Jorc Coal Resources and Reserves Statement For Bayan Final

Statement of Coal Resources
PT. RungePincockMinarco (“RPM”) was commissioned by PT. Bayan Resources Tbk. (“Bayan”) to prepare
independent coal Resources estimates (hereafter, referred to as the “Statement”) for a number of its
operations and properties namely:
▪ PT Fajar Sakti Prima (FSP), operating coal mine;

▪ PT. Bara Tambang (BT), operating coal mine;
▪ PT Tiwa Abadi (TA), exploration project;
▪ PT Tanjur Jaya (TJ), exploration project and
▪ PT Dermaga Energi (DE), exploration project.
The Statement reports the Coal Resources at 1 January 2021 in accordance with the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (The Joint Coal
Reserves Committee Code -JORC 2012 Edition) (JORC).
The current operation at FSP and BT are known as the Tabang mine and the TA, TJ and DE properties are
known as the Pakar North project.
Tabang and the Pakar North Project occurs in the Late Miocene age Upper Balikpapan Formation. The
geology of the entire deposit is relatively simple, as a large multiple-seam deposit overlying the western and
eastern limb of a broad synclinal structure plunging to the southeast.
Tabang and the Pakar North coal Resource area has been subject to extensive drilling that has been
conducted in several phases, with the last campaign being completed in 2020. A total of 374 drill holes
(predominantly partially cored holes) have been drilled since the previous JORC Resources and Reserves
statements were completed in 2019, for a total meterage of 25,281 m.
The Tabang and Pakar North drill plan that has been completed and is the basis for the geological model
representing the deposits is outlined in Figure 1.
Typical cross sections through the deposit from north to south as shown in Figure 2 to Figure 6 outline the
occurrence of the coal seams in the Tabang and Pakar North coal Resource area.
LEGEND
400000 m
405000 m
410000 m
415000 m
420000 m
Prior 2019 Open Holes PT Fajar Sakti Prima
Prior 2019 Quality Holes
2019 - 2020 Open Holes PT Bara Tabang
2019 - 2020 Quality Holes
60000 m 60000 m
i
hu
eta
dik
North
MIA and Camps
lum
Sengit
Bridge
be
Camp
South
Sengit
Workshop Bridge
Offices and Camp
To
55000 m 55000 m
Gu
nun
gS
Klepos Bridge
ari
400000 m 410000 m 420000 m
PT Bara Tabang
60000 m
60000 m
PT Fajar Sakti Prima To Senyiur Jetty
PT Tiwa Abadi PT Tanur Jaya PT Dermaga Energi
50000 m 50000 m
50000 m
50000 m
PT. OKIDA MAKMUR

(101km to Mahakam)
CHR to Muara Pahu
Su
PT Orkida Makmur
nga
i Be
PT. SUMBER API

lay
an
PT. BRIAN ANJAT SENTOSA

400000 m
405000 m
410000 m
415000 m
420000 m
PT. CAHAYA ALAM
40000 m
40000 m
PT. BARA SEJATI
LEGEND CLIENT PROJECT

400000 m 410000 m 420000 m Concession Boundary N
NAME PRE-FEASIBILITY STUDY FOR JORC 2021
Haul Roads to Jettys OPEN CUT COAL RESOURCES AND RESERVES
CHR Road to Muara Pahu DRAWING
Drillhole
Infrastructure DRILL HOLE LOCATION PLAN
Faultline
FIGURE No. PROJECT No. Date
0 2 4 kilometer 
DO NOT SCALE THIS DRAWING - USE FIGURED DIMENSIONS ONLY. VERIFY ALL DIMENSIONS ON SITE
1 ADV-JA-04036 March 2021
56949 N 56949 N
398721 E 403318 E
150 150
100 SD391
SD392
100 B
W SD273R SD271
W SD501 DD_FSP_007
SD479RSD477 W
T2T3B
T3 W SD472
ST068 WSD1413 W W DD_FSP_008
T3B W SD1416 DD_FSP_009 SD1080 SD095 SD1082
T3 T3B W T4
T3 T4 T4 T4U T4U T5 W W W W
T3B T4L T4L T4U T7B1 T7B1 W
T3 T3B T3B T4BU T7B2 T7B2 T7B1
T4L T4BL T7U T7B2
T3 T3B T7L
T4 T7
T3 T7
B'
T2 T7U
T2 T5 T7L
T3
0 T2 0
A A'
T5U
T4 T5L
T3
T4
T2
T3
T2
-100 -100
-200 -200
SECTION LOCATIONS
A A'
62323 N 58509 N
400162 E 403408 E
150 150
100 100
SD183
SD732 SD222
SD224 SD216 SD185 SD1148 DD_FSP_022_GT
SD1218 T3_170420_2 W SD1140
DD_FSP_030 DD_FSP_027_GT SD407 DD_FSP_023
SD733 W SD408
SD1217 W
W WW
T3_1218_19 W SD214 W SD189 ST210
SD1139 WW W W W
W W T4
T4 W T5 T5 W W W
W T3
T3 W T4
T3T3T3 T3 T4 T5
T1 T3 T4T4 T5
T3 T3 T5
T1 T3 T3
T3 T5
T4
0 0
T4
T2 T3
T4
T2U T3
T2L
T1 T2 T3
T1
T2
T1
-100 -100
T1
-200 -200
B B'

NAME
JORC OPEN CUT COAL RESOURCES AND RESERVES
DRAWING
TYPICAL CROSS SECTIONS - PT FAJAR SAKTI PRIMA


THE SECTIONS ARE VERTICALLY EXAGGERATED AT 3:1
61451 N 58939 N
405575 E 404584 E
150 150
100
SD799
100 A B
W
T2 DD73
DD16
SD768 SD769 DD27
ST595 DD64 W
W DD72
W T5 W
WT3BT ST222
SD627 SD1187 W DD63 W
T3 T5
T3BT
T2
A' B'
T3BT W W W T5
T5
T3BT
T3BT
T3BT
0 0
T3
T3
T2
T3
T2
T3 T3BT
T2U
T1
T2L
-100 -100
SECTION LOCATIONS
-200 -200
A A'
61138 N 58939 N
408291 E 408412 E
150 150
T3_080920_1
SD1331A SD1334R
SD419
SD1329 SD1331B
T3_1
W W
100 W
SD1331
W 100
W ID_01
T3_1W ID_02
ID_03
SD785R
T3_1
T3_1 ID_05
W ID_04
T31_080819_3 W
T1A
WW DD44A
W SD1367
W W DD99
T1A T3_1 T3_1 T3_1 W W DD86 SD1387B
DD49
T3_1 W W
W
T4W
T4 T4
T4B
T4
T3_1
0 0
T3_1
T3_1
T3_1
T1A
T1A
-100 -100
-200 -200
B B'
NAME
DRAWING
TYPICAL CROSS SECTIONS - PT BARA TABANG


55096 N 58411 N
403551 E 407139 E
150 150
A'
100 100
TA20_023 TA18_181
TA18_176 W TA17_25 TA17_23
W W W W
T8 T7B1
T8 T8 T7B2
T7B1
T7B1 T7B2
0
T7B1
T7B2 T7B1
T7B2 T7U
T7L 0 B'
A
T7B2 T7U T5
T7U1 T7L
T7 T7U1 T7U2
T7L T5U
T7U2 T5L
T7L T5U
T5U T5L
T5L
T4
T4
-100 -100
T3BT
T1
T3_1
B
T1A
-200 -200
SECTION LOCATIONS
A A'
50906 N 55123 N
404124 E 407146 E
150 150
100 100
TA19_005 TA19_004
T7B_131220_1
TA19_006 W TA19_002 TA18_556
TA19_007 T7B W TA19_003
W W T8 W TA18_110 TA18_106 TA18_152 TA18_154
T7 W W
T9 W W W W
T7B T8 T9
T8 T9 T9 T9
T7 T8B T9
T7B T8 T8B T8B T8B 0
0 T7
T8U
T8L T8 T8
T8
T4 T7B1
T7B2
T4
T3
T2
-100 -100
-200 -200
B B'

NAME
DRAWING
TYPICAL CROSS SECTIONS - PT TIWA ABADI


411736 E 408782 E
58954 N 56362 N
150 150
100 100
IBUG_002 TJ20_021 TJ20_032

TJ09_18 TJ20_025 IBU_016
A
IBD005 W W
IBD006 W TJ09_16 W TJ09_14 T7B W TJ20_040 W
W T7 W T8
W W W T7B
T5 T7 T7 T7B
T7U
T5 T7L T7B
B
T4 T5
0 T4 T5 T7 T7B 0
T5U T7
T4 T5L T7
T4 T7 T7U1
T7U2
T7L
A'
T4
-100 DM_TJ20_021_T3_1 -100

B'
T3_1
-200 -200
SECTION LOCATIONS
A A'
413575 E 410440 E
56904 N 53589 N
150 150
100 100
TJG09-06 TJD09-06 IBU_030 IBU_014

IBU_004
W WTJ09_102 W TJ20_055 W W
T5 W
T4L T5 W T9
T3 T7 T8
0 0
T4 T4U
T4L T5
T7B
T3B
T4U T7
T3 T4L T7 T7U
T7L
T5U
T5L
-100 T3U -100
T3L T4
-200 -200
B B'
NAME
DRAWING
TYPICAL CROSS SECTIONS - PT TANUR JAYA


54713 N 52399 N
415885 E 413933 E
150 150
100 100
TJ09-108
W
TJE09-11
TJ09_34 T5 IBU_006
W W T4L W
T3 T3
T4U T7U1
T2 T2 T4L T7U2
0 T7L
0
T5
A
B
T4B
A'
B'
-100 -100
SECTION LOCATIONS
-200 -200
A A'
52957 N 50724 N
417144 E 415423 E
150 150
100 100
TJD09-17 TJ09_55
TJ09-96 W W
W T5 TJB09-21
T4 T5
W TJA09-23
T3 T4 T4U W
T4L
T5
T2 T3
0 T2 T7 0
T4
T5U
T5L
T4
-100 -100
-200 -200
B B'
NAME
DRAWING
TYPICAL CROSS SECTIONS - PT DERMAGA ENERGI


As at 1 January 2021 the total coal Resources of the 5 properties are 2,491 million tonnes, with the details
of the coal Resources of each property outlined in Table 1 to Table 5. Notes common to Table 1 through
Table 5 are shown following Table 5.
Example of Resource limits for the main seam of each concession in the Tabang and Pakar North deposit
are shown in Figure 7 to Figure 11.
Table 1 FSP Coal Resources Summary

TM CV Ash TS IM
Resources (Mt) RD
Area/ Block (%) (kcal/kg) (%) (%) (%)
Inferred Indicated Measured Total (ar) (gar) (adb) (adb) (adb) In situ
Inferred Resources
FSP 6 6 32.0 4,375 5.7 0.12 21.3 1.29
Indicated Resources
FSP 201 201 32.4 4,380 5.7 0.12 20.7 1.28
Measured Resources
FSP 111 111 33.5 4,345 4.8 0.12 24.0 1.27
Grand Total/
6 201 111 317 32.8 4,370 5.4 0.12 21.8 1.27
Average
Table 2 BT Coal Resources Summary

TM CV Ash TS IM
Resources (Mt) RD
Inferred Resources
BT 8 8 33.8 4,280 4.3 0.11 22.0 1.27
Indicated Resources
BT 78 78 35.0 4,235 3.6 0.11 24.2 1.26
Measured Resources
BT 242 242 34.1 4,290 3.1 0.11 24.1 1.27
Grand Total/
8 78 242 328 34.3 4,275 3.3 0.11 24.0 1.27
Average
Table 3 TA Coal Resources Summary

TM CV Ash TS IM
Resources (Mt) RD
Area/ Block (%) (Kcal/Kg) (%) (%) (%)
Inferred Resources
TA 293.8 294 34.5 4,125 5.7 0.11 22.1 1.29
Indicated Resources
TA 289 289 34.6 4,155 4.9 0.11 22.3 1.28
Measured Resources
TA 377 377 34.6 4,160 4.4 0.11 23.5 1.29
Grand Total/
294 289 377 959 34.6 4,150 4.9 0.11 22.7 1.29
Average
Table 4 TJ Coal Resources Summary
TM CV Ash TS IM
Resources (Mt) RD
Area/ Block (%) (Kcal/Kg) (%) (%) (%)
Inferred Resources
TJ 215 215 37.4 3,985 5.3 0.11 20.8 1.26
Indicated Resources
TJ 157 157 37.3 4,030 4.6 0.10 20.0 1.26
Measured Resources
TJ 302 302 37.7 3,995 4.5 0.10 20.0 1.25
Grand Total/
215 157 302 674 37.5 4,000 4.8 0.11 20.2 1.26
Average
Table 5 DE Coal Resources Summary

TM CV Ash TS IM
Resources (Mt) RD
Inferred Resources
DE 76 76 41.0 3,715 6.7 0.14 18.5 1.23
Indicated Resources
DE 55 55 42.6 3,700 5.5 0.13 18.1 1.21
Measured Resources
DE 82 82 43.0 3,700 4.5 0.13 18.5 1.21
Grand Total/
76 55 82 213 42.2 3,705 5.5 0.13 18.4 1.22
Average
Notes for Table 1 to Table 5 inclusive:

1.The Statement of JORC Coal Resources for FSP, BT, TA, TJ and DE have been compiled under the supervision of Mr. Oki Wijayanto
who is a full-time employee of RPM and a Registered Member of the Australian Institute of Mining and Metallurgy. Mr. Wijayanto has
sufficient experience that is relevant to the style of Coal and type of deposit under consideration and to the activity that he has
undertaken to qualify as a Competent Person as defined in the JORC Code.
2. All Coal Resources figures reported in the tables above represent estimates at 1 January, 2021. Coal Resource estimates are not
precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the
occurrence and on the available sampling results. The totals contained in the above table have been rounded to reflect the relative
uncertainty of the estimate. Rounding may cause some computational discrepancies.
3. Coal Resources have been estimated in accordance with the guidelines of the 2012 Edition of the JORC Code and the Australian
Coal Guidelines 2014 edition
4. Coal Resources have been estimated on a 100% ownership basis
Please refer to the sections following the Competent Persons Statement (Reserves) that include Table 1,
Sections 1 to 3, copied directly from the current Statement of Coal Resources prepared by Mr Oki Wijayanto
(RPM).
395000 m
400000 m
405000 m
398721
56949 NE
150
100 SD391
SD392
W
SD479R SD501 SD273R SD271 DD_FSP_007
100
W
SD477 SD472
ST068
T2 T3B
T3 W W W SD1413 W
SD1416 W W DD_FSP_008 DD_FSP_009 SD1080
MEASURED
T3B T3B T4
T3 W T4 T4 T4U W W W
T3 T3B T4U T4U T5 T7B1
T4L T4BU
T3 T3B T3B T4L T4L T7U T7B2
T4BL
T3 T3B T7L
T4 T7
T2 T3
T2 T5
0 0
T3
PT Fajar INDICATED
Sakti Prima
T2
T5U
T4 T5L
T3
T4
T2
T3
-100 T2
-100
-200 -200
398721
56949 E
-250 N
SECTION A - A’
60000 m 60000 m
MIA and Camps
Camp
Workshop
400000 m 410000 m 420000 m
PT Bara Tabang
A A'
60000 m
60000 m
PT Fajar Sakti Prima

Offices and
Camp

50000 m
50000 m
PT. OKIDA MAKMUR
400000 m
405000 m
PT. SUMBER API
55000 m 55000 m

PT. CAHAYA ALAM
40000 m
40000 m
PT. BARA SEJATI
Concession Boundary N
NAME
Haul Roads to Jettys Infrastructure JORC OPEN CUT COAL RESOURCES AND RESERVES
Measured Quality Data
DRAWING
Indicated Open Hole COAL RESOURCE LIMIT SEAM GROUP T3 - PT FAJAR SAKTI PRIMA
400000 m 410000 m 420000 m
Inferred Seam Subcrop
Figure PROJECT No. Date
0 2.5 5km 
405000 m
410000 m
PT Bara Tabang
A
60000 m 60000 m
MIA and Camps

North Sengit Bridge
400000 m 410000 m 420000 m

A'
Camp
405982
61162 E 405757 NE
150 N 58956
150
PT Bara Tabang
60000 m
60000 m
PT Fajar Sakti Prima 100 SD837 SD863R

100
SD633 SD772
W
T3BT W SD1190 W
DD36 DD29
T3BT W W
SD1274R W W
T3BT T3BT
T3BT W T5
T1
MEASURED
T1
0 0
T3BT
T3
T1
PT Tiwa Abadi PT Tanur Jaya PT Dermaga Energi T3BT
-100 -100
50000 m
50000 m
-150
PT. OKIDA MAKMUR
SECTION A - A’
405000 m
410000 m
PT. SUMBER API

PT. CAHAYA ALAM
40000 m
40000 m
PT. BARA SEJATI
NAME
Measured Quality Data DRAWING
Indicated Open Hole
400000 m 410000 m 420000 m COAL RESOURCE LIMIT T3 SEAM GROUP - PT BARA TABANG
0 2 4km 
i
hu
eta
dik
lum
400000 m
405000 m
410000 m
415000 m
A
North Sengit Bridge
be
MIA and Camps
Camp
Workshop
South Sengit Bridge
Offices and
Camp
A'
55000 m 55000 m
Klepos Bridge
400000 m 410000 m 420000 m

413673 NE 411795 NE
PT Bara Tabang
56910
150 55109
150
60000 m
60000 m

100 100
50000 m 50000 m
TJG09-06 TJE09-85A
TJ09-85
IBUG_004 IBU_030
W W
WW TJ09_102 W TJ20_055
W
T4L T5 W
T4U
T4U
T4U
0 MEASURED 0
T3 T4L
T4L
T4L T7
T4U
T3U
T3 T5
T3L T4L
T2
T3B
To B
T4U T7
T3 T4L

-100 INDICATED -100
INFERRED
T3U
T3L
laya e
Gunung Sari
n Je
-200 -200
50000 m
50000 m
tty
PT. OKIDA MAKMUR

413673
56910 E 411795 E
-250 N 55109
-250 N
SECTION A - A’
400000 m
405000 m
410000 m
415000 m
PT. SUMBER API

PT. CAHAYA ALAM
40000 m
40000 m
PT. BARA SEJATI
NAME
Indicated Open Hole
400000 m 410000 m 420000 m COAL RESOURCE LIMIT SEAM GROUP T3 - PT TIWA ABADI
0 2.5 5km 
i
hu
eta
dik
lum
405000 m
410000 m
415000 m
420000 m
North Sengit Bridge
be
MIA and Camps
South Sengit Bridge
A'
55000 m
Klepos Bridge
PT Dermaga Energi
To Senyiur Jetty
400000 m 410000 m 420000 m
PT Tanur Jaya
PT Bara Tabang
60000 m
60000 m
411959
58951 NE 409198
55840 NE
150 150
PT Fajar Sakti Prima 100 100 50000 m

PT Tiwa Abadi IBD008
IBD007
TJ09-274
WW W
TJ09_20
W
TJ09_19
W
T7U
T7L
T5
TJ09_17R
TJ09_17
W
W
T7U
T7
T7L
TJ09_39
TJD09-01 W
W
TJ20_027
W
T7B
TJ20_034
MEASURED
W
T7B
TJ20_042
W
TJ20_140
W
0 0
T7B
INDICATED
T5 T7 T7
INFERRED
T7B
T4
T4 T5 T7
T4 T7
T4 T5U
T5L T7
T3U T4 T7
T3L
To B
-100 -100
e
-200 -200
laya
Gunung Sari
411959
58951 E 409198 E
-250 N 55840
-250 N
n Je
50000 m
50000 m
SECTION A - A’
tty
PT. OKIDA MAKMUR

405000 m
410000 m
415000 m
420000 m
PT. SUMBER API

PT. CAHAYA ALAM
40000 m
40000 m
PT. BARA SEJATI
NAME
Indicated
400000 m 410000 m 420000 m
Open Hole COAL RESOURCE LIMIT SEAM GROUP T7 - PT TANUR JAYA
0 2.5 5km 
10 ADV-JA-04036 March 2021
i
hu
eta
dik
lum
405000 m
410000 m
415000 m
420000 m
North Sengit Bridge
be
MIA and Camps
417279
53183 NE 415251
51207 NE
150 150
100 100
TJ09_38
MEASURED
TJ09-112
W W TJC09-19 TJA09-22
INDICATED
T4U T5
W
T4L T5 W
INFERRED
T7U
T3 T4U T7L
0 0
T4L T4
T5
T4
-100 -100
South Sengit Bridge
-200 -200
417279
53183 E 415251 E
-250 N 51207
-250 N
SECTION A - A’
55000 m
Klepos Bridge
To Senyiur Jetty
400000 m 410000 m 420000 m
A'
PT Bara Tabang
60000 m
60000 m
PT Dermaga Energi
PT Tanur Jaya
50000 m
PT Tiwa Abadi
To B

laya e
Gunung Sari
n Je
50000 m
50000 m
tty
PT. OKIDA MAKMUR

405000 m
410000 m
415000 m
420000 m
PT. SUMBER API

PT. CAHAYA ALAM
40000 m
40000 m
PT. BARA SEJATI
NAME
Indicated Open Hole
400000 m 410000 m 420000 m COAL RESOURCE LIMIT SEAM GROUP T4 - PT DERMAGA ENERGI
0 2.5 5km 
11 ADV-JA-04036 March 2021
Competent Person Statement
The information in this report that relates to the Coal Resources of the PT Bayan Resources properties is
based on information compiled and reviewed by RPM geologists under the supervision of Mr Oki Wijayanto,
B Sc (Geology), MAusIMM, MAIG, MIAGI who works full time for RPM.
Mr Oki Wijayanto is a qualified Geologist who has more than 18 years of relevant mining and geological
experience in coal, working for major mining companies and as a consultant. During this time Mr Oki
Wijayanto has either managed or contributed significantly to numerous mining studies related to the
estimation, assessment, evaluation and economic extraction of coal in Indonesia. Mr Oki Wijayanto has
sufficient experience which is relevant to the style and type of deposit under consideration and to the activity
he is undertaking 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 (JORC Code).
I, Oki Wijayanto, confirm that I am the Competent Person for the Coal Resources stated in this Statement
and:
▪ I have read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition);
▪ The estimates of Coal Resources presented in this Statement have been carried out in accordance with
the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”
(2012);
▪ I am a Geologist and Competent Person as defined by the JORC Code 2012 Edition, having over
eighteen (18) years’ experience that is relevant to the style of mineralisation and type of deposit
described in the Statement, and to the activity which have undertaken in the preparation of this report;
▪ I am a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM); and
▪ I have reviewed the Statement to which this Consent statement applies.
I confirm I am a full-time employee of PT. RungePincockMinarco that has been engaged by PT. Bayan
Resources Tbk. to prepare independent Coal Resources estimates for a number of its operations and
properties namely:

