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Merdeka Battery Materials

RKEF smelters.

PT Merdeka Battery Materials (MBM) holds a portfolio of high-quality EV battery value chain assets located in Central and South East Sulawesi, Indonesia. MBM consists of the following assets:

  • Sulawesi Cahaya Mineral (SCM) mine (51.0% MBM, 49.0% Tsingshan)
    Regarded as one of the world’s largest nickel resources containing approximately 13.8 million tonnes of nickel (1.22% Ni grade) and 1.0 million tonnes of cobalt (0.08% Co grade). The SCM mine was originally owned by Rio Tinto and is a large, shallow, low-cost open pit mine within a 21,100-hectare concession area. The SCM mine has the right mix of limonite (77%) and saprolite (23%) for battery-focused nickel processing. Limonite is the raw material used in the production of Mixed Hydroxide Precipitate (MHP) through High-Pressure Acid Leach (HPAL) processing technology;
  • Rotary Kiln-Electric Furnace (RKEF) smelters (50.1% MBM, 49.9% Tsingshan)
    Two operating nickel RKEF smelters (CSI and BSI) produce Nickel Pig Iron (NPI). Each CSI and BSI has a nameplate capacity of 19,000 tonnes of nickel in NPI per annum. A third smelter (Zhao Hui Nickle (ZHN)) is currently under construction with a nameplate capacity of 50,000 tonnes of nickel in NPI per annum. MBM is planning to capture additional value downstream by modifying one of the existing RKEF smelters and installing converters to the ZHN smelter to enable the production of a high-grade nickel matte product;
  • Acid Iron Metal (AIM) project
    A modern processing plant facility that will process high-grade pyrite feedstock from Merdeka’s Wetar Copper Mine to recover acid and steam for use in HPAL plants, in addition to producing other metals such as copper, gold and iron. The AIM project is owned by PT Merdeka Tsingshan Indonesia, a joint venture holding company that is owned 80% by MBM and 20% by Tsingshan;
  • Indonesia Konawe Industrial Park (IKIP)
    A joint venture between MBM (32%) and Tsingshan (68%) to develop an approximately 3,500 hectares nickel industrial park, with a focus on HPAL processing technology for battery metals within the SCM concession area;
  • HPAL plant
    MBM plans to develop HPAL processing capability at IKIP and is currently in active discussions with potential HPAL joint venture partners. The HPAL plant will provide MBM with further exposure to the strategic materials and EV battery value chain and will benefit from the SCM mine’s substantial limonite resource. The HPAL plant is expected to process limonite ore from the SCM mine with a planned capacity of 120kt per annum of Mixed Hydroxide Precipitate (MHP), an intermediate nickel product produced from laterite nickel ore, which is scheduled to commence production in 2025 supplying downstream precursor participants as an input material used in battery production.
  • Other assets include a ~50km dedicated haul road connecting the SCM mine/IKIP and Indonesia Morowali Industrial Park (IMIP) and a 500 ha limestone mining concession.

MBM is a 59.9% subsidiary of PT Merdeka Copper Gold Tbk (Merdeka). Merdeka acquired the MBM suite of assets over a series of transactions which was completed in May 2022. Since the completion of the transaction, MBM has made significant progress in:

  • Developing a long pipeline of tangible and de-risked downstream projects supported by long-life upstream assets (SCM mine);
  • Established and enhanced strategic partnerships with global battery materials leaders: CATL (5% shareholder of Merdeka), Huayou Cobalt, and Tsingshan;
  • Invested significant capital on a strategic, dedicated ~50km haul road to enhance connectivity between SCM mine/IKIP and IMIP; and
  • Established a world-class management team to lead MBM into its next phase of growth.

In early January 2023, Merdeka announced it is considering various capital market options to best position MBM to successfully deliver on its pipeline of downstream expansion projects. An option that is currently under consideration is a proposed initial public offering of MBM on the Indonesia Stock Exchange to create a listed subsidiary. The creation of a listed and vertically integrated battery materials company of global significance would position MBM to maximise the value of its portfolio of high-quality assets and would provide access to new capital to allow it to pursue downstream expansion projects.

Managed by:
PT Merdeka Copper Gold Tbk through PT Merdeka Battery Materials (59.9% Merdeka).

Location:
Routa District, Konawe Regency, Southeast Sulawesi (SCM and IKIP) and Morowali, Central Sulawesi (CSI and BSI).

