20250506_ANTM_Rencana Transaksi Perubahan Kegiatan Usaha_31883154_lamp4.pdf

A. General

PT Aneka Tambang Tbk or abbreviated as PT ANTAM Tbk (“ANTAM”/"Company”) was
previously a State Company, founded under the name “Perusahaan Negara (PN) Aneka
Tambang" in the Republic of Indonesia on July 5, 1968 based on Government Regulation (“PP”)
No. 22 of 1968 (State Gazette of 1968 Number 36). On June 14, 1974, based on PP No. 26 of 1974
concerning the Transfer of the Form of the State Company Aneka Tambang to a Company
(Persero), the status of the Company was changed from a State Company ("PN") toa Company
("Persero") and since then it has been known as "PT Aneka Tambang (Persero)" based on Deed
of Establishment No. 320 dated 30 December 1974 made before Notary Substitute Warda
Sungkar Alurmei S.H., domiciled in Jakarta and amended by Deed No. 55 dated 14 March 1975
made before Notary Abdul Latief in Jakarta.

The Company's Articles of Association have been amended several times with the latest
amendment stated in the Deed of Meeting Resolution of Amendment of Articles of Association
of PT Aneka Tambang Tbk or abbreviated as PT ANTAM Tbk No. 18 dated June 4, 2024 made
before Jose Dima Satria S.H., M.Kn., Notary in the Municipality of South Jakarta, which has
received notification from the Minister of Law and Human Rights of the Republic of Indonesia by
Letter Number AHU-0034841.AH.01.02.TAHUN 2024 dated June 12, 2024 concerning Approval
of Amendments to the Articles of Association of PT Aneka Tambang Tbk Limited Liability
Company.

In line with the formation of the Mining Industry state owned company Holding by the
Government of the Republic of Indonesia, there has been a change in the composition of the
Company's shareholders to above 596, in accordance with Government Regulation Number 47
of 2017 dated 10 November 2017 concerning Addition of State Capital of the Republic of
Indonesia to the Company's Share Capital (Persero) PT Indonesia Asahan Aluminum
(“PP No. 47/2017”), which is based on PP No. 47/2017 stated that 15,619,999,999 series B shares
belonging to the Republic of Indonesia in the Company were transferred to the Company
(Persero) PT Indonesia Asahan Aluminum ("Inalum") as additional capital participation by the
State in Inalum.

Furthermore, in December 2022, the Government of the Republic of Indonesia has issued
Government Regulation No. 45 of 2022 concerning Reduction of State Capital Participation of
the Republic of Indonesia in the Company (Persero) PT Indonesia Asahan Aluminum
("PP 45/2022") and Government Regulation No. 46 of 2022 concerning State Capital Inclusion of
the Republic of Indonesia for the Establishment of a Limited Liability Company (Persero) in the
Mining Sector ("PP 46/2022”). The Minister of Finance has also issued Decree
No. 516/KMK.06/2022 concerning Determination of the Value of State Capital Participation of the
Republic of Indonesia for the Establishment of a Limited Liability Company (Persero) in the
Mining Sector.

Based on PP 45/2022 and PP 46/2022, the Government of the Republic of Indonesia established
a Limited Liability Company (Persero) as a holding company in the Mining Sector ("Mining
Holding") by taking into account the applicable provisions. The formation of the Mining Holding
and the separation between PT Indonesia Asahan Aluminum (Persero) and the Mining Holding
was completed on March 21 2023. In line with this, effective on March 21 2023, PT Indonesia
Asahan Aluminum has returned 15,619,999,999 ANTAM series B shares to Republic of Indonesia.
Furthermore, the Republic of Indonesia transferred all ANTAM Series B shares to PT Mineral
Industri Indonesia (Persero) as aMining Holding Company.