▪ PT Tanjur Jaya (TJ), exploration project; and
The Statement reports the Coal Resources at 1 January 2021 in accordance with the Australasian Code for
I am not aware of any potential for a conflict of interest in relation to this work for the Client. I have no interest
whatsoever in the mining assets reviewed and will gain no reward for the provision of this Coal Resources
Statement. RPM will receive a professional fee for the preparation of this Statement. Accordingly, I have
disclosed to the reporting company the full nature of the relationship between myself and the Client,
including any issue that could be perceived by investors as a conflict of interest.
I verify that the Statement is based on and fairly and accurately reflects in the form and context in which it
appears, the information in my supporting documentation relating to the Coal Resources.
………………………………….
Oki Wijayanto BSc (Geology), MAusIMM, MAIG, MIAGI
Statement of Coal Reserves
PT RungePincockMinarco (RPM) has completed an update of the previous coal Reserves for the PT Bayan
Resources properties of:
▪ PT Fajar Sakti Prima (FSP);

▪ PT. Bara Tambang (BT);
▪ PT Tiwa Abadi (TA);
▪ PT Tanjur Jaya (TJ) and
▪ PT Dermaga Energi (DE)
As at 1 January 2021 the total coal Reserves of the 5 properties are 1,475 million tonnes, with the details
of the coal Reserves of each property outlined in Table 6 to Table 10. Also outlined in Figure 12 is the
representation of the pit limits that contain the coal Reserves as presented in this Statement.
Notes common to Table 6 through Table 10 are shown following Table 10.
Please refer to the sections following the Competent Persons Statement (Reserves) that include Table 1,
Section 4, copied directly from the current Statement of Coal Reserves prepared by Mr Greg Eisenmenger
(RPM).
Table 6 FSP Coal Reserves Summary

TM IM Ash TS CV RD
Reserves (Mt)
Area/Block % % % % kcal/kg
Probable Proved Total (ar) (adb) (adb) (adb) (gar) In Situ
Probable
Reserves
FSP 111 0 111 32.1 21.6 6.4 0.11 4,350 1.28
Proved Reserves
FSP 0 82 82 33.4 24.4 5.3 0.12 4,320 1.28
Grand
111 82 193 32.7 22.8 5.9 0.11 4,340 1.28
Total/Average
Table 7 BT Coal Reserves Summary

TM IM Ash TS CV RD
Reserves (Mt)
Probable Proved Total (ar) (adb) (adb) (adb) (gar) In Situ
Probable
Reserves
BT 64 0 64 35.3 24.7 3.5 0.11 4,220 1.27
Proved Reserves
BT 0 228 228 34.1 24.1 3.3 0.11 4,290 1.27
Grand
64 228 292 34.4 24.3 3.3 0.11 4,270 1.27
Total/Average
Table 8 TA Coal Reserves Summary
TM IM Ash TS CV RD
Reserves (Mt)
Area/Block % % % % kcal/kg Ins
Probable Proved Total (ar) (adb) (ar) (ar) (gar) gr/cc
Probable
Reserves
TA 197 0 196 34.7 22.2 4.3 0.11 4,200 1.28
Proved Reserves
TA 0 286 286 34.4 23.6 4.7 0.11 4,160 1.28
Grand
197 286 483 34.5 23.0 4.6 0.11 4,180 1.28
Total/Average
Table 9 TJ Coal Reserves Summary

TM IM Ash TS CV RD
Reserves (Mt)
Probable Proved Total (ar) (adb) (adb) (adb) (gar) In situ
Probable
Reserves
TJ 115 0 115 37.1 20.1 4.9 0.10 4,030 1.28
Proved Reserves
TJ 0 275 275 37.7 19.9 4.9 0.10 3,980 1.28
Grand
115 275 390 37.5 20.0 4.9 0.10 3,990 1.28
Total/Average
Table 10 DE Coal Reserves Summary

TM IM Ash TS CV RD
Reserves (Mt)
Area/Block % % % % kcal/kg In situ
Probable Proved Total (ar) (adb) % (ar) % (ar) (gar) gr/cc
Probable
Reserves
DE 37 0 37 42.5 18.6 5.9 0.13 3,670 1.28
Proved Reserves
DE 0 80 80 43.0 18.5 4.9 0.13 3,680 1.27
Grand
37 80 117 42.8 18.5 5.2 0.13 3,680 1.28
Total/Average
Notes for Table 6 to Table 10 inclusive:

1.The Statement of JORC Open Cut Coal Reserves has been compiled under the supervision of Mr. Greg Eisenmenger who
is a full time Executive Consultant employed by RPM and is a Member of the Australian Institute of Mining and Metallurgy.
Mr. Eisenmenger has sufficient experience which is relevant to the style of Coal and type of deposit under consideration to
qualify as a Competent Person as defined in the JORC Code.
2.Tonnages are metric tonnes
3. Coal Reserve estimates are not precise calculations. The totals contained in the above table have been rounded to reflect
the relative uncertainty of the estimate. Rounding may cause some computational discrepancies.
4. Coal Reserves have been estimated in accordance with the guidelines of the 2012 Edition of the JORC Code and the
Guidelines 2003 Edition.
5.Coal Resources have been estimated on a 100% ownership basis.
6. Marketable Reserves are the same as coal Reserves
400000 m
405000 m
410000 m
415000 m
420000 m
PT Bara Tabang
30
20 10
0
10
-10 30
0 -20
20
60000 m -10 60000 m
-30
10
i
hu
-20 0 -10
-40
eta
-20
dik
MIA and Camps
-50 -30
lum
-30 -40
North Sengit Bridge
be
-60 -50
-40 -70 -60
-80 -80 -70

-50
-90 -90
-60
Camp
-100 -100
-110
Workshop -110 -120
-130
-140
-120
-150
-10 South Sengit Bridge
-20
60 -130 -160
50 40 30 20
-30
10
0
-10
Offices and -170
40
Camp 50
30 -40 40
30
-180 20
10
-50
0
-60 -10
-70 -20
-30
-80
-40
55000 m -50 55000 m
-150 -60
-140 -70
-80
-130
-100 -90
-120
-110
Klepos Bridge
30
40 20
40
30
10 20
-30 0
-20 -10
400000 m 410000 m 420000 m -40
-50
-60
-80 -70
To Senyiur Jetty
PT Bara Tabang
60000 m
60000 m
30
20
50000 m
50000 m
PT Dermaga Energi
10
Su
To B
PT Tanur Jaya
ng
0
PT Tiwa Abadi
ai B
elay
50000 m
50000 m
ela
Gunung Sari
an J
yan
-10
PT. OKIDA MAKMUR
etty
-20
400000 m
405000 m
410000 m
415000 m
420000 m
PT. SUMBER API

PT. CAHAYA ALAM
40000 m
40000 m
PT. BARA SEJATI
NAME
DRAWING
400000 m 410000 m 420000 m JORC RESERVES PIT SHELLS

0 2 4km 
12 ADV-JA-04036 March 2021
Competent Persons Statement
The Statement reports the Coal Reserves as at 1 January 2021 and has been undertaken in accordance
with the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results,
Minerals Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of The Australasian
Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia
(“The JORC Code”).
The Coal Reserve estimates are based on information compiled and reviewed by RPM engineers under the
supervision of Mr Greg Eisenmenger, B.E. (Civil, Hons) MAusIMM, who works full time for RPM Advisory
Services Pty Ltd (a related company of PT RungePincockMinarco). He has sufficient experience which is
relevant to the style and type of deposit under consideration and to the activity undertaken to qualify him as
a Competent Person as defined in the 2012 Edition of the JORC Code.
The appended JORC Code, 2012 Edition – Table 1 sets out all the information material to understanding
the estimate of the coal Resources and Reserves.
I, Greg Eisenmenger, confirm that I am the Competent Person for the Coal Reserves stated in this
Statement and:
▪ I have read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 Edition);
▪ The estimates of Coal Reserves presented in this Statement have been carried out in accordance with
the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”
(2012);
▪ I am an Engineer and Competent Person as defined by the JORC Code 2012 Edition, having sufficient
experience that is relevant to the style of mineralisation and type of deposit described in the Statement,
and to the activity which have undertaken in the preparation of this report;
▪ I am a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM); and
▪ I have reviewed the Statement to which this Consent statement applies.
I confirm I am a full-time employee of RPM Advisory Services Pty Ltd (a related company of PT.
RungePincockMinarco) that has been engaged by PT. Bayan Resources Tbk. to prepare independent Coal
Reserves estimates for a number of its operations and properties namely:
▪ PT Tanjur Jaya (TJ), exploration project; and
The Statement reports the Coal Reserves at 1 January 2021 in accordance with the Australasian Code for
I am not aware of any potential for a conflict of interest in relation to this work for the Client. I have no interest
whatsoever in the mining assets reviewed and will gain no reward for the provision of this Coal Reserves
Statement. RPM will receive a professional fee for the preparation of this Statement. Accordingly, I have
disclosed to the reporting company the full nature of the relationship between myself and the Client,
including any issue that could be perceived by investors as a conflict of interest.
I verify that the Statement is based on and fairly and accurately reflects in the form and context in which it
appears, the information in my supporting documentation relating to the Coal Reserves.
………………………………….
Greg Eisenmenger B.E. (Civil, Hons) MAusIMM
PT. Fajar Sakti Prima
JORC Code, 2012 Edition – Table 1 Report Template

The text presented in Table 1, Sections 1 to 3 has been copied directly from the current Resources Statement prepared
by Mr Oki Wijayanto (RPM).
The text presented in Table 1, Section 4 has been copied directly from the current Reserves Statement prepared by Mr
Greg Eisenmenger (RPM).
Section 1 Sampling Techniques and Data
Criteria JORC Explanation Commentary

Sampling techniques • Nature and quality of sampling (e.g. cut channels, • Core sampling for coal quality work took place using HQ (63mm)
random chips, or specific specialised industry standard core. Coal core samples were sent to the laboratory with chain of
measurement tools appropriate to the minerals under custody paperwork.
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc.). These examples • Open hole drilling was also used with chip samples of cuttings and
should not be taken as limiting the broad meaning of logged by the rig geologist. These chip samples were not analysed
sampling. and used in quality modelling.
• Include reference to measures taken to ensure sample • A suite of downhole geophysical surveys, including Density,
representivity and the appropriate calibration of any Gamma, and Calliper were typically not run in the majority of drill
measurement tools or systems used. holes (only 211 out of 793 drillholes were geophysically logged). No
• Aspects of the determination of mineralisation that are drill hole deviation was completed due to vertical drilling. The
Material to the Public Report. In cases where ‘industry geophysical logging was carried out by external contractor and
standard’ work has been done this would be relatively subject to their internal calibration, quality assurance and quality
simple (e.g. ‘reverse circulation drilling was used to control procedures. Geophysical logs were acquired to supplement
obtain 1 m samples from which 3 kg was pulverised to the geologist’s lithological description of the cores to:
produce a 30 g charge for fire assay’). In other cases • assist with ensuring that the core recoveries were satisfactory (>
more explanation may be required, such as where there 90%); and,
is coarse gold that has inherent sampling problems.
• assist with correlation of the various seams and to demonstrate
Unusual commodities or mineralisation types (e.g.
submarine nodules) may warrant disclosure of detailed continuity of seam character.
information.
Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole • PCD bits using air and water are used to complete the open hole
hammer, rotary air blast, auger, Bangka, sonic, etc.) and sections of drill holes.
details (e.g. core diameter, triple or standard tube, depth • Use of HQ-3 (triple tube barrel) follows Industry accepted Standards
of diamond tails, face-sampling bit or other type, whether for acquisition of drillcore.
core is oriented and if so, by what method, etc.).
Drill sample recovery • Method of recording and assessing core and chip • Linear drill hole core recovery was measured for all coal quality drill
sample recoveries and results assessed. holes on a run by run basis. Actual recovered core lengths are
• Measures taken to maximise sample recovery and measured with a tape measure and any core loss is recorded in
ensure representative nature of the samples. geological logs, coal quality sample intervals and in the run by run
• Whether a relationship exists between sample recovery drilling record field sheets.
and grade and whether sample bias may have occurred • Core holes were redrilled when poor core recovery had potential to
due to preferential loss/gain of fine/coarse material. materially affect the coal quality models (in general, this is where
recovery was less than 90%).
• No sample bias was identified in the current model database.
Logging • Whether core and chip samples have been geologically • A rig geologist was present at all times during drilling operations.
and geotechnically logged to a level of detail to support • Preliminary core logs were derived from lithological logging of open
| ADV-JA-04036 | Statement of Open Cut Coal Resources and Reserves as at 1 January 2021 | May 2021 | | Appendix A Page 1 of 10|
This report has been prepared for PT. Fajar Sakti Prima and its parent company PT. Bayan Resources Tbk. only and must be read in its entirety and is subject to all assumptions, limitations and disclaimers contained in the body of the report. © PT. RungePincock
Minarco, 2021
appropriate Mineral Resource estimation, mining hole chip "cuttings" and logging of drill core.
studies and metallurgical studies. • All holes were lithologically logged. The logging of the chip/cuttings
• Whether logging is qualitative or quantitative in nature. and core samples is qualitative and detailed which includes a record
Core (or costean, channel, etc.) photography. of the recovery of the total length and the cored length, rock type,
• The total length and percentage of the relevant stratigraphic unit and numerous adjectives to describe the sample in
intersections logged. terms of colour, grain size, bedding etc. all of which is entirely sufficient
to describe the various lithologies and coal samples to support the coal
resource estimation from a geological, geotechnical and coal quality
consideration.
• Field drill logs and field coal sample depths were subsequently
reconciled against the geophysical logs whenever available. Barren
holes were used to limit coal continuity.
Sub-sampling techniques and • If core, whether cut or sawn and whether quarter, half or • No splitting of core is undertaken in the field. Sample preparation was
sample preparation all core taken. done in PT Geoservices laboratory at Balikpapan and PT Anindya
• If non-core, whether riffled, tube sampled, rotary split, Wiraputra at Tabang.
etc. and whether sampled wet or dry. • Coal samples were wrapped and sealed immediately once core
• For all sample types, the nature, quality and logging was completed to minimise moisture loss to ensure the
appropriateness of the sample preparation technique. samples were representative of the In Situ moisture.
• Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples. • The coal samples collected for quality modelling were from HQ core
• Measures taken to ensure that the sampling is size (63mm). This core size provides sufficient sample mass for testing
representative of the In Situ material collected, including of raw coal parameters.
for instance results for field duplicate/second-half
sampling.
• Whether sample sizes are appropriate to the grain size
of the material being sampled.
Quality of assay data and • The nature, quality and appropriateness of the assaying • The samples were submitted to PT Geoservices and PT Anindya
laboratory tests and laboratory procedures used and whether the Wiraputra laboratory for analysis. The laboratories are internationally
technique is considered partial or total. accredited and all analyses were conducted in accordance with
• For geophysical tools, spectrometers, handheld XRF appropriate international standards
instruments, etc., the parameters used in determining • Most of coal plies have been subjected to a proximate analysis (which
the analysis including instrument make and model, includes IM, Ash, VM, FC), TM, TS and CV.
reading times, calibrations factors applied and their • No QAQC was performed directly by FSP. It is expected that such a
derivation, etc. thorough QAQC was performed by PT. Geoservices and PT Anindya
• Nature of quality control procedures adopted (e.g. Wiraputra as accredited external laboratories.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of accuracy (i.e.
lack of bias) and precision have been established.
Minarco, 2021
Verification of sampling and • The verification of significant intersections by either • The logging and sampling was conducted by FSP geologists. The
assaying independent or alternative company personnel. majority of core samples were acquired using the “touch cored”
• The use of twinned holes. method. The samples depths were adjusted using geophysical log
• Documentation of primary data, data entry procedures, data whenever available. There are also several geotechnical holes
data verification, data storage (physical and electronic) which were drilled as fully cored holes.
protocols. • The protocols for sample acquisition, data entry, and data verification
• Discuss any adjustment to assay data. were developed internally by FSP. The assaying was completed by
external accredited laboratory.
• The internal QA-QC regression analysis shows that the relationship
between Ash, IM and CV are generally following normal trend. The
relationship between CV and RD in general also conform the normal
trend. No adjustment was made to the assay data.
Location of data points • Accuracy and quality of surveys used to locate drill holes • All of drill hole collars were surveyed by Total Station. The topography
(collar and down-hole surveys), trenches, mine workings was derived from combination of high precision aerial survey (LIDAR).
and other locations used in Mineral Resource • The Project is using UTM 50N grid system.
estimation.
• Specification of the grid system used. • The benchmarks were derived from high precision Geodetic GPS
• Quality and adequacy of topographic control. which tied to the Government survey control.
Data spacing and distribution • Data spacing for reporting of Exploration Results. • Drill hole line spacing is typically 100-650 m in most of the areas.
• Whether the data spacing and distribution is sufficient to • This is considered adequate for classification of Coal Resources to
establish the degree of geological and grade continuity Measured and Indicated category with due consideration for the
appropriate for the Mineral Resource and Ore Reserve variance in coal seam thickness, coal quality and structural complexity.
estimation procedure(s) and classifications applied.
• Whether sample compositing has been applied. • Sample compositing to a seam basis has been applied whenever the
samples were based on ply by ply basis.
Orientation of data in relation • Whether the orientation of sampling achieves unbiased • The geological data including samples, was gathered based on vertical
to geological structure sampling of possible structures and the extent to which drilling with some being supported with geophysical logging. A total of
this is known, considering the deposit type. 211 out 793 drillholes in FSP that were supplemented with geophysical
• If the relationship between the drilling orientation and the log data. The majority of the drillholes are quality holes (505 holes)
orientation of key mineralised structures is considered to with core recovery generally >90%.
have introduced a sampling bias, this should be
assessed and reported if material.
Sample security • The measures taken to ensure sample security. • All core and cuttings were geologically described by qualified rig
geologists.
• Coal samples were stored in core trays on site. Samples were taken
form the core boxes and bagged in plastic bags with hole and sample
number, and sent to the external laboratories once sampling
instructions were completed.
• All sampling and sample labelling was undertaken by or supervised by
the field geologist.
• Samples were packed, handled and transported with normal care,
Minarco, 2021
documentation and chain of custody
• Coal is a bulk commodity so no high level security measures are
deemed necessary since it is very unlikely to be subject to systematic
material impact from sample tampering, theft or loss.
Audits or reviews • The results of any audits or reviews of sampling • Sampling and data acquisition procedures were reviewed by RPM at
techniques and data. the time of the 2019 site visit, which confirming that the exploration
approach being used is acceptable for Resource reporting purposes.
Minarco, 2021
Section 2 Reporting of Exploration Results

