Classification PT. Bayan Resources Tbk - Prospectus

5.10 Audits and Reviews

Checks were done to compare the Resources to Reserves calculation by simulating the SQL macro in an Excel spreadsheet. The difference between the Indicated Coal Resource and the Coal Reserve is explained by the following: ‰ there are mining losses and dilution gains in the reserve calculation ‰ the Indicated Resource polygons extend beyond the mining pit shells. There has been no previous mining and no change to the previous JORC Statement dated 31 st January, 2008 as there has been no new drilling or mining.

5.11 Discussion of Relative Accuracy and Confidence

The mine is not yet producing but is in construction and mobilization phase so there is no history to check against. No detailed life of mine plan has been completed, however short term mine planning has been completed pending commencement of mining.

5.12 Results

Tables 5.1 and 5.2 show the Coal Reserves in total for Keham and Cilong respectively. GBP Block 1 coal is to be sold as unwashed coal, therefore Coal Reserves are equivalent to Marketable Coal Reserves. Table 5.1—Probable Open Cut Coal Reserves—Keham Block Seam Reserves kt TM IM Ash TS CV kcalkg adb ar ar adb gar 8U . . . . . . . . . . . 150 7.8 2.2 8.4 2.2 7,410 6,980 8L . . . . . . . . . . . 50 8.9 2.4 8.0 0.9 7,280 6,800 7U . . . . . . . . . . . 100 9.1 2.8 15.6 2.8 6,840 6,390 7L . . . . . . . . . . . 200 8.6 3.3 6.5 0.5 7,580 7,160

0.5 Mt 8.4

2.8 8.7

1.5 7,390

6,970 Notes: Estimates have been rounded to reflect accuracy. Table 5.2—Probable Open Cut Reserves—Cilong Block Seam Reserves Kt TM IM Ash TS CV kcalkg adb ar ar adb gar 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 8.2 2.8 5.8 0.5 7,790 7,360 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 8.3 2.6 11.6 1.9 7,200 6,780 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850 8.8 2.9 8.1 1.1 7,620 7,160

1.5 Mt 8.4

2.8 7.4

0.9 7,680

7,230 Notes: Estimates have been rounded to reflect accuracy. Note: Coal qualities reported for Coal Reserves vary from the qualities reported for Coal Resources see Tables 4.3 and 4.4 due to two principal factors. Firstly, the Coal Resource qualities are based on the whole coal deposit while Coal Reserves qualities are only for coal within the Mineable Pit Shell. Secondly, Coal Reserve qualities have also been modified by coal losses and dilution factors. A-27

5.13 Summary Table of Model Data

Tables 5.3 shows the geological models and modeling data used for the estimate. They have been grouped together to provide an audit trail and to facilitate updates. Table 5.3—Summary of Model Data GBP Block I GBP Block I Geological Model . . . . . . . . . Cilong_Mod0907.grd Keham_Mod0907.grd Quality Model . . . . . . . . . . . . Cilong_Qual0907.grd Keham_Qual0907.grd Optimiser Shell Selected . . . OPT 95 OPT 90 Pit Design . . . . . . . . . . . . . . . Clng_95T Khm_90T ROM Coal In Pit Shell incl non JORC . . . . . . . . . . . . Mt ROM 4.1 0.6 Average Strip Ratio . . . . . . . bcmt ROM 16.8 20.9 Cut off ratio used for estimate . . . . . . . . . . . . . . . bcmt ROM as below as below Breakeven Strip Ratio . . . . . . bcmt ROM 29.5 23.7 Highwall slopes . . . . . . . . . . 45.0 45.0 Lowwall slopes . . . . . . . . . . . Subcrop Subcrop A-28