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The number of shares issued and fully paid up by the Company was recorded at
Rp2,403,076,472,500.00 or 24,030,764,725 shares consisting of one Series A Dwiwarna share and
24,030,764,724 Series B shares. Composition of capital ownership that has been issued and fully
paid up in the Company are as follows:

Shareholders Ownership Number of shares
Percentage
Republic of Indonesia 096 1
PT Mineral Industri Indonesia (Persero) 65Y0 15,619,999,999
Public 35Y6 8,410,764,725
Jumlah 1000 24,030,764,725

. The Company's Business Activity

Based on Article 3 paragraph (1) of the Company's Articles of Association, the Company's aims
and objectives are to carry out business in the mining sector of various types of minerals, and to
carry out business in the fields of industry, trade, transportation and services related to the
mining of various types of minerals, as well as optimization utilization of resources owned by the
Company to produce goods and/or services of high guality and strong competitiveness to
obtain/pursue profits in order to increase the value of the Company by applying the principles
of Limited Liability Companies.

The Company produces commodities of nickel ore, ferronickel, gold, silver, bauxite as well as
processing and refining precious metals. The Company has operational locations spread across
Indonesia.

The Company also has an associated entity with strategic investors in processing mining
products to increase the added value of various types of guality mineral reserves and resources
owned. The Company has expertise in the fields of exploration, mining, processing, refining and
marketing of natural resource minerals, good relations with the Government and surrounding
communities, all of which are the foundation for the Company's growth and development.

. Capital and Composition of Company Shareholders
In accordance with the records in the Company's Register of Shareholders compiled by

PT Datindo Entrycom, the Company's Securities Administration Bureau as of April 30, 2025, the
composition of the Company's shareholders is as follows:

inti Total Nominal Value
Description Number of shares (Nominal Value Rp100,- per share) Io

Authorized capital
Series A Dwiwarna Shares 1 100 -
Series B Shares 37,999,999,999 3,799,999,999,900 -

Issued and fully deposited
capital:

Dwiwarna Series A Shares
1. Republic ofindonesia 1 100 -

Series B Shares
1. Republic of Indonesia - -
2. PT Mineral Industri 15,619,999,999 1,561,999,999,900 65

Indonesia (Persero)
3. Public 8,410,764,725 841,076,472,500 35

0

Amount of Issued and
Fully Paid Capital

Series A Dwiwarna Shares 1 100 100
Series B Shares 24,030,764,724 2,/403,076,472,400

D. Composition of the Company's Board of Commissioners and Directors as of April 30, 2025

Board of Commissioners
President Commissioner and

Independent Commissioner : Rauf Purnama
Independent Commissioner : Gumilar Rusliwa Somantri
Independent Commissioner : Anang Sri Kusuwardono
Commissioner : Dilo Seno Widagdo
Commissioner : Bambang Sunarwibowo

Board of Directors

President Director : Nicolas D. Kanter
Director of Operations and Production : Hartono

Director of Business Development :| Dewa Wirantaya
Director of Finance and Risk Management : Arianto Sabtonugroho
Director of Human Resources : Achmad Ardianto

INFORMATION OF THE BACKGROUND, REASONS AND CONSIDERATIONS OF

BUSINESS ACTIVITIES ADDITION PLAN

A. Background

In line with the Company's Long-Term Plan (RJPP) for 2025-2029, the gold commodity has
opportunities to optimize gold sales through product diversification, market expansion, and the
expansion of retail distribution networks. Therefore, one of the strategic themes of the Company
in the long term is the strengthening of the gold sales function, including penetration into new
market segments through collaboration, acguisition, or other activities. To support the
achievement of gold commodity sales targets, the Company, through the Precious Metal
Processing and Refinery Business Unit, has a strategy focusing on the guality and supply of the
product, product development and its competitive advantages also marketing strategy to create
added value and enhance sustainability of customer loyalty. The Company has planning various
work programs, including product development of jewelry and customized products, as well as
industrial products for technical and/or laboratory purposes made from precious metals.

To provide the support for those activities, ANTAM is planning to addition its business activities by
adding Indonesia Standard Industrial Classification (KBLI) which accommodates the production
and sale activity of jewellery, customized products and other goods, including laboratory ware
made from precious metals, that is KBLI 3211 (Manufacture of jewellery and related articles)
including its related derivative, those are KBLI No. 32112 on Manufacture of Jewelry from Precious
Metals for Personal Purposes, KBLI No. 32113 on Manufacture of Jewelry from Precious Metals Not
for Personal Purposes: KBLI No. 32114 on Manufacture of Goods from Precious Metals for Technical
and/or Laboratory Purposes, and KBLI No. 32119 on Manufacture of Other Goods from Precious
Metals.

