Paparan PublikPT. J Resources Asia Pasifik Tbk.Jakarta, April 2018
This presentation has been prepared by the management of PT J Resources Asia Pasifik Tbk (the “Company”) for information purposes. By accepting this presentation, the recipient of this presentation (the “Recipient”) acknowledges and agrees that all of the information contained in this presentation is confidential.
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This presentation will not be distributed or passed on in the Republic of Indonesia or to Indonesian citizen, nationals, corporations or residents and the securities referred to herein will not be offered or sold in the Republic of Indonesia or to Indonesian citizen, nationals, corporations or residents, in each case, in a manner, which constitutes a public offering of the securities under the Law of the Republic of Indonesia No. 8 of 1995 on Capital Markets and its implementing regulations.
Disclaimer
2
Corporate Structure and Assets
Notes:1. Jimmy Budiarto.2. PT J Resources Asia Pasifik Tbk (formerly known as PT Pelita Sejahtera Abadi Tbk).3. PT J Resources Nusantara (formerly known as PT Bara Kutai Energi).4. PT J Resources Bolaang Mongondow (formerly known as PT Avocet Bolaang Mongondow).5. PT J Resources Mining Services Indonesia (formerly known as PT Avocet Mining Services).
6. J Resources Netherland B.V. (formerly known as Avocet B.V.).7. J Resources Gold (UK) Limited (formerly known as Avocet Gold Limited).8. J&P Resources Gold OHQ (Malaysia) SDN. BHD. (formerly known as Avocet Mining (Malaysia) OHQ SDN. BHD.).9. PT. Lebong Tandai.
Jimmy Budiarto
PT J RESOURCES NUSANTARA3
99.99%0.01%
Public Jimmy Budiarto1
PT J Resources Asia Pasifik Tbk2
7.50% 92.50%
J&P Resources Gold OHQ (Malaysia)
SDN. BHD.8J Resources
Netherland B.V.6PT J Resources Mining Services
Indonesia5
PT J Resources Bolaang Mongondow4
PT Sago Prima Pratama PT Arafura Surya Alam PT Gorontalo
Sejahtera Mining
J Resources Gold (UK) Limited7
Specific Resources SDN. BHD
Penjom Mine Bulagidun Discovery
100.00% 99.90%99.50%100.00% 99.80% 80.00% 99.80%
20.00%
100.00%
100.00%
COW IUP IUP COW
Minority9
Source: Public Company Data. Producing Mine Development Stage Exploration Stage
BakanMine Seruyung Mine Doup
Deposit Pani Deposit
North LanutMine
Bolangitang Discovery
3
Successful Growth Story
Source: Public Company Data,
2015 – SUSTAINABILITY YEAR Seruyung & Bakan achieve signatory
status to the ICMI Code in January 2015
Received ISO:14001 for all 4 producing mines in May 2015
Annual gold output 245Koz Obtained syndication loan of
US$208.5m on Feb’16 to develop existing 4 mines and additional 4 mines (Pani, Bolangitang, Bulagidun and Doup)
Jun 2011 – CONSOLIDATION YEAR Contract mining company Acquired the gold portfolio of Avocet Mining mid-
year in Indonesia & Malaysia Inherited two producing assets with a combined
annual production of 100 Koz. *note from the Seller: North Lanut only last 1 year
Indonesian licenses were close to expiry
2014 – PRODUCTION YEAR Bakan & Seruyung commenced commercial
production 2014 production of 223 Koz from 4 mines
(Seruyung, Bakan, North Lanut & Penjom) New experienced Geologist and Metallurgist
team was on boarded
2012 – ESTABLISHMENT YEAR Listed on IDX in January 2012 Added more than 1 Moz of gold in
new resources with a major drilling campaign
Completed feasibility and environmental studies for Bakan and Seruyung
2013 – DEVELOPMENT YEAR Obtained syndication loan of
US$275m for Bakan & Seruyung mines
Fast-tracked development of Bakan & Seruyung assets into production stage in one year
J Resources becomes a signatory to the International Cyanide Management Institute (ICMI) Code
6½ yearsOre Reserves = 493 Koz AuMineral Resources = 3,200 Koz AuJun 2011 Ore Reserves = 4,025 Koz Au
Mineral Resources = 8,831 Koz AuDec-2017
2012
2013
2011
20142015 2016
2016 – PERSEVERANCE YEAR Exploration expands the resource inventory by another 1Moz to 7Moz Exploration delivers a 50% increase in resource to reserve conversion from
2Moz to 3Moz Reaches total of 878koz of gold produced since its inception in mid-2011
4
2017
2017 – DETERMINATION YEAR Company reaches 4.0Moz of gold
reserves and 8.8Moz or resources Company achieves the milestone in
Oct-17 of 1 million ounces of gold produced since mid-2011.
