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PT AMMAN MINERAL INTERNASIONAL TBK (AMMN) Annual Public Expose 2026 FY 2025 Earnings Results 26 March 2025
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Table of content
1. FY 2025 Highlights
2. Operations Update
3. Financial Update
4. Guidance and Outlook
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Disclaimer
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This following presentation has been prepared by PT Amman Mineral Internasional Tbk. (the “Company” or “AMMN”) solely for information purposes only and does not constitute a recommendation regarding any securities
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This document is not financial, legal, tax or other product advice.
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FY 2025 Highlights Advancing into a fully integrated refined copper and gold producer
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Advancing into a fully integrated refined
copper and gold producer
FY 2025 Operational Highlights
• This year’s performance reflects transitional dynamics, as we advanced toward integrated copper
and gold operations while entering Phase 8, characterized by typically lower ore grades in the
early years.
• Concentrate production reached 446,563 dry metric tonnes (“dmt”), containing approximately
209 million pounds (“Mlbs”) of copper and 102,758 ounces (“oz”) of gold.
• Production surpassed full year guidance by 4% for concentrate and 14% for gold, while copper
was 8% below target.
• Production from the Copper Smelter and Precious Metal Refinery (“PMR”) facilities:
Copper cathodes Refined gold
Production volume 79,849 tonnes (176 Mlbs) 124,723 oz (3.9 tonnes)
FY 2025 Financials Highlights
• Net sales were US$1,847 million, with performance strengthening toward year-end — following a
challenging 1H, sales improved in Q3 and accelerated to a record high in Q4, supported by
improved smelting and refining operations and concentrate sales.
• EBITDA reached US$1,057 million, representing a 57% margin, while net profit reached
US$258 million, with a 14% margin.
Regulatory Updates
• On October 31, 2025, AMMAN obtained a concentrate export permit with a quota of 480,000 dmt,
valid for six months.
• On December 23, 2025, the government imposed a new export duty for refined gold ranging from
10% to 15%, depending on product form and prevailing gold prices.
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Expansion projects highlights
Smelter and PMR Power Processing Plant
• The smelter and PMR facility produced its first • Completed its LNG regasification facility and Processing plant The processing plant
copper cathode, refined gold, and refined silver received its first LNG cargo in September 2025. progress video expansion is expected to be
in March, July, and October 2025, respectively. completed by Q3 2026.
• As of December 2025, CCPP1 Block 2 is
• In Q4 2025, the production from smelter and undergoing hot commissioning and CCPP Block Commissioning to start with
PMR reaching 38,797 tonnes of copper cathode 1 continues to provide uninterrupted power to first ore into mills in July
and 79,930 ounces of refined gold. This reflects the smelter. 2026.
an output rate of approximately 71% and 55% of
their respective design capacity. CCPP video LNG video
• In December 2025, several key areas of the
smelter successfully completed their
performance guarantee test runs. The month
also marked our highest availability and
production rates across many areas.
Note: 1. Combined Cycle Power Plant uses both a gas and a steam turbine together to produce electricity 6
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Operations Update Mining on track; smelting and refining end the year strong
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Stronger ore output toward year-end amid anticipated cost
increase
Materials mined Quarterly materials mined
2.54 13%
2.28 2.23 2.24 78
77
70 68
9%
304 316 322
293
64 39
72
69
227 291 244
300
29
77 49 14
16 31 1 5
FY 2022 FY 2023 FY 2024 FY 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Ore (Mt) Waste (Mt) Mining cost per unit (US$/t) Ore (Mt) Waste (Mt)
• Total material mined in 2025 declined by 9% YoY. This decrease was expected, as 2024 marked peak mining volumes. In line with the mine plan, volumes
have since normalized following 2024.
• During the year, mining activities remained focused on waste removal and extraction of the outer halo of the ore body of Phase 8, low to medium grade zone.
Fresh ore mined increased by 60% YoY, though at lower average ore grades, consistent with the mine plan sequence.
• As a result of longer haul distances, slightly higher fuel prices, and lower total materials mined, FY 2025 mining costs per unit rose 10% YoY, from US$2.24/t
to US$2.54/t.