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KBLI 32112
Manufacture of
Jewelry from Precious
Metals for Personal

This group includes the business of making jewelry items whose main
ingredients are precious metals (gold, platinum and silver) for personal
use, such as rings, necklaces, bracelets, earrings, crossbars, belts and
buttons, including parts and accessories.

Jewelry from
Precious Metals

Purposes
KBLI 32113 This group includes jewelry-making businesses whose primarly made
Manufacture of from precious metals other than for personal use, such as eating and

drinking utensils, flat plates, hollow containers, toilet items, decorative
items for the household, office or desk items, trophies, medals and

Not for Personal novelists or items related to religion, including parts and accessories.
Purposes

KBLI 32114 This group includes the business of manufacturing goods for technical
Manufacture of Goods | and/or laboratory purposes from precious metals (excluding

from Precious Metals
for Technical and/or

instruments and parts thereof), such as spatulas, crucibles, cuples,
platinum grills used as catalysts and electro-plating anodes.

Laboratory Purposes

KBLI 32119 This group includes businesses making other articles of precious metal,
Manufacture of Other | such as precious metal watch straps, cufflinks, watch ties and cigarette
Goods from Precious | cases. Including the manufacture of coins, whether legal as a medium
Metals of exchange or not, and engraving services for both jewelry made of

precious metal or not.

Therefore, the Company needs to amend article 3 of the Company's Articles of Association to
add new business activitiy in the industrial sector with KBLI as above, which is included in
changes to Business Activities as referred to in POJK No. 17/2020.

B. Benefits of Business Activity Addition Plan for the Company

The expansion of precious metals commodity business activities through product
development, such as jewellery and customized product including industrial products for
technical and/or laboratory purposes made from precious metals, is expected to increase the
sales contribution of the Company's Precious Metals Segment. In addition, the expansion of
business activities is expected to support the achievement of the Company's sales targets in
the long term.

SUMMARY OF FEASIBILIT UDY ON THE ADDITION OF BUSINESS ACTIVITIES

1. Aims and Objectives

The aim and objective of the feasibility study report is to provide an opinion regarding the
feasibility of additional business activities by adapting additional KBLI, which is being reviewed
from various aspects, such as market aspects, technical aspects, business pattern aspects,
management model aspects and financial aspects.

This report was prepared in order to comply with the provisions stipulated in POJK No. 17/2020.

The regulation reguires a feasibility study report on changes to business activities prepared by
the appraiser.

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2. Assumptions and limiting conditions
The assumptions and limiting conditions used in preparing the feasibility study are as follows:

1.

The feasibility study report on additional business activities carried out is a non-disclaimer
opinion.

KJPP Tri, Santi dan Rekan (“KJPP TSR”) has reviewed the documents used in the feasibility
study process for additional business activities.

In preparing this report, KJPP TSR relied on the completeness of information provided by
ANTAM and/or data obtained from publicly available information and other information
whose accuracy can be trusted.

KJPP TSR uses financial projections that have been adjusted to reflect the fairness of the
financial projections submitted by ANTAM with its ability to achieve (fiduciary duty).

KJPP TSR is responsible for the implementation of the Assessment and the fairness of
adjusted financial projections.

The assignor declares that all material information relating to the assignment of a feasibility
study for additional business activities has been fully disclosed to KJPP TSR and there is no
omission of important facts.

The resulting feasibility study report is open to the public unless there is confidential
information that could affect ANTAM's operations.

KJPP TSR is responsible for the feasibility study report and resulting conclusions.

This feasibility study report is intended to fulfill the interests of the Capital Market and fulfill
FSA regulations and not for any other purposes.

. This feasibility study was prepared based on economic, industrial and financial conditions,

as well as government regulations related to additional business activities that will be
carried out on the date this opinion is published.

. KJPP TSR assumes that after the publication of the feasibility study there will be no changes

that materially affect the assumptions used in preparing this feasibility study. KJPP TSR is
not responsible for reaffirming or supplementing, updating KJPP TSR's opinion due to
changes in assumptions and conditions as well as events that occur after the date of this
report.