Exploration increases Doup reserves by 50% to 1.85Moz and resources by 37% to 3.045Moz.
Exploration at Pani doubles reserves to 735Koz and resources to 2.06Moz.
Legend:
Diversified Mine Portfolio
Jakarta Office
KL OfficeManado Office
Malaysia
Indonesia
The Company has a geographically diverse portfolio of assets across Malaysia and Indonesia
DOUP (99.5% owned1)• Development stage• Reserve: 1,850koz• Resource: 3,045koz• Ex-Placer-Dome and
BHP asset
PANI (99.9% owned1)• Development stage• Reserve: 735koz2
• Resource: 2.063koz2
• Ex-BHP asset
BOLANGITANG (99.9% owned1)• Exploration stage• Gold & silver• Ex-BHP asset
BULAGIDUN (99.9% owned1)• Exploration stage• Copper & gold• Ex-BHP asset
PENJOM (100% Owned1)• Producing since 1996 • Contract expiration: 2025• Reserve: 538koz• Resource: 1,515koz• Processing: Resin-in-Leach
NORTH LANUT (80% Owned1)• Producing since 2004 • Contract expiration: 2034• Reserve: 157koz• Resource: 452koz• Processing: Dynamic Heap Leach• Ex-Newmont asset
BAKAN (80% Owned1)• Producing since Dec-2013• Contract expiration: 2034• Reserve: 524koz• Resource: 1,355koz• Processing: Dynamic Heap Leach• Ex-Newmont asset
Source: Public Company Data, Notes: 1. % owned by PT J Resources Nusantara.
2. As of December 2017
Producing assets
Exploration assetsProperties
Development assets
Offices
SERUYUNG (99.8% Owned1)• Producing since 2014• Contract expiration: 2033 • Reserve: 220koz• Resource: 401koz• Processing: Dynamic Heap Leach• Ex-Indochina (Ivanhoe) asset
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Proven Reserve and Resource Growth Track Record
Source: Company.
Post mine Avocet acquisition, the rate of Reserves replenishment has been over 3x times higher than the rate of its annual production, resulting an significant Reserves increase of +39.8% CAGR from Jun-11 to 2016
Continuous Production Growth…(koz)
Exceeded by Reserve Growth…(koz)
6
493 (50) (101) (67) (223) (245) (192) (174)
4,025
(700)
(200)
300
800
1,300
1,800
2,300
2,800
3,300
3,800
Jun-11 Dec-11 2012A 2013A 2014A 2015A 2016A 2017A 2017A
493893 929
1,2041,815 1,968
3,127
4,025
Jun-11 Dec-11 2012A 2013A 2014A 2015A 2016A 2017A
Proven Reserve and Resource Growth Track Record (Cont’d)
Source: Company.
