Asiamet Resources Limited announce an update to the Ore Reserve Estimate ("ORE") for its 100% owned BKM Project, located in Central Kalimantan, Indonesia. This update is provided as part of the updated Feasibility Study (FS)[1]. The Statement of Ore Reserves (including the JORC Table 1 Section 4) for BKM was completed by Australian Mine Design and Development Pty Ltd. ("AMDAD") and is reported in accordance with the requirements of the JORC Code 2012.

A summary of the highlights of the Ore Reserve are detailed below: Highlights - 2023 BKM FS Update: BKM Ore Reserves now comprise: 19.0Mt @ 0.7% Cu for 137kt of contained copper in the Proved Reserve category. 21.8Mt @ 0.6% Cu for 135kt of contained copper in the Probable Reserve category. 40.8Mt @ 0.7% Cu for 272kt of contained copper in the Proven and Probable Ore Reserves category.

Low strip ratio of 1.2. Ore Reserves are reported based on extraction by open-pit mining and processing by heap-leach and solvent extraction /electro-winning ("SX-EW"). Additional information to accompany the Ore Reserve Statement: The Ore Reserves have been compiled as part of the Updated Feasibility Study (UFS) which was completed to account for the significant changes in the macro-environment for new projects. The UFS covers all aspects of the project: Mineral resource estimation (no change from 2019 Resource model); Geotechnical assessment of stability of final pit wall design utilising updated assessment of rock mass quality and updated hydrogeological conceptual model and finite element numerical model, pit stability assessed in both 2D and 3D limit equilibrium analysis; Heap leach assessment based on column test work and heap stability and permeability assessment, consolidated reporting of all heap leach test work and updated interpretation of copper recovery model, iron dissolution and acid consumption/generation characteristics; Updated site climate assessment and revised water balance and water quality modelling; Mine cost estimation based on detailed budget pricing from experienced local mining contractors utilising equipment considered appropriate for scale of mining; Feasibility Study design of the heap leach pad earthworks, liners and reticulation; Feasibility Study design of the crushing, conveying and stacking system; Feasibility Study design of the Solvent Extraction and Electrowinning; Feasibility Study design of Process Plant Neutralisation and Mine ARD water treatment facilities;Processing and maintenance cost estimation for the designed facilities matched to the scheduled ore feed from the mine; Site services and administration cost estimation; Copper price forecasting for cathode product; Cost estimation for Transport and Logistics for inbound operational cargo and cost estimation for cathode backhauled to central facility; Open Pit optimisation based on the above parameters to define the pit shape and overall strategic plan; Detailed pit design including staging and design of access for ore and waste to the ROM pad and waste rock dump respectively; Detailed production scheduling of the mine, heap leach stacking and copper cathode production; Capital costs for the above items based primarily on quotations on equipment, from detailed material take offs;, Sustaining capital cost estimation based on a range of staged planned investments such as pit dewatering capacity, heap leach interlift liners and ARD water treatment capacity; Preliminary mine closure cost estimation; Financial modelling; Environmental and social assessment through the Indonesian AMDAL process, completed previously.

The Ore Reserve Estimate is derived from the June 2019 BKM Resource Estimate by application of Modifying Factors. The Company is not aware of any changes which could affect this Resource estimate The Ore Reserve Estimate is reported within the final pit design forming the basis of the UFS. It does not include Inferred Mineral Resources.

The Ore Reserve Estimate considers Inferred Resources within the pit design to be waste rock. Conventional open cut mining methods will be used. Mining loss and dilution factors were estimated by re-blocking the irregular block sizes in the resource block model to 5m x 5m x 5m.

The resource model blocks are clipped against interpreted boundaries for the mineralisation. The regular re-blocked block size reflects a workable mining size for the proposed scale of mining and grade control and the geometry of the mineralisation. If mining loss and dilution were applied on a global basis, the re-blocking would be equivalent to 96% mining recovery with 11% dilution at 0.11% soluble copper.

Whittle™ pit optimisation was run on the re-blocked resource model. Inputs for the pit optimisation included: Overall wall slopes by geotechnical domain as advised by specialist geotechnical consultants. Mining costs based on mining contractor quotes and estimated owner costs.

The capital cost estimate has been built up from a range of sources with all major fixed plant equipment being based on vendor quotations. The costs for site/Heap Leach civil earthworks have been provided by an experienced civil infrastructure contractor. Engineering design has been taken to a Feasibility Study standard.

Growth allowance has been allocated at varying levels depending on confidence in the cost information provided. Royalties are based on the current Government of Indonesia standards as it relates to production of Copper Cathode. Cost estimates cover the periods through construction, operation, closure and post closure.

A discount rate of 8% pa was applied and references the Company's weighted average cost of capital. The prevailing corporate taxation rates taxation have been applied in accordance with the laws of Indonesia.