Mineral tenement and land • Type, reference name/number, location and ownership including • All concessions have valid IUP (mining lease), documentation.
tenure status agreements or material issues with third parties such as joint No material issues were identified regarding this matter.
ventures, partnerships, overriding royalties, native title interests, • The project is in operating stage with valid license. It is RPM’s
historical sites, wilderness or national park and environmental understanding that there are no issues to operate in the area.
settings.
• The security of the tenure held at the time of reporting along with
any known impediments to obtaining a licence to operate in the
area.
Exploration done by other • Acknowledgment and appraisal of exploration by other parties. • To the RPM’s knowledge, no exploration was completed by
parties other parties other than FSP.
Geology • Deposit type, geological setting and style of mineralisation. • The Project concessions are within thick, multi seam deposits
that occur within the Miocene Age Balikpapan Formation of the
Kutai Basin. The structure of the deposit area is overlying the
northern and western limb of a broad synclinal structure
plunging to the southeast, with dips ranges of 1 to 5 degrees.
Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, • Samples are composited by weighting by mass if the samples
maximum and/or minimum grade truncations (e.g. cutting of high were taken on ply by ply basis. No maximum and/or minimum
grades) and cut-off grades are usually material and should be cut-off were used in the modelling and estimation process.
reported.
• Where aggregate intercepts incorporate short lengths of high
grade results and longer lengths of low grade results, the
procedure used for such aggregation should be stated and some
typical examples of such aggregations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between • These relationship are particularly important in the reporting of • The geometry of the deposit is well understood. This was
mineralisation widths and Exploration Results. based on the drill hole data and other geological information
intercept length • If the geometry of the mineralisation with respect to the drill hole (regional and local mapping results).
angle is known, its nature should be reported. • Detail seam thicknesses are reported in vertical thickness and
provided in separate file.
• If it is not known and only down hole lengths are reported, there
should be a clear statement to this effect e.g. ‘down hole length,
true width not known)
Drill hole Information • A summary of all information material to the understanding of the • A total of 787 drillholes were used for modelling. Majority the
exploration results including a tabulation of the following holes were quality holes (503 holes). A total of 207 holes were
information for all Material drill holes: geophysically logged.
 easting and northing of the drill hole collar • A more detail drill holes information, including location, seam
Minarco, 2021
 elevation or RL (Reduced Level – elevation above sea level in thickness, depth and quality were provided in a separate file.
metres) of the drill hole collar
 dip and azimuth of the hole
 down hole length and interception depth
• hole length.
• If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should
clearly explain why this is the case.
Diagrams • Appropriate maps and sections (with scales) and tabulations of • Drillhole map and typical sections of FSP are provided in the
intercepts should be included for any significant discovery being statement.
reported These should include, but not be limited to a plan view of
drill hole collar locations and appropriate sectional views.
Balanced reporting • Where comprehensive reporting of all Exploration Results is not • All information provided by Client including exploration results
practicable, representative reporting of both low and high grades has been reviewed. This report references all available
and/or widths should be practiced to avoid misleading reporting of exploration results from the Client up to the commencement
Exploration Results. date of the Resource estimation.
Other substantive exploration • Other exploration data, if meaningful and material, should be • Geotechnical and hydrogeological studies were completed,
data reported including (but not limited to): geological observations; with the results of those studies being incorporated for mine
geophysical survey results; geochemical survey results; bulk planning purposes.
samples – size and method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.
Further work • The nature and scale of planned further work (e.g. tests for lateral • Future drilling is planned within the target area (LOM area) to
extensions or depth extensions or large-scale step-out drilling). increase confidence level and model accuracy.
• Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling
areas, provided this information is not commercially sensitive.
Minarco, 2021
Section 3 Estimation and Reporting of Mineral Resources
Criteria Commentary
Database integrity • Measures taken to ensure that data has not been • FSP is using Microsoft Excel as the main geological dataset
corrupted by, for example, transcription or keying errors, storage. To minimise errors in the database, several main steps
between its initial collection and its use for Mineral were applied:
Resource estimation purposes. • coal seam data entered into the geological database was
• Data validation procedures used. reconciled against the logs whenever available.
• There are a number of underlying "business rules" built into the
database that help insure consistency and integrity of data
including, but not limited to:
 relational link between geological, down hole
geophysical and coal quality data;
 restriction of data entry to the interval of the defined
hole depth;
 basic statistics such as histogram for major quality
parameters (CV, Ash & TS) and cross plots (CV, Ash &
RD) to ensure data consistency and understanding
errors if any; and,
 basic coal quality integrity checks such as ensuring
data is within normal range limits, that proximate
analyses add to 100 percent etc.
• Seam and stratigraphic picks and correlations were
independently checked and rechecked by senior geological staff
of RPM. After modelling, anomalous seam and interburden
structure and thicknesses were interrogated and errors
iteratively corrected from the database.
 It is highly unlikely that there is significant corrupt data in the database,
given the validation procedures above.
• Some errors may still pass through to the geological and coal quality
models, considering that coal is a bulk commodity of relative even
consistency and the large number of drill holes on which the
resource is based, such errors are unlikely to have a material impact
on the resource estimate.
Site visits • Comment on any site visits undertaken by the Competent • The actual site visit has been undertaken by RPM Executive Consultant
Person and the outcome of those visits. (Mr. Greg Eissenmenger) and Senior Geologist (Mr. Gamet Nugroho)
• If no site visits have been undertaken indicate why this is in March 2019. Mr. Greg and Mr. Gamet are permanent employee of
the case. RPM and also a Competent Persons. Mine operation is currently being
Minarco, 2021
Criteria Commentary
conducted by Bayan and their contractors in a professional way. No
major issues were identified.
• In 2021, there was no actual site visit that undertaken by the CP due to
COVID 19 travel restrictions. However virtual site visit was completed
and confirmed the mine operations in Tabang area (including FSP) with
all necessary infrastructure are in place. The virtual site visit also
confirmed that the exploration work was also conducted in a
reasonable manner.
Geological interpretation • Confidence in (or conversely, the uncertainty of) the • Geological interpretation was based on the drilling data with limited
geological interpretation of the mineral deposit. support of geophysical log information.
• Nature of the data used and of any assumptions made. • FSP also used the regional and local mapping results to support the
• The effect, if any, of alternative interpretations on Mineral geological interpretation of the deposit
Resource estimation.
• The use of geology in guiding and controlling Mineral • The confidence level of the deposit was determined based on the data
Resource estimation. distribution and geological complexity.
• The factors affecting continuity both of grade and geology. • All necessary constraints which affect continuity of the coal seams were
considered.
Dimensions • The extent and variability of the Mineral Resource • The deposit covers area approx. 3,200 ha, with an approximate strike
expressed as length (along strike or otherwise), plan width, length of 9 km and approximate width 4 km. A set of plans are also
and depth below surface to the upper and lower limits of provided in the report.
the Mineral Resource.
Estimation and modelling • The nature and appropriateness of the estimation • A three dimensional computer models were built by Client and
techniques technique(s) applied and key assumptions, including reviewed by RPM using Datamine MineScape software version 7.1.
treatment of extreme grade values, domaining, The summary of model parameters are as below:
interpolation parameters and maximum distance of
Parameter Tabang and Pakar North
extrapolation from data points. If a computer assisted
estimation method was chosen include a description of Software Datamine Minescape Version 7.1
computer software and parameters used. Grid/ Block Size 25 x 25 m
• The availability of check estimates, previous estimates
Structure Interpolator Thickness: Planar (0)
and/or mine production records and whether the Mineral
Resource estimate takes appropriate account of such Surface: FEM (1)
data. Trend: FEM (0)
• The assumptions made regarding recovery of by-products.
Extrapolation Distance 5,000
• Estimation of deleterious elements or other non-grade
variables of economic significance (e.g. sulphur for acid Quality Interpolator Inverse
mine drainage characterisation). Distance Power 3
• In the case of block model interpolation, the block size in
relation to the average sample spacing and the search
employed. • Check estimates were undertaken by other competent geologist within
• Any assumptions behind modelling of selective mining RPM group to ensure the validity of the result.
Minarco, 2021
Criteria Commentary
units. • The models were based on gridded modelling approach.
• Any assumptions about correlation between variables. • No selective mining unit assumptions were used for modelling
• Description of how the geological interpretation was used processes.
to control the resource estimates.
• Discussion of basis for using or not using grade cutting or • Model validation was undertaken by visually inspecting the model
capping. sections, structure and quality contour, etc. against drill hole data.
• The process of validation, the checking process used, the
comparison of model data to drill hole data, and use of
reconciliation data if available.
Moisture • Whether the tonnages are estimated on a dry basis or with • Tonnages are estimated on In Situ basis based on In Situ density
natural moisture, and the method of determination of the derived from the Preston Sanders formula which uses the total
moisture content. moisture and air dried moisture that were derived from laboratory
analysis.
Cut-off parameters • The basis of the adopted cut-off grade(s) or quality • No cut-off grade has been used.
parameters applied.
Mining factors or assumptions • Assumptions made regarding possible mining methods, • A Minimum thickness of 0.5 m has been applied.
minimum mining dimensions and internal (or, if applicable, • No mining losses and dilution factor was used for Resources
external) mining dilution. It is always necessary as part of estimation.
the process of determining reasonable prospects for
eventual economic extraction to consider potential mining • The mine optimization results completed by RPM using a higher
methods, but the assumptions made regarding mining revenue factor have been used as the basis for Resource limits. RPM
methods and parameters when estimating Mineral used a benchmark coal price of USD 120 for 6,322 Kcal/Kg gar energy
Resources may not always be rigorous. Where this is the which is higher than the Reserves base. The coal price has been
case, this should be reported with an explanation of the adjusted accordingly based on coal quality of the deposit.
basis of the mining assumptions made.
• An overall slope of 35 degrees was applied in the optimisation process
for the high wall and side wall, and 27 degrees of overall slope was
applied for the low wall.
• The average depth of deep drilling was also used as a lower limit to
the Resources limits. The definition of a lower limit is to ensure the
continuity of coal seams is within the selected optimization results.
This resulted in an average SR of approximately 5.3:1 for the whole
Tabang and Pakar North area.
Metallurgical factors or • The basis for assumptions or predictions regarding • Coal is mined and sold as raw material, therefore no washing or
assumptions metallurgical amenability. It is always necessary as part of metallurgical factors are required.
eventual economic extraction to consider potential
metallurgical methods, but the assumptions regarding
metallurgical treatment processes and parameters made
when reporting Mineral Resources may not always be
Minarco, 2021
Criteria Commentary
rigorous. Where this is the case, this should be reported
with an explanation of the basis of the metallurgical
assumptions made.
Environmental factors or • Assumptions made regarding possible waste and process • A selected mine optimization has been used to limit Resource
assumptions residue disposal options. It is always necessary as part of estimation, and it is assumed environmental factors has been
the process of determining reasonable prospects for considered during mine optimization process, such as rehabilitation
eventual economic extraction to consider the potential and reclamation costs, as well as well any physical constraints (major
environmental ia operation. While at this stage the river, etc). It is noted that no major river is flowing through the FSP
determination of potential environmental impacts, resource area that may impede the coal extraction, therefore no other
particularly for a greenfields project, may not always be exclusion factor was applied.
well advanced, the status of early consideration of these
potential environmental impacts should be reported.
Where these aspects have not been considered this
should be reported with an explanation of the
environmental assumptions made.
Bulk density • Whether assumed or determined. If assumed, the basis for • No Bulk density data was provided. Coal Resources quantity were
the assumptions. If determined, the method used, whether reported on an In Situ basis with the RD (In Situ) being adjusted using
wet or dry, the frequency of the measurements, the nature, the Preston-Sanders (1993) formula. Coal samples were analysed for
size and representativeness of the samples. Total Moisture, Inherent (air dried) Moisture.
• The bulk density for bulk material must have been
measured by methods that adequately account for void
spaces (vugs, porosity, etc.), moisture and differences
between rock and alteration zones within the deposit.
• Discuss assumptions for bulk density estimates used in the
evaluation process of the different materials.
Classification • The basis for the classification of the Mineral Resources • The classification of Coal Resource categories, (Measured, Indicated
into varying confidence categories. and Inferred) is based on the opinion of the Competent Person based
• Whether appropriate account has been taken of all on drill spacing, data collection methods and the geological complexity.
relevant factors (i.e. relative confidence in tonnage/grade • The Competent Person is confident on the reliability of geological data
estimations, reliability of input data, confidence in and in the understanding of the geology including the continuity of the
continuity of geology and metal values, quality, quantity geology and coal quality. The estimate appropriately reflects the
and distribution of the data). Competent Persons view of the deposit.
• Whether the result appropriately reflects the Competent
Person’s view of the deposit.
Audits or reviews • The results of any audits or reviews of Mineral Resource • Coal Resources estimations were internally peer reviewed by RPM and
estimates. no fatal flaws were identified.
Discussion of relative • Where appropriate a statement of the relative accuracy • Confidence levels were determined based on the Competent Person’s
accuracy/ confidence and confidence level in the Mineral Resource estimate view of the deposit geological complexity. The Competent Person was
using an approach or procedure deemed appropriate by also used the Indonesian Coal Resources Guideline (SNI 2011) and
the Competent Person. For example, the application of Australian Coal Guidelines 2014 as the references to define the
Minarco, 2021
Criteria Commentary
statistical or geostatistical procedures to quantify the confidence limit. A geostatistic – variogram study was completed to
relative accuracy of the resource within stated confidence support the radii of influence determination of Coal Resources. RPM
limits, or, if such an approach is not deemed appropriate, is of the opinion that the approaches are reasonable considering the
a qualitative discussion of the factors that could affect the nature and the location of the deposit. Rounding has also been applied
relative accuracy and confidence of the estimate. into Resource estimation to reflect relative accuracy.
• The statement should specify whether it relates to global • The statement relates to global estimates.
or local estimates, and, if local, state the relevant
tonnages, which should be relevant to technical and • Actual reconciliation for 24 months period in 2019-2020 has been made
economic evaluation. Documentation should include by FSP and provided to RPM. The results indicated an acceptable
assumptions made and the procedures used. accuracy (+/-3%).
• These statements of relative accuracy and confidence of
the estimate should be compared with production data,
where available.
Minarco, 2021
Section 4 Estimation and Reporting of Ore Reserves
(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Mineral Resource estimate for Description of the Mineral Resource estimate used as a basis for the This JORC Reserve is derived from JORC Code compliant Coal
conversion to Ore Reserves conversion to an Ore Reserve. Resources Statement signed by Mr Oki Wijayanto. This
Clear statement as to whether the Mineral Resources are reported Statement and the model associated with it formed the basis of
additional to, or inclusive of, the Ore Reserves. the subsequent Coal Reserve estimate.
Coal Resources are reported inclusive of the Coal Reserves.
Site visits Comment on any site visits undertaken by the Competent Person and No physical site visit to the project was able to be completed by
the outcome of those visits. RPM’s Competent Persons due to COVID-19 travel restrictions.
A previous site visit was conducted on the 2nd and 3rd of April
2019 to the operating pits of Tabang Mine. The site visit to the
Tabang Mine was completed by Mr Greg Eisenmenger and Mr
Gamet Nugroho, both of whom are permanent employees of
RPM and Competent Persons as recognised by the AUSIMM.
Study status The type and level of study undertaken to enable Mineral Resources FSP is in production and a part of the Tabang Mine, PKRN
to be converted to Ore Reserves. project which is part of the larger integrated project covering
The Code requires that a study to at least Pre-Feasibility Study level Tabang, PKRN and Pakar South (PKRS).
has been undertaken to convert Mineral Resources to Ore Reserves. A LOM plan has been developed based on the FSP practical pit
Such studies will have been carried out and will have determined a that has been used as a basis for Reserves.
mine plan that is technically achievable and economically viable, and The process used in converting the Coal Resources into Coal
that material Modifying Factors have been considered. Reserves includes defining viable pit limits and applying mining
cost, revenue and other modifying factors to the Coal Resources
to estimate Coal Reserves.
Cut-off parameters The basis of the cut-off grade(s) or quality parameters applied. All seams that have been modelled have used the quality
information obtained from the coal Resources, with an allowance
for dilution and loss based on assumed rock qualities.
Minimum Seam thickness defined as mineable was 1.0 m
Minimum Separable thickness parting defined at 0.1 m
Mining factors or assumptions The method and assumptions used as reported in the Pre-Feasibility The practical pit design was developed as the basis of the
or Feasibility Study to convert the Mineral Resource to an Ore reported quantities. The pit was designed base on a selected
optimisation shell which was cross checked against the break-
even strip ratio for the project.
The mining method utilizes appropriately sized excavator and
truck fleets to achieve the coal selection, uncover and mining.
The truck and excavator waste mining is supplemented by a
dozer push operation of a select horizon.
| ADV-JA-04036 | Statement of Open Cut Coal Resources and Reserves as at 1 January 2021 | May 2021 | | Appendix B Page 1 of 5|
Minarco, 2021
Reserve (i.e. either by application of appropriate factors by Geotechnical studies of the rock strength and other
optimisation or by preliminary or detailed design). characteristics at FSP parameter formed the basis of the pit
The choice, nature and appropriateness of the selected mining design.
method(s) and other mining parameters including associated design  Coal loss from the coal mining section roof of 100mm and
issues such as pre-strip, access, etc. floor of 50 mm was modelled.
The assumptions made regarding geotechnical parameters (e.g. pit  Dilution added to the coal mining section of 100mm total
slopes, stope sizes, etc), grade control and pre-production drilling. 50mm from roof and 50mm from floor
The major assumptions made and Mineral Resource model used for  Mining Global recovery of 96% was applied.
pit and stope optimisation (if appropriate).  Dilution relative density of 2.1 t/bcm and ash of 75%
The mining dilution factors used.  ROM moisture assumed to be similar with In Situ moisture
The mining recovery factors used. with no adjustment applied.
Any minimum mining widths used. A Minimum width of 40m has been applied to the pit bottom
The manner in which Inferred Mineral Resources are utilised in mining optimisation process.
studies and the sensitivity of the outcome to their inclusion. Inferred coal was identified in the seams with insufficient Points
The infrastructure requirements of the selected mining methods. of Observation for Measured or Indicated Resource confidence.
The Inferred coal was identified within the geological model and
the practical pit designs. Within the Tabang, PKRN pit shells
12.5% of the mineable quantity is derived from Inferred coal and
within the FSP pit shells is 0.5%. This mineable coal has been
included in the PFS mining studies and the sensitivity of Project
outcomes to the inclusion of this coal is discussed in the
Economic section of this Table 1.
Infrastructure required for the operation is already in place.
Metallurgical factors or The metallurgical process proposed and the appropriateness of that The ROM coal mined at FSP will only be sized to produce
assumptions process to the style of mineralisation. product coal at minus 50mm.The ROM coal is planned to be
Whether the metallurgical process is well-tested technology or novel dumped into designated ROM stockpiles or directly to the ROM
in nature. crusher. The ROM coal fed to the ROM crusher will be sized and
The nature, amount and representativeness of metallurgical test work stockpiled ready to be loaded to barge.
undertaken, the nature of the metallurgical domaining applied and the Where necessary the sized product coal will be blended at the
corresponding metallurgical recovery factors applied. Balikpapan Coal Terminal (BCT) or the Kalimantan Floating
Any assumptions or allowances made for deleterious elements. Transfer Stations (KFT’s) to achieve product specifications for
shipment.
There is a contribution to global coal losses (applied as a mining
factor) from the coal handling activities of coal haulage, coal
sizing and stockpile handling.
Environmental The status of studies of potential environmental impacts of the mining FSP has a completed AMDAL and as it is in production status,
and processing operation. Details of waste rock characterisation and there will be an annual update to the government regarding the
the consideration of potential sites, status of design options environmental report (RKTTL).
considered and, where applicable, the status of approvals for process
residue storage and waste dumps should be reported.
Minarco, 2021
Infrastructure The existence of appropriate infrastructure: availability of land for All infrastructure is in place to support the production. Relocation
plant development, power, water, transportation (particularly for bulk of some site infrastructure will be required to achieve full
commodities), labour, accommodation; or the ease with which the extraction of coal from FSP. Allowance have been made for this
infrastructure can be provided, or accessed. in the economic modelling.
Costs The derivation of, or assumptions made, regarding projected capital Operating costs have been supplied by Client based on
costs in the study. contracted rates and have been reviewed and deemed
The methodology used to estimate operating costs. reasonable costs to be used for this study.
Allowances made for the content of deleterious elements. Capital costs are not used in determining the breakeven SR but
The derivation of assumptions made of metal or commodity price(s), are included in economic modelling. Total capital expenditure
for the principal minerals and co- products. including replacement and sustaining capital for the
The source of exchange rates used in the study. Tabang/Pakar North development is estimated to be $1,605 M
Derivation of transportation charges. of which $270 M is attributed to FSP.
The basis for forecasting or source of treatment and refining charges, Royalties are based on Government statutory royalties.
penalties for failure to meet specification, etc.
The allowances made for royalties payable, both Government and
private.
Revenue factors The derivation of, or assumptions made regarding revenue factors Forward coal pricing for revenue in the economic model is based
including head grade, metal or commodity price(s) exchange rates, on 2019 real US dollars of USD80/t product long term, for
transportation and treatment charges, penalties, net smelter returns, product coal quality with a benchmark specification of 6,322
etc. kcal/kg gar Calorific Value (CV). The benchmark price is
adjusted to reflect the actual product coal quality being
produced. This benchmark price is supported by a third party
marketing and coal pricing report that Bayan has commissioned
and provided to RPM in support of this forward coal price.
All costs and revenues in the economic model are expressed in
US dollar terms so there is no exchange rate variation applied in
the Project economic model.
Market assessment The demand, supply and stock situation for the particular commodity, A third party report has been provide by Bayan to support the
consumption trends and factors likely to affect supply and demand marketing study of the Project. RPM reviewed the report and is
into the future. of the opinion that there is a demand for thermal coal of Tabang
A customer and competitor analysis along with the identification of PKRN specification and as such RPM does not anticipate issues
likely market windows for the product. in selling this product. Markets for this type of product coal
Price and volume forecasts and the basis for these forecasts. produced in Indonesia are well established and product coal
For industrial minerals the customer specification, testing and from the Tabang mine is sold into these markets.
acceptance requirements prior to a supply contract. It is expected the current coal sales agreements will be rolled
over or continued as mining moves to the FSP area.
Minarco, 2021
Economic The inputs to the economic analysis to produce the net present value The cost inputs to the economic analysis of the Project are
(NPV) in the study, the source and confidence of these economic derived capital and operating cost estimates outlined in the
inputs including estimated inflation, discount rate, etc. “Costs” section of this Table 1. The source of the inputs is real
NPV ranges and sensitivity to variations in the significant assumptions and the confidence satisfactory.
and inputs. The revenue assumptions are outlined under the “Revenue
factors” section of this Table 1.
The economic modelling is in real terms and a range of discount
rates between 8.4%, 8.9%and 9.1% have been used in
assessing NPV. The economic modelling produced positive and
acceptable cash flow over the LOM of the Integrated
Tabang/PKRN schedule. The NPV of the cash flow was positive
at a discount factor of 8.9% which is commonly used to evaluate
Indonesian coal projects.
The NPV at 8.9% discount rate has been assessed for variations
of +/- 10% in the key value drivers of revenue, operating costs
and capital costs. In all cases a positive NPV was returned for
the Project.
The Project was also assessed with mineable coal from Inferred
Resource classification excluded from the production schedule
and treated as waste. The NPV of the cash flow from this
evaluation remained positive but at a lower quantum, as
expected, demonstrating the robustness of the Project.
Social The status of agreements with key stakeholders and matters leading All the permit has been in place to support the production stage.
to social licence to operate.
Other To the extent relevant, the impact of the following on the project The Tabang Project has successfully established a market for its
and/or on the estimation and classification of the Ore Reserves: 20Mt of product coal production in 2020. Bayan has undertaken
Any identified material naturally occurring risks. export and domestic coal market analysis that has convinced it
The status of material legal agreements and marketing arrangements. to pursue an integrated development plan to increase production
The status of governmental agreements and approvals critical to the to 60Mtpa from Tabang/PKRN over a time horizon of 31 Years.
viability of the project, such as mineral tenement status, and RPM is of the opinion that the assumptions associated with this
government and statutory approvals. There must be reasonable integrated plan and the economic outcomes generated are
grounds to expect that all necessary Government approvals will be reasonable. RPM has not identified any fatal flaws in the LOM
received within the timeframes anticipated in the Pre-Feasibility or plans and PFS’s that have been provided that would preclude
Feasibility study. Highlight and discuss the materiality of any approvals being forthcoming and a social license to operate
unresolved matter that is dependent on a third party on which granted.
extraction of the reserve is contingent. All coal mining projects operate in an environment of geological
uncertainty, RPM is not aware of any potential technical factors,
legal, marketing or otherwise that could affect the operational
viability of the Integrated Project, including FSP.
Minarco, 2021
Classification The basis for the classification of the Ore Reserves into varying Classification of Ore Reserves has been derived by considering
confidence categories. the Measured and Indicated Resources and the level of mine
Whether the result appropriately reflects the Competent Person’s planning associated with FSP.
view of the deposit. All of the Measured category Coal Resource contained within
The proportion of Probable Ore Reserves that have been derived the pit design has been assigned to the Proved Coal Reserves
from Measured Mineral Resources (if any). after the application of the appropriate modifying factors.
All of the Indicated category Coal Resource contained within the
pit design has been assigned to Probable Coal Reserves after
the application of the appropriate modifying factors.
No Inferred category Coal Resources have been assigned to
Coal Reserves.
The classification of all Reserves as Probable reflects the
Competent persons view of the deposit and Project from the
perspective of the current status associated with environmental
approvals.
Audits or reviews The results of any audits or reviews of Ore Reserve estimates. Internal review has been undertaken by RPM senior staff and
the outcome of the Reserve estimate has been confirmed.
Discussion of relative Where appropriate a statement of the relative accuracy and The Reserve estimate is most sensitive to the prevailing long
accuracy/ confidence confidence level in the Ore Reserve estimate using an approach or term coal price used to determine the pit limits and the BESR.
procedure deemed appropriate by the Competent Person. For The cost factors used in determining the pit limits and BESR are
example, the application of statistical or geostatistical procedures to well known and understood from contractor mining operations
quantify the relative accuracy of the reserve within stated confidence and Bayan owned and operated coal logistics aspects of the
limits, or, if such an approach is not deemed appropriate, a qualitative Project currently being carried out for the Tabang Mine.
discussion of the factors which could affect the relative accuracy and The level of accuracy will continue to be dependent on the
confidence of the estimate. ongoing update of the geological model representing the deposit
The statement should specify whether it relates to global or local and monitoring of the Modifying Factors from production
estimates, and, if local, state the relevant tonnages, which should be reconciliations that affect the Reserve estimate.
relevant to technical and economic evaluation. Documentation should
include assumptions made and the procedures used.
Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a
material impact on Ore Reserve viability, or for which there are
remaining areas of uncertainty at the current study stage.
It is recognised that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and
confidence of the estimate should be compared with production data,
where available.
Minarco, 2021
PT. Bara Tambang


