Firstly, there was a sale of approximately 178.5 million shares, representing approximately 4.2% of the Company’s shares by PT Harum Energy TBK (‘Harum’) in a block trade at $0.69 per security. A representative of Harum has now informed the Company that this was part of Harum’s ongoing liquidity management. Secondly, the press has widely reported that the Indonesian Government has released a proposal for public consultation that would increase royalties for operators across multiple commodities, including nickel. The current royalty rate on nickel ore is 10%, whilst the proposed royalty range for public consultation is 14-19%, depending on the prevailing nickel price at the time. Based on the information released, the proposed royalty would be 14% at the current nickel price. At this point in time, the proposals have not been legislated. However, should this change, the Company will continue to fully comply with Indonesia’s laws.
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