Investor Presentation

2018

Prospectus

Exploration Report

2023

Press Release

2022

Pani December-2022 Drill Results2.2 MB31 December 2022Press Release: Merdeka Announces 9M 2022 Results211.6 KB16 December 2022Tujuh Bukit Copper Project Update1.1 MB17 October 2022Wetar Oct 2022 Exploration Results Release1.8 MB5 October 2022Merdeka Battery Materials Senior Leadership Appointments221.6 KB21 September 2022Press Release: Merdeka Announces 1H 2022 Results202.4 KB12 September 2022New Drilling Results from Tujuh Bukit Gold Mine Extend Known Mineralisation - 1 September 20221.5 MB1 September 2022Pani August 2022 Drill Results1.1 MB2 August 2022TB CP June 2022 Results Release2.0 MB4 July 2022Press Release: Merdeka Completes Pre-emptive Rights Issue – 19 May 2022159.9 KB19 May 2022Press Release: Merdeka Completes Investment in New RKEF Smelter – 19 May 2022160.3 KB19 May 2022Press Release: Merdeka Q1 2022 Results Recorded all-time high quarterly EBITDA – 17 May 2022196.4 KB17 May 2022Pani April 2022 Drill Results2.2 MB26 April 2022Press Release: Major Nickel Acquisition – 28 March 2022278.7 KB28 March 2022Press Release: PT Merdeka Copper Gold Tbk Successfully Issues a 3 Trillon Rupiah Bond – 15 March 2022141.9 KB15 March 2022Press Release: PT Merdeka Copper Gold Tbk Moves to 70% Economic Interest in the Pani Gold Project – 4 March 2022771.8 KB4 March 2022Siaran Pers: Hasil PT Merdeka Copper Gold Tbk 2021 Melampaui Target – 23 Februari 2022661.4 KB23 February 2022Press Release: Further Strong Drilling Results from Tujuh Bukit Copper Project – 11 February 20222.0 MB11 February 2022Press Release: Further Strong Drilling Results from the Wetar Copper Project, Partolang Barat Deposit – 2 February 20222.2 MB2 February 2022

2021

Press Release: Acquire Majority Interest in Pani Gold Project – 30 December 2021271.2 KB30 December 2021Press Release: Strategic Partnership with BRUNP CATL – 21 December 2021178.6 KB21 December 2021Siaran Pers: Hasil 9M 2021 – Peningkatan Produksi Peningkatan Keuangan – 30 November 2021630.2 KB30 November 2021Siaran Pers: Hasil H1 2021 – Peningkatan Produksi Peningkatan Keuangan – 25 Agustus 2021195.8 KB25 August 2021Press Release: Further Strong Drilling Results from Tujuh Bukit Copper Project – 4 August 20212.0 MB4 August 2021Press Release: Latest Drilling from Tujuh Bukit Copper Project – 14 June 20212.0 MB14 June 2021Press Release: Moves to 100% Ownership of the Wetar Copper Mine – 2 June 2021728.4 KB2 June 2021Siaran Pers: Hasil Q1 2021 – Posisi Keuangan Kuat dan Sehat – 19 Mei 2021628.4 KB19 May 2021Announcement: Update on Heap Leach Pad Incident and Reinstatement at Tujuh Bukit Gold Mine – 28 April 2021676.5 KB28 April 2021Press Release: Further Strong Drilling Results from Tujuh Bukit Copper Project – 30 March 20211.7 MB30 March 2021Siaran Pers: Perjanjian Usaha Patungan dengan Eternal Tsingshan Group Limited700.9 KB16 February 2021Tujuh Bukit Copper Drill Results Released – February 20211.9 MB3 February 2021Pemeringkatan Obligasi Berkelanjutan I Tahap I dan II Tahun 2020 – 7 Januari 2021146.1 KB8 January 2021Press Release: Continued Strong Drilling Results from Tujuh Bukit Copper Project – 3 February 20201.9 MB3 February 2020MDKA and PSAB Joint Announcement: Pani Gold Project477.0 KB6 January 2020