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Strengthening operational momentum driven
by sequential quarterly production growth
Copper production (in concentrate) Gold production (in concentrate)1
0.31% 0.35% 0.37% 0.38% 0.17 0.12 0.13
16% 0.08
64
52 55 32 69%
37 27 27
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Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Copper production (Mlbs) Gold production (koz)
Copper grade processed (%) Gold grade processed (g/t)
Mill throughput by feed1 Concentrate production (dmt)
12% 15%
8 8 136,421
7 8 118,486
111,916
4
79,741
7 8
7
5
1
Q1 2025 Q2 2025 Q3 2025 Q4 2025
Fresh ore (Mt) Stockpiles ore (Mt) Q1 2025 Q2 2025 Q3 2025 Q4 2025
Note: 1. In Q1, processed ore partially comprised stockpiled material from Phase 7 with low to medium grades, containing
higher gold levels compared to early Phase 8 fresh ore. In Q2 and Q3, processed ore consisted of a blend of stockpiled
material and low-grade fresh ore from Phase 8.
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Surpassed full year concentrate production target
Copper production (in concentrate) Gold production (in concentrate)
0.65 0.76
0.56% 0.46% 0.53% 0.36% 0.48
87% 0.13
464 47% 803
395 731
312 463
209
103
FY 2022 FY 2023 FY 2024 FY 2025 FY 2022 FY 2023 FY 2024 FY 2025
Copper production (Mlbs) Copper grade processed (%) Gold production (koz) Gold grade processed (g/t)
Mill throughput by feed Concentrate production (dmt)
41 18% 41%
36 39
32 792,892 755,083
7
17
26 11 541,894
446,563
34
22 21
11
FY 2022 FY 2023 FY 2024 FY 2025
Fresh ore (Mt) Stockpiles ore (Mt) FY 2022 FY 2023 FY 2024 FY 2025
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Maintaining strong safety performance across operations
AMMN’s TRIFR relative to other mining companies 12-month rolling-average TRIFR (operations only)
7.64
Boliden 7.30
4.80
Sibanye Stillwater 4.36
4.12
Newcrest 3.25
3.23
Newmont 3.12 1.01
2.62 0.99
Gold Fields 0.97
2.62 0.95 0.94 0.94 0.94 0.95
2.55 0.91 0.92 0.91
Minera San Cristobal 2.33 0.90
2.16
MMG 2.06
1.97
Glencore 1.89
1.86
Antofagasta Minerals 1.64
1.57
Minsur 1.11
1.09
Sumitomo Metal Mining 1.00
0.98 Average: 2.29
Jul-25
Oct-25
Mar-25
Sep-25
Dec-25
Jan-25
Apr-25
Nov-25
May-25
Jun-25
Feb-25
Aug-25
AMMAN (Operations Only) 0.95
0.92
Barrick 0.91
• Total Recordable Injury Frequency Rate (“TRIFR”) measures how frequently recordable work-related injuries, such as lost time, medical treatment, and
restricted work injuries, occur for each one million hours worked
• In Q4 2025, our TRIFR increased slightly quarter-on-quarter, and the team is now focused on strengthening vital behaviors and enhancing fatigue
management across operations.
• AMMAN’s TRIFR over the past twelve months stands at 0.95, significantly below other large mining companies average of 2.29.
Source: International Council of Mining and Metals (ICMM) 11
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First year of smelting and refining operations with a strong
finish after early challenges
• Following the temporary shutdown and repairs of the Flash Converting Furnace (FCF) and sulfuric acid plant within the smelter complex
in Q3 2025, we resumed operations and increased production rates at both the smelter and PMR in Q4 2025.
• In December 2025, several key areas of the smelter successfully completed their performance guarantee test runs. The month also marked our
highest availability and production rates across many areas. The remaining areas is targeted to achieve performance test runs in H1 2026.
• Following the approval of the concentrate export permit on 31 October 2025, we made a strategic decision to export approximately 151,000 dmt
of concentrate in November-December 2025, resulting in minimal concentrate inventory as of year-end 2025.
• Copper cathode production commenced at the end of March 2025, totaling 79,849 tonnes for the year. Refined gold production began in July
2025, generating approximately 124,723 ounces in 2025.
Copper cathode production (tonnes)1 Refined gold production (oz)2
71%
55%
44% 43%
35% 39%
31%
124,723
3% 79,849
79,930
38,797 44,792
19,170 21,247
635
Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q3 2025 Q4 2025 FY 2025
Copper cathodes production (tonnes) Production rate (%) Refined gold production (oz) Production rate (%)
Note: 1. Smelter: FY 2025 maximum output of 183,333 tpa (equivalent to 18,333 t/month, or 10 months of operations); 2. PMR: FY 2025 maximum output of 289,500 ounces per annum (equivalent to
48,250 ounces/month, or 6 months of operations) 12
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Smelter and PMR progress
as of March 26, 2026
• 2025 marked key downstream milestones, with the successful Smelter video
first production of copper cathode in March 2025 and first
shipment in April 2025.