. The scope of work is carried out in accordance with KJPP TSR's analysis and interpretation

of the law and FSA Regulation No. 35/POJK.04/2020 concerning Assessment and
Presentation of Business Valuation Reports in the Capital Market, Copy of Circular Letter
Financial Services Authority of the Republic of Indonesia No.17/SEOJK.04/2020 concerning
Guidelines forthe Assessment and Presentation of Business Valuation Reports in the Capital
Market, POJK No. 17/2020 as well as assessment standards applicable in the Republic of
Indonesia, s0 it is not intended to be applied, analyzed or interpreted according to the laws
and regulations in other countries.

. The assignment to conduct a feasibility study is not and cannot be considered a review or

audit or performance of certain procedures on financial information. This assignment is not
Carried out with the aim of finding internal control weaknesses, errors or fraud in financial
reports, tax implications or legal violations.

. KJPP TSR has no responsibility to third parties, other than ANTAM as the Task Provider, as

long as it does not deviate from applicable regulations and laws.

Opinion of the Feasibility on Addition Business Activities

Based on studies, evaluation of market aspects, technical aspects, business pattern aspects,
management model aspects and financial aspects provided that all these aspects are met. It is
concluded that the additional business activities will be carried out by ANTAM arefeasible.

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AVAILABILITY OF EXPERTS

The addition to the Company's business activities is an effort to expand the business in industrial
sector through development of non-standard product, such as jewelry, customized product and
other goods made of precious metals. In accordance with the business activity addition plan,
currently the Company has prepared experts who can support the addition of business activities,
where the workforce in the plan to increase business activities comes from experts who have
worked for the Company, so there are no costs that will be incurred by the Company in recruiting
experts.

EXPLANATION OF THE IMPACT OF BUSINESS ACTIVITIES ADDITION
ON THE COMPANY'S FINANCIAL CONDITION

In accordance with The Company's RKAP year 2025, the Company has 40 tons of gold sales target,
which is expected to be supported by the sales of non-standard LM products. Through the
expansion in the industrial sector, specifically in the jewellery, customized products and other
goods made from precious metals will provide customer with a variety of precious metal products
prioritizing the guality and buyback guarantees.

The Company's financial projections after addition of business activities for 5 (five) years are as
follows:

1.  Projected Company Profit/Loss Report
Profit and loss projections for the addition to business activities during the 2025-2029
financial year are as follows:

In Million IDR
URAIAN FY 2025 FY 2026 FY 2027 FY 2028 FY 2029
1 2 3 4 5
SALES 571,006 657,029 755,992 869,984 1,000,568
PRINCIPAL EXPENSES (512,215) (588,183) (675,436) (775,516) (890,425)
'GROSS PROFIT (LOSS) 58,792 68,345 80,556 94,467 110,143
OPERATING EXPENSES (4,997) (6,856) (8,713) (10,568) (9,786)
OPERATING PROFIT (LOSS) 53,795 61,990 71,843 83,900 100,357
14296 439 1.509 16490 0396
OTHER INCOME (EXPENSES)
Interest Income 0 0 0 0 0
Interest Expenses 0 0 0 0 0
Other expenses 0 0 0 0 0
OTHER TOTAL INCOME
(EXPENSES) 0 0 0 0 0
PROFIT (LOSS) BEFORE TAX 53,795 61,990 71,843 83,900 100,357
Tax
Current Tax (11,835) (13,638) (15,805) (18458) (22079)
Total Tax (11,835) (13,638) (15,805) (18,458) (22,079)

