20240401_ANTM_Rencana Transaksi Perubahan Kegiatan Usaha_31622277_lamp3.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 undergone several changes. The latest changes are
stated in the Deed of Statement of Meeting Decisions on Amendments to the Articles of Association
of PT Aneka Tambang Tbk. Abbreviated as PT ANTAM Tbk. No. 51 dated 11 July 2023 made before
Jose Dima Satria S.H., M.Kn., Notary in the City of South Jakarta, notification of which has been
received by the Minister of Law and Human Rights of the Republic of Indonesia ("Menkumham RI")
as per letter Number AHU-AH. 01.03-0094322 dated 20 July 2023 concerning Receipt of Notification
of Changes to the Articles of Association of PT Aneka Tambang Tbk.

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).

The number of shares issued and fully paid up by the Company was recorded at IDR
2,403,076,472,500.00 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) 65Yo 15,619,999,999
Public 3596 8,410,764,725
Jumlah 1006 24,030,764,725

B. 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 ferronickel commodities, nickel ore, 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.

C. 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 March 31 2024, the composition of
the Company's shareholders is as follows:

inti Total Nominal Value
Description Number of shares (Nominal Value IDR 100,- per share) kd

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 of Indonesia 1 100
Series B Shares
1. Rupublic of Indonesia -
2. PT Mineral Industri

Indonesia (Persero) 15.619.999.999 1.561.999.999.900 65
3. Public

8.410.764.725 841.076.472.500 35

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 March 31, 2024

Board of Commissioners
President Commissioner and

Independent Commissioner : KX. Sutijastoto
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 : Elisabeth RT Siahaan
Director of Human Resources : Achmad Ardianto

ABOUT THE BACKGRO , REASONS AND CONSIDERATIONS FOR THE PLAN FOR

The Company, through the Precious Metal Processing and Refinery Business Unit ("UBPP LM"), has
innovated the sale of Precious Metal gold products by prioritizing online gold sales and buyback
transaction mechanisms, through digital physical gold business services which are Gold Buying and
Storing services. With an online transaction mechanism, golds investment services are more flexible.

The Company plans to develop a digital physical gold business which will be transacted on the futures
commodity exchange supervised by BAPPEBTI in accordance with Minister of Trade Regulation Number
119 of 2018 concerning General Policy for Physical Digital Gold Market Trading on the Futures Exchange
and BAPPEBTI Regulation Number 13 of 2019 concerning Amendments to Regulations Commodity
Futures Trading Supervisory Agency Number 4 of 2019 concerning Technical Provisions for the
Implementation of the Physical Digital Gold Market on the Futures Exchange. In this regard, the Company
needs to apply for permits to BAPPEBTI.

To register digital physical gold business activities on the futures commodity exchange, BAPPEBTI
reguires ANTAM to have Indonesia Standard Industrial Classification (KBLI) 66153 and KBLI 63122. In
addition, with the addition of the KBLI, ANTAM is expected to be able to obtain the necessary permits so
that it can support the achievement of the Company's gold sales target in 2024.

KBLI 66153 This group includes the activities of business entities that provide trading

Physical system facilities to carry out buying and selling activities for commodities that
Commodity have been designated as commodities that can be transacted through physical
Trader commodity market mechanisms on the futures exchange either on their own

behalf, and/or facilitating customer transactions.

KBLI 63122 This group includes the operation of websites with commercial purposes that

Web Use search engines to generate and maintain large databases of internet
portal addresses and content in an easily searchable format: operation of websites that
and/or act as portals to the internet, such as media sites that provide regularly updated
Digital content, either directly or indirectly for commercial purposes: operation of
Platform digital platforms and/or websites/web portals that carry out electronic
with transactions in the form of business activities of facilitating and/or mediating the
Commerci transfer of ownership of goods and/or services and/or other services via the
al internet and/or electronic devices and/or other electronic system methods
Purposes carried out with commercial purposes (profit) which includes activities including

one, part or all of electronic transactions, namely ordering, payment, delivery of
these activities. Included in this group are sites/web portals and/or digital
platforms with commercial (profit) purposes, namely applications used to
facilitate and/or mediate electronic transaction services, such as merchant
aggregators (marketplaces), digital advertising, and on demand online services.
This group does not include financial technology (Fintech). Fintech Peer to Peer
(P2P) Lending (6495) and Fintech payment services (6641).

