Announcement • Sep 09

+ 1 more update

Norin Mining (Hong Kong) Limited acquired Indokal Limited from Asiamet Resources Limited (AIM:ARS).

Norin Mining (Hong Kong) Limited reached an agreement to acquire Indokal Limited from Asiamet Resources Limited (AIM:ARS) for $105 million on November 6, 2025.The Share purchase agreement includes a post-Completion adjustment mechanism for debt, and the Company does not anticipate the adjustment amounts to be material. The interest in the KSK Project is taken for a consideration of $105 million on a cash-free, debt-free basis. Through the acquisition of Indokal Limited Norin Mining will own the KSK Project in Indonesia. Completion of the share purchase agreement is subject to the following conditions: (a) approval of the Disposal by the Shareholders; (b) customary Chinese regulatory approval required by Norin Mining; and (c) other transaction specific conditions relating to KSK. The share purchase agreement contains other customary warranties, covenants and commercially negotiated terms agreed between the Company and Norin Mining in relation to Disposal and some material terms include: standard warranties for the benefit of Norin Mining in relation to the business of KSK; standard restrictions on the conduct of its business between signing the Share purchase agreement and Completion; standard closing accounts mechanism to true up the purchase price post-Completion; and(d) governing law being Hong Kong law, with parties agreeing that any disputes will be referred to and resolved by the Singapore International Arbitration Centre under the relevant rules. Completion of the Disposal is expected to take place within nine months from the date of the Disposal Agreement. The Board currently expects that the net proceeds received from the sale shall be substantially utilised to effect a cash distribution to Shareholders following Completion. Shareholders of Asiamet Resources Limited (AIM : ARS) approved the acquisition. State-owned Assets Supervision and Administration Commission of the State Council approved the transaction. RedBridge Grant Samuel Pte Limited acted as financial advisor to PT. Pancaran Cahaya Kahayan. James Spinney, James Dance, Rob Patrick of Strand Hanson Limited acted as financial advisor to PT. Pancaran Cahaya Kahayan. Shearman & Sterling LLP, Hong Kong Division acted as legal advisor to PT. Pancaran Cahaya Kahayan. Norin Mining (Hong Kong) Limited completed the acquisition of Indokal Limited from Asiamet Resources Limited (AIM:ARS) on September 9, 2026.

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Norin Mining (Hong Kong) Limited acquired Indokal Limited from Asiamet Resources Limited (AIM:ARS).

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