Update on Proposed Sale of Indokal (KSK Project)
Asiamet Resources Limited has provided an update on the proposed sale of its Indokal interest, which includes the KSK Project, to Norin Mining, noting that shareholder approval is still pending for a General Meeting on January 29, 2026. Norin Mining has submitted its Chinese regulatory approval application, with an expected decision in February 2026, and other transaction conditions are progressing without anticipated material issues. The company also reported that discussions for the Beutong Project have resumed with relevant authorities following severe flooding in the Aceh region in December 2025, which had temporarily disrupted engagement.
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Asiamet Resources Limited (AIM: ARS) is pleased to provide an update on the status of the conditions precedent relating to the proposed sale of its interest in Indokal Limited ("Indokal"), which owns a 100% indirect interest in the KSK Project and associated BKM Copper Project ("KSK"), to Norin Mining (Hong Kong) Limited ("Norin Mining"), as announced on 6 November 2025. The Company also provides an update on the Beutong Project.
Indokal (KSK Project) Sale - Conditions Precedent Progress
As previously announced, completion of the sale is subject to, inter alia:
- approval of the sale by the Company's shareholders;
- customary Chinese regulatory approval required by Norin Mining; and
- other transaction-specific conditions relating to KSK.
The Company provides the following update on progress:
- Shareholder approval: The proposed disposal remains subject to approval by shareholders of Asiamet at the General Meeting due to be held on 29 January 2026.
- Chinese regulatory approval: Norin Mining has confirmed to the Company that it has completed the submission of all the required materials for the relevant Chinese regulatory approval. The application is currently under review by the relevant authorities, and, based on customary approval timelines, Norin Mining has indicated that it expects this approval to be obtained in February 2026.
- Other transaction-specific conditions: Progress continues on seeking to satisfy the remaining transaction-specific conditions relating to KSK, including relevant Indonesian regulatory processes. The Company does not currently anticipate any material issues in relation to these processes.
The Company will provide further updates to the market as appropriate as the remining conditions precedent continue to progress.
Beutong Project
The Company remains focused on advancing the Beutong Project in line with its development objectives.
In December 2025, the Aceh region of Indonesia, where the Beutong Project is located, experienced severe and widespread flooding, which resulted in significant disruption to communities and regional infrastructure. During this period, engagement with local and regional authorities was temporarily deprioritised, as government focus shifted to recovery and restoration of essential services.
With regional recovery efforts now progressing, the Company remains committed to advancing the optimal pathway for Beutong and has resumed discussions with the relevant authorities.
The Company will continue to keep shareholders informed as appropriate.
ON BEHALF OF THE BOARD OF DIRECTORS
Darryn McClelland, Chief Executive Officer
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.