PT Bumi Resources Tbk : | Monthly Update – April 2022

Bakrie Tower,12th floor

Komplek Rasuna Epicentrum

Jl. H.R. Rasuna Said

Jakarta, INDONESIA 12940

Website: www.bumiresources.com

Corporate Information

Monthly Update	: April 2022
Date	: May 31st, 2022

Markets:

Coal Prices in April remained high at an average GCNEWC of $326.22/t for the month, down slightly from an average of $326.38/t in March as demand continued to be strong and supply was still constrained due to the continued rains in Indonesia and the Russia / Ukraine war showed no sign of ending quickly.

May prices increased and are averaging $397/T as at 30th May as demand from India and China is expected to increase for imported coal. High CV coal prices are expected to remain high through to July, however low to medium CV coals are subject to China's Government policy and will remain more volatile in the short term as the market looks for direction.

Operations:

Realized prices in April increased to $124.5/t overall compared to $91.8/t in March. KPC realised prices in April, increased to $150.7/t versus $111.6/t in March. Arutmin's realised prices increased to $79.3/t versus $58.0/t in March. Both companies benefitted from contract prices following indices based on the previous months average. High grade coal production at Arutmin has increased its overall average realised prices.

Total sales in April fell slightly to 5.7MT from 5.9MT in March. KPC sales were down at 3.6MT in April versus 3.7MT in March due to supply constraints which continued because of wet weather in the month and the inability to recover from the floods in quarter one. Arutmin sales were at 2.1MT in April versus 2.2MT in March.

Coal production was also down slightly in April at 5.9MT versus 6.3MT in March. KPC production decreased to 3.8MT in April versus 3.9MT in March due to the rains and recovery of pits from the flooding as mentioned above. Arutmin's production also decreased to 2.2MT, down from 2.3MT in March.

The overall cash costs of production increased to $44.92/t in April versus $33.76/t in March. KPC's costs increased from $39.45/t in March to $53.78/t in April due to lower production, higher fuel prices and increased strip ratio. We expect costs to fall by June as the weather improves. Arutmin's cash cost of production increased to $29.72/t in April from $24.18/t in March due to higher fuel prices and more high grade coal was produced and sold. Overall year-to-date cash costs were at $41.69/t, with KPC's cash cost per tonne YTD, at $47.70/t, and Arutmin's YTD costs running at $30.18/t.

PLN / Antam total receivables increased in April to $217.5m from $169.4m in March as KPC and Arutmin sales increased domestically (payment terms are normally 60-90 days due to administration and umpire samples on quality often requested). Receivables above 90 days increased to $41.7m in April, from $9.8m in March. May has seen receivables over 90 days fall back to $27.3m over 90 days, as at 24th May.

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COVID Update:

COVID numbers have remained at zero cases at site over the last 6 weeks and all indications are that this will continue as Indonesian Covid cases remain low, despite the Idul Fitri / Ramadan Holidays. Therefore we will not report these numbers going forward as we no longer see it as a risk to short term production levels. Any reoccurrence will naturally be reported.

CCOW Status:

Arutmin received its new mining license (IUPK) on 2nd November. The license is for 10 years and will be automatically extended for another 10 years if a downstream project has been constructed within 5 years of the issuance. The tax regime currently is the same as the CCOW except an additional 10% profit share has been added. Please note the land area was reduced based on mined out or undeveloped areas. This will have no material affect on production in the next 10 years.

KPC's extension to IUPK was issued on 9th March (Extension date: 31st December 2021) for a period up to 10 years, until 31st December 2031. It is in line with PT Arutmin's license above with the fiscal terms the same as PT Arutmin's. The land area has also been reduced but with no material affect on production plans in the next 10 years. Extension for another 10 years is available if a downstream project is constructed within 5 years of the issuance of the IUPK.

The Royalty rates and Corporate tax rates were confirmed on April 18th. Royalty was increased from 13.5% for all coal sales to 28% for export coal sales and Non PLN domestic sales while prices remained over $100/t. For prices below $100/t we will be charged the following royalty rates:

$<100>90 - 25% $<90>80 - 23% $<80>70 - 17% $<70 - 14%

Royalty rates of 14% will be used for domestic sales to PLN. Corporate tax would follow prevailing rates, currently at 22%, down from 45% previously being charged.

Debt Repayment:

Bumi paid interest on Tranche A of $4.3 million in April, representing 7.5%, the Cash interest portion (6.5%) plus the accrued interest (1%) of Tranche A. Bumi also paid $63.6m in principal in April from Tranche A.

July's repayment will increase from April's number despite the requirement to pay to the Government the backlog for Royalty of 28% vs 13.5% from January to March 2022. We expect the principle repayment to be above $100m in July. With Arutmin contributing [$20m] of dividends in Q2. We still expect to repay all of Tranche A by Q3, 2022 and also begin paying Tranche B in the same quarter.

Balance as at 11 April 2022:

• Tranche A Balance = $160.8m
• Tranche B Balance = $899.9m
• Tranche C Balance = $633.3m
• CVR = $100.0m

We have appointed BCG on various capacities, amongst which, to support our discussions on debt restructuring with our lenders. A comprehensive business plan (including 3rd party consultant reports) is now available to lenders and can be accessed through a data room that contains other relevant information underpinning the business plans. If any lender or holder of our debts wishes to get access to such information, please contact the following persons at BCG to discuss the process and make the necessary arrangements : Ricole Tan: [e-mail]/ Chaitanya Sood: [e-mail]/Benjamin Oh: [e-mail].

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A presentation was given last week (Friday 27th May) summarizing the deal and work done as part of this presentation. A copy of the presentation and the recording is also available from Bumi (email: [e-mail] [e-mail]).

Operations Guidance:

We have reduced our production guidance at KPC due to the continued rains, however this has been offset with higher realised prices also reflected in our updated guidance. Note, costs have increased to allow for higher fuel prices due to increased oil prices. Other costs remain under control and in line with forecasts.

Production for 2022.

• KPC: 55MT - 57MT
• Arutmin: 26MT - 29MT Prices:
• KPC: $120/t - $150/t
• Arutmin: $80/t - $100/t Costs:
• KPC: $40/t-$45/t
• Arutmin: $28/t-$34/t

MCB Conversions:

All remaining year 4 conversions at Rp 73 based on the principal amount have been settled in Feb 22. Interest will be converted in to shares as soon as possible (see announcement published 29th March). Year 5 principal conversions up to 8th April with a total principal of $121.4m were issued 20.1bn shares. Year 5 principal conversions from 11th April to 24th May with a total principal of $36.7m or 6.1bn shares are now in process for conversion. We expect them to be issued by the 2nd or 3rd week of June.

The new conversion price valid frpom 11th December 2021 is Rp80. This conversion price will apply until 10th December 2022.

For further information, please contact:

Dileep Srivastava

Director & Corporate Secretary

PT Bumi Resources Tbk.

Tel	(62-21) 5794 2080
Fax	(62-21) 5794 2070
email	[e-mail]
	www.bumiresources.com

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