Sampling techniques • Nature and quality of sampling (e.g. cut channels, random • Core sampling for coal quality work took place using HQ (63mm)
chips, or specific specialised industry standard measurement core. Coal core samples were sent to the laboratory with chain of
tools appropriate to the minerals under investigation, such as custody paperwork.
down hole gamma sondes, or handheld XRF instruments,
etc.). These examples should not be taken as limiting the • Open hole drilling was also used with chip samples of cuttings
broad meaning of sampling. and logged by the rig geologist. These chip samples were not
• Include reference to measures taken to ensure sample analysed and used in quality modelling.
representivity and the appropriate calibration of any • A suite of downhole geophysical surveys, including Density,
measurement tools or systems used. Gamma, and Calliper were typically not run in the majority of drill
• Aspects of the determination of mineralisation that are holes. No drill hole deviation was completed due to vertical drilling
Material to the Public Report. In cases where ‘industry and the shallow nature of the holes. The geophysical logging was
standard’ work has been done this would be relatively simple carried out by external contractor and subject to their internal
(e.g. ‘reverse circulation drilling was used to obtain 1 m calibration, quality assurance and quality control procedures.
samples from which 3 kg was pulverised to produce a 30 g Geophysical logs were acquired to supplement the geologist’s
charge for fire assay’). In other cases more explanation may lithological description of the cores to:
be required, such as where there is coarse gold that has • assist with ensuring that the core recoveries were satisfactory
inherent sampling problems. Unusual commodities or (> 90%); and
mineralisation types (e.g. submarine nodules) may warrant
• assist with correlation of the various seams and to
disclosure of detailed information.
demonstrate continuity of seam character.
Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, • PCD bits using air and water are used to complete the open hole
rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. sections of drill holes.
core diameter, triple or standard tube, depth of diamond tails, • Use of HQ-3 (triple tube barrel) follows Industry accepted Standards
face-sampling bit or other type, whether core is oriented and for acquisition of drillcore.
if so, by what method, etc.).
Drill sample recovery • Method of recording and assessing core and chip sample • Linear drill hole core recovery was measured for all coal quality drill
recoveries and results assessed. holes on a run by run basis. Actual recovered core lengths are
• Measures taken to maximise sample recovery and ensure measured with a tape measure and any core loss is recorded in
representative nature of the samples. geological logs, coal quality sample intervals and in the run by run
• Whether a relationship exists between sample recovery and drilling record field sheets.
grade and whether sample bias may have occurred due to • Core holes were redrilled when poor core recovery had potential to
preferential loss/gain of fine/coarse material. materially affect the coal quality models (in general, this is where
recovery was less than 90%).
• No sample bias was identified in the current model dataset.
This report has been prepared for PT. Bara Tabang and its parent company PT. Bayan Resources Tbk. only and must be read in its entirety and is subject to all assumptions, limitations and disclaimers contained in the body of the report. © PT. RungePincock
Minarco, 2019
Logging • Whether core and chip samples have been geologically and • A drill site geologist was present at all times during drilling
geotechnically logged to a level of detail to support operations.
appropriate Mineral Resource estimation, mining studies and • Preliminary core logs were derived from lithological logging of open
metallurgical studies. hole chip "cuttings" and logging of drill core.
• Whether logging is qualitative or quantitative in nature. Core
(or costean, channel, etc.) photography. • All holes were lithologically logged by a suitably qualified geologist.
• The total length and percentage of the relevant intersections The logging of the chip/cuttings and core samples is qualitative and
logged. detailed which includes a record of the recovery of the total length
and the cored length, rock type, stratigraphic unit and numerous
adjectives to describe the sample in terms of colour, grain size,
bedding etc. all of which is entirely sufficient to describe the various
lithologies and coal samples to support the coal resource estimation
from a geological, geotechnical and coal quality consideration.
Field drill logs and field coal sample depths were subsequently
reconciled against the geophysical logs whenever available. Barren
holes were used to limit coal continuity.
Sub-sampling techniques • If core, whether cut or sawn and whether quarter, half or all • No splitting of core is undertaken in the field. Sample preparation
and sample preparation core taken. was done in PT. Geoservices laboratory at Balikpapan and P.T
• If non-core, whether riffled, tube sampled, rotary split, etc. and Anindya Wiraputra at Tabang.
whether sampled wet or dry. • Coal samples were wrapped and sealed immediately once core
• For all sample types, the nature, quality and appropriateness logging was completed to minimise moisture loss to ensure the
of the sample preparation technique. samples were representative of the In Situ moisture.
stages to maximise representivity of samples. • The coal samples collected for quality modelling were from HQ core
• Measures taken to ensure that the sampling is representative size (63mm). This core size provides sufficient sample mass for
of the In Situ material collected, including for instance results testing of raw coal parameters.
for field duplicate/second-half sampling.
• Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and • The nature, quality and appropriateness of the assaying and • The samples were submitted to PT. Geoservices and PT. Anindya
laboratory tests laboratory procedures used and whether the technique is Wiraputra laboratory for analysis. The laboratories are
considered partial or total. internationally accredited and all analyses were conducted in
• For geophysical tools, spectrometers, handheld XRF accordance with appropriate international standards
instruments, etc., the parameters used in determining the • Most of coal plies have been subjected to a proximate analysis
analysis including instrument make and model, reading times, (which includes IM, Ash, VM, FC), TM, TS and CV.
calibrations factors applied and their derivation, etc. • No QAQC was performed directly by BT. It is expected that such a
• Nature of quality control procedures adopted (e.g. standards, thorough QAQC was performed by PT. Geoservices and PT.
blanks, duplicates, external laboratory checks) and whether Anindya Wiraputra as accredited external laboratories.
acceptable levels of accuracy (i.e. lack of bias) and precision
have been established.
Minarco, 2019
Verification of sampling and • The verification of significant intersections by either • The logging and sampling was conducted by BT geologists. The
assaying independent or alternative company personnel. majority of core samples were acquired using the “touch cored”
• The use of twinned holes. method. The samples depths were adjusted using geophysical log
• Documentation of primary data, data entry procedures, data data whenever available. There are also several geotechnical holes
verification, data storage (physical and electronic) protocols. which were drilled as fully cored holes.
• Discuss any adjustment to assay data. • The protocols for sample acquisition, data entry, and data
verification were developed internally by BT. Assaying was
completed by external accredited laboratory.
• The internal QA-QC regression analysis shows that the relationship
between Ash, IM and CV are generally following normal trend. The
relationship between CV and RD in general also conform the normal
trend. No adjustment was made to the assay data.
Location of data points • Accuracy and quality of surveys used to locate drill holes • All of drillhole collars were surveyed by Total Station. The
(collar and down-hole surveys), trenches, mine workings and topography was derived from combination of high precision aerial
other locations used in Mineral Resource estimation. survey (LIDAR).
• Specification of the grid system used. • The Project is using UTM 50N grid system.
• Quality and adequacy of topographic control.
• The benchmarks were derived from high precision Geodetic GPS
which tied to the Government survey control.
Data spacing and • Data spacing for reporting of Exploration Results. • Drill hole line spacing is typically 60-300 m in most of the areas.
distribution • Whether the data spacing and distribution is sufficient to • This is considered adequate for classification of Coal Resources to
establish the degree of geological and grade continuity Measured and Indicated category with due consideration for the
appropriate for the Mineral Resource and Ore Reserve variance in coal seam thickness, coal quality and structural
estimation procedure(s) and classifications applied. complexity.
• Whether sample compositing has been applied.
• Sample compositing to a seam basis has been applied whenever
the samples were based on ply by ply basis.
Orientation of data in • Whether the orientation of sampling achieves unbiased • The geological data including samples, was gathered based on
relation to geological sampling of possible structures and the extent to which this is vertical drilling with some being supported with geophysical logging.
structure known, considering the deposit type. A total of 194 out 457 drillholes in FSP that were supplemented with
• If the relationship between the drilling orientation and the geophysical log data. The majority of the drillholes are quality holes
orientation of key mineralised structures is considered to have (290 holes) with core recovery generally >90%.
introduced a sampling bias, this should be assessed and
reported if material.
Sample security • The measures taken to ensure sample security. • All core and cuttings were geologically described by qualified field
geologists.
• Coal samples were stored in core trays on site. Samples were taken
form the core boxes and bagged in plastic bags with hole and
sample number, and sent to the external laboratories once sampling
instructions were completed.
• All sampling and sample labelling was undertaken by or supervised
Minarco, 2019
by the field geologist.
• Samples were packed, handled and transported with normal care,
documentation and chain of custody
deemed necessary since it is very unlikely to be subject to
systematic material impact from sample tampering, theft or loss.
Audits or reviews • The results of any audits or reviews of sampling techniques • Sampling and data acquisition procedures were reviewed by RPM
and data. at the time of the 2019 site visit, which confirming that the
exploration approach being used is acceptable for Resource
reporting purposes.
Minarco, 2019

Mineral tenement and land • Type, reference name/number, location and ownership including • All concessions have valid IUP (mining lease),
tenure status agreements or material issues with third parties such as joint documentation. No material issues were identified regarding
ventures, partnerships, overriding royalties, native title interests, this matter.
historical sites, wilderness or national park and environmental • The project is in operating stage with valid license. No issue
settings. to operate in the area.
• The security of the tenure held at the time of reporting along with any
known impediments to obtaining a licence to operate in the area.
Exploration done by other • Acknowledgment and appraisal of exploration by other parties. • To the RPM’s knowledge, no exploration was completed by
parties other parties other than BT.
Geology • Deposit type, geological setting and style of mineralisation. • The Project concessions are within thick, multi seam
deposits that occur within the Miocene Age Balikpapan
Formation of the Kutai Basin. The structure of the deposit
area is overlying the northern limb of a broad synclinal
structure plunging to the southeast, with dips ranges of 1 to
5 degrees.
Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, • Samples are composited by weighting by mass if the
maximum and/or minimum grade truncations (e.g. cutting of high samples were taken on ply by ply basis. No maximum and/or
grades) and cut-off grades are usually material and should be minimum cut-off were used in the modelling and estimation
reported. process.
• Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used
for such aggregation should be stated and some typical examples of
such aggregations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between • These relationship are particularly important in the reporting of  The geometry of the deposit is well understood. This was
mineralisation widths and Exploration Results. based on the drill hole data and other geological information
intercept length • If the geometry of the mineralisation with respect to the drill hole angle (regional and local mapping results).
is known, its nature should be reported. • Detail seam thicknesses are reported in vertical thickness
and provided in separate file.
• If it is not known and only down hole lengths are reported, there
should be a clear statement to this effect e.g. ‘down hole length, true
width not known)
Drill hole Information • A summary of all information material to the understanding of the • A total of 455 holes were used for modelling. Majority the
exploration results including a tabulation of the following information holes were quality holes (290 holes). A total of 193 holes
for all Material drill holes: were geophysically logged..
 easting and northing of the drill hole collar; • A more detail drill holes information, including location, seam
Minarco, 2019
 elevation or RL (Reduced Level – elevation above sea level in thickness, depth and quality were provided in a separate file.
metres) of the drill hole collar;
 dip and azimuth of the hole; and
 down hole length and interception depth.
• hole length.
• If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from
the understanding of the report, the Competent Person should clearly
explain why this is the case.
Diagrams • Appropriate maps and sections (with scales) and tabulations of • Drillhole map and typical sections of BT are provided in the
intercepts should be included for any significant discovery being statement.
reported These should include, but not be limited to a plan view of
drill hole collar locations and appropriate sectional views.
Balanced reporting • Where comprehensive reporting of all Exploration Results is not • All information provided by Client including exploration
practicable, representative reporting of both low and high grades results has been reviewed. This report references all
and/or widths should be practiced to avoid misleading reporting of available exploration results from the Client up to the
Exploration Results. commencement date of the Resource estimation.
Other substantive • Other exploration data, if meaningful and material, should be reported • Geotechnical and hydrogeological studies were completed,
exploration data including (but not limited to): geological observations; geophysical with the results of those studies being incorporated for mine
survey results; geochemical survey results; bulk samples – size and planning purposes.
method of treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics; potential
deleterious or contaminating substances.
Further work • The nature and scale of planned further work (e.g. tests for lateral • Future drilling is planned within the target area (LOM area)
extensions or depth extensions or large-scale step-out drilling). to increase confidence level and model accuracy.
• Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Minarco, 2019
Criteria Commentary
Database integrity • Measures taken to ensure that data has not been corrupted by, • BT is using Microsoft Excel as the main geological dataset
for example, transcription or keying errors, between its initial storage. To minimise errors in the dataset, several main
collection and its use for Mineral Resource estimation purposes. steps were applied:
• Data validation procedures used. • coal seam data entered into the geological dataset was
reconciled against the logs whenever available.
• There are a number of underlying "business rules" built
into the dataset that help insure consistency and
integrity of data including, but not limited to:
 restriction of data entry to the interval of the
defined hole depth;
 basic statistics such as histogram for major
quality parameters (CV, Ash & TS) and cross
plots (CV, Ash & RD) to ensure data
consistency and understanding errors if any;
and
 basic coal quality integrity checks such as
ensuring data is within normal range limits, that
proximate analyses add to 100 percent etc.
independently checked and rechecked by senior
geological staff of RPM. After modelling, anomalous
seam and interburden structure and thicknesses were
interrogated and errors iteratively corrected from the
dataset.
• It is highly unlikely that there is significant corrupt data in the
dataset, given the validation procedures above.
• Some errors may still pass through to the geological and coal
quality models, considering that coal is a bulk commodity of
relative even consistency and the large number of drill holes on
which the resource is based, such errors are unlikely to have a
material impact on the resource estimate.
Site visits • Comment on any site visits undertaken by the Competent Person • No actual site visit was completed in 2021 due to COVID-19
and the outcome of those visits. travel restrictions. However, a virtual site visit was conducted
Minarco, 2019
Criteria Commentary
• If no site visits have been undertaken indicate why this is the with the assistance from Client. The supplied data has
case. confirmed that mine operation is currently being conducted by
Bayan and their contractors in a professional way, and no major
issues were identified. The actual site visit has been undertaken
by RPM Executive Consultant (Mr. Greg Eisenmenger) and
Senior Geologist (Mr. Gamet Nugroho) in March 2019. Mr. Greg
and Mr. Gamet are permanent employee of RPM and also are
Competent Persons.
Geological interpretation • Confidence in (or conversely, the uncertainty of) the geological • Geological interpretation was based on the drilling data with
interpretation of the mineral deposit. limited support of geophysical log information.
• Nature of the data used and of any assumptions made. • BT also used the regional and local mapping results to support
• The effect, if any, of alternative interpretations on Mineral the geological interpretation of the deposit
• The use of geology in guiding and controlling Mineral Resource • The confidence level of the deposit was determined based on
estimation. the data distribution and geological complexity.
• The factors affecting continuity both of grade and geology. • All necessary constraints which affect continuity of the coal
seams were considered.
Dimensions • The extent and variability of the Mineral Resource expressed as • The deposit covers area approx. 2,400 ha, with an approximate
length (along strike or otherwise), plan width, and depth below strike length 9.5 km with width of 2 km. A set of plans are also
surface to the upper and lower limits of the Mineral Resource. provided in the report.
Estimation and modelling • The nature and appropriateness of the estimation technique(s) • A three dimensional computer models were built by Client and
techniques applied and key assumptions, including treatment of extreme reviewed by RPM using Datamine MineScape software version
grade values, domaining, interpolation parameters and maximum 7.1. The summary of model parameters are as below.
distance of extrapolation from data points. If a computer assisted
estimation method was chosen include a description of computer
software and parameters used. Software Datamine Minescape Version 7.1
• The availability of check estimates, previous estimates and/or Grid/ Block Size 25 x 25 m
mine production records and whether the Mineral Resource
estimate takes appropriate account of such data.
• The assumptions made regarding recovery of by-products. Surface: FEM (1)
• Estimation of deleterious elements or other non-grade variables Trend: FEM (0)
of economic significance (e.g. sulphur for acid mine drainage
characterisation).
• In the case of block model interpolation, the block size in relation Quality Interpolator Inverse
to the average sample spacing and the search employed. Distance Power 3
• Any assumptions behind modelling of selective mining units.
• Any assumptions about correlation between variables.
• Description of how the geological interpretation was used to • Check estimates were undertaken by other competent
control the resource estimates. geologist within RPM group to ensure the validity of the result.
• Discussion of basis for using or not using grade cutting or • The models were based on gridded modelling approach.
Minarco, 2019
Criteria Commentary
capping. • No selective mining unit assumptions were used for modelling
• The process of validation, the checking process used, the processes.
comparison of model data to drill hole data, and use of • Model validation was undertaken by visually inspecting the
reconciliation data if available. model sections, structure and quality contour, etc. against drill
hole data.
Moisture • Whether the tonnages are estimated on a dry basis or with natural • Tonnages are estimated on In Situ basis based on In Situ
moisture, and the method of determination of the moisture density derived from the Preston Sanders formula which uses
content. the total moisture and air dried moisture that were derived from
laboratory analysis.
Cut-off parameters • The basis of the adopted cut-off grade(s) or quality parameters • No cut-off grade has been used.
applied.
Mining factors or • Assumptions made regarding possible mining methods, minimum • A Minimum thickness of 0.5 m has been applied.
assumptions mining dimensions and internal (or, if applicable, external) mining • No mining losses and dilution factor was used for Resources
dilution. It is always necessary as part of the process of estimation.
determining reasonable prospects for eventual economic
extraction to consider potential mining methods, but the • The mine optimization results completed by RPM using a
assumptions made regarding mining methods and parameters higher revenue factor have been used as the basis for
when estimating Mineral Resources may not always be rigorous. Resource limits. RPM used a benchmark coal price of USD
Where this is the case, this should be reported with an 120 for 6,322 Kcal/Kg gar energy which is higher than the
explanation of the basis of the mining assumptions made. Reserves base. The coal price has been adjusted accordingly
based on coal quality of the deposit.
• An overall slope of 35 degrees was applied in the optimisation
process for the high wall and side wall, and 27 degrees of
overall slope was applied for the low wall.
• The average depth of deep drilling was also used as a lower
limit to the Resources limits. The definition of a lower limit is to
ensure the continuity of coal seams is within the selected
optimization results. This resulted in an average SR of
approximately 5.3:1 for the whole Tabang and Pakar North
area..
Metallurgical factors or • The basis for assumptions or predictions regarding metallurgical • Coal is mined and sold as raw material, therefore no washing
assumptions amenability. It is always necessary as part of the process of or metallurgical factors are required.
determining reasonable prospects for eventual economic
extraction to consider potential metallurgical methods, but the
assumptions regarding metallurgical treatment processes and
parameters made when reporting Mineral Resources may not
Minarco, 2019
Criteria Commentary
always be rigorous. Where this is the case, this should be
reported with an explanation of the basis of the metallurgical
assumptions made.
assumptions residue disposal options. It is always necessary as part of the estimation, and it is assumed environmental factors has been
process of determining reasonable prospects for eventual considered during mine optimization process, such as
economic extraction to consider the potential environmental rehabilitation and reclamation costs, as well as well any
impacts of the mining and processing operation. While at this physical constraints (major river, etc). It is noted that several
stage the determination of potential environmental impacts, major rivers (Petung Kanan, Petung Kiri and Senget Rivers) are
particularly for a greenfields project, may not always be well flowing through the BT resource area that may need to be
advanced, the status of early consideration of these potential diverted in near future. Client is currently in the process of
environmental impacts should be reported. Where these aspects getting the permit for the diversion, and PM opine that this will
have not been considered this should be reported with an not become the major issues for extraction. This plan has been
explanation of the environmental assumptions made. considered in the optimisation process.
Bulk density • Whether assumed or determined. If assumed, the basis for the • No Bulk density data was provided. Coal Resources were
assumptions. If determined, the method used, whether wet or dry, reported on an In Situ basis with the RD (In Situ) being adjusted
the frequency of the measurements, the nature, size and using the Preston-Sanders (1993) formula. Coal samples were
representativeness of the samples. analysed for Total Moisture, Inherent (air dried) Moisture.
• The bulk density for bulk material must have been measured by
methods that adequately account for void spaces (vugs, porosity,
etc.), moisture and differences between rock and alteration zones
within the deposit.
Classification • The basis for the classification of the Mineral Resources into • The classification of Coal Resource categories, (Measured,
varying confidence categories. Indicated and Inferred) is based on the opinion of the
• Whether appropriate account has been taken of all relevant Competent Person based on drill spacing, data collection
factors (i.e. relative confidence in tonnage/grade estimations, methods and the geological complexity.
reliability of input data, confidence in continuity of geology and • The Competent Person is confident on the reliability of
metal values, quality, quantity and distribution of the data). geological data and in the understanding of the geology
• Whether the result appropriately reflects the Competent Person’s including the continuity of the geology and coal quality. The
view of the deposit. estimate appropriately reflects the Competent Persons view of
the deposit.
Audits or reviews • The results of any audits or reviews of Mineral Resource • Coal Resources estimations were internally peer reviewed by
estimates. RPM and no fatal flaws were identified.
Discussion of relative • Where appropriate a statement of the relative accuracy and • Confidence levels were determined based on the Competent
accuracy/ confidence confidence level in the Mineral Resource estimate using an Person’s view of the deposit geological complexity. The
approach or procedure deemed appropriate by the Competent Competent Person was also used the Indonesian Coal
Minarco, 2019
Criteria Commentary
Person. For example, the application of statistical or geostatistical Resources Guideline (SNI 2011) and Australian Coal
procedures to quantify the relative accuracy of the resource within Guidelines 2014 as the references to define the confidence
stated confidence limits, or, if such an approach is not deemed limit. A geostatistic - variogram study was completed to support
appropriate, a qualitative discussion of the factors that could the radii of influence of Coal Resource. RPM is of the opinion
affect the relative accuracy and confidence of the estimate. that the approaches are reasonable considering the nature and
• The statement should specify whether it relates to global or local the location of the deposit. Rounding has also been applied into
estimates, and, if local, state the relevant tonnages, which should Resource estimation to reflect relative accuracy.
be relevant to technical and economic evaluation. Documentation • The statement relates to global estimates.
should include assumptions made and the procedures used.
• These statements of relative accuracy and confidence of the • Actual reconciliation for 24 months period in 2019-2020 has
estimate should be compared with production data, where been made by BT and provided to RPM. The results indicated
available. a good accuracy.
Minarco, 2019