Information Disclosure

2022

Affiliated Transaction of the Deed of the Merger between PBJ and ABI1.5 MB20 December 2022Affiliated Transaction of Conditional Shares Subscription Agreement between BPI and MBM1.0 MB12 December 2022Affiliated Transaction of Conditional Shares Subscription Agreement between MEN and MBM1.0 MB12 December 2022Affiliated Transaction of Services Provision Agreement between MMS and GSM908.3 KB3 November 2022Affiliated Transaction of Contract of Design Engineering and Mining Construction Services between SCM and MMS991.5 KB21 October 2022Affiliated and Material Transaction of Capex Facility and Put Option670.5 KB2 September 2022Affiliated Transaction of Parent Support Facility Agreement between MDKA and MTI635.9 KB25 August 2022Material Transaction of Amendment and Restatement of the Bridge Facility Agreement between MDKA and MTI680.0 KB18 August 2022Material Transaction between MDKA and MBM5.8 MB2 August 2022Affiliated Transaction of Project Expansion Bridge Facility Agreement between MDKA and MTI959.1 KB1 August 2022Additional Capital Increase in HLN by BTA716.8 KB1 July 2022Affiliated Transaction of Shares' Sale and Purchase of JPI between BTA and HLN460.3 KB1 July 2022Second Amendment to the Conditional Advance of Capital Payment Agreement between the Company and BTA1.6 MB30 June 2022Amendment and/or Addition to the Disclosure of Information regarding Plan of Capital Increase without PreEmptive Rights Issuance321.2 KB7 June 2022First Amendment to the Conditional Advance of Capital Payment Agreement between the Company and BTA799.1 KB24 May 2022Affiliated Transaction of Loan Agreement between MDKA and PPM296.9 KB19 May 2022Proposed Capital Increase Without Pre-Emptive Rights Issuance570.6 KB4 May 2022Proposed Buyback of the Issued Shares374.7 KB4 May 2022Affiliated Transaction of Loan Agreement between MDKA and PBJ1.0 MB12 April 2022Affiliated Transaction of Loan Agreement between MDKA and ABI1.0 MB12 April 2022Material Transaction of the Conditional Advance of Capital Payment MDKA-BTA195.2 KB28 March 2022Material Transaction of the Conditional Shares Subscription of HLN217.1 KB28 March 2022Disclosure of Information on The Purchase of Partial Shares Owned by Lion Selection Asia Limited Shares in PT Pani Bersama Jaya by the Company926.6 KB4 March 2022Disclosure of Information on Completion of Conditional Shares Subscription Agreement1.8 MB4 March 2022Disclosure of Information of Affiliated Transactions between MDKA and MTI (CAPEX Facility)729.5 KB7 February 2022Affiliated Transactions of Parent Support Facility Agreement between MDKA and MTI730.4 KB7 February 2022

2018

Announcement of Management Changes481.3 KB28 September 2022Announcement PANI Acquisition1.6 MB9 November 2018Disclosure Material Information with PT Bumi Suksesindo166.0 KB5 November 2018Affiliated Transation of Loan Agreeement between BSI and MMS (2)497.3 KB5 November 2018Affiliated Transation of Loan Agreeement between BSI and MMS (1)497.3 KB5 November 2018Affiliated Transaction of Amendment I Facility Agreement between MDKA and EFDL335.0 KB5 November 2018Disclosure Information in Relation to Affiliated Transaction557.2 KB22 October 2018Change of the composition of Board of Directors and Board of Commissioners625.1 KB24 September 2018Prospectus: Limited Public Offering I with Pre-Emptive Right August 20183.1 MB8 August 2018The Additional Information and or the Revision on the Summary of the Prospectus Limited Public Offering I August 20181,017.8 KB8 August 2018Summary of Prospectus of PUT I with Pre-Emptive Right June 2018706.7 KB21 June 2018Disclosure Information on The Affiliated Transaction Assignment of Sponsor Loan204.0 KB2 May 2018Disclosure Information on The Affiliated Transaction Novation of Saratoga202.9 KB2 May 2018Disclosure Information on The Affiliated Transaction Novation of Provident202.1 KB2 May 2018Disclosure Information on The Material Transaction Put Option425.1 KB18 April 2018Disclosure Information on The Change of Business Activities154.1 KB12 April 2018The Disclosure of Additional Information in Relation to The Proposed Capital Increase with Pre-emptive Right Issuance96.6 KB12 April 2018Disclosure Information on The Affiliated Transaction191.3 KB3 April 2018The Disclosure Information to the Shareholders of PT Merdeka Copper Gold Tbk in Relation to The Proposed Capital Increase with Pre-Emptive Rights Issuance134.6 KB22 March 2018Tujuh Bukit Oxide Project Update1.3 MB27 February 2018
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