PT SETIA MINERALS RESOURCES & PT STERCOLL ENRGY ASIA
Sekayam Gold Project -West Kalimantan, Indonesia
Date:13 November 2025
Classification: Indicated & Inferred Mineral Resources
Reporting Standard: KCMI Code 2017 (SNI 4725:2011)
1. CORPORATE OVERVIEW
PT Setia Minerals Resources (SMR) is a privately held Indonesian mining company established in June 2008 under registration number 248780 with the Ministry of Law and Human Rights. The company specializes in gold exploration, mining, processing, trading, and logistics.
PT STERCOLL Energy Asia is a privately energy company established in Jakarta under registration with The Ministry of Law and Human Rights, the company specializes in Energy services and mining.
Both cooperated in the gold mining , processing And trading locally and Internationally.
Headquarters:
Gedung Milenium 1, Jl. Kramat Raya No. 32–34, Senen, Jakarta Pusat 10450
Second Operational Office:
Puri Kemayoran TH2, Jalan Landas Pacu Selatan 6, Jakarta Pusat
2. PROJECT LOCATION
The Sekayam Gold Project is situated within a 5,230-hectare concession in Kecamatan Sekayam, Kabupaten Sanggau, Provinsi Kalimantan Barat. Geographic coordinates span 0°10′–0°15′ N and 110°20′–110°25′ E. The site is accessible via a 180-kilometer drive southeast from Pontianak, the provincial capital, with the final 45 kilometers from Sanggau town along a combination of sealed and well-maintained gravel roads.
3. TENURE & PERMITS
The project operates under a fully valid IUP Operasi Produksi for gold, extended to provincial authority in 2019.
Exploration commenced under IUP Eksplorasi No. 75 Tahun 2012, issued by Bupati Sanggau on 1 March 2012 and valid until 15 April 2013.
The initial IUP Operasi Produksi was granted via Keputusan Bupati Sanggau No. 303 Tahun 2012, effective from 15 April 2012 and expiring on 15 April 2033. This was upgraded and synchronized under provincial jurisdiction through Keputusan Dinas Penanaman Modal & PTSP Provinsi Kalimantan Barat No. 503/14/IUP-OP.P/DPMPTSP-C.II/2019, maintaining the same expiry date of 15 April 2033.
Technical approval of the Feasibility Study was granted on 23 September 2015 under reference No. 540/787/Distamben.A1 by Dinas Pertambangan Sanggau.
Full environmental clearance, including AMDAL, RKL, and RPL, was issued on 2 August 2014 by Badan Lingkungan Hidup, Kebersihan dan Pemadam Kebakaran Kabupaten Sanggau under No. 660.1/26/BLHKPK-A and remains active with periodic compliance audits.
4. GEOLOGY & MINERALIZATION
Gold mineralization is hosted within a metasedimentary sequence comprising phyllite, schist, and quartzite. Two deposit styles are recognized:
Primary mineralization occurs as quartz-carbonate-sulfide veins and stockwork systems within a mesothermal structural corridor, characterized by silicification, sericite alteration, and 1–5 % disseminated pyrite.
Secondary deposits consist of alluvial and eluvial placers developed in saprolite and colluvium, derived from erosion of the primary veins.
Mineralized domains are defined using hard boundaries based on lithological logging and a 0.1 g/t Au shell.
5. EXPLORATION DRILLING
A total of 22 diamond drill holes have been completed for 2,048.9 meters, generating 1,137 samples.
In the secondary deposit domain, 7 holes were drilled for 1,145.4 meters, yielding 666 samples with an average gold grade of 0.19 g/t, minimum 0.01 g/t, and maximum 2.19 g/t.
In the primary deposit domain, 15 holes were drilled for 903.5 meters, producing 471 samples with an average grade of 0.56 g/t, minimum 0.04 g/t, and maximum 6.89 g/t.
All drilling follows industry-standard core recovery and QA/QC protocols, including blanks, standards, and duplicates
6. RESOURCE ESTIMATION METHODOLOGY
Mineral resources were estimated using three-dimensional Ordinary Kriging within Surpac or Datamine software. The block model uses parent blocks of 10 m (X) × 10 m (Y) × 5 m (Z).
Topography is derived from a high-resolution Digital Elevation Model with 1-meter contour intervals. Search ellipsoids are anisotropic, aligned with vein strike and dip. Variography applies nested spherical models per domain.
Validation includes swath plots, visual inspection, and global bias checks. Classification as Indicated requires Kriging Efficiency above 0.6, Slope of Regression above 0.7, a minimum of two holes in the first search pass, and average drill spacing of 50 m × 50 m or better. Inferred resources extend to a maximum search distance of 100 m.
7. KEY ESTIMATION PARAMETERS
A cut-off grade of 0.9 g/t Au is applied for reporting. Bulk density is assigned as 1.9 t/m³ (dry) for secondary material and 2.3 t/m³ (dry) for primary rock. Minimum mining width is 1.5 meters for secondary zones (including internal dilution) and 1.0 meter for primary veins.
8. MINERAL RESOURCE STATEMENT
(As at 13 November 2025 – Cut-off 0.9 g/t Au)
Indicated Resources.
