The USD 2 billion facility will produce ferronickel and EV battery grade nickel sulphate

JAKARTA, INDONESIA�-�Media OutReach�- 19 January 2022 -�Transasia Minerals Ltd, an international mining company headquartered in Jakarta, Indonesia, today announced its plans to proceed with developing a nickel processing facility in Morowali, Central Sulawesi, Indonesia.

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The nickel processing facility in Morowali is slated to complete construction by 2024, following the ruling by the Indonesian Supreme Court No 122/PK/TUN/2021 on 10 November 2021 to reinstate the nickel ore mining licenses (IUPs) of Artha Bumi Mining Group. The project investment is estimated at USD 2 billion, and the facility will focus on the production of ferronickel and EV battery grade nickel sulphate, a raw material used to produce EV batteries. With Indonesia moving towards boosting economic growth and looking to attract foreign direct investment, the nation's abundant nickel reserves provide a platform to scale up the value-chain and become a hub for end-to-end battery making.

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Research from Fitch Solutions shows tremendous growth opportunities for nickel production globally, with estimated growth rates of 4 per cent year-on-year from 2021 to 2030. Indonesia is expected to lead this growth, with the production of 1.13 million tonnes of nickel by 2025, and growing to 1.29 million tonnes by 2030, with major production sites in Sulawesi and Maluku. A natural metallic element, nickel sulphate is predominately used to manufacture items like stainless steel or EV batteries. Demand for nickel has surged in recent years, thanks to the increased need for electric-vehicle batteries.

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Maman Khairussalam, spokesman of Artha Bumi Mining Group says of the announcement, "We are pleased to proceed with the construction of the facility based on feedstock of our reinstated nickel ore deposits and look forward to having the support of TransAsia Minerals. The benefits of the nickel processing facility will not only increase job opportunities in Morowali, but also further establish Indonesia as a hub for nickel sulphate export, ultimately giving a boost to the Indonesian economy."�

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"We are excited to work alongside Artha Bumi Mining Group and contribute to the Indonesian economy and local community," said Pavel Erokhin, CFO of Transasia Minerals Ltd. "The project MOU was first executed in 2016 in Sochi, Russia, during a meeting of Indonesian President Joko Widodo and Russian President V. Putin on the sidelines of the ASEAN-RUSSIA Summit, and we are glad to be able to move this project forward. The investment into the project is a testimony of our commitment to put the nickel industry onto a global platform and establish the Indonesian nation as a hub for nickel sulphate export."

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About TransAsia Minerals Ltd

Transasia Minerals Ltd is a privately owned investment company, with main focus on mining, oil & gas and energy sectors, with head office in Jakarta, Indonesia and representative offices in Singapore and South Africa.

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About Artha Bumi Mining (ABM) Group

Artha Bumi Mining Group is an Indonesian partnership of several affiliated ore mineral rights deposits holders operating in Morowali, Central Sulawesi, estimated to possess vast economical nickel ore reserves.

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For more information on TransAsia Minerals, please visit: http://www.transasiaminerals.com/home/.

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The issuer is solely responsible for the content of this announcement.