VALUE &

NO VARIABLE
UNITS
1 Mining Method
0.22
2 Ore Reserves
0.30
3 Mining Dilution 2%
1.51
4 Nickel Grade
1.68
5 Mining Preparation 1 years

6 Life of mine plan 8 years

7 Mining Capital Cost Err:509

90.00%
8 Mining Recovery
90.00%
9 Mining Production 0.1
10 Mining Cost 22.31
20.06
11 Ore Selling Prices
27.02
12 Royalty Rate 10.00%
13 Dead Rent 4.18
IUP / Concession
14 484.00
Boundary
15 Interest Rate 8.00%
16 Corporate Tax Rate 22.00%
17 Discount Rate 11%
18 Sustainable Capex 3%
19 Depreciation 8 years
20 Exchange Rate 14,350
 COMMENTS
Opencast
Limonite ore. The development drilling is
progressing in order to convert resources to
reserve.
Saprolite ore. The development drilling is
progressing in order to convert resources to
reserve.
Based on the latest study
Limonite ore
Saprolite ore
Starting from 2024
This is based on the existing reserve. It is subject to
change as the exploration program continues to
convert resources to reserves.
Million USD. Including equipment procurement,
Civil construction, and financing cost and assumed
this is split 20%:80%
Saprolite
Limonite
Million wet metric tons for Limonite and saprolite
Ore
Average during life of mine,
Average Saprolite Ore Prices
Average Limonite Ore Prices
Of Revenue, based in latest regulation
(PP No 81, 2019)
USD/ha
Ha
Indonesian average tax rate for Bank loan
Based on the latest government of Indonesia's
regulation
WACC – Weighted Average Cost of Capital
Per tahun terhadap pendapatan
Straight line depreciation
Based on Government of Indonesia's state budget
2022
Discount Rate 9.96%
EBITDA (annualized)
Min 0 USD
Max 0 USD
Average 0 USD
After Tax Remark
NPV 0 USD Accepted, NPV > 0
IRR Err:523 Accepted, NPV > WACC
Start from Construction
Payback Period 9.00 Year Accepted, PBP < Life of
Mine
Proyeksi Cash Flow Project
0 1 2 3
Description Unit
2022 2023 2024 2025
Gross Revenue USD
(-) Royalty USD
(-) Dead Rent USD
(-) Land and Building Tax USD
Net Revenue USD
(-) COGS USD
Operating Income (EBITDA) USD
(-) Interest Expenses USD
(-) Depreciation & Amortization USD
Income Before Tax (EBT) USD
(-) Corporate Tax 22% USD
Net Income USD
(+) Depreciation & Amortizatio USD
(-) Capital Expenditures USD
(+) Loan Disbursement USD
(-) Loan Repayment USD

Free Cashflow Berofe Tax USD - - - -

Cumulative Cashflow Before T USD - - - -
CCF-Ngtve CCF-Ngtve CCF-Ngtve CCF-Ngtve
Free Cashflow After Tax USD - - - -
Cumulative Cashflow After Tax USD - - - -
CCF-Ngtve CCF-Ngtve CCF-Ngtve CCF-Ngtve

Discount Rate 9.96% Arfter Tax

NPV USD $0
IRR % Err:523
Payback Period Years 9.00
 rev cost capex
0.234820421854917 -0.11732749 -0.035522380213
Revenue Cost CAPEX
Sensitivity NPV (USD) Sensitivity NPV (USD) Sensitivity NPV (USD)
0% $0 0% $0 0% $0
-10 -50% - -50% - -50% -
-9 -45% - -45% - -45% -
-8 -40% - -40% - -40% -
-7 -35% - -35% - -35% -
-6 -30% - -30% - -30% -
-5 -25% - -25% - -25% -
-4 -20% - -20% - -20% -
-3 -15% - -15% - -15% -
-2 -10% - -10% - -10% -
-1 -5% - -5% - -5% -
0 0% - 0% - 0% -
1 5% - 5% - 5% -
2 10% - 10% - 10% -
3 15% - 15% - 15% -
4 20% - 20% - 20% -
5 25% - 25% - 25% -
6 30% - 30% - 30% -
7 35% - 35% - 35% -
8 40% - 40% - 40% -
9 45% - 45% - 45% -
10 50% - 50% - 50% -
 controll
4 5 6 7 8 TOTAL
2026 2027 2028 2029 2030
- ###
- 1181660.17
- 16184.96
- 946025.11