Thus, the Company needs to adjust article 3 of the Company's Articles of Association to add a new KBLI
to trading business activities, which is included in changes to Business Activities as referred to in POJK
No. 17/2020.

The Company's Current Business Activities

In accordance with article 3 of the Company's Articles of Association:

1. 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 optimizing utilization 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.

2. To achieve the aims and objectives mentioned above, the Company can carry out the following
main business activities:

a. Carrying out business in the mining sector of various types of minerals, including:

li) Bauxite Ore Mining:
(ii) Nickel Ore Mining:
(iii)Gold and Silver Mining:

b. Carrying out business in the industrial sector related to mining of various types of minerals,
including but not limited to the processing and refining of minerals, including:
(i) Non-ferrous Base Metal Manufacturing Industry,

(ii) — Precious Base Metal Manufacturing Industry:
(iii) — Clay/Ceramic Brick Industry:
(iv)  Clay/Ceramic Roof Tile Industry:

c. Carrying out business in the trading sector related to mining of various types of minerals, including
minerals that have been processed/refined, both physical trading and non-physical trading
(induding hedging), including:

@) Wholesale Trade in Jewelry and Watches:

(ii) — Wholesale Trade in Metals and Metal Ore,

(ii) — Wholesale Trade in Roof Tiles, Bricks, Tiles and the like made from Clay, Lime, Cement or
Glass,

(iv) Wholesale Trade in Cement, Lime, Sand and Stone,

(v) Other Business Support Services Activities,

(vi)  Warehousing and Other Storage:

(vii) Retail Trade Through Media forVarious Other Goods:
Carrying out business in the field of transportation for its own needs and those of other parties
related to the mining of various types of minerals, including:
@) Motorized Transportation for Special Goods:
(ii) — Rail Road Transport for Goods:
(iii) — Domestic Sea Transportation for Special Goods:
(iv) Sea Port Service Activities,
(v) River and Lake Transportation for Special Goods:
(vi) River and Lake Port Service Activities:
Carrying out business in the field of services related to mining of various types of minerals (except
consulting services in the legal and tax fields), including:
@) Other Mining and Excavation Support Activities,
(ii) Laboratory Testing Services,
(iii) — Other Management Consulting Activities:
(iv) Engineering and Technical Consultation Activities related thereto:
(v) Activities in the field of education, not limited to:
1. Private Engineering Education:
2. Other Education Private,
3. Educational Support Activities.
(vi) Other Technical Analysis and Tests.
(vii) Installation Engineering Inspection Services.
(viii) Industrial Process Commissioning, Ouality Assurance (Oa), and Ouality Control (Oc) Services

3. In addition to the main business activities as intended in paragraph (2), the Company may carry out
ancillary/supporting business activities in order to optimize the utilization of its resources, not limited

to:
a.

b.
c.

g.

Activities to optimize and utilize assets, whether land, buildings or other forms of assets,
including but not limited to real estate that is owned or rented
Industrial area
Plantation, Agriculture and Forestry: Covers all economic activities/business fields, which include
food crop farming, plantations, horticulture, harvesting forest products. This category also
includes supporting services for each of these economic activities.
property, including:
(i) Hotel star:
(ii) Hotel Apartments:
(iii) Owned or Rented Real Estate,
(iv) Community Health Center Activities,
(v) Private Hospital Activities
(vi) Private Clinic Activities,
Optimization and utilization of existing resources, not limited to power plants and energy, which
is not limited to Electric Power Generation activities,
Waste management, Covers all wastewater, garbage and hazardous and toxic waste (B3)
management activities including collection, transportation, stockpiling and utilization activities,
which is not limited to activities:
(i) Collection of Non-Hazardous Waste Water:
(ii) Hazardous Waste Water Collection,
(iii) Treatment and Disposal of Non-Hazardous Wastewater,
(iv) Treatment and Disposal of Hazardous Waste Water,
(V) Collection of Non-Hazardous Waste and Waste,
(vi) Hazardous Waste Collection,
(vii) Treatment and Disposal of Waste and Non-Hazardous Waste,
(viii) Treatment and Disposal of Hazardous Waste:
(ix) Material Recovery of Metallic Goods:
(x) Material Recovery of Non-Metallic Goods
Tourism Area,

h.  Privately Managed Museums:
Ii. Information and Communication that is not limited to:
i. Private Radio Broadcasting:
ii. Special Telecommunications Activities for Own Needs:
iii. Wireless Telecommunications Activities by taking into account the provisions of applicable
laws and regulations.
j- Activities for providing clean water and distributing clean water for industrial activities include,
among others:
(i) Storage, purification and distribution of drinking water,
(ii) Storage and distribution of raw water.
k. (i) Land Preparation
(ii) Sand Excavation
(iii) Other Building Construction
I. Operating storage and warehousing facilities for:
(iii) Oil and Gas Storage
(iv) B3 Storage Activities