• This was followed by the commencement of refined gold
production and shipment in July 2025, and the start of refined
silver production in October 2025.
• Our copper cathodes and refined gold products achieved
quality levels consistent with LME and LBMA standards, PMR video
validated by customer feedback.
• The AMMAN team continues to focus on optimizing smelter
and PMR operations to achieve stable production levels.
KEY FEATURES OF THE SMELTER
Annual smelter Annual smelter output:
Smelter and PMR complex
feed:
220,000 tonnes
900,000 of LME Grade A copper cathode
tonnes with 99.99% purity
of copper concentrate
830,000 tonnes
of sulfuric acid with 98.50% purity
KEY FEATURES OF THE PRECIOUS METAL REFINERY (“PMR”)
Annual PMR feed: Annual PMR output:
970 tonnes 579 1.8 77
of anode slime kilo ounces million ounces tonnes
from the smelter of refined gold with of refined silver of selenium with 13
99.99% purity with 99.95% purity ~95.00% purity
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Financial Update Smelter operations recover and strengthen in Q4, driving performance with support from concentrate sales
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Smelter operations recover and strengthen in Q4, driving
performance with support from concentrate sales
Net sales EBITDA and EBITDA margin Net income and net income margin1
1,847
60% 33%
454 57%
1,301 51% 14%
299 433
806 1,057
545 258
416 778
155 231 233
390 355 354
279
9M 2025 Q4 2025 FY 2025 (175)
Refined gold (US$mn)
Copper cathodes (US$mn) 9M 2025 Q4 2025 FY 2025 9M 2025 Q4 2025 FY 2025
Gold in concentrate (US$mn)
Copper in concentrate (US$mn) EBITDA (US$m) EBITDA margin (%) Net income (US$m) Net income margin (%)
• 2025 financial performances reflects transition year as we moved into Phase 8 mining with lower ore grades and evolved from mining company into an
integrated copper and gold producer.
• FY 2025 net sales reached US$1,847 million. This comprised US$806 million from copper cathodes, with production commencing in Q2, US$454 million from
refined gold, with production starting in Q3, and US$587 million from concentrate sales in Q4. Performance improved toward year-end-following challenges in
the first half, sales recovered in Q3 and reach a record in Q4. Approximately 70% of FY 2025 net sales, driven by the stabilization of smelting and refining
operations, as well as concentrate sales.
• EBITDA reached US$1,057 million, representing a 57% margin, while net profit reached US$258 million, with a 14% margin.
• In FY 2025, we sold 75,943 tonnes (167 Mlbs) of copper cathode at an average selling price of US$10,609/t (US$4.81/lb), 114,149 oz of refined gold, with an
average selling price of US$3,974/oz, and 151,353 dmt concentrate, containing 69 Mlbs of copper and 55,402 oz of gold, with average selling price of
US$5.10/lb for copper and US$4,204/oz for gold.
Note: 1. Includes IUPK PNBP, a non-tax government revenue for a special mining business license 15
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Financial highlights
Production and sales data1 Financial results
Units FY 2025 FY 2024 % Change Units FY 2025 FY 2024 % Change
Mining operations Net sales US$m 1,847 2,664 (31%)
Concentrate EBITDA US$m 1,057 1,426 (26%)
Production dmt 446,563 755,083 (41%)
Net income/(loss)4 US$m 258 642 (60%)
Sales dmt 151,353 570,837 (73%)
Copper (in concentrate) Capex US$m 1,372 1,792 (23%)
Production Mlbs 209 395 (47%) Balance Sheet items Dec-25 Dec-24 % Change
Sales Mlbs 69 288 (76%) Cash and cash equivalent US$m 677 754 (10%)
Selling price (net)2 US$/lb 5.10 4.15 23% Assets US$m 13,871 11,121 25%
Adj. C1 Cost3 US$/lb sold (0.54) (3.37) 84%
Net debt US$m 5,756 3,531 63%
Gold (in concentrate)
Production oz 102,758 802,749 (87%) Equity US$m 5,431 5,248 3%
Sales oz 55,402 611,262 (91%) Effective 2025, in accordance with government regulation, the Company is no
Selling price (net) 2 US$/oz 4,204 2,397 75% longer permitted to sell concentrate and must sell only finished metal
Smelting and refining operations products, such as copper cathodes and refined gold.
Copper cathode
However, we obtained a temporary concentrate export permit on 31 October
Production tonnes 79,849 - nm
2025 until 30 April 2026.