- 8402265.00

- 125000.00
- 1250000.00

- 0.00
-
-
-

- - - - -
- - - - -
CCF-Ngtve CCF-Ngtve CCF-Ngtve CCF-Ngtve CCF-Ngtve
- - - - -
- - - - -
CCF-Ngtve CCF-Ngtve CCF-Ngtve CCF-Ngtve CCF-Ngtve
0
Period Nu Start Date End Date Activity Mining LocResource Quantity Quantity UMaterial Volume
1 1-Jan-24 1-Feb-24 MINING pit-1 Total 0 limore 9,809
1 1-Jan-24 1-Feb-24 MINING pit-1 Total 0 ob 140,390
1 1-Jan-24 1-Feb-24 MINING pit-1 Total 0 sapore 11,461
1 1-Jan-24 1-Feb-24 MINING pit-1 Total 0 ws 18,527
2 1-Feb-24 1-Mar-24 MINING pit-1 Total 0 limore 17,719
2 1-Feb-24 1-Mar-24 MINING pit-1 Total 0 ob 100,852
2 1-Feb-24 1-Mar-24 MINING pit-1 Total 0 sapore 33,926
2 1-Feb-24 1-Mar-24 MINING pit-1 Total 0 ws 16,065
3 1-Mar-24 1-Apr-24 MINING pit-1 Total 0 limore 5,414
3 1-Mar-24 1-Apr-24 MINING pit-1 Total 0 ob 25,207
3 1-Mar-24 1-Apr-24 MINING pit-1 Total 0 sapore 35,121
3 1-Mar-24 1-Apr-24 MINING pit-1 Total 0 ws 31,080
3 1-Mar-24 1-Apr-24 MINING pit-3 Total 0 limore 19,607
3 1-Mar-24 1-Apr-24 MINING pit-3 Total 0 ob 63,020
3 1-Mar-24 1-Apr-24 MINING pit-3 Total 0 sapore 738
4 1-Apr-24 1-May-24 MINING pit-2 Total 0 limore 844
4 1-Apr-24 1-May-24 MINING pit-2 Total 0 ob 4,532
4 1-Apr-24 1-May-24 MINING pit-3 Total 0 limore 51,479
4 1-Apr-24 1-May-24 MINING pit-3 Total 0 ob 64,703
4 1-Apr-24 1-May-24 MINING pit-3 Total 0 sapore 28,195
4 1-Apr-24 1-May-24 MINING pit-3 Total 0 ws 18,809
5 1-May-24 1-Jun-24 MINING pit-2 Total 0 limore 21,727
5 1-May-24 1-Jun-24 MINING pit-2 Total 0 ob 101,648
5 1-May-24 1-Jun-24 MINING pit-2 Total 0 sapore 31,535
5 1-May-24 1-Jun-24 MINING pit-2 Total 0 ws 25,277
6 1-Jun-24 1-Jul-24 MINING pit-2 Total 0 limore 8,859
6 1-Jun-24 1-Jul-24 MINING pit-2 Total 0 ob 106,663
6 1-Jun-24 1-Jul-24 MINING pit-2 Total 0 sapore 44,754
6 1-Jun-24 1-Jul-24 MINING pit-2 Total 0 ws 14,098
Mass Length ni fe co mgo sio2 user_1
15,694 804.375 1.52 35.90 0.11 8.96 16.73 0
224,624 7418.406 1.13 39.73 0.12 7.38 12.39 0
18,338 759.375 1.62 22.68 0.06 14.59 31.61 0
29,644 1338.75 1.32 19.61 0.05 15.78 31.88 0
28,350 1175.625 1.58 38.07 0.13 4.47 13.12 0
161,364 4973.469 1.10 39.70 0.14 4.61 11.96 0
54,281 2019.375 1.68 22.32 0.05 14.06 30.85 0
25,704 1341.442 1.26 18.75 0.05 15.74 34.50 0
8,663 405 1.56 37.40 0.14 4.04 12.75 0
40,331 1608.75 1.14 36.14 0.13 4.70 13.97 0
56,194 2205 1.66 16.14 0.04 14.72 39.74 0
49,727 2027.933 1.26 14.08 0.04 15.30 43.45 0
31,371 1325.065 1.52 47.32 0.11 13.14 4.50 0
100,832 3580.69 1.29 44.44 0.10 12.54 5.99 0
1,181 73.125 1.61 21.03 0.05 16.82 35.09 0
1,350 95.625 1.47 39.24 0.13 15.14 13.55 0
7,251 281.0123 1.38 36.77 0.11 15.43 15.93 0
82,367 2809.31 1.54 46.23 0.11 13.01 3.74 0
103,524 3664.31 1.31 44.11 0.11 12.73 4.67 0
45,113 1822.5 1.82 24.75 0.06 15.87 24.25 0
30,094 1282.5 1.26 20.84 0.05 16.88 27.87 0
34,763 1417.5 1.51 42.51 0.10 11.50 7.04 0
162,636 6144.004 1.24 37.90 0.10 11.68 11.86 0
50,456 1929.375 1.66 22.42 0.05 16.11 27.80 0
40,444 1738.125 1.33 20.40 0.05 16.69 29.21 0
14,175 714.375 1.52 39.36 0.10 12.14 8.81 0
170,661 6065.867 1.20 39.12 0.09 10.36 11.18 0
71,606 2835 1.71 27.47 0.07 12.96 24.41 0
22,556 1153.125 1.38 25.32 0.06 13.41 24.31 0