Mineral Resource estimate for Description of the Mineral Resource estimate used as a basis for the This JORC Reserve is derived from JORC Code compliant Coal
conversion to Ore Reserves conversion to an Ore Reserve. Resources Statement signed by Mr Oki Wijayanto. This
Clear statement as to whether the Mineral Resources are reported Statement and the model associated with it formed the basis of
additional to, or inclusive of, the Ore Reserves. the subsequent Coal Reserve estimate.
Site visits Comment on any site visits undertaken by the Competent Person and No physical site visit to the project was able to be completed by
the outcome of those visits. RPM’s Competent Persons due to COVID-19 travel restrictions.
Study status The type and level of study undertaken to enable Mineral Resources BT is in production and a part of the Tabang Mine, PKRN project
to be converted to Ore Reserves. which is part of the larger integrated project covering Tabang,
The Code requires that a study to at least Pre-Feasibility Study level PKRN and Pakar South (PKRS).
has been undertaken to convert Mineral Resources to Ore Reserves. A LOM plan has been developed based on the BT practical pit
Such studies will have been carried out and will have determined a that has been used as the basis for the coal Reserves estimate.
mine plan that is technically achievable and economically viable, and The process used in converting the Coal Resources into Coal
that material Modifying Factors have been considered. Reserves includes defining viable pit limits and applying mining,
to estimate Coal Reserves.
Minimum Seam thickness defined as mineable was 1.0 m.
Mining factors or assumptions The method and assumptions used as reported in the Pre-Feasibility The practical pit designs were developed as the basis of the
or Feasibility Study to convert the Mineral Resource to an Ore reported quantities. These pit were designed base on a selected
optimisation shell which was cross checked against the break-
even strip ratio for the project.
The mining method utilizes appropriately sized excavator and
truck fleets to achieve the coal selection, uncover and mining.
The truck and excavator waste mining is supplemented by a
dozer push operation of a select horizon.
Geotechnical studies of the rock strength and other
characteristics at BT formed the basis of the pit design.
Minarco, 2021
Reserve (i.e. either by application of appropriate factors by  Coal loss from the coal mining section roof of 100mm and
optimisation or by preliminary or detailed design). floor of 50 mm was modelled.
The choice, nature and appropriateness of the selected mining  Dilution added to the coal mining section of 100mm total
method(s) and other mining parameters including associated design 50mm from roof and 50mm from floor.
issues such as pre-strip, access, etc.  Mining Global recovery of 96% was applied.
The assumptions made regarding geotechnical parameters (e.g. pit  Dilution relative density of 2.1 t/bcm and ash of 75%.
slopes, stope sizes, etc.), grade control and pre-production drilling.  ROM moisture assumed to be similar with In Situ moisture
The major assumptions made and Mineral Resource model used for with no adjustment applied.
pit and stope optimisation (if appropriate). Inferred coal was identified in the seams with insufficient Points
The mining dilution factors used. of Observation for Measured or Indicated Resource confidence.
The mining recovery factors used. The Inferred coal was identified within the geological model and
Any minimum mining widths used. the practical pit designs. Within the Tabang, PKRN pit shells
The manner in which Inferred Mineral Resources are utilised in mining 12.6% of the mineable quantity is derived from Inferred coal and
studies and the sensitivity of the outcome to their inclusion. within the BT pit shells is 1%. This mineable coal has been
The infrastructure requirements of the selected mining methods. included in the LOM mining studies and the sensitivity of Project
Infrastructure required for the operation is already in place.
Metallurgical factors or The metallurgical process proposed and the appropriateness of that The ROM coal mined at BT will be sized to produce product coal
assumptions process to the style of mineralisation. at minus 50mm.The ROM coal is planned to be dumped into
Whether the metallurgical process is well-tested technology or novel designated ROM stockpiles or directly to the ROM crusher. The
in nature. ROM coal fed to the ROM crusher will be sized and stockpiled
The nature, amount and representativeness of metallurgical test work ready to be loaded to barge.
undertaken, the nature of the metallurgical domaining applied and the Where necessary the sized product coal will be blended at the
corresponding metallurgical recovery factors applied. Balikpapan Coal Terminal (BCT) or the Kalimantan Floating
Any assumptions or allowances made for deleterious elements. Transfer Stations (KFT’s) to achieve product specifications for
shipment.
Environmental The status of studies of potential environmental impacts of the mining BT has a completed AMDAL and as it is in production status,
and processing operation. Details of waste rock characterisation and there will be an annual update to the government regarding the
the consideration of potential sites, status of design options environmental report (RKTTL).
considered and, where applicable, the status of approvals for process
residue storage and waste dumps should be reported.
Infrastructure The existence of appropriate infrastructure: availability of land for All infrastructure is in place to support the production. Relocation
plant development, power, water, transportation (particularly for bulk of some site infrastructure will be required to achieve full
commodities), labour, accommodation; or the ease with which the extraction of coal from BT. Allowance have been made for this
infrastructure can be provided, or accessed. in the economic modelling.
Minarco, 2021
Costs The derivation of, or assumptions made, regarding projected capital Operating costs has been supplied by Client based on
costs in the study. contracted rates and have been reviewed and deemed
The methodology used to estimate operating costs. reasonable costs to be used for this study.
Allowances made for the content of deleterious elements. Capital costs are not used in determining the breakeven SR but
The derivation of assumptions made of metal or commodity price(s), are included in economic modelling. Total capital expenditure
for the principal minerals and co- products. including replacement and sustaining capital for the
The source of exchange rates used in the study. Tabang/Pakar North development is estimated to be $1,605 M
Derivation of transportation charges. of which $325 M is attributed to BT.
The basis for forecasting or source of treatment and refining charges, Royalties are based on Government statutory royalties.
penalties for failure to meet specification, etc.
The allowances made for royalties payable, both Government and
private.
Revenue factors The derivation of, or assumptions made regarding revenue factors Forward coal pricing for revenue in the economic model is based
including head grade, metal or commodity price(s) exchange rates, on 2021 real US dollars of USD80/t product long term, for
transportation and treatment charges, penalties, net smelter returns, product coal quality with a benchmark specification of 6,322
etc. kcal/kg gar Calorific Value (CV). The benchmark price is
adjusted to reflect the actual product coal quality being
Market assessment The demand, supply and stock situation for the particular commodity, A third party report has been provide by Bayan to support the
consumption trends and factors likely to affect supply and demand marketing study of the Project. RPM reviewed the report and is
into the future. of the opinion that there is a demand for thermal coal of Tabang
A customer and competitor analysis along with the identification of PKRN specification and as such RPM does not anticipate issues
likely market windows for the product. in selling this product. Markets for this type of product coal
For industrial minerals the customer specification, testing and from the Tabang mine is sold into these markets.
over or continued as mining moves to the BT area.
Economic The inputs to the economic analysis to produce the net present value The cost inputs to the economic analysis of the Project are
(NPV) in the study, the source and confidence of these economic derived capital and operating cost estimates outlined in the
inputs including estimated inflation, discount rate, etc. “Costs” section of this Table 1. The source of the inputs is real
NPV ranges and sensitivity to variations in the significant assumptions and the confidence satisfactory.
and inputs. The revenue assumptions are outlined under the “Revenue
rates between 8.4%, 8.9% and 9.1% have been used in
Minarco, 2021
Tabang/PKRN schedule. The NPV of the cash flow was positive
at a discount factor of 8.9%.
The NPV at 8.9% discount rate has been assessed for
variations of +/- 10% in the key value drivers of revenue,
operating costs and capital costs. In all cases a positive NPV
was returned for the Project.
Social The status of agreements with key stakeholders and matters leading All the necessary permits and approvals are in place to support
to social licence to operate. the production stage.
The status of material legal agreements and marketing arrangements. to pursue an integrated development plan to increase production
The status of governmental agreements and approvals critical to the to 60Mtpa from Tabang/PKRN over a time horizon of 31 Years.
viability of the project, such as mineral tenement status, and RPM is of the opinion that the assumptions associated with this
government and statutory approvals. There must be reasonable integrated plan and the economic outcomes generated are
grounds to expect that all necessary Government approvals will be reasonable. RPM has not identified any fatal flaws in the LOM
received within the timeframes anticipated in the Pre-Feasibility or plans that have been provided that would preclude approvals
Feasibility study. Highlight and discuss the materiality of any being forthcoming and a social license to operate granted.
unresolved matter that is dependent on a third party on which All coal mining projects operate in an environment of geological
extraction of the reserve is contingent. uncertainty, RPM is not aware of any potential technical factors,
viability of the Integrated Project, including BT.
Whether the result appropriately reflects the Competent Person’s planning associated with BT.
view of the deposit. All of the Measured category Coal Resource contained within
The proportion of Probable Ore Reserves that have been derived the pit design has been assigned to the Proved Coal Reserves
from Measured Mineral Resources (if any). after the application of the appropriate modifying factors.
Coal Reserves.
Minarco, 2021
The classification of all Reserves as Probable reflects the
Competent persons view of the deposit and Project from the
perspective of the current status associated with environmental
approvals.
Discussion of relative Where appropriate a statement of the relative accuracy and The Reserve estimate is most sensitive to the prevailing long
accuracy/ confidence confidence level in the Ore Reserve estimate using an approach or term coal price used to determine the pit limits and the BESR.
procedure deemed appropriate by the Competent Person. For The cost factors used in determining the pit limits and BESR are
example, the application of statistical or geostatistical procedures to well known and understood from contractor mining operations
quantify the relative accuracy of the reserve within stated confidence and Bayan owned and operated coal logistics aspects of the
limits, or, if such an approach is not deemed appropriate, a qualitative Project currently being carried out for the Tabang Mine.
discussion of the factors which could affect the relative accuracy and The level of accuracy will continue to be dependent on the
confidence of the estimate. ongoing update of the geological model representing the deposit
The statement should specify whether it relates to global or local and monitoring of the Modifying Factors from production
estimates, and, if local, state the relevant tonnages, which should be reconciliations that affect the Reserve estimate.
relevant to technical and economic evaluation. Documentation should
include assumptions made and the procedures used.
It is recognised that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and
confidence of the estimate should be compared with production data,
where available.
Minarco, 2021
PT. Tiwa Abadi


Sampling techniques • Nature and quality of sampling (e.g. cut channels, random • Core sampling for coal quality work took place using HQ
chips, or specific specialised industry standard measurement (63mm) core. Coal core samples were sent to the laboratory
tools appropriate to the minerals under investigation, such as with chain of custody paperwork.
measurement tools or systems used. Gamma, and Calliper were typically run in the majority of drill
• Aspects of the determination of mineralisation that are holes. No drill hole deviation was completed due to vertical
Material to the Public Report. In cases where ‘industry drilling and flat dips seam. The geophysical logging was
standard’ work has been done this would be relatively simple carried out by external contractor and subject to their internal
(e.g. ‘reverse circulation drilling was used to obtain 1 m calibration, quality assurance and quality control procedures.
samples from which 3 kg was pulverised to produce a 30 g Geophysical logs were acquired for all of drill holes to
charge for fire assay’). In other cases more explanation may supplement the geologist’s lithological description of the cores
be required, such as where there is coarse gold that has to:
inherent sampling problems. Unusual commodities or • assist with ensuring that the core recoveries were
mineralisation types (e.g. submarine nodules) may warrant satisfactory (> 90%); and
core diameter, triple or standard tube, depth of diamond tails, • Use of HQ-3 (triple tube barrel) follows Industry accepted
face-sampling bit or other type, whether core is oriented and Standards for acquisition of drillhole core.
Drill sample recovery • Method of recording and assessing core and chip sample • Linear drill hole core recovery was measured for all coal quality
recoveries and results assessed. drill holes on a run by run basis. Actual recovered core lengths
• Measures taken to maximise sample recovery and ensure are measured with a tape measure and any core loss is recorded
representative nature of the samples. in geological logs, coal quality sample intervals and in the run by
• Whether a relationship exists between sample recovery and run drilling record field sheets.
grade and whether sample bias may have occurred due to • Core holes were redrilled when poor core recovery had potential
preferential loss/gain of fine/coarse material. to materially affect the coal quality models (in general, this is
where recovery was less than 90%).
This report has been prepared for PT. Tiwa Abadi and its parent company PT. Bayan Resources Tbk. only and must be read in its entirety and is subject to all assumptions, limitations and disclaimers contained in the body of the report. © PT. RungePincock Minarco,
2021
Logging • Whether core and chip samples have been geologically and • A drill rig geologist was present at all times during drilling
appropriate Mineral Resource estimation, mining studies and • Preliminary core logs were derived from lithological logging of
metallurgical studies. open hole chip "cuttings" and logging of drill core.
• Whether logging is qualitative or quantitative in nature. Core
(or costean, channel, etc.) photography. • All holes were lithologically logged. The logging of the
• The total length and percentage of the relevant intersections chip/cuttings and core samples is qualitative and detailed which
logged. includes a record of the recovery of the total length and the cored
length, rock type, stratigraphic unit and numerous adjectives to
describe the sample in terms of colour, grain size, bedding etc.
all of which is entirely sufficient to describe the various lithologies
and coal samples to support the coal resource estimation from a
geological, geotechnical and coal quality consideration.
reconciled against the geophysical logs. Barren holes were used
to limit coal continuity.
Sub-sampling techniques and • If core, whether cut or sawn and whether quarter, half or all • No splitting of core is undertaken in the field. Sample preparation
sample preparation core taken. was done in PT. Georservices and PT. Anindya Wiraputra
• If non-core, whether riffled, tube sampled, rotary split, etc. and laboratory at Tabang.
whether sampled wet or dry. • Coal samples were wrapped and sealed immediately once core
• For all sample types, the nature, quality and appropriateness logging was completed to minimise moisture loss to ensure the
of the sample preparation technique. samples were representative of the in situ moisture.
stages to maximise representivity of samples. • The coal samples collected for quality modelling were from HQ
• Measures taken to ensure that the sampling is representative core size (63mm). This core size provides sufficient sample
of the in situ material collected, including for instance results mass for testing of raw coal parameters.
Quality of assay data and • The nature, quality and appropriateness of the assaying and • The samples were submitted to PT. Geoservices and PT.
laboratory tests laboratory procedures used and whether the technique is Anindya Wiraputra laboratory for analysis. The laboratories are
considered partial or total. internationally accredited and all analyses were conducted in
• For geophysical tools, spectrometers, handheld XRF accordance with appropriate international standards
analysis including instrument make and model, reading times, (which includes IM, Ash, VM, FC), TM, TS and CV.
calibrations factors applied and their derivation, etc. • A representative number of samples were also analysed for
• Nature of quality control procedures adopted (e.g. standards, HGI, AFT, Ultimate Analysis, and Ash Analysis.
blanks, duplicates, external laboratory checks) and whether • Limited samples were processed for EQM test work.
acceptable levels of accuracy (i.e. lack of bias) and precision • No QAQC was performed directly by TA. It is expected that such
have been established. a thorough QAQC was performed by PT. Geoservices and PT.
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Anindya Wiraputra as accredited external laboratories.
Verification of sampling and • The verification of significant intersections by either • The logging and sampling was conducted by PT. GMT Indonesia
assaying independent or alternative company personnel. geologists, a sub-contractor acting on behalf of PTRI in the early
• The use of twinned holes. exploration, and Bayan geologist in the recent exploration work.
• Documentation of primary data, data entry procedures, data The majority of core samples were acquired using the “touch
verification, data storage (physical and electronic) protocols. cored” and “twinned cored” holes method. The samples depths
• Discuss any adjustment to assay data. were adjusted using geophysical log data. There are also several
geotechnical holes which were drilled as fully cored holes.
• The protocols for sample acquisition, data entry, and data
verification were developed by PTRI and internal protocol of
Bayan. The assaying was completed by external accredited
laboratory.
• The internal QA-QC regression analysis shows that the
relationship between Ash, IM and CV are generally following
normal trend. The relationship between CV and RD in general
also conform the normal trend. No adjustment was made to the
assay data.
(collar and down-hole surveys), trenches, mine workings and topography was derived from combination of high precision
other locations used in Mineral Resource estimation. aerial survey (LIDAR).
• The benchmarks were derived from high precision Geodetic
GPS which tied to the Government survey control.
Data spacing and distribution • Data spacing for reporting of Exploration Results. • Drillhole line spacing is typically 200-400 m in most of the areas.
• Whether the data spacing and distribution is sufficient to • This is considered adequate for classification of Coal Resources
establish the degree of geological and grade continuity to Measured and Indicated category with due consideration for
appropriate for the Mineral Resource and Ore Reserve the variance in coal seam thickness, coal quality and structural
Orientation of data in relation • Whether the orientation of sampling achieves unbiased • The geological data including samples, was gathered based on
to geological structure sampling of possible structures and the extent to which this is vertical drilling which being supported with geophysical logging.
known, considering the deposit type.
• If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have
introduced a sampling bias, this should be assessed and
reported if material.
Sample security • The measures taken to ensure sample security. • All core and cuttings were geologically described by qualified
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field geologists.
• Coal samples were stored in core trays on site. Samples were
taken form the core boxes and bagged in plastic bags with hole
and sample number, and sent to the external laboratories once
sampling instructions were completed.
• All sampling and sample labelling was undertaken by or
supervised by the field geologist.
• Samples were packed, handled and transported with normal
care, documentation and chain of custody
Audits or reviews • The results of any audits or reviews of sampling techniques • Sampling and data acquisition procedures were reviewed by
and data. RPM at the time of the 2009 and 2019 site visit, which confirming
that the exploration approach being used is acceptable for
Resource reporting purposes.
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Mineral tenement and land • Type, reference name/number, location and ownership • All concessions have valid IUP (mining lease) documentation. No
tenure status including agreements or material issues with third parties such material issues were identified regarding this matter.
as joint ventures, partnerships, overriding royalties, native title • The project is in development stage with valid license. No issue to
interests, historical sites, wilderness or national park and operate in the area.
environmental settings.
• The security of the tenure held at the time of reporting along
with any known impediments to obtaining a licence to operate
in the area.
Exploration done by other • Acknowledgment and appraisal of exploration by other • To the RPM’s knowledge, exploration was completed by GMT
parties parties. under the previous concessions owner (IBU, 2009) and Bayan
(2017-2020)
Geology • Deposit type, geological setting and style of mineralisation. • The Project concessions are within thick, multi seam deposits that
occur within the Miocene Age Balikpapan Formation of the Kutai
Basin. The structure of the deposit area is overlying the northern
and western limb of a broad synclinal structure plunging to the
southeast, with dips ranges of 1 to 5 degree.
Data aggregation methods • In reporting Exploration Results, weighting averaging • Samples are composited by weighting by mass if the samples
techniques, maximum and/or minimum grade truncations (e.g. were taken on ply by ply basis. No maximum and/or minimum cut-
cutting of high grades) and cut-off grades are usually material off were used in the modelling and estimation process.
and should be reported.
procedure used for such aggregation should be stated and
some typical examples of such aggregations should be shown
in detail.
• The assumptions used for any reporting of metal equivalent
values should be clearly stated.
Relationship between • These relationship are particularly important in the reporting • The geometry of the deposit is well understood. This was based
mineralisation widths and of Exploration Results. on the drill hole data and other geological information (regional and
intercept length • If the geometry of the mineralisation with respect to the drill local mapping results).
hole angle is known, its nature should be reported. • Detail seam thicknesses are reported in vertical thickness and
• If it is not known and only down hole lengths are reported,
there should be a clear statement to this effect e.g. ‘down hole
length, true width not known)
Drill hole Information • A summary of all information material to the understanding of • A total of 227 holes covers TA concession were used for
the exploration results including a tabulation of the following modelling. Majority of the drillholes (225 holes) in TA were
information for all Material drill holes: geophysically logged with coring for predominantly of the holes
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 easting and northing of the drill hole collar (196 holes).

