Independent Technical Assessment Report Toka Tindung Gold Mine, North Sulawesi, Indonesia PT Archi Indonesia Tbk and PT Energi dan Mineral Teknologi Internasional SRK Consulting (Australasia) Pty Ltd EDM004 March 2021 Inside Cover Page Independent Technical Assessment Report Toka Tindung Gold Mine, North Sulawesi, Indonesia Prepared for: PT Archi Indonesia Tbk Menara Rajawali 19th Floor Jl. DR. Ide Anak Agung Gde Agung No.5, RT.5/RW.2 Kuningan, East Kuningan, Setiabudi South Jakarta City Jakarta 12950 Indonesia +62 21 576 1719 www.archiindonesia.com and PT Energi dan Mineral Teknologi Internasional Suite 1700 Wisma Pondok Indah, Tower 3 JL Iskandar Muda Pondok Indah Jakarta 12310 Indonesia Prepared by: SRK Consulting (Australasia) Pty Ltd Level 3, 18-32 Parliament Place West Perth WA 6005 Australia +61 8 9288 2000 www.srk.com ABN: 56 074 271 720 Lead Author: Jeames McKibben Initials: JMCK Reviewer: Mark Noppe Initials: MN File Name: EDM004_Archi_IDX_ITR_Rev5.docx Suggested Citation: SRK Consulting (Australasia) Pty Ltd. 2021. Independent Technical Assessment Report. Prepared for PT Energi dan Mineral Teknologi Internasional: Project number: EDM004. Issued March 2021. Copyright © 2021 SRK Consulting (Australasia) Pty Ltd EDM004 March 2021 Acknowledgments The following consultants have contributed to the preparation of this report. Role Name Professional designation Coordinating Author Jeames McKibben BSc (Hons), MBA, FAusIMM(CP), MAIG, MRICS Contributing Author Joseph MacPherson BSc(Hons), FAusIMM, PDAC Mining Engineering Surveyor. MM-ANU (Project management, business), Contributing Author Myke Jones FAusIMM MSc(Mathematics and Planning, Geostatistics), BAppSc(Surveying), Contributing Author Danny Kentwell FAusIMM Contributing Author Ian De Bruyn BSc(Hons), PrSciNat, MAusIMM Contributing Author Brian Luinstra PhD, BSc, PGeo Contributing Author Simon Walsh BSc, MBA, MAusIMM, GAICD Contributing Author Tim Fitton PhD, BEng (Hons), MIEAust, CPEng, RPEQ, NER Contributing Author Carl Murray BEng, FAusIMM Contributing Author Alex Thin BEng (Hons) Mining, GDE, FAusIMM, FIMMM, FSAIMM Contributing Author Lisa Chandler MEng, BSc, MNELA, MAusIMM, AMANCOLD, MSER Contributing Author Shaun Barry BSc(Hons), MSc Eng, MRICS Peer Review Mark Noppé MSc, FAusIMM(CP), MGAA, MAICD Releasing Authority Jeames McKibben Director Disclaimer and Notices Disclaimer: The opinions expressed in this Report have been based on the information supplied to SRK Consulting (Australasia) Pty Ltd (SRK) by PT Archi Indonesia Tbk (Archi). The opinions in this Report are provided in response to a specific request from Archi to do so. SRK has exercised all due care in reviewing the supplied information. While SRK has compared key supplied data with expected values, the accuracy of the results and conclusions from the review are entirely reliant on the accuracy and completeness of the supplied data. SRK does not accept responsibility for any errors or omissions in the supplied information and does not accept any consequential liability arising from commercial decisions or actions resulting from them. Opinions presented in this Report apply to the site conditions and features as they existed at the time of SRK’s investigations, and those reasonably foreseeable. These opinions do not necessarily apply to conditions and features that may arise after the date of this Report, about which SRK had no prior knowledge nor had the opportunity to evaluate. Independent Technical Assessment Report Contents Contents Useful Definitions ........................................................................................................................................................ xii Executive Summary .................................................................................................................................................. xviii 1 Introduction and scope of Report ....................................................................................................................... 1 1.1 Terms of reference and purpose of the Report .................................................................................................. 1 1.2 Scope of work ..................................................................................................................................................... 2 1.3 Reporting standard ............................................................................................................................................. 2 1.4 Work program ..................................................................................................................................................... 3 1.5 Legal matters ...................................................................................................................................................... 4 1.6 Effective Date ..................................................................................................................................................... 4 1.7 Project team ....................................................................................................................................................... 4 1.8 Limitations, reliance on information, declaration and consent ........................................................................... 6 1.8.1 Limitations ........................................................................................................................................... 6 1.8.2 Statement of SRK independence ........................................................................................................ 6 1.8.3 Indemnities .......................................................................................................................................... 7 1.8.4 Consent ............................................................................................................................................... 7 1.8.5 Practitioner consent ............................................................................................................................ 7 1.8.6 Consulting fees ................................................................................................................................... 9 1.8.7 Units of measure and currency ........................................................................................................... 9 1.8.8 Nomenclature ...................................................................................................................................... 9 2 Project overview ............................................................................................................................................... 10 2.1 Background ...................................................................................................................................................... 10 2.2 Location ............................................................................................................................................................ 11 2.3 Permits and approvals ...................................................................................................................................... 12 2.3.1 Ownership ......................................................................................................................................... 12 2.3.2 Tenure ............................................................................................................................................... 14 2.3.3 Land acquisition ................................................................................................................................ 16 2.3.4 Royalties, taxes and rents ................................................................................................................. 17 2.3.5 Agreements ....................................................................................................................................... 17 2.3.6 Insurances ......................................................................................................................................... 21 2.4 Project history ................................................................................................................................................... 22 3 Project setting ................................................................................................................................................... 26 3.1 Accessibility ...................................................................................................................................................... 26 3.2 Climate .............................................................................................................................................................. 26 3.3 Physiography and land use .............................................................................................................................. 27 3.4 Seismicity.......................................................................................................................................................... 28 3.5 Local resources ................................................................................................................................................ 28 4 Geology and Mineral Resources ...................................................................................................................... 30 4.1 Regional geology .............................................................................................................................................