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URAIAN FY 2025 FY 2026 FY2027 FY 2028 FY 2029
1 2 3 4 5
NET PROFT (LOSS) 41,960 48,352 56,037 65,442 78,279
OTHER COMPREHENSIVE INCOME
(EXPENSES) 0 0 0 0 0
TOTAL COMPREHENSIVE PROFIT
(LOSS) FOR THE CURRENT YEAR 41,960 48,352 56,037 65,442 78,279
73596 73696 74196 75206 78206
2. Projected Financial Position
financial position projection of the addition to business activities during the 2025-2029
ncial year is as follows:
In Million IDR
Fy2025 | rv2026 | rv2027 | rv2028 | rFv2029
URAIAN
1 2 3 4 5
ASSET
CURRENTASSET
Cash (8751) 62797 | 123350 | 203757 | 287487
Receiveable 321011 191582 | 203923 | 210752 | 236184
TOTALCURRENT ASSET 312260 | 254379 | 327,273 | 414509 | 523,670
NON-CURRENT ASSET
Fixed Asset 17,930 20830 21884 21,094 21,094
TOTALNON-CURRENT ASSET 17.930 20,830 21,884 21,094 21,094
TOTAL ASSETS 330.191 | 275,209 | 349157 | 435,603 | 544764
LIABILITIES DAN EOUITY
CURRENT LIABILITIES
Account Payable 288230 | 184897 | 202808 | 223812 | 254694
TOTALCURRENT LIABILITIES 288.230 | 184897 | 202808 | 223812| 254694
NON-CURRENT LIABILITIES
TOTALNON-CURRENT LIABILITIES o o o 0 0
TOTALLIABILITIES 288.230 | 184897 | 202808 | 223812| 254694
EOUITY
Retained Earning 41960 90312 | 146849 | 211791 | 290070
TOTAL EOUITIES 41.960 90312 | 146,349 | 211,791| 290070
TOTALLIABILITIES AND EOUITIES 330.191 | 275,209 | 349157 | 435,603 | 544764

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3. Cash Flow Projection
Cash Flow projections for the addition to business activities during the 2025-2029 financial
year are as follows:

In Million IDR
FY 2025 FY 2026 FY 2027 FY 2028 FY 2029
URAIAN
1 2 3 a 5
Receipts from customers 249,995 786458 743,651 863155 975135
Paymentstosuppliersdanemployees |” (224499) | teszoa) | tessoss) | Ws5061) | (860099
Payment to corporate tax (11835) (13638) (15,805) (18458) (22079)
Net Cash erowided from Operating) 13,661 80,776 69,781 89,636 92,958
Activities
Purchase of Fixed Asset 9,228) (9228) (9228) (9,228) (9,228)
Net Cash used in Investing
Ponpes (9,228) (9,228) (9,228) (9,228) (9,228)
Net Cash (used in)/Provided from
Financing Activities - - - - -
Net Increase/(Decrease) on Cash
and Cash Eguivalents 4,433 71,548 60,553 20,408 83,729
Cash and Cash Eguivalents at
Beginning of The Year (13183) (8751 62797 123,350 203,757
Effect of Foreign Exchange Rate
Fluctuation - - - - -
Cash and Cash Eguivalents at
Ending of The Year (8,751) 62,797 123,350 203,757 287,487

FEASIBILITY ANALYSIS OF THE ADDITION TO BUSINESS

ACTIVITIES

An investment feasibility analysis carried out based on the calculation of the investment feasibility
of the addition to ANTAM business activities. ANTAM's investment feasibility is calculated using
three indicators, namely Net Present Value (NPV), Internal Rate of Return (IRR) and Profitability
Index (PI). Based on the feasibility analysis of the addition of ANTAM's business activities plan, the
results obtained are as follows:

In Million IDR
URAIAN FY2025 FY2026 FY 2027 FY2028 FY2029

ANALISA PROYEK

OAT 41,960 48,352 56037 65442 78,279
Depresiasi 4482 6328 8,174 10019 9228

OI Interest (It) o o o o o

OI Capital Expenditures 9228) 9228) 06.228) 6228) (0228)

OI Nilai Aset Lama (13,183)

UD Perubahan Modal Kerja. 82781) (6685) (115) 13.060 18510
Salvage Value o o o o 21,094
TOTAL (8,751) 38,767 53,868 79293 117,883

OI Discount Factor 12,4096 0,89 079 0,70 063 0,56

O Present Value (7,785) 30,684 37,932 49,675 65,703

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URAIAN FY 2025 FY 2026 FY 2027 FV2028 FY 2029
Net Present Value 176210 Positive sawo5 — Feasible
» ofLoan
Internal Rate of Return AB22996 Para so0om  Fesible
Profitability Index 3.68 s5»»5 — Feasible
Return On Investment 12719 175796 160596 15.0296 14.379
Ro1 151496
PAYBACK PERIOD ANALYSIS
Penerimaan 41318 43,279 45,216 47,275 48,773
Pengeluaran (49,103) (12595) (7,283) 2400 5173
Payback Period (7,785) 22,899 60,831 110,507 164453
Discount Factor 039 079 070 053 0.56
Piscounted Payback (6,926) 18,125 42,836 69,230 91,659
Payback Period 1.28 Years
1 Year and 4 Months