Resources replenishment have been consistently done in a prudent and cost effective manner and critical foundation for the Company’s long-term Reserves growth
Resources Continue to Grow…(koz)
7
3,200 3,087 3,940 4,132
5,148 5,915
7,020
8,831
Jun-11 Dec-11 2012A 2013A 2014A 2015A 2016A 2017A
… while Improving Resource Discovery Cost(koz, US$/oz)
953
257
1,238 1,012
1,339
2,048
27.1
53.9
18.310.1 11.7 11.0
2012A 2013A 2014A 2015A 2016A 2017A
Additional Resource (koz) Resource Discovery Cost (US$ / oz)
Doup Resources & Reserves Growth
8
996
1,394 1,369 1,369
1,821
2,222
3,045
-
1,234
1,850
-
500
1,000
1,500
2,000
2,500
3,000
3,500
Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17
Doup Resources & Reserves Growth
Resources (Koz) Reserves (Koz)
Pani Resources & Reserves Growth
9
-
198
377 379 379
971
2,063
-126
207
735
-
500
1,000
1,500
2,000
2,500
Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17
Pani Resources & Reserves Growth
Resources (Koz) Reserves (Koz)
Resource & Reserve Growth
10
Jun-11 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17RESOURCE 3199 3087 3937 4130 5144 5915 7020 8831RESERVE 493 893 929 1204 1815 1968 3127 4025
3199 3087
3937 4130
5144
5915
7020
8831
493893 929
1204
1815 1968
3127
4025
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
TOTAL
Experienced Management with Proven Track Record
Source: Company.
Jimmy BudiartoPresident Director
17 years of industry experience Co-founder - J&Partners (2010-present) President Director - PT Bukit Makmur Istindo Nikeltama (2010-2013) Director - PT Bukit Makmur Widya (2009-2012) Vice President Director - PT Bukit Makmur Mandiri Utama
(2004-2007) Budikwanto KuesarDirector
42 years of industry experience President Director - PT Bukit Makmur Mandiri Utama (2009–2012) Director - PT Bukit Makmur Mandiri Utama (2001-2009) Business Operation Director - PT Pamapersada Nusantara (1992 -2001) Early career with PT United Tractors Tbk.
Prof. M. Daud Silalahi, SHIndependent Commissioner
Over 33 years of business experience Environmental Advisor - PT Prasadha Pamunah Limbah (2008-present) Environmental Advisor - PT Meares Soputan Mining (2006-present) Environmental Legal Specialist - PT Freeport Indonesia (2005-present) Chairman – Indonesian Environmental Law Dev. Assoc. (1984-present)
Colin J. DaviesIndependent Director
35 years of industry experience Chief Executive - Arsari Resources Group (2011) President Director - Laing O’Rourke Indonesia (2009-2010) GM, Strategic Planning - Leighton Contractors Indonesia (2005-2008) Early career with Anglo American, BP Minerals, Pelsart & Austindo Group
Over 36 years of business experience Commissioner - PT Berau Coal (2006-2009) President Director - PT Berau Coal (2005-2006) Deputy President Director - PT Berau Coal (2004-2005) Chief Financial Officer - PT Bukit Makmur Mandiri Utama (2000-2009)
Christian Wijayanto A. J.President Commissioner
William SurnataDirector
31 years of industry experience Finance Director - PT Bukit Makmur Mandiri Utama (2004–2010) Deputy of Commercial Banking Head - PT. Bank Danamon Tbk (2003-2004) Commercial Banking Head (Jabotabek & West Java) - PT Bank Universal
Tbk. (1996-2003) Consumer Banking Deputy District Manager (Jabotabek) - PT Bank Bali
Tbk. (1986-1996)
Adi MaryonoVice President Exploration
Over 28 years of business experience VP, Business Development at Buena Group (2012-2013) General Manager Operations at Intrepid Mines (2010-2011) Exploration Manager SE Asia - Newmont Asia Pacific (1999-2010) Project Manager BHP Minerals (BHP Billiton, 1990-1999)
Edi PermadiDirector
20 years of industry experience Director - External Relations - INCO (2006-2011) Manager – Employee & Industrial - INCO (2005-2006) Manager - Human Resources & Business Systems - INCO (2004-2005) Early career with PT International Nickel (INCO)
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