Proposed adjustment to Article 3 of the Company's Articles of Association by adding KBLI No. 66153
and KBLI No. 63122

Article 3 of the Company's Articles of Association will be as follows:

1. The aims and objectives of the Company 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 optimizing the utilization of the Company's
resources 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.

2. To achieve the aims and objectives mentioned above, the Company can carry out the following main
business activities:
a. Carrying out business in the mining sector of various types of minerals, including:
i. Bauxite Ore Mining,
ii. Nickel Ore Mining:
iii. “Gold and Silver Mining:
b. Carrying out business in the industrial sector related to mining of various types of minerals, including
but not limited to the processing and refining of minerals, including:
i. Non-ferrous Base Metal Manufacturing Industry:
ii. Precious Base Metal Manufacturing Industry:
iii. Clay/Ceramic Brick Industry,
iv. Clay/Ceramic Roof Tile Industry:

c. Carrying out business in the trading sector related to the mining of various types of minerals,
including minerals that have been processed/refined, both physical trading (including physical
digital gold) and non-physical trading (including hedging), including:

(i) Wholesale Trade in Jewelry and Watches,
(ii) Wholesale Trade in Metals and Metal Ore,
(iii)Physical Commodity Trader,
(iv) Web Portals and/or Digital Platforms with Commercial Purposes
(v) Wholesale Trade in Roof Tiles, Bricks, Tiles and the like from Clay, Lime, Cement or Glass:
(vi) Wholesale Trade in Cement, Lime, Sand and Stone
(vii) Other Business Support Services Activities:
(viii) Warehousing and Other Storage:
(ix) Retail Trade Through Media for Various Other Goods,
d. Carrying out business in the field of transportation for its own needs and those of other parties

related to the mining of various types of minerals, including:
(i) Motorized Transportation for Special Goods:
(ii) Rail Road Transport for Goods:
(iii) Domestic Sea Transportation for Special Goods:
(iv)Sea Port Service Activities,
(v) River and Lake Transportation for Special Goods:
(vi)River and Lake Port Service Activities:
Carrying out business in the field of services related to mining of various types of minerals (except
consulting services in the legal and tax fields), including:
(i) Other Mining and Excavation Support Activities,
(ii) Laboratory Testing Services,
(iii)Other Management Consulting Activities:
(iv) Engineering and Technical Consultation Activities related thereto:
(v) Activities in the field of education, not limited to:
1. Private Engineering Education:
2. Other Education Private,
3. Educational Support Activities.
(vi) Other Technical Analysis and Tests.
(vii) Installation Engineering Inspection Services.
(viii) Industrial Process Commissioning, Ouality Assurance (Oa), and Ouality Control (Oc) Services

3. In addition to the main business activities as intended in paragraph (2), the Company may carry out
ancillary/supporting business activities in order to optimize the utilization of its resources, not limited

to:

a. Activities to optimize and utilize assets, whether land, buildings or other forms of assets,
including but not limited to real estate that is owned or rented

b. Industrial area,

c. Plantation, Agriculture and Forestry: Covers all economic activities/business fields, which
include food crop farming, plantations, horticulture, harvesting forest products. This category
also includes supporting services for each of these economic activities.

d. Property, including:

(i) Star Hotel,

(ii) Hotel Apartments:

(iii)Owned or Rented Real Estate,
(iv)Community Health Center Activities:
(v) Private Hospital Activities,
(vi)Private Clinic Activities,

e. Optimization and utilization of existing resources, not limited to power plants and energy,
which is not limited to Electric Power Generation activities:

f. Waste management: Covers all wastewater, garbage and hazardous and toxic waste (B3)
management activities including collection, transportation, stockpiling and utilization
activities, which is not limited to activities:

(i) Collection of Non-Hazardous Waste Water,
(ii) Hazardous Waste Water Collection:
(iii) Treatment and Disposal of Non-Hazardous Wastewater,
(iv) Treatment and Disposal of Hazardous Waste Water:
(v) Collection of Non-Hazardous Waste and Waste:
(vi) Hazardous Waste Collection:
(vii) Treatment and Disposal of Waste and Non-Hazardous Waste:
(viii/Treatment and Disposal of Hazardous Waste,
(ix) Material Recovery of Metallic Goods:
(x) Material Recovery of Non-Metallic Goods
9. Tourism Area,
h. Privately Managed Museums:

i. Information and Communication that is not limited to:
i. Private Radio Broadcasting:
ii. Special Telecommunications Activities for Own Needs,
Wireless Telecommunications Activities by taking into account the provisions of applicable
laws and regulations.
j- Activities for providing clean water and distributing clean water for industrial activities
include, among others :
(i) Storage, purification and distribution of drinking water:
(ii) Storage and distribution of raw water.
k. (i) Land Preparation
(il) Sand Excavation
(iii) Other Building Construction
I. Operating storage and warehousing facilities for:
(i) Oil and Gas Storage
(ii) B3 Storage Activities

Benefits of Planned Changes and Development of Business Activities for the Company

The Company's digital physical gold business and services will be able to be listed on the Futures
Exchange under the supervision of BAPPEBTI, thus sales of Precious Metals gold products will develop
by prioritizing gold sales & buyback transaction mechanisms as well as gold deposit services, which
can be done online, making investments gold products are more flexible and easily accessible to
consumers throughout Indonesia, so it is hoped that this can support the achievement of the
Company's sales target in 2024.

The Plan for Changes to Business Activities that will be implemented by the Company will be
implemented in accordance with POJK 17/2020, where the Company must submit information
disclosure related to the Plan for Additional Business Activities by adapting KBLI No. 66153 and KBLI
No. 63122 as described in Central Statistics Agency Regulation Number 2 of 2020 concerning
Indonesian Standard Business Field Classification, which is an addition to the Company's business
activities. In this way, the Company submits a Disclosure of Information that includes a reasonable
feasibility study on the plan to develop the trade sector, through the digital physical gold business,
taking into account the applicable laws and regulations. Plans for changes to business activities will
be sought for approval at the General Meeting of Shareholders which will be held in Jakarta on May
8, 2024.

SUMMARY OF FEASIBILITY STUDY CHANGE BUSINESS ACTIVITIES

1. Aims and Objectives

The aim and objective of this feasibility study report is to provide an opinion regarding the
feasibility of additional business activities in the form of additional KBLI which is viewed from
various aspects, namely 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 the Republic of
Indonesia Financial Services Authority Regulation ("POJK") No. 17/POJK.04/2020 concerning
Material Transactions and Changes in Business Activities. The regulation reguires a feasibility
study report on changes to business activities prepared by the appraiser.
)
I- |

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

3.

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 forthe 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
OJK 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 OJK 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 for the
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, so it is not
intended to be applied, analyzed or interpreted according to the Iaws 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 on the feasibility of changing 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. So it is
concluded that the additional business activities that will be carried out by ANTAM are feasible.

AVAILABILITY OF EXPERTS

The addition of business activities is a form of the Company's efforts to develop digital physical gold
trading businesses on the futures exchange. The Company will use workers and supporting experts
who have abilities based on experience and training that has been attended. With the experience

and training they have attended as well as their performance while working at the Company, it is
believed that the workforce they have is the right figure to carry out and supervise the
implementation of business development activities that will be carried out by the Company.

The workforce that supports additional business activities is divided into 2 (two) divisions, namely:
# Operations Division headed by Operation Senior Manager
# Sales & Marketing Division headed by Sales & Marketing Senior Manager

And supported by staff in related fields, namely:
# Operation and Production personnel of 221 people consisting of 81 permanent employees and
140 outsourced workers, And
e Marketing and Sales personnel totaling 139 people consisting of 63 employees and 76
outsourced workers.

EXPLANATION OF THE EFFECT OF CHANGES IN
BUSINESS ACTIVITIES THE COMPANY'S FINANCIAL CONDITI

In 2023, the digital physical gold business recorded the following performance:
» Revenue amounting to IDR 390.7 billion
" The total accumulated volume of gold deposits is 1,149 kg

By implementing a digital physical gold business that can be listed on the Futures Exchange, it will
become an investment option that offers positive returns and growth in investment income.