Sales tonnes 75,943 - nm
Selling price (net) 2 US$/t 10,609 - nm
Refined gold
Production oz 124,723 - nm Notes: 1. Nm means not meaningful; 2. Net of treatment and refining charges and mark-to-
market price adjustments from previous shipments; 3. Adjusted for net movement of deferred
Sales oz 114,149 - nm
stripping costs and net movement in stockpiles and concentrate inventories;
Selling price (net)2 US$/oz 3,974 - nm 4. Includes IUPK PNBP, a non-tax government revenue for special mining business license
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Guidance and Outlook 2026 guidance unchanged: growth driven by higher ore grades and project ramp-up
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FY 2026 outlook and beyond
Global copper market
Current price strength reflects supply disruptions, robust Chinese demand, Global copper mine production and primary demand (Mt)
and weaker dollar. The 3-month copper price peaked at US$11,952/t on
December 12. Wood Mackenzie raised its 2026–27 price forecasts to 45
US$10,875/t and US$11,450/t, respectively.
40
Copper demand is projected to grow at 2.5% in 2026 and 2.3% in 2027,
driven by electrification and economic development. China leads near-term 35
growth through EVs and green energy, while broader energy transition
trends support medium- to long-term demand. 30
The near-term market remains tight, sustaining elevated prices. Deficits 25
Mt
may moderate with new supply, though regulatory and trade risks persist.
Refined demand is expected to grow from 28 Mt in 2025 to 32 Mt by 2035 20
(1.5% CAGR), despite greater scrap use.
15
Copper’s long-term fundamentals remain constructive, underpinned by
steady demand growth from electrification and clean energy, alongside 10
ongoing supply-side constraints that are likely to sustain structural market
tightness. 5
The Middle East conflict has only an indirect effect on copper, with price 0
pressure driven mainly by dollar strength rather than fundamentals. Copper 1992 1998 2004 2010 2016 2022 2028 2034 2040 2046
supply has low exposure to oil-related cost pressures, and demand in the
Possible Projects Probable Projects
region—notably Saudi Arabia—is set to grow. The overall impact ultimately
hinges on the duration and scale of the conflict. Base Case Production Capability Primary Demand
Source: Wood Mackenzie, December 2025 and March 2026 18
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2026 guidance unchanged: growth year driven by improved ore
grades and projects ramp-up
FY 2026 FY 2026 guidance
Mining operations
guidance
• The mining operations are expected to produce 900,000 dmt of
Copper production in concentrate (Mlbs) 485 concentrate, containing 485 Mlbs (equivalent to 220,000 tonnes) of
copper and 579,000 ounces of gold.
Copper production in concentrate (tonnes) 220,000 • We expect some variability in our concentrate production profile as
we balance concentrate output with smelter operation. Ensuring
Gold production in concentrate (oz) 579,000 stable smelter utilization remains the priority, which may influence
timing of concentrate inventory and sales.
Concentrate production (dmt) 900,0001
• On October 31, 2025, AMMAN obtained a concentrate export
permit with quota of 480,000 dmt, with a validity period of six
months.
• At this stage, we would not be providing FY 2026 production
guidance for copper cathode and refined gold, as we continue to
focus on achieving stable smelter performance.
Note: We assume 500,000 dmt of concentrate will be produced from existing mill, while the remaining 400,000 dmt from the new mill, subject to the progress of its commissioning,
which has inherent downside risk 19
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Elang development project
Amman prepares for Super Giant project development
Elang’s JORC reserves and resources estimates as of 31 Dec 2024 2025 Feasibility Study (“FS”) has been completed
Grades Contained The Elang mine will utilize existing Batu Hijau infrastructure, including
the mineral processing plants, power facilities, Benete port and jetties,
Total Cu Au Cu Au
(Mt) (%) (g/t) (Blb) (Moz) smelter, and the primary access road (“PAR”) connecting Benete to the
Batu Hijau pit.
Elang ore reserves 2,526 0.32 0.33 17.78 26.44
1 Ore from the Elang coarse ore stockpile (“COS”) will be transported to
Elang mineral resources 1,294 0.26 0.21 7.35 8.66
Batu Hijau processing plants via a 54 km overland conveyor (“OLC”)
system. The PAR will be extended to Elang to serve as the main
Batu Hijau and Elang Map
logistics route for equipment, materials, and the workforce from the
port, as well as to provide construction and maintenance access for
the OLC and high-voltage (HV) transmission line.
Revisions and optimization study are ongoing, including the relocation
of the primary crushing station based on geotechnical assessment,
Approximately 54 km redesign of sediment control ponds and PAR to reduce construction
costs, and waste dump optimization to lower mining costs.
Note: 1. Mineral resources are exclusive of ore reserves 20
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