Bahodopi Block 2-3

Open-pit lateritic nickel mining project in the Bahodopi Block (22,699 ha concession area) within the Morowali Regency / Bumi Tepe Asa Moroso, Central Sulawesi. Construction commenced July 2022; transition from construction to production from May 2025 with gradual operational ramp-up from April 2025. The 2025 reserve / resource increase versus 2024 reflects the Bahodopi Block 2-3 expansion feasibility study (integrating limonite and saprolite ore types) that underwent external audit. Saprolite ore is sold directly (without screening) to domestic buyers; limonite ore will be supplied to the BNSI HPAL processing facility upon completion. Phase 2 construction continues through 2026-2027. Bahodopi Block 1 mine remains in development (76% complete, target 2027). Reserves / resources reported under KCMI / SK-1300 standards on a 100% basis as at 31 December 2025.