard, Director
Peter Pollard is a consulting economic geologist with more than 20 years experience. He holds a PhD from James Cook University, Australia and is a Member of the Australasian Institute of Mining and Metallurgy and a Fellow of the Society of Economic Geologists. Dr Pollard has consulted widely on porphyry copper-gold and iron oxide copper-gold deposits. He has worked on some of the world's major porphyry copper-gold deposits including Grasberg (Indonesia), Escondida Norte (Chile) and Oyu Tolgoi (Mongolia). In addition, he has consulted on porphyry exploration programs in Australia, China, Indonesia, Iran, Kazakhstan, Mongolia, Peru, U.S.A. and Vietnam. Born 1952.
Faldi Ismail, Director
Faldi Ismail has significant experience working as a corporate advisor specialising in the restructure and recapitalisation of a wide range of ASX-listed companies.Mr Ismail has many years of investment banking experience covering a wide range of sectors, with a specific focus on the resources sector. Mr Ismail is currently a director of several ASX-Listed companies. Until January 12, 2015 Mr Ismail was the Deputy Chairman and CEO of the Company. Resident of Australia. Born 1976.
Raynard von Hahn, Director
Mr. von Hahn is a practicing securities lawyer in British Columbia and was called to the bar in 1993. Born 1959.
Other Senior Executives:
Mansur Geiger (Vice President, Indonesia)
Stephen Hughes (Vice President, Exploration)
Doris Meyer (Chief Financial Officer & Corporate Secretary)
AIM Rule 26 Statement of Shareholding as of May 15, 2017
Authorized share capital $10,000,000 divided into 1,000,000,000 common shares at a par value of US$0.01 each.
|Issued and Outstanding||
|Tony Manini, directly and indirectly||
|Asipac Group Pty Ltd||
|Namarong Investments Ply Ltd.||
|Not in public hands(the Company has no treasury shares)||
Mobile: +61 3 8644 1300
Chief Financial Officer and Corporate Secretary
Telephone: +1 604 536 2711 x 6
RFC Ambrian Limited
Level 28, QV1 Building
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Perth WA 6000, Australia
Ph: +618 9480 2500
19-31 Pitt Street
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VSA Capital Limited
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Auditor and Reporting
Ernst & Young LLP
Pacific Centre, PO Box 10101
700 West Georgia Street
Vancouver, British Columbia
Canada V7Y 1C7
Solicitors to the Company
Axium Law Corporation
3350 - Four Bentall Centre
1055 Dunsmuir Street
Vancouver, British Columbia
Canada V7X 1L2
In the UK
Charles Russell LLP
8-10 New Fetter Lane
London EC4A 1RS
In Indonesia (regarding Titles)
Hadiputranto, Hadinoto & Partners
Tower II, 21st Floor Sudirman Central Business District
Jl. Jendral Sudirman Kav 52-53 Jakarta 12190, Indonesia
Mello Jones & Martin
4 Burnaby Street
Hamilton HM FX, Bermuda
In the UK
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