Revenue growth driven by higher production in mining and nickel processing facilities (HJF smelter).

Global nickel prices started to recover in 2Q24, hence TBP Gross Profit is up by 9%, EBITDA is up by 14%, and Profit Attribut able to Owners of the Parent Company is IDR 2,806Bn.

Mining production comes from 2 operating mines (TBP & GPS), JMP & OAMarestill in exploration stage. In preparation to operate GTS mines in the near future. 8.37 6.49 4.30 6.30 FY23 2.19 1H23 Limonite Total 4.97 3.41 1H24

In 1H23, TBP already operated 2 RKEF smelters, (MSP)- 4 production lines with capacity of 25,000 tons contained Ni/year of FeNi, while (HJF)- 8 production lines with capacity of 95,000 tons contained Ni/year of FeNi still in ramping period. Apart from the 2 RKEF smelters, TBP also operated 1 HPAL refinery (HPL)- 3 production lines with capacity of 55,000 tons contained Ni/year of MHP.

Higher sales of saprolite in 1H24 was coming from full capacity of 8 production lines RKEF (HJF), while limonite demand was coming from the new HPAL refinery (ONC– 3 production lines).

In FY21-FY22, FeNi production output only came from MSP, which already had been operated since 2017. FY22 FY23 YoY 70% 63,999 37,756 1H23 1H24

HJF RKEF has completed 2 production lines by end of 2022. The 3rd, 4th, and 5th production lines were completed in January, February and March 2023, respectively. The remaining 3 production lines completed by May 2023. HJF reach 100% production capacity in end of August 2023, thus it drives the significant growth of FeNi sales YoY.

Production in 1H24 already reached 63,414 tons contained Ni of FeNi, up 69% YoY, above 6% from the total name plate capacity.

In 1H24 TBP already operated 2 HPAL companies (HPL and ONC). HPL designed capacity of 55,000 tons contained Ni/year of MHP, and ONC have designed capacity of 65,000 tons contained Ni/year of MHP. ONC started its 1st, 2nd and 3rd production line in April, June, and July 2024, all the production lines has achieved 100% capacity within 1 month.

In 1H24, production in HPL reach 33,001 tons contained Ni of MHP, above 20% from the name plate capacity, while ONC produced 5,333 tons contained Ni of MHP. Both HPAL plants produce total of 38,334 tons contained Ni of MHP.