844 1,350 95.625 1.47 39.24 0.13

51,479 82,367 2809.31 1.54 46.23 0.11
52323.09 83716.8 1.535354 46.11249 0.114097
1.535354 46.11249 0.114097
 15.14 13.55
13.01 3.74
13.04265 3.9001
13.04265 3.9001
Production Schedule

Periode - Tahun
Material 1 2 3 4 5 6 Total Produksi Per Tahun
2024 2025 2026 2027 2028 2029
OB & Waste - bcm 254,267 187,068 190,891 140,870 203,080 193,217 1,169,393
PERIODE
LIMORE
Tonnage 15,694 28,350 40,033 83,717 34,763 14,175 216,731 1
Ni 1.50 1.56 1.51 1.52 1.49 1.50 1.51 2
Fe 35.90 38.07 45.17 46.11 42.51 39.36 43.13 3
MgO 8.96 4.47 11.17 13.04 11.50 12.14 10.97 4
SiO2 16.73 13.12 6.29 3.90 7.04 8.81 7.30 5
Si/Mg 1.87 2.94 0.56 0.30 0.61 0.73 0.88 6
Fe/Ni ratio 23.90 24.47 29.91 30.43 28.46 26.20 28.49
SAPORE
Tonnage 18,338 54,281 57,375 45,113 50,456 71,606 297,169
Ni 1.60 1.66 1.64 1.80 1.64 1.69 1.68
Fe 22.7 22.3 16.2 24.7 22.4 27.5 22.79
MgO 14.6 14.1 14.8 15.9 16.1 13.0 14.59
SiO2 31.6 30.8 39.6 24.2 27.8 24.4 29.52
Si/Mg 2.17 2.19 2.69 1.53 1.73 1.88 2.03
Fe/Ni ratio 14.20 13.44 9.91 13.73 13.65 16.25 13.56
LIMORE + SAPORE
Tonnage 34,031 82,631 97,408 128,829 85,219 85,781 513,900
Ni 1.55 1.63 1.59 1.68 1.58 1.61 1.62
Fe 28.78 27.72 28.13 38.63 13.88 23.18 27.55
MgO 12.00 9.64 13.11 14.57 13.98 12.58 12.90 Gr
SiO2 12.00 10.77 13.29 14.03 13.12 12.43 12.81 130,000
Si/Mg 1.00 1.12 1.01 0.96 0.94 0.99 1.00
Fe/Ni ratio 18.52 17.06 17.73 22.93 8.78 14.37 16.93 110,000
Quary Material - Bcm 28,830 26,970 28,830 26,970 28,830 27,900 168,329
Total EX Pit Material 288,299 269,699 288,299 269,699 288,299 278,999 1,683,293 90,000
Stripping Ratio (bcm/ton) 7.47 2.26 1.96 1.09 2.38 2.25 2.28
70,000

