Nusantara Resources announced an updated Ore Reserve Estimate (ORE) including a maiden Proved Ore Reserve following completion of the close-spaced drilling program targeting the Initial Mining Area (IMA) at the Awak Mas and Salu Bulo deposits and subsequent updated Mineral Resources Estimate. The resultant Awak Mas JORC compliant ORE stands at: 33.0 million tonnes at 1.37 g/t gold for 1.45 million ounces contained gold. The ORE was derived using: Updated MRE, which includes the recently completed close-spaced drilling targeting the IMA; A gold price of US$1,400 per ounce (circa US$300-500/oz lower than the recent trading range of gold spot price); Cost inputs from the Front-End-Engineering-Design study results received to date (FEED); and Applying a cut-off grade of 0.5g/t. The life of mine schedule shows tonnes mined ramping up over the first five years before reaching a total material movement rate of 21.6 Mt per year. The mine schedule optimizer seeks to maximise project value by bringing forward higher value material in the mine schedule, delivering high grade material to the process plant while stockpiling lower grade material to be treated later in the mine life. Gold processed over the first five years at full production (at a plant throughput rate of 2.5 Mt per annum) is maintained at >100,000 ounces per annum (and up to >135,000 ounces per annum, producing an average of 115,400 recovered ounces per annum. Most of the lower grade material will be fed to the process plant at the end of mine life. An additional 4.6 Mt of marginal material will be stockpiled, but is not included in the process plant feed schedule as it is below the 0.5 g./t cut-off grade. This material has a grade above the marginal cut-off grade but below the 0.5 g/t cut-off grade applied for estimation of the Ore Reserve. Hence this material has been treated as waste but may be economic to treat at the end of the mine life. The updated ORE 2021 has resulted in a reduction of tonnes, an increase in grade and an overall reduction in contained ounces (in the order of 5%). The pit stages were established from the Whittle optimization process. Staging the pits ensures the value material is mined early in the mine life. The pit inventories contain the updated Ore Reserve tonnes, plus an additional 3.2 Mt of Inferred Mineral Resource material.