Nusantara Resources Limited provided a Definitive Feasibility Study Update (2021 DFS Update), reflecting advanced but ongoing Front End Engineering and Design (FEED) studies, adjusted development strategy, and an updated Mineral Resource Estimate (MRE) and Ore Reserve Estimate (ORE). Nusantara's 75% owned subsidiary PT Masmindo Dwi Area (Masmindo) continues to oversee the FEED process for the Awak Mas Gold Project (Awak Mas, or the Project) as largely carried out by PT Petrosea Tbk (Petrosea) and their consultant panel; Preliminary FEED deliverables received from Petrosea1 have identified potential optimisation opportunities in the areas of site infrastructure and pre-production development, and has resulted in a decision to extend the study scope. Petrosea expect to complete this work in H2 2021. In addition, in early March 2021, Masmindo appointed independent consultants (ICs) PT SMEC Denka Indonesia (SMEC) and PT Mining One Indonesia (Mining One) to complete the cost and schedule estimates; A 2021 DFS Update has been compiled by Masmindo in consideration of the Petrosea and IC estimates. The 2021 DFS Update has used preferred engineering design, quantity and rate estimates, and development schedules, drawn from both Petrosea and the IC's estimates, and following industry best practice; The 2021 DFS Update builds on the findings of the 2020 DFS Addendum (Addendum) to the Definitive Feasibility Study (DFS)2, although the key assumptions and outcomes estimated are based on a higher level of engineering confidence (AACE Class 2)3 and an updated Ore Reserve: o A project implementation schedule of 31 months (including 5.5 month pre-commitment regional infrastructure) is estimated for an initial 16-year project producing 98,652 oz per year; o Post tax NPV5% of US$383 million, with a 24.5% IRR using a gold price of US$1,700 per ounce (on a 100% ungeared project basis); o Initial capital cost of USD 233 million (including pre-production mining expenditure of USD 41 million, and project sustaining capital of US$95 million and mine closure cost of US$4 million; and o C1 cash cost of US$744 per ounce with an All-In Sustaining Cost (AISC) of USD 926 per ounce. Capital cost estimates have been updated to reflect a new mine plan and schedule as based on theupdated Ore Reserve, as well as an improved understanding of the following key Project aspects as established by Petrosea, the ICs, AMC and collated by Masmindo.