50,000
ni DILUTION 0.02
Ni Original 30,000
LIMORE 1.52 1.58 1.53 1.54 1.51 1.52
SAPORE 1.62 1.68 1.66 1.82 1.66 1.71 10,000
LIMORE + SAPORE 1.57 1.65 1.61 1.70 1.60 1.63 2025

SAP 18,338
 2025

SAP 18,338

LIM 15,694

Total 1.57
Grad
e Ni
%
Produksi Per Tahun
Total
Tonase Grade Ni% Grade Ni Rasio Stripping AVERAGE
Tahun
LIM SAP LIM SAP % Fe/Ni Ratio Fe/Ni
2025 15,694 18,338 1.52 1.62 1.57 18.29 7.47 17.02
2026 28,350 54,281 1.58 1.68 1.65 16.85 2.26 17.02
2027 40,033 57,375 1.53 1.66 1.61 17.51 1.96 17.02
2028 83,717 45,113 1.54 1.82 1.70 22.66 1.09 17.02
2029 34,763 50,456 1.51 1.66 1.60 8.67 2.38 17.02
2030 14,175 71,606 1.52 1.71 1.63 14.19 2.25 17.02

216,731 297,169 1.53 1.70 1.62 17.02 2.28

Grafik Produksi dan Kadar Per Tahun PT Enersteel

130,000 1.90
1.70
110,000
1.50

90,000 1.30
1.10
70,000
0.90
50,000 0.70
0.50
30,000
0.30
10,000 0.10
2025 2026 2027 2028 2029 2030 2025 2026 2027 2028 2029 2030
LIM
SAP 18,338 54,281 57,375 45,113 50,456 71,606 SAP
 2025 2026 2027 2028 2029 2030 2025 2026 2027 2028 2029 2030
LIM
SAP 18,338 54,281 57,375 45,113 50,456 71,606 SAP
Total Grade Ni%
LIM 15,694 28,350 40,033 83,717 34,763 14,175

Total 1.57 1.65 1.61 1.70 1.60 1.63

Grad
e Ni
%
 Correcrive Factor
Ni Grade (%) Moisture (MC) % HMA (US$/ton) HPM (US$/ton)
(CF) %

1.50 16.02 35.00% 17,000 26.60

1.56 16.56 35.00% 17,000 28.47
1.51 16.10 35.00% 17,000 26.88
1.52 16.15 35.00% 17,000 27.05
1.49 15.94 35.00% 17,000 26.30
1.50 16.02 35.00% 17,000 26.59
1.60 16.97 35.00% 17,000 29.96
1.66 17.61 35.00% 17,000 32.33
1.64 17.39 35.00% 17,000 31.51
1.80 19.03 35.00% 17,000 37.90
1.64 17.43 35.00% 17,000 31.65
1.69 17.91 35.00% 17,000 33.46
 2024 2025 2026
Tahun
1 2 3
Sales Limore (WMT) 15,694 28,350 40,033
Sales Limore (%Ni) 1.50 1.56 1.51
Sales Limore (USD/ton) 26.60 28.47 26.88
Sales Limore (Revenue)$ 417,490 807,020 1,076,101
Sales Sapore (WMT) 18,338 54,281 57,375
Sales Sapore (%Ni) 1.60 1.66 1.64
Sales Sapore (USD/ton) 31.51 37.90 31.65
Sales Sapore (Revenue)$ 577,807 2,057,407 1,815,716
Total Proyeksi Pendapatan
995,297 2,864,427 2,891,818
(USD)
Royalti 99,530 286,443 289,182

Penjualan Bijih Harga Jual Pendapatan

Tahun
(wmt) (US$/wmt) (US$)
2025 34,031 $ 29.25 $ 995,297
2026 82,631 $ 34.67 $ 2,864,427
2027 97,408 $ 29.69 $ 2,891,818
2028 128,829 $ 29.29 $ 3,773,868
2029 85,219 $ 10.73 $ 914,229
2030 85,781 $ 4.39 $ 376,962
TOTAL 513,900 $ 22.99 $ 11,816,602
 2027 2028 2029 TOTAL/
4 5 6 RATA-RATA
83,717 34,763 14,175 216,731
1.52 1.49 1.50 1.51
27.05 26.30 26.59 27.02
2,264,418 914,229 376,962 5,856,221
45,113 50,456 71,606 297,169
1.80 1.64 1.69 1.68
33.46 0.00 0.00 20.06
1,509,450 0 0 5,960,381