The Company's Financial Projections after Changes and Expansion of Business Activities for 5 (five)
years are as follows:
1.  Projected Company Profit/Loss Report
Profit and loss projections for additional business activities during the 2024-2028 financial year
are as follows:

In Million IDR
FY 2024 FY 2025 FY 2026 FY 2027 FY 2028
DESCRIPTION
1 2 3 4 5

SALES 521.766 854.139 998.399 1.211.683 1.460.806
PRINCIPAL EXPENSES (499.206) (818.673) (956.986) (1.161.611) (1.400.486)
'GROSS PROFIT (LOSS) 22.560 35.466 41.413 50.072 60.319
OPERATING EXPENSES (6.846) (7.455) (7.954) (9.290) (7.607)
OPERATING PROFIT (LOSS) 15.714 28.011 33.459 40.782 52.713
OTHER INCOME (EXPENSES)

Interest Income 0 0 0 0 0

Interest Expenses 0 0 0 0 0

Other 0 0 0 0 0
TOTAL INCOME (EXPENSES)
OTHERS 0 0 0 0 0
PROFIT (LOSS) BEFORE TAX 15.714 28.011 33.459 40.782 52.713

FY 2024 FY 2025 FY 2026 FY 2027 FY 2028
DESCRIPTION
1 2 3 4 5

TAX

Current Tax (3.457) (6.162) (7.361) (8972 (11.597)
Total Tax (3.457) (6.162) (7.361) (8.972) (11.597)
NET PROFIT (LOSS) 12.257 21.848 26.098 31.810 41.116
OTHER COMPREHENSIVE INCOME
(EXPENSES) 0 0 0 0 0
TOTAL COMPREHENSIVE PROFIT
(LOSS) FOR THE CURRENT YEAR 12.257 21.848 26.098 31.810 41.116

2. Projected Financial Position
The projected financial position of additional business activities during the 2024-2028
financial year is as follows:

In Million IDR
Fy2024 | rv2025 | rFv2026 | Fv2027 | Fv2028
DESCRIPTION 1 2 3 a 5

ASSET
CURRENT ASSET

Cash (22.591) 16397 51583 | 108667 | 155736

Receiveable 159524 | 192596 | 212698 | 216839 | 255.598
TOTAL CURRENT ASSETS 136933 | 208994 | 264.282 | 325.506 | 411.334
NON-CURRENT ASSETS

Fixed Asset 7.200 4.800 5.280 2.160 1.440
TOTAL NON-CURRENT ASSETS 7.200 4.800 5.280 2.160 1.440
TOTAL ASSETS 144133 | 213.794 | 269.562 | 327.666 | 412.774
LIABILITY AND EOUITY
CURRENT LIABILITIES

Accounts Payable 131876 | 179688 | 209358 | 235652 | 279645
TOTAL CURRENT LIABILITIES 131876 | 179.688 | 209.358 | 235.652 | 279.6a5
ON-CURRENT LIABILITIES
TOTAL NON-CURRENT LIABILITIES o o o o o
TOTAL LIABILITES 131876 | 179.688 | 209.358 | 235.652 | 279.645
EOUITY

Retained Earning 12.257 34.106 60.203 92013 | 133.129

Minority Interest o o o o o
TOTAL EOUITY 12257|  3aroe | 60.203 | 92013 | 133.129
TOTAL OF LIABILITIES AND EOUITIES 144133 | 213.794 | 269.562 | 327.666 | 412.774

3. Cash Flow Projection
Cash Flow projections for additional business activities during the 2024-2028 financial
year are as follows

In Million IDR
FY 2024 FY 2025 FY 2026 FY 2027 FY 2028
DECRIPTION
1 2 3 4 5
Receipts from customers 362.242 821.067 978.297 1.207.542 1.422.047
Payments to suppliers dan employees (371.776) (775.916) (932.870) | (1.141.487) | (1.363.381)
Payment to corporate tax (3.457) (6.162) (7.361) (8.972) (11.597)

Payments of Other tax, net - - - - -

Tax Restitution - - - - -

Receipts from interest income - - - - -

Payments of interest - - - - -

Others, net - - - - -

Net Cash Provided from Operating tncam mera ana Baca ara

Purchase of Fixed Asset - - (2.880) - -

Net Cash used in Investing Activities 5 - (2.880) 5 5

Net Cash (used in)/Provided from
Financing Activiti

Net Increase/(Decrease) on Cash and Cash

Pi (12.991) 38.988 35.186 57.083 47.069
Eguivalents

Cash and Cash Eguivalents at Beginning

of The Year (9.600) (22.591) 16.397 51.583 108.667

Effect of Foreign Exchange Rate Fluctuation - - - - -

Cash and Cash Eguivalents at Ending of
The Year

FEASIBILITY ANALYSIS OF ADDITIONAL BUSINESS ACTIVITIES

An investment feasibility analysis can be carried out based on the calculation of the investment feasibility
Of additional 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 that has been carried out on the addition of ANTAM's business activities, the
following calculation results were obtained:

(22.511) 16.397 51.583 108.667 155.736

In Million IDR
DESCRIPTION FY 2024 FY 2025 FY 2026 FY 2027 FY 2028
PROJECT ANALYSIS
EAT 12.257 21.848 26098 31.810 41116
Depreciation 2 2 2 3 1
Interest (1-t) 0 0 0 0 0

DESCRIPTION FY2024 — FY2025  FY2026  FY2027  FY2028
Capital Expenditures “9 0 8 0 0
Perubahan Modal
Kerja
Change in Working (27648) (12908) 8.340) 18813 24.047
Capital
Salvage Value o o o o o
TOTAL (15.399) 8.943 22.757 50.626 65.163

15,12
Discount Factor 9 0,87 075 0,66 0,57 09
Present Value (13.376) 6.748 14918 28829 32.234
Net Present Value 69.354 Positive sasa» Feasible
» of Loan
Internal Rate of Return 125,3796 Paras snooo Pesible
Profitability Index 6,20 Dam — Feasible
Rol 96170
PAYBACK PERIOD ANALYSIS
Income 10.650 16.489 17.109 18.116 20.339
Expenditure (24.026) (9.741) (2191) 10.713 11.895
Payback Period (13376) (6.628) 8.290 37419 69.354
Discount Factor 0,87 0,75 0,66 0,57 049
Discounted Payback
Discou (11.619) — (5.001) 5.435 21.138 34.307
Payback Period 3,48 years
3 years dan 6 months

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

BOARD OF DIRECTORS AND BOARD OF COMMISIONERS

The Company's Directors and Board of Commissioners stated:

1 That all information in the information disclosure dated 1 April 2024, 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.

2. 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 2023 which has
been audited by a Public Accountant Dedy Lesmana S.E., CPA No. AP 1782 dari Kantor Akuntan
Publik Tanudiredja, Wibisana, Rintis & Rekan with a gualified opinion in all material matters, as
stated in its report No. 00506/2.1025/AU.1/02/1782-1/1/111/2024 date 28 March 2024.

3. Plans for additional business activities in order to fulfill the reguirements for listing the physical
digital gold business on the Futures Exchange under the supervision of Bappebti have received
a feasibility study from an independent party, in this case KJPP Tri, Santi dan Rekan with Report
No. No. 00008/2.0040-00/BS/02/0236/1/IV/2024 date 1 April 2024

4. Hereby declare that the plan for additional business activities which will be reguested for
approval at the General Meeting of Shareholders on 8 May 2024 or another date, will be
implemented with due observance of the applicable laws and regulations.

GENERAL MEETING OF SHAREHOLDERS

Whereas the plan to increase business activities by amending article 3 of the Company's Articles of
Association to adjust the narrative from KBLI No. 66153 and KBLI No. 63122 Central Statistics Agency
Regulation Number 2 of 2020 concerning Standard Classification of Indonesian Business Fields,

approval will be reguested at the Annual General Meeting of Shareholders (AGMS) which will be held
by the Company at

Day / Date : Wednesday / 8 May 2024
Time :09.00 WIB - finished
Place : Hotel Borobudur Jakarta

Jalan Lapangan Banteng Selatan No.1
Jakarta 10710

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

1. Approval of Amendments to the Company's Articles of Association

The Annual General Meeting of Shareholders (AGMS) will be held with reference to the provisions of
the Company's Articles of Association, Financial Services Authority Regulation No. 17/POJK.04/2021
concerning Material Transactions and Changes in Business Activities, Financial Services Authority
Regulation No. 15/POJK.04/2020 concerning Planning and Organizing General Meetings of
Shareholders of Issuers or Public Companies and the Law on Limited Liability Companies, thus for the
AGMS agenda related to plans to increase the Company's business activities, the GMS can be held if
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.

Second Meeting
In the event that a guorum is not reached, 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.

Third Meeting

In the event that the attendance guorum at the second GMS is not reached, 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 can 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