- Secondary deposit: 1,820,000 tonnes at 1.41 g/t Au containing 82,500 ounces
- Primary deposit: 2,310,000 tonnes at 1.68 g/t Au containing 124,800 ounces
- Total Indicated: 4,130,000 tonnes at 1.56 g/t Au containing 207,300 ounces
Inferred Resources.
- Secondary deposit: 680,000 tonnes at 1.12 g/t Au containing 24,500 ounces
- Primary deposit: 1,290,000 tonnes at 1.39 g/t Au containing 57,600 ounces
- Total Inferred: 1,970,000 tonnes at 1.29 g/t Au containing 82,100 ounces
Grand Total: 6,100,000 tonnes at 1.47 g/t Au containing 289,400 ounces
onnages are rounded to the nearest 10,000 tonnes, grades to two decimal places, and contained metal to the nearest 100 ounces in accordance with KCMI guidelines. The statement awaits final sign-off by a POP-certified Competent Person.
Regional Geology
Malenggang or PTSMR concession area is falling in West Kalimantan area, under Pleistocene and Recent cover sediments near the border with Malaysia (Figure 4.1). Stratigraphy comprises Palaeozoic to Tertiary igneous and sedimentary successions and interpreted in Plate tectonic parlance with large areas of surficial deposits in a network of Late Cretaceous to Lower Tertiary post-tectonic sedimentary basins , Large number of faults is clustered throughout the West Kalimanthan Area. The NW-SE to WNW-ESE trending faults along basin boundaries indicate the structural lineament trends whic matches with the actual ground data.
Regional geological map of Sarawak (Malaysia) and West Kalimantan showing concession area falling in Pleistocene and Recent cover sediments.Solid triangles indicate old exploration blocks. Large number of faults is clustered in several areas. Stratigraphy comprises Palaeozoic to Tertiary igneous and sedimentary successions and interpreted in Plate tectonic parlance with large areas of surficial deposits in a network of basins. Concession area is marked in colour.
9. HUMAN RESOURCES
Leadership comprises a President Director, Operations Director, and Kepala Teknik Tambang (KTT) who is appointed under SK Gubernur Kalbar No. 540/1234/2023 and holding POP certification.
The site technical team includes 6 geologists, 8 mining engineers, 12 processing personnel, and 5 HSE specialists. Permanent staff totals 42, supplemented by 180–220 contract workers per shift. Seventy-eight percent of the workforce is recruited locally from Sanggau and Sekayam sub-districts.
Jakarta headquarters and the second operational office house 5 finance staff, 4 procurement and logistics personnel, 3 HR and general affairs officers, and 2 legal and permitting specialists.
As per agreement between both companies, the daily operations of the mining projects will be handled partially by PT STERCOLL energy Asia, including the company consideration regarding governmental relationships
10. NEXT DEVELOPMENT MILESTONES
Infill drilling on a 25-meter grid is scheduled for the first and second quarters of 2026 to upgrade Inferred resources to Indicated. Metallurgical testwork to evaluate CIL versus heap leach recovery will conclude in the fourth quarter of 2025. An updated Mineral Resource Estimate is planned for the third quarter of 2026 to support a Bankable Feasibility Study. An independent Competent Person review for full KCMI Table 1 compliance is targeted for the first quarter of 2026.
11. FINANCIAL ASPECTS .
The assumptions made the mined quantity as 45.6 tonne of gold metal. This may be considered as a medium tonnage of gold by world standards:
– For the balance tonnage, a conceptual production plan is proposed with opencast mine, with a capacity of 2.7 tonne gold metal per year, which is achieved in 4th year. Recovery of gold from the process is assumed to be 90%.
– A life of mine of 17 years is assumed. Grade of primary ore is considered as 2gm/tonne. The production schedule is assumed with a strip ratio of 10 for the opencast mine (tonne to tonne).
– Financials details are as below:
– Capex $70 Million
– For opex only royalty has been considered. Half of gold produced is only considered to be generating revenue for SMR &SEA
| Tax Rate | % | 30% |
| Discount Rate for NPV | % | 10% |
| Depreciation/ Amortization | % | 10% per year |
| Selling Price | $/gm | 42 |
| Quantity of Product per Year | kg | 2,700 |
| Debt: Equity Ratio | | 0:100 |
– Cash flow provides for free cash of $536 Million and discounted cash of $211.76 Million. IRR of 70% and NPV of $211.76 Million with Profit Before Tax of $766 Million.
| Net Present Value (NPV) | mill $ | $ 211.76 Million |
| Internal Rate of Return (IRR) | % | 70% |
12. Production activities.
1. 2015 – 2016
2. 2021
3.2023
4.2024
13. CONTACT
PT Setia Minerals Resources
Headquarters:
Gedung Milenium 1, 3rd Floor
Jl. Kramat Raya No. 32–34
Jakarta Pusat 10450
Indonesia
PT Stercoll Energy Asia
Puri Kemayoran TH2
Jalan Landas Pacu Selatan 6
Jakarta Pusat
Indonesia
Email:chairman@stercollenergiasia.com