3,773,868 914,229 376,962 11,816,602

377,387 91,423 37,696 1,181,660

Proyeksi Pendapatan
Royalti
(US$) CHECK
$ 995,297 $ 99,530 $ -
$ 2,864,427 $ 286,443 $ -
$ 2,891,818 $ 289,182 $ -
$ 3,773,868 $ 377,387 $ -
$ 914,229 $ 91,423 $ -
$ 376,962 $ 37,696 $ -
$ 11,816,602 $ 1,181,660
 BIAYA PENAMBANGAN SETIAP TA

0 1 2
Project Years
2022 2023 2024
MATERIAL
- Batuan Penutup (bcm) 254,267 187,068
- Bijih (wmt) 34,031 82,631

Royalti, Iuran Tetap dan PBB 181,553 367,466

- Royalti 99,530 286,443
- Iuran Tetap 2,023 2,023
- Pajak Bumi dan Bangunan 80,000 79,000

Harga Pokok Penjualan (HPP) 556,411 1,351,021

- Pemindahan Batuan Penutup 74,869 181,789
- Penambangan & Pemindahan Bijih 54,450 132,210
- Penanganan Bijih & Stockpile 17,016 41,316
- QAQC Management 17,016 41,316
-Survei dan Pengeboran 8,508 20,658
- Pengembangan Masyarakat 18,717 45,447
- Overhead 17,016 41,316
- Gaji Pokok dan Tunjangan Karyawan 8,508 20,658
- Pemasaran 289,266 702,366
- Keselamatan dan Lingkungan 17,016 41,316
- Perizinan 34,031 82,631

- Depresiasi 141,667 141,667

- Amortisasi 66,667 66,667
TOTAL BIAYA (US$) 946,297 1,926,820
TOTAL BIAYA (US$/ton) 27.81 23.32
AMBANGAN SETIAP TAHUN

3 4 6 7 8
TOTAL/ Rata-rata
2025 2026 2028 2029 2030

190,891 140,870 193,217 0 0 1,169,393

97,408 128,829 85,781 0 0 513,900

381,205 479,410 129,719 77,023 80,023 2,143,870

289,182 377,387 37,696 0 0 1,181,660 2.30
2,023 2,023 2,023 2,023 2,023 16,185 0.03
90,000 100,000 90,000 75,000 78,000 946,025 1.84

1,592,624 2,106,359 1,402,523 0 0 8,402,265

214,298 283,424 188,719 0 0 1,130,580 2.20
155,853 206,127 137,250 0 0 822,240 1.60
48,704 64,415 42,891 0 0 256,950 0.50
48,704 64,415 42,891 0 0 256,950 0.50
24,352 32,207 21,445 0 0 128,475 0.25
53,575 70,856 47,180 0 0 282,645 0.55
48,704 64,415 42,891 0 0 256,950 0.50
24,352 32,207 21,445 0 0 128,475 0.25
827,970 1,095,049 729,141 0 0 4,368,150 8.50
48,704 64,415 42,891 0 0 256,950 0.50
97,408 128,829 85,781 0 0 513,900 1.00

141,667 141,667 141,667 0 0 850,000 1.65

66,667 66,667 66,667 0 0 400,000 0.78
2,182,162 2,794,102 1,740,576 77,023 80,023 11,796,135
22.40 21.69 20.29 #DIV/0! #DIV/0! 22.95

22.31
-1
cek

2.30 0.00
0.03 0.00
1.20 0.64

2.20 0.00
1.60 0.00
0.50 0.00
0.50 0.00
0.25 0.00
0.55 0.00
0.50 0.00
0.25 0.00
8.50 0.00
0.50 0.00
1.00 0.00

