BKZ Polymetallic Project

Asiamet’s BKZ polymetallic project sits within the eastern area of the Kalimantan Surya Kencana (‘KSK’) Contract of Work (“CoW”). The KSK CoW is wholly-owned by Asiamet and is located northwest of Palangkaraya, the regional capital of Central Kalimantan.

Highlights

Polymetallic (Cu-Pb-Ag-Pb-Au) vein system that is zoned from an upper zinc-lead-silver to a lower copper-silver bearing mineralised material.
Massive sulphide or vein style mineralisation intersected over an area of 300m x 110m
Maiden Mineral Resource Estimate established and the deposit remains open in multiple directions
Close proximity to BKM providing opportunity to leverage off infrastructure

BKZ is very strategically located adjacent to existing and proposed infrastructure for the BKM copper project where the Company completed a robust Bankable Feasibility Study (BFS) in June 2019. The high-grade, shallow nature of the BKZ mineralisation coupled with the potential to share infrastructure considerably enhances the opportunity for Asiamet to develop a second, high value mine in the BK district.

The initial Mineral Resource Estimate for BKZ is subdivided into the BKZ Upper Polymetallic Zone (“BKZ-UPZ”) and the BKZ Lower Copper Zone (“BKZ-LCZ”)

The BKZ Upper Polymetallic Zone displays semi-massive to structurally controlled VMS-style lead, zinc, silver and gold mineralisation occurring in a high-grade domain and disseminated style mineralisation in the low-grade domain. The controls on and styles of mineralisation has resulted in significantly different tenors of grade between these domains and hence they are reported separately in the 2018 Resource Estimate. The BKZ Lower Copper Zone comprises a quartz-sulphide stockwork zone hosting chalcopyrite and bornite copper mineralisation. Table 1 below details the BKZ Mineral Resource as estimated in the 2018 Resource model.

Highlights – BKZ Mineral Resource Estimate (100% basis)

Upper Polymetallic Zone Inferred Mineral Resource comprises:
- High Grade Domain – 750,000 tonnes at 8.0% Zinc, 3.4% Lead, 50g/t Silver and 0.35g/t Gold containing 132Mlbs zinc, 57Mlbs lead, 1.2Moz silver and 8,400oz gold at 4% Zn cut-off grade
- Low Grade Domain – 590,000 tonnes at 1.6% Zinc, 0.5% Lead, 13g/t Silver and 0.15g/t Gold containing 20 Mlbs zinc, 7Mlbs lead, 247Koz silver and 2,800oz gold at 1% Zn cut-off grade
Lower Copper Zone Inferred Mineral Resource comprises:
- High Grade Domain – 1.1M tonnes at 1.1% Copper and 13g/t Silver containing 26Mlbs copper and 460,000 ounces silver at a 0.5% copper cut-off grade
Mineralisation remains open in multiple directions at both the BKZ Upper Polymetallic Zone and the BKZ Lower Copper Zone and many targets with potential to expand the Resource base remain to be tested.

The BKZ Upper Polymetallic Zone Mineral Resource is contained within a near-surface, shallow-dipping, strongly mineralised system that extends over an area of 350m (N-S) and 150m (E-W) and remains open in multiple directions. This zone is defined by a continuous high-grade domain and peripheral low-grade domain. Mineralisation in the highgrade domain is characterised by semi-massive to massive replacement style sphalerite-galena with locally very high grades reporting up to 30.7% zinc, 17.7% lead and 158g/t silver over 1-metre sample intervals. Mineralisation within the low-grade domain is characterised by disseminated replacement style sphalerite-galena typically with sample grades ranging between 0.3% to 4.0% zinc, <1.0% lead and <50g/t silver.

Mineralisation in the BKZ Lower Copper Zone (Cu-Ag) comprises stockwork quartz-sulphide and sulphide (pyritechalcopyrite-bornite) veins with assay results reporting up to 12% copper and 20g/t Silver over 1-metre sample
intervals.

The April 2018 Mineral Resource Estimate for the BKZ Polymetallic deposit is presented in Table 1 below and a copy of the “BKZ Polymetallic Project Resource Estimate Technical Statement” which presents an overview of the
Resource data quality, analyses and estimation process is appended.

KEY METRICS

BKZ – High Quality Polymetallic/Base Metals Project

Ownership	100%
Licence	6th generation Contract of Work (CoW) 26th March 2018
Licence - Key Features/Amendments:	An initial contract term of 30 years is granted at commencement of production from the CoW area. The Company has the option of extending for two additional 10-year periods under the current Mining Law i.e. IUPK system. KSK covers circa 40,000 hectares under the KSK CoW. The fiscal framework will remain highly competitive on a global scale, summarised as follows: Foreign ownership laws mandate that Indonesian Nationals or Companies be offered the opportunity to invest in a Foreign Investment Company ("PMA") Company. KSK is a PMA and will be required to divest 51% of its foreign owned shares at fair market value after 10 years of production. Divestment may take various forms including a partial listing on the Indonesian Stock Exchange ("IDX") or introduction of a local partner(s) and Asiamet has clearly stated its preference for partnering with suitable Indonesian companies at the development and operations stage. Royalty and corporate income taxes shall be subject to the prevailing laws as follows: Corporate income tax rate of 25% Net Smelter Return royalties for copper will be 4% (previously US$45/t), gold 3.75% (previously US$225/kg) and silver 3.25% (previously US$1.9/kg) KSK will receive a tax holiday and/or a tax reduction for imported capital goods. The amended CoW requires the Company to work towards, and assist, the GOI in supporting the policy of establishing metals processing facilities in Indonesia. Asiamet plans to produce LME Grade (99.99%) copper cathode at BKM and as such will satisfy the criteria. The amended CoW currently contemplates the priority use of local labour, products and registered mining service companies. Indonesian nationals currently comprise 98 % of the KSK workforce. KSK has strong community engagement and will continue to support the development of local communities in the areas in which it operates.
Resource	Upper Polymetallic Zone Inferred Mineral Resource comprises: High Grade Domain - 750,000 tonnes at 8.0% Zinc, 3.4% Lead, 50g/t Silver and 0.35g/t Gold containing 132Mlbs zinc, 57Mlbs lead, 1.2Moz silver and 8,400oz gold at 4% Zn cut-off grade Low Grade Domain - 590,000 tonnes at 1.6% Zinc, 0.5% Lead, 13g/t Silver and 0.15g/t Gold containing 20 Mlbs zinc, 7Mlbs lead, 247Koz silver and 2,800oz gold at 1% Zn cut-off grade
Location	Lower Copper Zone Inferred Mineral Resource comprises: High Grade Domain - 1.1M tonnes at 1.1% Copper and 13g/t Silver containing 26Mlbs copper and 460,000 ounces silver at a 0.5% copper cut-off grade
Location	Within the northern area of the Kalimantan Surya Kencana (‘KSK’) Contract of Work (“CoW”). The KSK CoW is located 165km northwest of Palangkaraya, the regional capital of Central Kalimantan
Infrastructure	Good road access, BKZ site is accessed from Palangkaraya via sealed road (3hrs) and all weather unsealed road (3hrs). 5 direct flights a day from Jakarta to Palangkaraya airport. Barge navigable river from Kasongan River Port to Banjarmasin seaport
Status	Establised a maiden Mineral Resource Estimate in accordance with JORC 2012

BKZ Polymetallic Project