 elevation or RL (Reduced Level – elevation above sea • A more detail drill holes information, including location, seam
level in metres) of the drill hole collar thickness, depth and quality were provided in a separate file.
 dip and azimuth of the hole
• hole length.
• If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not
detract from the understanding of the report, the Competent
Person should clearly explain why this is the case.
Diagrams • Appropriate maps and sections (with scales) and tabulations • Drillhole map and typical sections of TA are provided in the
of intercepts should be included for any significant discovery statement.
being reported These should include, but not be limited to a
plan view of drill hole collar locations and appropriate sectional
views.
Balanced reporting • Where comprehensive reporting of all Exploration Results is • All information provided by Client including exploration results has
not practicable, representative reporting of both low and high been reviewed. This report references all available exploration
grades and/or widths should be practiced to avoid misleading results from the Client up to the commencement date of the
reporting of Exploration Results. Resource estimation.
Other substantive exploration • Other exploration data, if meaningful and material, should be • Geotechnical and hydrogeological studies were completed, with
data reported including (but not limited to): geological observations; the results of those studies being incorporated for mine planning
geophysical survey results; geochemical survey results; bulk purposes.
samples – size and method of treatment; metallurgical test
results; bulk density, groundwater, geotechnical and rock
characteristics; potential deleterious or contaminating
substances.
Further work • The nature and scale of planned further work (e.g. tests for • Future drilling is planned within the target area (LOM area) to
lateral extensions or depth extensions or large-scale step-out increase confidence level and model accuracy.
drilling).
• Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations and
future drilling areas, provided this information is not
commercially sensitive.
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Criteria Commentary
Database integrity • Measures taken to ensure that data has not been corrupted • TA is using Microsoft Excel as the main geological dataset
by, for example, transcription or keying errors, between its storage. To minimise errors in the database, several main
initial collection and its use for Mineral Resource estimation steps were applied:
purposes. • coal seam data entered into the geological database
• Data validation procedures used. was reconciled against the logs whenever available.
into the database that help insure consistency and
defined hole depth;
and,
ensuring data is within normal range limits,
that proximate analyses add to 100 percent
etc.
database.
database, given the validation procedures above.
relative even consistency and the large number of drill holes
on which the resource is based, such errors are unlikely to
have a material impact on the resource estimate.
Site visits • Comment on any site visits undertaken by the Competent • No Physical site visit to the project was able to be completed
Person and the outcome of those visits. by RPM’s Competent Persons due to COVID-19 travel
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Criteria Commentary
• If no site visits have been undertaken indicate why this is the restrictions. However, as it is in greenfields status and no
case. discernible infrastructure or geology was available to justify
specifically going to site.
• RPM completed a site visit to TJ which were represented by
Mr. Greg Eisenmenger and Mr. Gamet Nugroho on March
2019. Both of them are permanent employees of RPM and
Competent Persons. The visit was conducted during Tabang
infrastructure review. However, no thorough site visit was
completed, due to non operating status at the moment.
Geological interpretation • Confidence in (or conversely, the uncertainty of) the • Geological interpretation was based on the drilling data with
geological interpretation of the mineral deposit. limited support of geophysical log information.
• Nature of the data used and of any assumptions made. • TA also used the regional and local mapping results to support
• The use of geology in guiding and controlling Mineral • The confidence level of the deposit was determined based on
Resource estimation. the data distribution and geological complexity.
Dimensions • The extent and variability of the Mineral Resource expressed • The deposit covers area approx. 4,996 ha, with an
as length (along strike or otherwise), plan width, and depth approximate strike length of 12 km. A set of plans are also
below surface to the upper and lower limits of the Mineral provided in the report.
Resource.
Estimation and modelling techniques • The nature and appropriateness of the estimation • A three dimensional computer models were built by Client and
technique(s) applied and key assumptions, including reviewed by RPM using Datamine MineScape software
treatment of extreme grade values, domaining, interpolation version 7.1. The summary of model parameters are as below.
parameters and maximum distance of extrapolation from
data points. If a computer assisted estimation method was
chosen include a description of computer software and Software Datamine Minescape Version 7.1
parameters used. Grid/ Block Size 25 x 25 m
Resource estimate takes appropriate account of such data. Surface: FEM (1)
• The assumptions made regarding recovery of by-products. Trend: FEM (0)
variables of economic significance (e.g. sulphur for acid
mine drainage characterisation). Quality Interpolator Inverse
• In the case of block model interpolation, the block size in Distance Power 3
employed.
• Any assumptions behind modelling of selective mining units. • Check estimates were undertaken by other competent
• Any assumptions about correlation between variables. geologist within RPM group to ensure the validity of the
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Criteria Commentary
• Description of how the geological interpretation was used to result.
control the resource estimates. • The models were based on gridded modelling approach.
• Discussion of basis for using or not using grade cutting or
capping. • No selective mining unit assumptions were used for modelling
• The process of validation, the checking process used, the processes.
reconciliation data if available. model sections, structure and quality contour, etc. against drill
hole data.
Moisture • Whether the tonnages are estimated on a dry basis or with • Tonnages are estimated on in situ basis based on in situ
natural moisture, and the method of determination of the density derived from the Preston Sanders formula which uses
moisture content. the total moisture and air dried moisture that were derived
from laboratory analysis.
parameters applied.
external) mining dilution. It is always necessary as part of the estimation.
process of determining reasonable prospects for eventual
economic extraction to consider potential mining methods, • The mine optimization results completed by RPM using a
but the assumptions made regarding mining methods and higher revenue factor have been used as the basis for
parameters when estimating Mineral Resources may not Resource limits. RPM used a benchmark coal price of USD
always be rigorous. Where this is the case, this should be 120 for 6,322 Kcal/Kg gar energy which is higher than the
reported with an explanation of the basis of the mining Reserves base. The coal price has been adjusted accordingly
assumptions made. based on coal quality of the deposit.
limit to the Resources limits. The definition of a lower limit is
to ensure the continuity of coal seams is within the selected
area.
Metallurgical factors or assumptions • The basis for assumptions or predictions regarding • Coal is mined and sold as raw material, therefore no washing
metallurgical amenability. It is always necessary as part of or metallurgical factors are required.
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Criteria Commentary
rigorous. Where this is the case, this should be reported with
an explanation of the basis of the metallurgical assumptions
made.
the process of determining reasonable prospects for considered during mine optimization process, such as
eventual economic extraction to consider the potential rehabilitation and reclamation costs, as well as well any
environmental impacts of the mining and processing physical constraints (major river, etc). It is noted that a major
operation. While at this stage the determination of potential river (Penoon River) is flowing through the TA resource area
environmental impacts, particularly for a greenfields project, that may need to be diverted in near future. Client is currently
may not always be well advanced, the status of early planning of getting the permit for the diversion, and PM opine
consideration of these potential environmental impacts that this will not become the major issues for extraction. This
should be reported. Where these aspects have not been plan has been considered in the optimisation process.
considered this should be reported with an explanation of the
Bulk density • Whether assumed or determined. If assumed, the basis for • No Bulk density data was provided. Coal Resources were
the assumptions. If determined, the method used, whether reported on an in situ basis with the RD (in situ) being adjusted
wet or dry, the frequency of the measurements, the nature, using the Preston-Sanders (1993) formula. Coal samples
size and representativeness of the samples. were analysed for Total Moisture, Inherent (air dried)
• The bulk density for bulk material must have been measured Moisture.
by methods that adequately account for void spaces (vugs,
porosity, etc.), moisture and differences between rock and
alteration zones within the deposit.
factors (i.e. relative confidence in tonnage/grade methods and the geological complexity.
estimations, reliability of input data, confidence in continuity • The Competent Person is confident on the reliability of
of geology and metal values, quality, quantity and geological data and in the understanding of the geology
distribution of the data). including the continuity of the geology and coal quality. The
• Whether the result appropriately reflects the Competent estimate appropriately reflects the Competent Persons view
Person’s view of the deposit. of the deposit.
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Criteria Commentary
Discussion of relative accuracy/ • Where appropriate a statement of the relative accuracy and • Confidence levels were determined based on the Competent
confidence confidence level in the Mineral Resource estimate using an Person’s view of the deposit geological complexity. The
approach or procedure deemed appropriate by the Competent Person was also used the Indonesian Coal
Competent Person. For example, the application of Resources Guideline (SNI 2011) and Australian Coal
statistical or geostatistical procedures to quantify the relative Guidelines 2014 as the references to define the confidence
accuracy of the resource within stated confidence limits, or, limit. A geostatistic – variogram study was completed to
if such an approach is not deemed appropriate, a qualitative support the radii of influence determination of Coal
discussion of the factors that could affect the relative Resources. RPM is of the opinion that this approach is
accuracy and confidence of the estimate. reasonable considering the nature and the location of the
• The statement should specify whether it relates to global or deposit. Rounding has also been applied into Resource
local estimates, and, if local, state the relevant tonnages, estimation to reflect relative accuracy.
which should be relevant to technical and economic • The statement relates to global estimates.
evaluation. Documentation should include assumptions
made and the procedures used. • No mine reconciliation was completed. The mine is not
• These statements of relative accuracy and confidence of the operated yet.
estimate should be compared with production data, where
available.
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Mineral Resource estimate for Description of the Mineral Resource estimate used as a basis This JORC Reserve is derived from JORC Code compliant Coal
conversion to Ore Reserves for the conversion to an Ore Reserve. Resources Statement signed by Mr. Oki Wijayanto. This
Clear statement as to whether the Mineral Resources are Statement and the model associated with it formed the basis of
reported additional to, or inclusive of, the Ore Reserves. the subsequent Coal Reserve estimate.
Site visits Comment on any site visits undertaken by the Competent No physical site visit to the project was able to be completed by
Person and the outcome of those visits. RPM’s Competent Persons due to COVID-19 travel restrictions.
Study status The type and level of study undertaken to enable Mineral TA is an undeveloped concession that is part of the PKRN
Resources to be converted to Ore Reserves. Project which is part of the larger Integrated Project covering
The Code requires that a study to at least Pre-Feasibility Study Tabang, PKRN and Pakar South (PKRS).
level has been undertaken to convert Mineral Resources to Ore In the Integrated Project, Tabang is an operating mine, with a
Reserves. Such studies will have been carried out and will have LOM plan that includes an expansion of production. A LOM is
determined a mine plan that is technically achievable and considered by RPM to be of higher quality and greater accuracy
economically viable, and that material Modifying Factors have than a Pre-Feasibility Study (PFS). The PKRN PFS has been
been considered. updated by Bayan and is part of the Integrated Project Plan.
RPM believes this Integrated Project Plan, which includes the
PKRN PFS, demonstrates that mining of PKRN, which includes
TA, is technically achievable and economically viable.
The process used in converting the Coal Resources into Coal
Reserves includes defining viable pit limits and applying mining
to estimate Coal Reserves. These mining cost, revenue and
modifying factors have been guided by the actual mining costs,
revenues and factors that are being achieved at the Tabang
operations.
The TA deposit has similar geology, expected mining conditions,
mining method, production rate and strip ratio as the Tabang
operation and RPM has confidence in the application of these
modifying factors to TA.
| ADV-JA-04036 | Statement of Open Cut Coal Resources and Reserves as at 1 January 2021 | May 2021 | | Appendix B Page 1 of 6 |
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Mining factors or assumptions The method and assumptions used as reported in the Pre- The practical pit designs were developed as the basis of the
Feasibility or Feasibility Study to convert the Mineral Resource reported quantities. These pit were designed base on a selected
to an Ore Reserve (i.e. either by application of appropriate optimisation shell which was cross checked against the break-
factors by optimisation or by preliminary or detailed design). even strip ratio for the Integrated Project plan.
The choice, nature and appropriateness of the selected mining The mining method utilizes appropriately sized excavator and
method(s) and other mining parameters including associated truck fleets to achieve the coal selection, uncovering and mining.
design issues such as pre-strip, access, etc. The mining method is guided by that currently employed at
The assumptions made regarding geotechnical parameters Tabang and has been taken into account in the Integrated
(e.g. pit slopes, stope sizes, etc.), grade control and pre- Project Plan and PKRN PFS.
production drilling. Geotechnical studies of the rock strength and other
The major assumptions made and Mineral Resource model characteristics based on internal TA parameter formed the basis
used for pit and stope optimisation (if appropriate). of the pit design.
The mining dilution factors used.  Coal loss from the coal mining section roof of 100mm and
The mining recovery factors used. floor of 50 mm was modelled (150mm total).
Any minimum mining widths used.  Dilution added to the coal mining section of 50mm from roof
The manner in which Inferred Mineral Resources are utilised in and 50mm from floor (100mm total).
mining studies and the sensitivity of the outcome to their  Mining Global recovery of 96% was applied.
inclusion.  Dilution relative density of 2.1 t/bcm and ash of 75%.
The infrastructure requirements of the selected mining  ROM moisture assumed to be similar with In Situ moisture
methods. with no adjustment applied.
Inferred coal was identified in the seams with insufficient Points
of Observation for Measured or Indicated Resource confidence.
within the TA pit shells is 17%. This mineable coal has been
included in the LOM mining studies and the sensitivity of Project
Economic section of this Table 1 section 4.
Infrastructure required for the capacity of the current Integrated
Project Plan is in place and additional facilities and infrastructure
will be required as the production profile increases, including
such items as product coal haul road to the Mahakam River and
additional barge loading facilities. Relocation of some existing
2021
facilities will be required to mine all of the coal in the TA
concession.
Metallurgical factors or assumptions The metallurgical process proposed and the appropriateness The ROM coal mined at PKRN and TA will only be sized to
of that process to the style of mineralisation. produce product coal at minus 50mm. The ROM coal is planned
Whether the metallurgical process is well-tested technology or to be dumped into designated ROM stockpiles or directly to the
novel in nature. ROM crusher. The ROM coal feed to the ROM crusher will be
The nature, amount and representativeness of metallurgical sized and stockpiled ready to be hauled to the barge terminals.
test work undertaken, the nature of the metallurgical domaining Where necessary the sized product coal will be blended at the
applied and the corresponding metallurgical recovery factors Balikpapan Coal Terminal (BCT) or the Kalimantan Floating
applied. Transfer Stations (KFT’s) to achieve product specifications for
Any assumptions or allowances made for deleterious elements. shipment.
This process is identical to that applied to ROM coal from the
existing Tabang operations and RPM believes it is appropriate
for the ROM coal from TA
Environmental The status of studies of potential environmental impacts of the TA Feasibility Study and AMDAL have been completed and a
mining and processing operation. Details of waste rock Production Status IUP has been obtained. A Borrow Use
characterisation and the consideration of potential sites, status (Production) Forestry Permit is required and this will be subject
of design options considered and, where applicable, the status to the revised Feasibility Study and AMDAL approval
of approvals for process residue storage and waste dumps
should be reported.
Infrastructure The existence of appropriate infrastructure: availability of land All of the facilities and infrastructure including necessary land to
for plant development, power, water, transportation support the integrated Tabang/PKRN mine plan to produce 60
(particularly for bulk commodities), labour, accommodation; or Mtpa ROM, is either in place or outlined in the PKRN PFS to be
the ease with which the infrastructure can be provided, or constructed in accordance with the Project timeline outlined in
accessed. the PFS. Facilities and infrastructure not currently in place will
be progressively constructed and relocated as necessary as the
Integrated Project develops and advances.
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Costs The derivation of, or assumptions made, regarding projected The capital cost estimate for the integrated Tambang/PKRN
capital costs in the study. Project to achieve a production level of 60Mtpa ROM has been
The methodology used to estimate operating costs. outlined in the PFS. The capital costs have been estimated from
Allowances made for the content of deleterious elements. the design, quantification and specification of the required
The derivation of assumptions made of metal or commodity facilities and infrastructure to be owned and operated by Bayan.
price(s), for the principal minerals and co- products. Total capital expenditure including replacement and sustaining
The source of exchange rates used in the study. capital for the Tabang/Pakar North Integrated Project Plan
Derivation of transportation charges. development is estimated to be $1,605 M of which $618 M is
The basis for forecasting or source of treatment and refining attributed to TA.
charges, penalties for failure to meet specification, etc. The mining operations are planned as contractor operations
The allowances made for royalties payable, both Government delivering a full service and as such all of the mining equipment
and private. costs and contractor provision of services are provided in the
contractor mining rates which are treated as operating costs.
Operating costs including mining contractor costs, road haulage
costs, stockpile handling costs, barging, transhipment and BCT
port costs have been supplied by Bayan based on the current
contracted and owner rates. These rates as outlined in the PFS
studies, have been reviewed by RPM and deemed reasonable
and in line with operating costs that would be expected in a
deposit like TA which has similar deposit geology, production
rate and strip ratio as the operating Tabang mines. Royalties
have been estimated in accordance with Indonesian
Government statutory royalty calculations.
Revenue factors The derivation of, or assumptions made regarding revenue Forward coal pricing for revenue in the economic model is based
factors including head grade, metal or commodity price(s) on 2021 real US dollars of USD80/t product long term, for
exchange rates, transportation and treatment charges, product coal quality with a benchmark specification of 6322
penalties, net smelter returns, etc. kcal/kg gar Calorific Value (CV). The benchmark price is
. adjusted to reflect the actual product coal quality being
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Market assessment The demand, supply and stock situation for the particular A third party report has been provide by Bayan to support the
commodity, consumption trends and factors likely to affect marketing study of the Project. RPM reviewed the report and is
supply and demand into the future. of the opinion that there is a demand for thermal coal of Tabang
A customer and competitor analysis along with the PKRN specification and as such RPM does not anticipate issues
identification of likely market windows for the product. in selling this product. Markets for this type of product coal
For industrial minerals the customer specification, testing and from the Clients adjacent operations are sold into these markets
over or continued as mining moves to the TA area.
Economic The inputs to the economic analysis to produce the net present The cost inputs to the economic analysis of the Project are
value (NPV) in the study, the source and confidence of these derived capital and operating cost estimates outlined in the
economic inputs including estimated inflation, discount rate, “Costs” section of this Table 1. The source of the inputs is real
etc. and the confidence satisfactory, in line or better than that
NPV ranges and sensitivity to variations in the significant expected of a PFS, as many of the operating cost estimates are
assumptions and inputs. based on existing mining rates in other operations with similar
characteristics in such aspects as geological deposition, strip
ratio and mining method.
The revenue assumptions are outlined under the “Revenue
rates of 8.4%, 8.9% and 9.1% have been used in assessing
NPV. The economic modelling produced positive and
acceptable cash flow over the LOM of the Integrated Project
Tabang/PKRN schedule..
the Project.
Social The status of agreements with key stakeholders and matters All the necessary permits and approvals are in place to support
leading to social licence to operate. the production stage.
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The status of material legal agreements and marketing to pursue an integrated development plan to increase production
arrangements. to 60Mtpa from Tabang/PKRN over a time horizon of 31 Years.
The status of governmental agreements and approvals critical RPM is of the opinion that the assumptions associated with this
to the viability of the project, such as mineral tenement status, integrated plan and the economic outcomes generated are
and government and statutory approvals. There must be reasonable. RPM has not identified any fatal flaws in the LOM
reasonable grounds to expect that all necessary Government plans that have been provided that would preclude approvals
approvals will be received within the timeframes anticipated in being forthcoming and a social license to operate granted.
the Pre-Feasibility or Feasibility study. Highlight and discuss All coal mining projects operate in an environment of geological
the materiality of any unresolved matter that is dependent on a uncertainty, RPM is not aware of any potential technical factors,
third party on which extraction of the reserve is contingent. legal, marketing or otherwise that could affect the operational
viability of the Integrated Project, including PKRN and TA.
Whether the result appropriately reflects the Competent planning associated with PKRN and TA.
Person’s view of the deposit. All of the Measured category Coal Resource contained within
The proportion of Probable Ore Reserves that have been the pit design has been assigned to the Proved Coal Reserves
derived from Measured Mineral Resources (if any). after the application of the appropriate modifying factors.
Coal Reserves.
The classification of all Reserves into Proved and Probable
categories reflects the Competent persons view of the deposit
and Project.
Discussion of relative accuracy/ Where appropriate a statement of the relative accuracy and The Reserve estimate is most sensitive to the prevailing long
confidence confidence level in the Ore Reserve estimate using an term coal price used to determine the pit limits and the BESR.
approach or procedure deemed appropriate by the Competent The cost factors used in determining the pit limits and BESR are
Person. For example, the application of statistical or well known and understood from contractor mining operations
geostatistical procedures to quantify the relative accuracy of and Bayan owned and operated coal logistics aspects of the
the reserve within stated confidence limits, or, if such an Project currently being carried out for the Tabang operation.
approach is not deemed appropriate, a qualitative discussion The level of accuracy will continue to be dependent on the
ongoing update of the geological model representing the deposit
and monitoring of the Modifying Factors from production
reconciliations that affect the Reserve estimate.
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of the factors which could affect the relative accuracy and
confidence of the estimate.
The statement should specify whether it relates to global or
local estimates, and, if local, state the relevant tonnages, which
should be relevant to technical and economic evaluation.
Documentation should include assumptions made and the
procedures used.
It is recognised that this may not be possible or appropriate in
all circumstances. These statements of relative accuracy and
confidence of the estimate should be compared with production
data, where available.
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PT. Tanjur Jaya


