Strong track record of revenue growth driven by production ramp up of nickel processing facilities.

Healthy profitability margin with double digit gross profit, EBITDA and net profit margin.

Slight dip in Q1vs Q1 performance's EBITDA and Net profit due to the lower of share in net profit associates coming from HPAL.

TBP's mining operation portfolio consists of 2 producing mines and 2 exploration-stage concessions on the Obi Island.

Moisture content is on average 30 - 35% for saprolite and 36 - 40% for limonite.

Nickel ore are sold to downstream operations at MSP and HJF and to our associate.

Strong growth in mining production and sales was due to the increase in nickel ore demand coming from the Group's processing businesses; RKEF smelter and HPAL refinery.

During FY2022 and Q1 2023, the increase comes from the 5 completed production lines' in RKEF nickel processing facility of PT HJF and commissioning of the 3ra line of HPAL in PT HPL.

At the end of 2021, two MHP production lines of PT HPL have commenced its operation. First line ramped up to full capacity within 4 months and the second line ramped up only in 2 months.

The significant growth in FY 2022 was due to the improvement of the utilization.

The third line commissioned in January 2023 and ramped up to full capacity also in 2 months.

In Q1vsQ1, HPAL performances show a steady growth at around 36% for the production and 39% for the sales volume.

PT HPL started to produce Nickel Sulfate in April 2023, and expected to start producing Cobalt Sulfate in June 2023.