Based on financial studies and analysis, provided that all projected assumptions can be fulfilled, the
results obtained are NPV » 0 and IRR » discount rate. Thus, it is concluded that the additional
business activities plan that will be carried out by ANTAM arefeasible from the financial aspect.

STATEMENT OF THE COMPANY'S BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS

The Company's Directors and Board of Commissioners stated:

1.

That all information in the information disclosure dated May 6, 2025, which was
announced via the Indonesia Stock Exchange website www.idx.co.id and the Company's
website www.antam.com has disclosed all material facts and the information is not
misleading.

That the preparation of the Company's Financial Projections after additional business
activities for 5 (five) years, prepared based on the Company's Financial Report as of 31
December 2024 which has been audited by a Public Accountant Jul Edy Siahaan No.
AP.1169 from Kantor Akuntan Publik Amir Abadi Jusuf, Aryanto, Mawar & Rekan (RSM)
stated in its report No. 00402/2.1030/AU.1/02/1169-1/1/IV/2025 dated April 8, 2025 with a
gualified opinion in all material matters.

That the plan of business activities addition in the jewellery, customized products and
other goods made from precious metals industry has already received a feasibility study
from an independent party, named KJPP Tri, Santi dan Rekan with Report No.
00005/2.0040-00/FS/09/0236/1/IV/2025 date April 25, 2025.

Hereby declare that the plan for the addition of business activities, which will be submitted
for approval at the Annual General Meeting of Shareholders on June 12, 2025, will be
carried out in accordance with the applicable laws and regulations.

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INFORMATION OF GENERAL MEETING OF SHAREHOLDERS

Whereas the plan for the addition of business of KBLI No. 32112, KBLI No. 32113, KBLI No. 32114 and
KBLI No. 32119 is carried out by amending article 3 of the Company's Articles of Association,
approval will be reguested at the Annual General Meeting of Shareholders (AGMS) which will be
held by the Company at June 12, 2025.

Annual General Meeting of Shareholders (AGMS) agenda items related to changes in the Company's
business activities are as follows:
Approval of Amendments to the Company's Articles of Association

AGMS will be held with reference to the provisions of the Company's Articles of Association, POJK
No. 17/2021, Financial Services Authority Regulation No. 15/POJK.04/2020 concerning Planning and
Organizing General Meetings of Shareholders of Issuers or Public Companies, Financial Services
Authority Regulation No. 16/POJK.04/2020 concerning Implementation of Electronic General
Meeting of Shareholders for Public Companies and the Law on Limited Liability Companies, thus for
the AGMS agenda related to plans to add the Company's business activities, the GMS can be held if.

a. the GMS is attended by shareholders Series A Dwiwarna and other shareholders
representing at least 2/3 (two thirds) of the total number of shares with voting rights are
present or represented.

b. In the event that a guorum is not fulfilled, a second GMS can be held provided that the
second GMS is valid and has the right to make decisions if the GMS is attended by Series A
Dwiwarna shareholders and other shareholders representing at least 3/5 (three fifths) of the
total shares with voting rights present or represented.

Cc. Inthe event that the attendance guorum at the second GMS is not fulfilled, a third GMS can
be held provided that the third GMS is valid and has the right to make decisions if attended
by shareholders of shares with valid voting rights within the attendance guorum and
decision guorum determined by the Financial Services Authority at the reguest of the Listed
Company.

ADDITIONAL INFORMATION

Shareholders who reguire additional information may contact the Company during business hours
at the address:

Corporate Secretary
PT Aneka Tambang Tbk
Gedung Aneka Tambang
Jl. Letjen TB Simatupang No. 1 Lingkar Selatan,
Tanjung Barat Jakarta 12530, Indonesia
Tel. : (62-21) 789 1234
Email: corsec@antam.com

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