chips, or specific specialised industry standard (63mm) core. Coal core samples were sent to the
measurement tools appropriate to the minerals under laboratory with chain of custody paperwork.
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc.). These examples should • Open hole drilling was also used with chip samples of
not be taken as limiting the broad meaning of sampling. cuttings and logged by the rig geologist. These chip
• Include reference to measures taken to ensure sample samples were not analysed and used in quality modelling.
representivity and the appropriate calibration of any • A suite of downhole geophysical surveys, including
measurement tools or systems used. Density, Gamma, and Calliper were typically run in the
• Aspects of the determination of mineralisation that are majority of drill holes. No drill hole deviation was
Material to the Public Report. In cases where ‘industry completed due to vertical drilling. The geophysical logging
standard’ work has been done this would be relatively was carried out by external contractor and subject to their
simple (e.g. ‘reverse circulation drilling was used to obtain internal calibration, quality assurance and quality control
1 m samples from which 3 kg was pulverised to produce a procedures. Geophysical logs were acquired to
30 g charge for fire assay’). In other cases more explanation supplement the geologist’s lithological description of the
may be required, such as where there is coarse gold that cores to:
has inherent sampling problems. Unusual commodities or • assist with ensuring that the core recoveries were
mineralisation types (e.g. submarine nodules) may warrant satisfactory (> 90%); and
• Assist with correlation of the various seams and to
Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, • PCD bits using air and water are used to complete the open
rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. hole sections of drill holes.
core diameter, triple or standard tube, depth of diamond • Use of HQ-3 (triple tube barrel) follows Industry accepted
tails, face-sampling bit or other type, whether core is Standards for acquisition of drillhole core.
oriented and if so, by what method, etc.).
Drill sample recovery • Method of recording and assessing core and chip sample • Linear drill hole core recovery was measured for all coal
recoveries and results assessed. quality drill holes on a run by run basis. Actual recovered core
• Measures taken to maximise sample recovery and ensure lengths are measured with a tape measure and any core loss
representative nature of the samples. is recorded in geological logs, coal quality sample intervals
• Whether a relationship exists between sample recovery and in the run by run drilling record field sheets.
and grade and whether sample bias may have occurred • Core holes were redrilled when poor core recovery had
due to preferential loss/gain of fine/coarse material. potential to materially affect the coal quality models (in
general, this is where recovery was less than 90%).
Logging • Whether core and chip samples have been geologically and • A drill rig geologist was present at all times during drilling
This report has been prepared for PT. Tanur Jaya and its parent company PT. Bayan Resources Tbk. only and must be read in its entirety and is subject to all assumptions, limitations and disclaimers contained in the body of the report. © PT. RungePincock Minarco,
2021
appropriate Mineral Resource estimation, mining studies • Preliminary core logs were derived from lithological logging
and metallurgical studies. of open hole chip "cuttings" and logging of drill core.
• Whether logging is qualitative or quantitative in nature. • All holes were lithologically logged. The logging of the
Core (or costean, channel, etc.) photography. chip/cuttings and core samples is qualitative and detailed
• The total length and percentage of the relevant which includes a record of the recovery of the total length and
intersections logged. the cored length, rock type, stratigraphic unit and numerous
adjectives to describe the sample in terms of colour, grain
size, bedding etc. all of which is entirely sufficient to describe
the various lithologies and coal samples to support the coal
resource estimation from a geological, geotechnical and coal
quality consideration.
Field drill logs and field coal sample depths were
subsequently reconciled against the geophysical logs
whenever available. Barren holes were used to limit coal
continuity.
Sub-sampling techniques and • If core, whether cut or sawn and whether quarter, half or all • No splitting of core is undertaken in the field. Sample
sample preparation core taken. preparation was done in PT Geoservices and PT. Anindya
• If non-core, whether riffled, tube sampled, rotary split, etc. Wiraputra laboratory at Tabang.
and whether sampled wet or dry. • Coal samples were wrapped and sealed immediately once
• For all sample types, the nature, quality and core logging was completed to minimise moisture loss to
appropriateness of the sample preparation technique. ensure the samples were representative of the in situ
• Quality control procedures adopted for all sub-sampling moisture.
stages to maximise representivity of samples.
• Measures taken to ensure that the sampling is • The coal samples collected for quality modelling were from
representative of the in situ material collected, including for HQ core size (63mm). This core size provides sufficient
instance results for field duplicate/second-half sampling. sample mass for testing of raw coal parameters.
• Whether sample sizes are appropriate to the grain size of
the material being sampled.
Quality of assay data and laboratory • The nature, quality and appropriateness of the assaying • The samples were submitted to PT Geoservices and PT.
tests and laboratory procedures used and whether the technique Anindya Wiraputra laboratory for analysis. The laboratories
is considered partial or total. are internationally accredited and all analyses were
• For geophysical tools, spectrometers, handheld XRF conducted in accordance with appropriate international
instruments, etc., the parameters used in determining the standards.
analysis including instrument make and model, reading • Most of coal plies have been subjected to a proximate
times, calibrations factors applied and their derivation, etc. analysis (which includes IM, Ash, VM, FC), TM, TS and CV.
• Nature of quality control procedures adopted (e.g. • A representative number of samples were also analysed for
standards, blanks, duplicates, external laboratory checks) HGI, AFT, Ultimate Analysis, and Ash Analysis.
and whether acceptable levels of accuracy (i.e. lack of bias) • Limited samples were processed for EQM test work.
and precision have been established. • No QAQC was performed directly by TJ. It is expected that
such a thorough QAQC was performed by PT. Geoservices
and PT. Anindya Wiraputra as accredited external
2021
laboratories.
Verification of sampling and • The verification of significant intersections by either • The logging and sampling was conducted by PT. GMT
assaying independent or alternative company personnel. Indonesia, a sub-contractor acting on behalf of PTRI in the
• The use of twinned holes. early exploration work and Bayan geologist in the recent
• Documentation of primary data, data entry procedures, exploration campaign. The majority of core samples were
data verification, data storage (physical and electronic) acquired using the “touch cored” and “twinned cored” holes
protocols. method. The samples depths were adjusted using
• Discuss any adjustment to assay data. geophysical log data. There are also several geotechnical
holes which were drilled as fully cored holes.
verification were developed by PTRI and internal protocol of
Bayan. The assaying was completed by external accredited
laboratory.
normal trend. The relationship between CV and RD in
general also conform the normal trend. No adjustment was
made to the assay data.
(collar and down-hole surveys), trenches, mine workings topography was derived from combination of high precision
and other locations used in Mineral Resource estimation. aerial survey (LIDAR).
Data spacing and distribution • Data spacing for reporting of Exploration Results. • Drillhole line spacing is typically 200-350 m in most of the
• Whether the data spacing and distribution is sufficient to areas, and 100-150 m detail drilling in the northeast of TJ.
establish the degree of geological and grade continuity • This is considered adequate for classification of Coal
appropriate for the Mineral Resource and Ore Reserve Resources to Measured and Indicated category with due
estimation procedure(s) and classifications applied. consideration for the variance in coal seam thickness, coal
• Whether sample compositing has been applied. quality and structural complexity.
• Sample compositing to a seam basis has been applied
whenever the samples were based on ply by ply basis.
Orientation of data in relation to • Whether the orientation of sampling achieves unbiased • The geological data including samples, was gathered based
geological structure sampling of possible structures and the extent to which this on vertical drilling with some being supported with
is known, considering the deposit type. geophysical logging.
orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.
2021
field geologists.
• Coal samples were stored in core trays on site. Samples
were taken form the core boxes and bagged in plastic bags
with hole and sample number, and sent to the external
laboratories once sampling instructions were completed.
• Coal is a bulk commodity so no high level security measures
are deemed necessary since it is very unlikely to be subject
to systematic material impact from sample tampering, theft
or loss.
and data. RPM at the time of the 2009 and 2019 site visit, which
confirming that the exploration approach being used is
acceptable for Resource reporting purposes.
2021

Mineral tenement and land tenure • Type, reference name/number, location and ownership • All concessions have valid IUP (mining lease) documentation.
status including agreements or material issues with third parties No material issues were identified regarding this matter.
such as joint ventures, partnerships, overriding royalties, • The project is in development stage with valid license. No
native title interests, historical sites, wilderness or national issue to operate in the area.
park and environmental settings.
with any known impediments to obtaining a licence to
operate in the area.
Exploration done by other parties • Acknowledgment and appraisal of exploration by other • To the RPM’s knowledge, exploration was completed by GMT
parties. under the previous concessions owner (IBU) in 2009 and
Bayan (2017-2020).
Geology • Deposit type, geological setting and style of mineralisation. • The Project concessions are within thick, multi seam deposits
that occur within the Miocene Age Balikpapan Formation of
the Kutai Basin. The structure of the deposit area is overlying
the northern and western limb of a broad synclinal structure
plunging to the southeast, with dips ranges of 1 to 5 degree.
Data aggregation methods • In reporting Exploration Results, weighting averaging • Samples are composited by weighting by mass if the samples
techniques, maximum and/or minimum grade truncations were taken on ply by ply basis. No maximum and/or minimum
(e.g. cutting of high grades) and cut-off grades are usually cut-off were used in the modelling and estimation process.
material and should be reported.
procedure used for such aggregation should be stated and
some typical examples of such aggregations should be
shown in detail.
Relationship between mineralisation • These relationship are particularly important in the reporting • The geometry of the deposit is well understood. This was
widths and intercept length of Exploration Results. based on the drill hole data and other geological information
• If the geometry of the mineralisation with respect to the drill (regional and local mapping results).
hole angle is known, its nature should be reported. • Detail seam thicknesses are reported in vertical thickness and
there should be a clear statement to this effect e.g. ‘down
hole length, true width not known).
Drill hole Information • A summary of all information material to the understanding • A total of 209 holes covers TJ concession were used for
of the exploration results including a tabulation of the modelling. All holes were geophysically logged with coring for
following information for all Material drill holes: predominantly of the holes (145 holes).
2021
 elevation or RL (Reduced Level – elevation above sea thickness, depth and quality were provided in a separate file.
level in metres) of the drill hole collar;
• hole length.
• If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not
detract from the understanding of the report, the Competent
Person should clearly explain why this is the case.
Diagrams • Appropriate maps and sections (with scales) and tabulations • Drillhole map and typical sections of TJ are provided in the
of intercepts should be included for any significant discovery statement.
being reported These should include, but not be limited to a
plan view of drill hole collar locations and appropriate
sectional views.
Balanced reporting • Where comprehensive reporting of all Exploration Results is • All information provided by Client including exploration results
not practicable, representative reporting of both low and high has been reviewed. This report references all available
grades and/or widths should be practiced to avoid exploration results from the Client up to the commencement
misleading reporting of Exploration Results. date of the Resource estimation.
Other substantive exploration data • Other exploration data, if meaningful and material, should be • Geotechnical and hydrogeological studies were completed,
reported including (but not limited to): geological with the results of those studies being incorporated for mine
observations; geophysical survey results; geochemical planning purposes.
survey results; bulk samples – size and method of treatment;
metallurgical test results; bulk density, groundwater,
geotechnical and rock characteristics; potential deleterious
or contaminating substances.
Further work • The nature and scale of planned further work (e.g. tests for • Future drilling is planned within the target area (LOM area) to
lateral extensions or depth extensions or large-scale step- increase confidence level and model accuracy.
out drilling).
extensions, including the main geological interpretations and
future drilling areas, provided this information is not
2021
Criteria Commentary
Database integrity • Measures taken to ensure that data has not been corrupted • TJ is using Microsoft Excel as the main geological dataset
by, for example, transcription or keying errors, between its storage. To minimise errors in the database, several main
initial collection and its use for Mineral Resource estimation steps were applied:
purposes. • coal seam data entered into the geological database
into the database that help insure consistency and
defined hole depth;
and
etc.
database.
database, given the validation procedures above.
• If no site visits have been undertaken indicate why this is the restrictions. However, as it is in greenfields status and no
2021
Criteria Commentary
case. discernible infrastructure or geology was available to justify
completed, due to non-operating status at the moment.
• Nature of the data used and of any assumptions made. • TJ also used the regional and local mapping results to support
• The use of geology in guiding and controlling Mineral • The confidence level of the deposit was determined based on
Resource estimation. the data distribution and geological complexity.
Dimensions • The extent and variability of the Mineral Resource expressed • The deposit covers area approx. 5,000 ha, with an
as length (along strike or otherwise), plan width, and depth approximate strike length of 8 km and approximate width 8
below surface to the upper and lower limits of the Mineral km.
Resource.
Estimation and modelling techniques • The nature and appropriateness of the estimation • A three dimensional computer models were built by Client and
technique(s) applied and key assumptions, including reviewed by RPM using Datamine MineScape software
treatment of extreme grade values, domaining, interpolation version 7.1. The summary of model parameters are as below.
parameters and maximum distance of extrapolation from
data points. If a computer assisted estimation method was
chosen include a description of computer software and Software Datamine Minescape Version 7.1
parameters used. Grid/ Block Size 25 x 25 m
Resource estimate takes appropriate account of such data. Surface: FEM (1)
• The assumptions made regarding recovery of by-products. Trend: FEM (0)
mine drainage characterisation). Quality Interpolator Inverse
• In the case of block model interpolation, the block size in Distance Power 3
employed.
• Any assumptions behind modelling of selective mining units. • Check estimates were undertaken by other competent
• Description of how the geological interpretation was used to result.
control the resource estimates. • The models were based on gridded modelling approach.
2021
Criteria Commentary
• Discussion of basis for using or not using grade cutting or • No selective mining unit assumptions were used for modelling
capping. processes.
• The process of validation, the checking process used, the • Model validation was undertaken by visually inspecting the
comparison of model data to drill hole data, and use of model sections, structure and quality contour, etc. against drill
reconciliation data if available. hole data.
natural moisture, and the method of determination of the density derived from the Preston Sanders formula which uses
moisture content. the total moisture and air dried moisture that were derived
from laboratory analysis.
parameters applied.
Mining factors or assumptions • Assumptions made regarding possible mining methods, • A Minimum thickness of 0.5m has been applied.
external) mining dilution. It is always necessary as part of the estimation.
process of determining reasonable prospects for eventual
economic extraction to consider potential mining methods, • The mine optimization results completed by RPM using a
but the assumptions made regarding mining methods and higher revenue factor have been used as the basis for
parameters when estimating Mineral Resources may not Resource limits. RPM used a benchmark coal price of USD
always be rigorous. Where this is the case, this should be 120 for 6,322 Kcal/Kg gar energy which is higher than the
reported with an explanation of the basis of the mining Reserves base. The coal price has been adjusted accordingly
assumptions made. based on coal quality of the deposit.
area.
rigorous. Where this is the case, this should be reported with
2021
Criteria Commentary
an explanation of the basis of the metallurgical assumptions
made.
the process of determining reasonable prospects for considered during mine optimization process, such as
eventual economic extraction to consider the potential rehabilitation and reclamation costs, as well as well any
environmental impacts of the mining and processing physical constraints (major river, etc). It is noted that no major
operation. While at this stage the determination of potential river is flowing through the TJ resource area that may impede
environmental impacts, particularly for a greenfields project, the coal extraction, therefore no other exclusion factor was
may not always be well advanced, the status of early applied.
consideration of these potential environmental impacts
should be reported. Where these aspects have not been
considered this should be reported with an explanation of the
the assumptions. If determined, the method used, whether reported on an in situ basis with the RD (in situ) being adjusted
wet or dry, the frequency of the measurements, the nature, using the Preston-Sanders (1993) formula. Coal samples
size and representativeness of the samples. were analysed for Total Moisture, Inherent (air dried)
• The bulk density for bulk material must have been measured Moisture.
by methods that adequately account for void spaces (vugs,
porosity, etc.), moisture and differences between rock and
alteration zones within the deposit.
statistical or geostatistical procedures to quantify the relative Guidelines 2014 as the references to define the confidence
2021
Criteria Commentary
accuracy of the resource within stated confidence limits, or, limit.. A geostatistic – variogram study was completed to
if such an approach is not deemed appropriate, a qualitative support the radii of influence determination of Coal
discussion of the factors that could affect the relative Resources. RPM is of the opinion that this approach is
accuracy and confidence of the estimate. reasonable considering the nature and the location of the
• These statements of relative accuracy and confidence of the operated yet.
estimate should be compared with production data, where
available.
2021

Tabang Mine was completed by Mr. Greg Eisenmenger and Mr.
Study status The type and level of study undertaken to enable Mineral TJ is an undeveloped concession that is part of the PKRN
TJ, is technically achievable and economically viable.
operations.
The TJ deposit has similar geology, expected mining conditions,
mining method, production rate and strip ratio as the Tabang
operation and RPM has confidence in the application of these
modifying factors to TJ.
2021
information obtained from the resources, with an allowance for
dilution and loss based on assumed rock qualities.
Minimum Seam thickness defined as mineable was 1.0 m
Mining factors or assumptions The method and assumptions used as reported in the Pre- The practical pit designs were developed as the basis of the
Feasibility or Feasibility Study to convert the Mineral Resource reported quantities. These pit were designed base on a selected
to an Ore Reserve (i.e. either by application of appropriate optimisation shell which was cross checked against the break-
factors by optimisation or by preliminary or detailed design). even strip ratio for the Integrated Project Plan.
(e.g. pit slopes, stope sizes, etc.), grade control and pre- Project Plan and PKRN PFS.
The major assumptions made and Mineral Resource model characteristics based on internal TJ parameter formed the basis
used for pit and stope optimisation (if appropriate). of the pit design:
The mining dilution factors used.  Coal loss from the coal mining section roof of 100mm and
The mining recovery factors used. floor of 50 mm was modelled (150mm total);
Any minimum mining widths used.  Dilution added to the coal mining section of 50mm from roof
The manner in which Inferred Mineral Resources are utilised in and 50mm from floor (100mm total);
mining studies and the sensitivity of the outcome to their  Mining Global recovery of 96% was applied;
inclusion.  Dilution relative density of 2.1 t/bcm and ash of 75%; and
The infrastructure requirements of the selected mining ROM moisture assumed to be similar with In Situ moisture
methods. with no adjustment applied.
Inferred coal was identified in the seams with insufficient Points
within the TJ pit shells is 14%. This mineable coal has been
facilities will be required to mine all of the coal in the Tj
concession.
2021
Metallurgical factors or assumptions The metallurgical process proposed and the appropriateness The ROM coal mined at PKRN and TJ will only be sized to
of that process to the style of mineralisation. produce product coal at minus 50mm.The ROM coal is planned
applied and the corresponding metallurgical recovery factors Balikpapan Coal Terminal (“BCT”) or the Kalimantan Floating
applied. Transfer Stations (“KFT”) to achieve product specifications for
for the ROM coal from TJ
Environmental The status of studies of potential environmental impacts of the TJ has environmental approval, (AMDAL) since 23 September
mining and processing operation. Details of waste rock 2019 by Provincial Government.
characterisation and the consideration of potential sites, status
of design options considered and, where applicable, the status
of approvals for process residue storage and waste dumps
should be reported.
for plant development, power, water, transportation support the integrated Tabang/PKRN/PKRS mine plan to
(particularly for bulk commodities), labour, accommodation; or produce 60 Mtpa ROM, is either in place or outlined in the PKRN
the ease with which the infrastructure can be provided, or and PKRS pre-feasibility studies. Facilities and infrastructure not
accessed. currently in place will be progressively constructed and relocated
as necessary as the Integrated Project develops and advances.
The methodology used to estimate operating costs. outlined in the pre-feasibility studies. The capital costs have
Allowances made for the content of deleterious elements. been estimated from the design, quantification and specification
The derivation of assumptions made of metal or commodity of the required facilities and infrastructure to be owned and
price(s), for the principal minerals and co- products. operated by Bayan. Total capital expenditure including
The source of exchange rates used in the study. replacement and sustaining capital for the Tabang/Pakar North
The basis for forecasting or source of treatment and refining attributed to TJ.
2021
deposit like TJ which has similar deposit geology, production
USD dollar terms so there is no exchange rate variation applied
in the Project economic model.
For industrial minerals the customer specification, testing and from the Clients adjacent operations are sold into these markets
over or continued as mining moves to the TJ area.
assumptions and inputs. based on existing mining rates in Bayan’s existing operations
with similar characteristics in such aspects as geological
deposition, strip ratio and mining method.
The revenue assumptions are outlined under the “Revenue
2021
Tabang/PKRN schedule.
the Project.
Social The status of agreements with key stakeholders and matters All the necessary permits and approvals are in place to support
leading to social licence to operate. the production stage.
arrangements. to 60Mtpa from Tabang/PKRN/PKRS over a time horizon of 31
The status of governmental agreements and approvals critical Years. RPM is of the opinion that the assumptions associated
to the viability of the project, such as mineral tenement status, with this integrated plan and the economic outcomes generated
and government and statutory approvals. There must be are reasonable. RPM has not identified any fatal flaws in the
reasonable grounds to expect that all necessary Government LOM plans and PFS’s that have been provided that would
approvals will be received within the timeframes anticipated in preclude approvals being forthcoming and a social license to
the Pre-Feasibility or Feasibility study. Highlight and discuss operate granted.
the materiality of any unresolved matter that is dependent on a All coal mining projects operate in an environment of geological
third party on which extraction of the reserve is contingent. uncertainty, RPM is not aware of any potential technical factors,
viability of the Integrated Project, including PKRN and TJ.
Whether the result appropriately reflects the Competent planning associated with PKRN and TJ.
Coal Reserves.
categories reflects the Competent Person’s view of the deposit
2021
and Project from the perspective of the current status associated
with environmental approvals.
the reserve within stated confidence limits, or, if such an Project currently being carried out for the Tabang operation.
of the factors which could affect the relative accuracy and ongoing update of the geological model representing the deposit
confidence of the estimate. and monitoring of the Modifying Factors from production
The statement should specify whether it relates to global or reconciliations that affect the Reserve estimate.
procedures used.
2021
PT. Dermaga Energi