1.65 0.00
0.78 0.00
 NO JENIS BIAYA Unit cost ($) PERSENTASE

BIAYA LANGSUNG
1 Pemindahan Batuan Penutup $/ton 2.20 9.86%
2 Penambangan & Pemindahan Bijih $/ton 1.60 7.17%
3 Penanganan Bijih & Stockpile $/ton 0.50 2.24%
4 QAQC Management $/ton 0.50 2.24%
5 Survei dan Pengeboran $/ton 0.25 1.12%
6 Gaji Pokok dan Tunjangan Karyawan $/ton 0.25 1.12%
7 Pemasaran $/ton 8.50 38.09%
8 Keselamatan dan Lingkungan $/ton 0.50 2.24%
Sub Total Biaya Langsung $14.30
NO JENIS BIAYA Unit cost ($) PERSENTASE
BIAYA TIDAK LANGSUNG
9 Royalti $/ton 2.30 10.31%
10 Iuran Tetap $/ton 0.03 0.14%
11 Pajak Bumi dan Bangunan $/ton 1.20 5.38%
12 Perizinan $/ton 1.00 4.48%
13 Overhead $/ton 0.50 2.24%
14 Depresiasi $/ton 1.65 7.41%
15 Amortisasi $/ton 0.78 3.49%
16 Pengembangan Masyarakat $/ton 0.55 2.46%
Sub Total Biaya Tidak Langsung $8.01
TOTAL BIAYA 22.31 100.00%
SENTASE

SENTASE
 Bank Loan Equity
Initial Capital
Year (0%) (100%) Remark
(Mil. USD)
(Mil. USD) (Mil. USD)
2024 0 1,250,000 625,000 625,000

TOTAL 1,250,000 625,000 625,000

 Interest Rate 8.00 %
Period of Payment years

0 1 2 3 4
YEAR
2024 2025 2026 2027 2028
Bank loan 625,000 - - -
Yearly cummulative loa 625,000 625,000 468,750 312,500 156,250
Loan Repayment 156,250 156,250 156,250 156,250
Principal Repayment 156,250 156,250 156,250 156,250
Interest Expense 50,000.00 37,500.00 25,000.00 12,500.00
Ending Balance 625,000 468,750 312,500 156,250 -
 5 6 7 8 9 10
2029 2030 2031 2032 2033 2032

125,000.00
No Description
0
1 Mine Equipment & Infrastructure $ 850,000.00
3 Exploration $ 200,000.00
4 Land Acquisition $ 100,000.00
5 Feasibility Study $ 50,000.00
6 AMDAL $ 50,000.00
Total $ 1,250,000.00

17,937,500,000
 Tahun
1 2 3 4 5 6 7 8 9 10
11 12 13
 2022 2024
NO DESKRIPSI INVESTASI
0 1
Depresiasi
1 Mining Equipment & infrastructure 850,000 141,667
141,667
Amortisasi
1 Exploration 200,000 33,333
2 Land Acquisition 100,000 16,667
3 Feasibility Study 50,000 8,333
AMDAL 50,000 8,333
66,667
TOTAL 1,250,000 208,333
 2025 2026 2027 2028 2029
2 3 4 5 6

141,667 141,667 141,667 141,667 141,667

141,667 141,667 141,667 141,667 141,667

33,333 33,333 33,333 33,333 33,333

16,667 16,667 16,667 16,667 16,667
8,333 8,333 8,333 8,333 8,333
8,333 8,333 8,333 8,333 8,333
66,667 66,667 66,667 66,667 66,667
208,333 208,333 208,333 208,333 208,333
 WACC-Weighted Average Cost of Capital
Portion of debt 50%
Portion of equity 50%
Total 100%
Cost of Debt 6.24%
Interest Rate 8%
t 22%
Cost of Equity 13.67%
Risk free rate 6.51%

ᵦ 1.17
(Rm-Rf) 6.12%
WACC 9.96%
jumlah pinjamn
jumlah equitas (modal sendiri)
struktur modal
persentase pengembalian (interest rate) biaya pinjaman
suku bunga acuan
Pajak perusahaan (indonesia)
persentase pengembalian (interest rate)
resiko bebas (mengacu persentase obligasi tenor 10 tahun)

resiko industri
persentase return yang diharapkan investor