chips, or specific specialised industry standard measurement (63mm) core. Coal core samples were sent to the laboratory
tools appropriate to the minerals under investigation, such as with chain of custody paperwork.
measurement tools or systems used. Gamma, and Calliper were typically run in the majority of drill
• Aspects of the determination of mineralisation that are holes. No drill hole deviation was completed due to vertical
Material to the Public Report. In cases where ‘industry drilling. The geophysical logging was carried out by external
standard’ work has been done this would be relatively simple contractor and subject to their internal calibration, quality
(e.g. ‘reverse circulation drilling was used to obtain 1 m assurance and quality control procedures. Geophysical logs
samples from which 3 kg was pulverised to produce a 30 g were acquired to supplement the geologist’s lithological
charge for fire assay’). In other cases more explanation may description of the cores to:
be required, such as where there is coarse gold that has • assist with ensuring that the core recoveries were
inherent sampling problems. Unusual commodities or satisfactory (> 90%); and
mineralisation types (e.g. submarine nodules) may warrant
core diameter, triple or standard tube, depth of diamond tails, • Use of HQ-3 (triple tube barrel) follows Industry accepted
face-sampling bit or other type, whether core is oriented and Standards for acquisition of borecore.
Drill sample recovery • Method of recording and assessing core and chip sample • Linear drill hole core recovery was measured for all coal quality
recoveries and results assessed. drill holes on a run by run basis. Actual recovered core lengths
• Measures taken to maximise sample recovery and ensure are measured with a tape measure and any core loss is recorded
representative nature of the samples. in geological logs, coal quality sample intervals and in the run by
• Whether a relationship exists between sample recovery and run drilling record field sheets.
grade and whether sample bias may have occurred due to • Core holes were redrilled when poor core recovery had potential
preferential loss/gain of fine/coarse material. to materially affect the coal quality models (in general, this is
where recovery was less than 90%).
• No sample bias was identified in the current model dataset.
Logging • Whether core and chip samples have been geologically and • A drill site geologist was present at all times during drilling
appropriate Mineral Resource estimation, mining studies and • Preliminary core logs were derived from lithological logging of
This report has been prepared for PT. Dermaga Energi and its parent company PT. Bayan Resources Tbk. only and must be read in its entirety and is subject to all assumptions, limitations and disclaimers contained in the body of the report. © PT. RungePincock
Minarco, 2021
metallurgical studies. open hole chip "cuttings" and logging of drill core.
• Whether logging is qualitative or quantitative in nature. Core • All holes were lithologically logged. The logging of the
(or costean, channel, etc.) photography. chip/cuttings and core samples is qualitative and detailed which
• The total length and percentage of the relevant intersections includes a record of the recovery of the total length and the cored
logged. length, rock type, stratigraphic unit and numerous adjectives to
describe the sample in terms of colour, grain size, bedding etc.
all of which is entirely sufficient to describe the various lithologies
and coal samples to support the coal resource estimation from a
geological, geotechnical and coal quality consideration.
reconciled against the geophysical logs whenever available.
Barren holes were used to limit coal continuity.
Sub-sampling techniques and • If core, whether cut or sawn and whether quarter, half or all • No splitting of core is undertaken in the field. Sample preparation
sample preparation core taken. was done in PT. Geoservices laboratory.
• If non-core, whether riffled, tube sampled, rotary split, etc. • Coal samples were wrapped and sealed immediately once core
and whether sampled wet or dry. logging was completed to minimise moisture loss to ensure the
• For all sample types, the nature, quality and appropriateness samples were representative of the in situ moisture.
of the sample preparation technique.
• Quality control procedures adopted for all sub-sampling • The coal samples collected for quality modelling were from HQ
stages to maximise representivity of samples. core size (63mm). This core size provides sufficient sample
• Measures taken to ensure that the sampling is representative mass for testing of raw coal parameters.
of the in situ material collected, including for instance results
Quality of assay data and • The nature, quality and appropriateness of the assaying and • The samples were submitted to PT. Geoservices laboratory for
laboratory tests laboratory procedures used and whether the technique is analysis. The laboratories are internationally accredited and all
considered partial or total. analyses were conducted in accordance with appropriate
• For geophysical tools, spectrometers, handheld XRF international standards.
analysis including instrument make and model, reading (which includes IM, Ash, VM, FC), TM, TS and CV.
times, calibrations factors applied and their derivation, etc. • No QAQC was performed directly by DE. It is expected that such
• Nature of quality control procedures adopted (e.g. standards, a thorough QAQC was performed by PT. Geoservices as
blanks, duplicates, external laboratory checks) and whether accredited external laboratories.
acceptable levels of accuracy (i.e. lack of bias) and precision
have been established.
Verification of sampling and • The verification of significant intersections by either • The logging and sampling was conducted by PT. GMT Indonesia
assaying independent or alternative company personnel. geologists, a sub-contractor acting on behalf of PTRI. The
• The use of twinned holes. majority of core samples were acquired using the “touch cored”
• Documentation of primary data, data entry procedures, data and “twinned cored” holes method. The samples depths were
verification, data storage (physical and electronic) protocols. adjusted using geophysical log data. There are also several
Minarco, 2021
• Discuss any adjustment to assay data. geotechnical holes which were drilled as fully cored holes.
verification were developed by PTRI. The assaying was
completed by external accredited laboratory.
normal trend. The relationship between CV and RD in general
also conform the normal trend. No adjustment was made to the
assay data.
Location of data points • Accuracy and quality of surveys used to locate drill holes • All of drill hole collars were surveyed by Total Station. The
(collar and down-hole surveys), trenches, mine workings and topography was derived from combination of high precision
other locations used in Mineral Resource estimation. aerial survey (LIDAR).
Data spacing and distribution • Data spacing for reporting of Exploration Results. • Drill hole line spacing is typically 200-500 m in most of the areas.
• Whether the data spacing and distribution is sufficient to • This is considered adequate for classification of Coal Resources
establish the degree of geological and grade continuity to Measured and Indicated category with due consideration for
appropriate for the Mineral Resource and Ore Reserve the variance in coal seam thickness, coal quality and structural
Orientation of data in relation to • Whether the orientation of sampling achieves unbiased • The geological data including samples, was gathered based on
geological structure sampling of possible structures and the extent to which this vertical drilling with some being supported with geophysical
is known, considering the deposit type. logging.
orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.
field geologists.
• Coal samples were stored in core trays on site. Samples were
taken form the core boxes and bagged in plastic bags with hole
and sample number, and sent to the external laboratories once
sampling instructions were completed.
Minarco, 2021
and data. RPM at the time of the 2009 site visit, which confirming that the
exploration approach being used is acceptable for Resource
reporting purposes.
Minarco, 2021

Mineral tenement and land tenure • Type, reference name/number, location and ownership • All concessions have valid IUP (mining lease),
status including agreements or material issues with third parties documentation. No material issues were identified regarding
such as joint ventures, partnerships, overriding royalties, this matter.
native title interests, historical sites, wilderness or national • The project is in operating stage with valid license. No issue
park and environmental settings. to operate in the area.
with any known impediments to obtaining a licence to
operate in the area.
Exploration done by other parties • Acknowledgment and appraisal of exploration by other • To the RPM’s knowledge, no exploration was completed by
parties. other parties other than GMT under the previous
concessions owner (IBU) in 2009.
Geology • Deposit type, geological setting and style of mineralisation. • The Project concessions are within thick, multi seam
deposits that occur within the Miocene Age Balikpapan
Formation of the Kutai Basin. The structure of the deposit
area is overlying the northern and western limb of a broad
synclinal structure plunging to the southeast, with dips
ranges of 1 to 5 degree.
Data aggregation methods • In reporting Exploration Results, weighting averaging • Samples are composited by weighting by mass if the
techniques, maximum and/or minimum grade truncations samples were taken on ply by ply basis. No maximum and/or
(e.g. cutting of high grades) and cut-off grades are usually minimum cut-off were used in the modelling and estimation
material and should be reported. process.
• Where aggregate intercepts incorporate short lengths of
high grade results and longer lengths of low grade results,
the procedure used for such aggregation should be stated
and some typical examples of such aggregations should be
shown in detail.
Relationship between mineralisation • These relationship are particularly important in the reporting  The geometry of the deposit is reasonably understood. This
widths and intercept length of Exploration Results. was based on the drill hole data and other geological
• If the geometry of the mineralisation with respect to the drill information (regional and local mapping results).
hole angle is known, its nature should be reported. • Detail seam thicknesses are reported in vertical thickness
and provided in separate file.
there should be a clear statement to this effect e.g. ‘down
hole length, true width not known).
Drill hole Information • A summary of all information material to the understanding • A total of 79 holes in DE were used for modelling. All holes
of the exploration results including a tabulation of the were geophysically logged with coring for representatives
following information for all Material drill holes: holes (29 holes) and seams.
Minarco, 2021
 elevation or RL (Reduced Level – elevation above sea thickness, depth and quality were provided in a separate file.
level in metres) of the drill hole collar;
 down hole length and interception depth.
• hole length.
• If the exclusion of this information is justified on the basis
that the information is not Material and this exclusion does
not detract from the understanding of the report, the
Competent Person should clearly explain why this is the
case.
Diagrams • Appropriate maps and sections (with scales) and • Drillhole map and typical sections of DE are provided in the
tabulations of intercepts should be included for any statement.
significant discovery being reported These should include,
but not be limited to a plan view of drill hole collar locations
and appropriate sectional views.
Balanced reporting • Where comprehensive reporting of all Exploration Results • All information provided by Client including exploration
is not practicable, representative reporting of both low and results has been reviewed. This report references all
high grades and/or widths should be practiced to avoid available exploration results from the Client up to the
misleading reporting of Exploration Results. commencement date of the Resource estimation.
Other substantive exploration data • Other exploration data, if meaningful and material, should • Geotechnical and hydrogeological studies were completed,
be reported including (but not limited to): geological with the results of those studies being incorporated for mine
observations; geophysical survey results; geochemical planning purposes.
survey results; bulk samples – size and method of
treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics;
potential deleterious or contaminating substances.
Further work • The nature and scale of planned further work (e.g. tests for  Future drilling is planned within the target area (LOM area)
lateral extensions or depth extensions or large-scale step- to increase confidence level and model accuracy.
out drilling).
extensions, including the main geological interpretations
and future drilling areas, provided this information is not
Minarco, 2021
Criteria Commentary
Database integrity • Measures taken to ensure that data has not been corrupted • DE is using Microsoft Excel as the main geological
by, for example, transcription or keying errors, between its dataset storage. To minimise errors in the dataset,
initial collection and its use for Mineral Resource estimation several main steps were applied:
purposes. • coal seam data entered into the geological dataset
• There are a number of underlying "business rules"
built into the dataset that help insure consistency and
defined hole depth;
and
etc.
independently checked and re-checked by senior
dataset.
dataset, given the validation procedures above.
• If no site visits have been undertaken indicate why this is restrictions. However, as it is in greenfields status and no
Minarco, 2021
Criteria Commentary
the case. discernible infrastructure or geology was available to justify
completed, due to non-operating status at the moment
• Nature of the data used and of any assumptions made. • DE also used the regional and local mapping results to
• The effect, if any, of alternative interpretations on Mineral support the geological interpretation of the deposit
• The use of geology in guiding and controlling Mineral • The confidence level of the deposit was determined based
Resource estimation. on the data distribution and geological complexity.
Dimensions • The extent and variability of the Mineral Resource • The deposit covers area approx. 3,784 ha, with an
expressed as length (along strike or otherwise), plan width, approximate strike length of 6 km and approximate width 6
and depth below surface to the upper and lower limits of the km.
Mineral Resource.
Estimation and modelling techniques • The nature and appropriateness of the estimation • A three dimensional computer models were built by Client
technique(s) applied and key assumptions, including and reviewed by RPM using Datamine MineScape software
treatment of extreme grade values, domaining, version 7.1. The summary of model parameters are as
interpolation parameters and maximum distance of below.
extrapolation from data points. If a computer assisted
estimation method was chosen include a description of
computer software and parameters used. Software Datamine Minescape Version 7.1
• The availability of check estimates, previous estimates Grid/ Block Size 25 x 25 m
Resource estimate takes appropriate account of such data.
• The assumptions made regarding recovery of by-products. Surface: FEM (1)
• Estimation of deleterious elements or other non-grade Trend: FEM (0)
mine drainage characterisation).
• In the case of block model interpolation, the block size in Quality Interpolator Inverse
relation to the average sample spacing and the search Distance Power 3
employed.
• Any assumptions behind modelling of selective mining
units. • Check estimates were undertaken by other competent
• Description of how the geological interpretation was used result.
Minarco, 2021
Criteria Commentary
to control the resource estimates. • The models were based on gridded modelling approach.
• Discussion of basis for using or not using grade cutting or • No selective mining unit assumptions were used for
capping. modelling processes.
• The process of validation, the checking process used, the
reconciliation data if available. model sections, structure and quality contour, etc. against
drill hole data.
natural moisture, and the method of determination of the density derived from the Preston Sanders formula which
moisture content. uses the total moisture and air dried moisture that were
derived from laboratory analysis.
parameters applied.
external) mining dilution. It is always necessary as part of estimation.
eventual economic extraction to consider potential mining • The mine optimization results completed by RPM using a
methods, but the assumptions made regarding mining higher revenue factor have been used as the basis for
methods and parameters when estimating Mineral Resource limits. RPM used a benchmark coal price of USD
Resources may not always be rigorous. Where this is the 120 for 6,322 Kcal/Kg gar energy which is higher than the
case, this should be reported with an explanation of the Reserves base. The coal price has been adjusted
basis of the mining assumptions made. accordingly based on coal quality of the deposit.
• An overall slope of 35 degrees was applied in the
optimisation process for the high wall and side wall, and 27
degrees of overall slope was applied for the low wall.
area.
Minarco, 2021
Criteria Commentary
rigorous. Where this is the case, this should be reported
with an explanation of the basis of the metallurgical
assumptions made.
Environmental factors or • Assumptions made regarding possible waste and process • A selected mine optimization has been used to limit
assumptions residue disposal options. It is always necessary as part of Resource estimation, and it is assumed environmental
the process of determining reasonable prospects for factors has been considered during mine optimization
eventual economic extraction to consider the potential process, such as rehabilitation and reclamation costs, as well
environmental impacts of the mining and processing as well any physical constraints (major river, etc). It is noted
operation. While at this stage the determination of potential that no major river is flowing through the DE resource area
environmental impacts, particularly for a greenfields that may impede the coal extraction, therefore no other
project, may not always be well advanced, the status of exclusion factor was applied.
early consideration of these potential environmental
impacts should be reported. Where these aspects have not
been considered this should be reported with an
explanation of the environmental assumptions made.
the assumptions. If determined, the method used, whether reported on an in situ basis with the RD (in situ) being
wet or dry, the frequency of the measurements, the nature, adjusted using the Preston-Sanders (1993) formula. Coal
size and representativeness of the samples. samples were analysed for Total Moisture, Inherent (air
• The bulk density for bulk material must have been dried) Moisture.
measured by methods that adequately account for void
spaces (vugs, porosity, etc.), moisture and differences
between rock and alteration zones within the deposit.
Classification • The basis for the classification of the Mineral Resources • The classification of Coal Resource categories, (Measured,
into varying confidence categories. Indicated and Inferred) is based on the opinion of the
Audits or reviews • The results of any audits or reviews of Mineral Resource • Coal Resources estimations were internally peer reviewed
estimates. by RPM and no fatal flaws were identified.
Minarco, 2021
Criteria Commentary
statistical or geostatistical procedures to quantify the Guidelines 2014 as the references to define the confidence
relative accuracy of the resource within stated confidence limit.. A geostatistic – variogram study was completed to
limits, or, if such an approach is not deemed appropriate, a support the radii of influence determination of Coal
qualitative discussion of the factors that could affect the Resources. RPM is of the opinion that the approaches are
relative accuracy and confidence of the estimate. reasonable considering the nature and the location of the
• These statements of relative accuracy and confidence of operated yet.
the estimate should be compared with production data,
where available.
Minarco, 2021

Tabang Mine was completed by Mr Greg Eisenmenger and Mr.
Study status The type and level of study undertaken to enable Mineral DE is an undeveloped concession that is part of the PKRN
DE, is technically achievable and economically viable.
operations. The DE deposit has similar geology, expected
mining conditions, mining method, production rate and strip ratio
as the Tabang operation and RPM has confidence in the
application of these modifying factors to DE.
Cut-off parameters The basis of the cut-off grade(s) or quality parameters applied. All seams that have been modelled have used the coal quality
Minarco, 2021
Minimum Separable thickness parting defined at 0.1 m.
Mining factors or assumptions The method and assumptions used as reported in the Pre- The practical pit design was developed as the basis of the
Feasibility or Feasibility Study to convert the Mineral Resource reported quantities. This practical pit weas designed based on
to an Ore Reserve (i.e. either by application of appropriate the selected optimisation shell which was cross checked against
factors by optimisation or by preliminary or detailed design). the break-even strip ratio for the Integrated Project Plan.
(e.g. pit slopes, stope sizes, etc.), grade control and pre- Project Plan and PKRN
The major assumptions made and Mineral Resource model characteristics at DE formed the basis of the pit design.
used for pit and stope optimisation (if appropriate).  Coal loss from the coal mining section roof of 100mm and
The mining dilution factors used. floor of 50 mm was modelled (150mm total).
The mining recovery factors used.  Dilution added to the coal mining section of 50mm from roof
Any minimum mining widths used. and 50mm from floor (100mm total).
The manner in which Inferred Mineral Resources are utilised in  Mining Global recovery of 96% was applied.
mining studies and the sensitivity of the outcome to their  Dilution relative density of 2.1 t/bcm and ash of 75%.
inclusion.  ROM moisture assumed to be similar with In Situ moisture
The infrastructure requirements of the selected mining with no adjustment applied.
methods. Inferred coal was identified in the seams with insufficient Points
within the DE pit shells is 30%. This mineable coal has been
facilities will be required to mine all of the coal in the DE
concession.
Minarco, 2021
Metallurgical factors or assumptions The metallurgical process proposed and the appropriateness The ROM coal mined at PKRN and DE will only be sized to
of that process to the style of mineralisation. produce product coal at minus 50mm.The ROM coal is planned
applied and the corresponding metallurgical recovery factors Balikpapan Coal Terminal (BCT) or the Kalimantan Floating
applied. Transfer Stations (KFT’s) to achieve product specifications for
for the ROM coal from DE
Environmental The status of studies of potential environmental impacts of the DE does not yet have an environmental approval (AMDAL) in
mining and processing operation. Details of waste rock place. Based on the results of base line studies that have been
characterisation and the consideration of potential sites, status conducted to date, it is not expected that any specific design
of design options considered and, where applicable, the status features will need to be employed to deal with the characteristics
of approvals for process residue storage and waste dumps of the waste rocks and coal being mined and dumped.
should be reported.
for plant development, power, water, transportation support the integrated Tabang/PKRN/PKRS mine plan to
(particularly for bulk commodities), labour, accommodation; or produce 60 Mtpa ROM, is either in place or outlined in the PKRN
the ease with which the infrastructure can be provided, or and PKRS pre-feasibility studies. Facilities and infrastructure not
accessed. currently in place will be progressively constructed and relocated
as necessary as the Integrated Project develops and advances.
The methodology used to estimate operating costs. outlined in the pre-feasibility studies. The capital costs have
Allowances made for the content of deleterious elements. been estimated from the design, quantification and specification
The derivation of assumptions made of metal or commodity of the required facilities and infrastructure to be owned and
price(s), for the principal minerals and co- products. operated by Bayan. Total capital expenditure including
The source of exchange rates used in the study. replacement and sustaining capital for the Tabang/Pakar North
The basis for forecasting or source of treatment and refining attributed to DE.
Minarco, 2021
deposit like DE which has similar deposit geology, production
USD dollar terms so there is no exchange rate variation applied
in the Project economic model.
For industrial minerals the customer specification, testing and from the Clients adjacent operations are sold into these markets.
over or continued as mining moves to the DE.
assumptions and inputs. based on existing mining rates in other operations with similar
characteristics in such aspects as geological deposition, strip
ratio and mining method.
Tabang/PKRN schedule.
Minarco, 2021
the Project.
Social The status of agreements with key stakeholders and matters DE is currently preparing an Environmental Impact Study
leading to social licence to operate. (AMDAL). It is not anticipated that any issues and matters will
arise in the AMDAL preparation that would lead to DE not being
approved with a social license to operate.
arrangements. to 60Mtpa from Tabang/PKRN over a time horizon of 31 Years.
The status of governmental agreements and approvals critical RPM is of the opinion that the assumptions associated with this
to the viability of the project, such as mineral tenement status, integrated plan and the economic outcomes generated are
and government and statutory approvals. There must be reasonable. RPM has not identified any fatal flaws in the LOM
reasonable grounds to expect that all necessary Government plans and PFS’s that have been provided that would preclude
approvals will be received within the timeframes anticipated in approvals being forthcoming and a social license to operate
the Pre-Feasibility or Feasibility study. Highlight and discuss granted.
the materiality of any unresolved matter that is dependent on a All coal mining projects operate in an environment of geological
third party on which extraction of the reserve is contingent. uncertainty, RPM is not aware of any potential technical factors,
viability of the Integrated Project, including PKRN and DE.
Whether the result appropriately reflects the Competent planning associated with PKRN and DE.
Coal Reserves.
categories reflects the Competent Person’s view of the deposit
Minarco, 2021
and Project from the perspective of the current status associated
with environmental approvals.
the reserve within stated confidence limits, or, if such an Project currently being carried out for the Tabang Mine.
of the factors which could affect the relative accuracy and ongoing update of the geological model representing the deposit
confidence of the estimate. and monitoring of the Modifying Factors from production
The statement should specify whether it relates to global or reconciliations that affect the Reserve estimate.
procedures used.
Minarco, 2021

Jorc Coal Resources and Reserves Statement For Bayan Final

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Jorc Coal Resources and Reserves Statement For Bayan Final

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Statement of Coal Resources

▪ PT Fajar Sakti Prima (FSP), operating coal mine;

Offices and Camp

PT Fajar Sakti Prima To Senyiur Jetty

PT Tiwa Abadi PT Tanur Jaya PT Dermaga Energi

PT. OKIDA MAKMUR

PT. SUMBER API

PT. BRIAN ANJAT SENTOSA

PT. BARA SEJATI

LEGEND CLIENT PROJECT

LEGEND CLIENT PROJECT

TYPICAL CROSS SECTIONS - PT FAJAR SAKTI PRIMA

TYPICAL CROSS SECTIONS - PT BARA TABANG

LEGEND CLIENT PROJECT

TYPICAL CROSS SECTIONS - PT TIWA ABADI

IBUG_002 TJ20_021 TJ20_032

-100 DM_TJ20_021_T3_1 -100

TJG09-06 TJD09-06 IBU_030 IBU_014

TYPICAL CROSS SECTIONS - PT TANUR JAYA

TYPICAL CROSS SECTIONS - PT DERMAGA ENERGI

Table 1 FSP Coal Resources Summary

Table 2 BT Coal Resources Summary

Table 3 TA Coal Resources Summary

Table 5 DE Coal Resources Summary

Notes for Table 1 to Table 5 inclusive:

MIA and Camps

PT Fajar Sakti Prima

PT Tiwa Abadi PT Tanur Jaya PT Dermaga Energi

PT. OKIDA MAKMUR

PT. BRIAN ANJAT SENTOSA

LEGEND CLIENT PROJECT

PT. BARA SEJATI

MIA and Camps

400000 m 410000 m 420000 m

PT Fajar Sakti Prima 100 SD837 SD863R

PT Tiwa Abadi PT Tanur Jaya PT Dermaga Energi T3BT

PT. OKIDA MAKMUR

PT. BRIAN ANJAT SENTOSA

LEGEND CLIENT PROJECT

PT. BARA SEJATI

South Sengit Bridge

400000 m 410000 m 420000 m

PT Tiwa Abadi PT Tanur Jaya PT Dermaga Energi

PT Fajar Sakti Prima

PT Tiwa Abadi PT Tanur Jaya PT Dermaga Energi

PT. OKIDA MAKMUR

PT. BRIAN ANJAT SENTOSA

LEGEND CLIENT PROJECT

PT. BARA SEJATI

South Sengit Bridge

400000 m 410000 m 420000 m

PT Fajar Sakti Prima 100 100 50000 m

PT. OKIDA MAKMUR

PT. BRIAN ANJAT SENTOSA

LEGEND CLIENT PROJECT

PT. BARA SEJATI

400000 m 410000 m 420000 m

PT Tiwa Abadi PT Tanur Jaya PT Dermaga Energi

PT. OKIDA MAKMUR

PT. BRIAN ANJAT SENTOSA

LEGEND CLIENT PROJECT

PT. BARA SEJATI

▪ PT Fajar Sakti Prima (FSP), operating coal mine;