BARU Gold Corp (the “Company” or “Baru”) (TSXV:BARU) | (OTC:BARUF) is pleased to report on our commitment and the viability of the Sanighe Gold project based on the metallurgical studies and the milestones on permitting and advancing the Sangihe Gold project. With land clearing and construction ongoing, the BARU Gold team has reviewed metallurgy of the project in detail.A metallurgical review and study are a crucial part of transitioning an exploration project to a producing mine site. It is during these tests, that the engineering team and contractors can assess the condition, composition, and best recovery methods for the materials to be mined. A higher recovery rate (defined as percentage of metal extracted from ore during processing), will mean the Company can recover more gold and silver per tonne of ore mined. Further, a positive metallurgical study can de-risk the project further and assist mining engineers in refining the flow sheet design. This in turn increases efficiency and lowers the environmental footprint of the operation.In September 2018, Baru’s subsidiary, PT. Tambang Mas Sangihe or “TMS” (the holder of the Sangihe CoW licence) received approval of the Indonesian Feasibility Study (IFS) by Ministry of Energy and Mineral Resources at an open meeting attended by TMS and representatives of both Provincial and Central mines departments. The IFS, was conducted by Resindo Resources and Energy, an Indonesian consulting firm and was comprised of several elements:Metallurgical drilling to identify the most suitable heap-leaching locations.  Geotechnical drilling to provide the most up-to-date and accurate core samples for pit wall design, fragmentation of ore and ore excavation rates. Hydro-geological surveying to help locate and identify the water table level in the pit design and best water sources needed for upcoming drilling, heap-leaching and ultimately gold production.  All drilling required for the IFS was completed and the metallurgical test results were as follows:Bottle Roll Test of the Cyanide Soluble assay results showed gold recoveries of 85% and silver recoveries of 96%. Agglomeration test results have been completed with the majority of the samples tested agglomerating very well Carbon Column Test work reached 83.80% recovery of gold. Acid Forming test work of overburden rock samples taken from the geotechnical drilling core indicated that only rock samples with more than 5% sulphides were Potential Acid Forming and these rock samples constitute less than 9% of the overall Binebase Resource. The Indonesian Feasibility Study is not a Feasibility Study as defined by CIM as required by NI 43-101 but it is required under Indonesian law in order to obtain a licence to construct a production facility.In February 2021, the Ministry of Energy and Mineral Resources (MoEMR) upgraded its Sangihe Gold Project Contract of Work (“CoW”) to Operation Production status.  This licence provides Baru Gold with the rights to operate precious metal mines on 42,000 hectares on Sangihe Island.  To date only 10% of the area has been geologically explored. Exploration will be upgraded through a resource development drilling program and will be expanded to other areas of the CoW once production cashflow has been initiated.The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study. The Company cautions readers that any production decision made by the Company will not be based on a NI 43-101 feasibility study of mineral reserves that demonstrates economic and technical viability and as such, there may be involved increased uncertainty and various technological and economic risks such as the interpretation of drill results; the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with our expectations; commodity and currency price fluctuation; failure to obtain adequate financing; regulatory, recovery rates, refinery costs, and other relevant conversion factors, permitting and licensing risks; general market and mining exploration risks and production and economic risks related to design and engineering, manufacturing, technological processes and test procedures and the risk that the project’s output will not be salable at a price that will cover the project’s operating and maintenance costs.The existing CoW licence for the Sangihe gold project is a 30-year licence and under the recently issued 2020 mining regulations can be extended for 20 years. This CoW production status upgrade also gives the Company rights for refinery and export licences.  The Board of Directors have approved a 35,000-metre Resource Development drilling program. The initial area targeted for this drilling is covered in the Sangihe 2010 NI 43-101 which identified 835,000 ounces gold inferred resource between Binebase and Bawone villages, approximately 1.2 kilometres. An infill drilling program will be conducted in this area to upgrade some of the inferred resources into indicated and measured resource status. Exploration drilling will continue over an additional 1.45 kilometres from Bawone to South of Salurang villages, an area over which this anomaly continues. After the initial exploration drilling in this area has been completed, the identified resources will then be infill drilled to bring some of these resources into indicated and measured status as well.Terry Filbert, Chairman and CEO, commented, “I have been in Indonesia since mid-February overseeing all aspects of the Indonesian operations and don’t plan to leave until we are in production. Given the current price of gold, low production costs and continuing field analysis of the 23 new exploration targets identified in the structural study that provided promising results, the Company remains steadfast towards the goal of production.   Baru has constituently and diligently worked towards that goal and plans to provide regular updates on activities to the shareholders as milestones are achieved.”Frank Rocca, BAppSc.(Geology), MAusIMM, MAIG, Chief Geologist of Baru Gold Corp. is the Qualified Person as defined under NI 43-101 who has reviewed and approves the content of this release.ABOUT SANGIHE GOLD PROJECTThe Sangihe Gold Project (“Sangihe”) is located on the Indonesian island of Sangihe, off the northern coast of Sulawesi. Sangihe has an existing National Instrument 43-101 inferred mineral resource of 114,700 indicated and 105,000 inferred ounces of gold, as reported in the Company's "Independent Technical Report on the Mineral Resource Estimates of the Binebase and Bawone Deposits, Sangihe Project, North Sulawesi, Indonesia" (May 30, 2017). Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Company intends to proceed to production without the benefit of first establishing mineral reserves supported by a feasibility study.The Company's 70-percent interest in the Sangihe-mineral-tenement Contract of Work ("CoW") is held through PT. Tambang Mas Sangihe (“TMS”). The remaining 30-percent interest in TMS is held by three Indonesian corporations. The term of the Sangihe CoW agreement is 30 years upon commencement of the production phase of the project.BARU has met all the requirements of the Indonesian government and has been granted its environmental permit. The Company has received approval for the upgrade of its licence to advance the Sangihe project to construction and production in 2022.Source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2203-tsx-venture/baru/119272-baru-gold-positive-metallurgical-study-at-sangihe-gold-project-indicates-gold-recoveries-of-85-and-silver-recoveries-of-96.html

PT Adaro Energy Indonesia Tbk (ADRO ) will still maintain its existing market share amidst the emerging opportunities for coal demand from the European Union. ADRO's Head of Corporate Communication, Febriati Nadira, said that the majority of ADRO's customers are in the Asia Pacific region with contracted volumes."Adaro will also always follow the DMO (domestic market obligation) provisions and we are still maintaining exports in Southeast Asia, China, East Asia, India, New Zealand," said the woman who is familiar with Ira's greeting to Kontan.co.id (10/4). In line with the unchanged sales plan, ADRO does not plan to submit a revised Work Plan and Budget (RKAB) to hoist the coal production plan. ADRO's work plan for the 2022 fiscal year is still the same, namely pursuing a production target of 58 million - 60 million tons of coal with a stripping ratio of 4.1x in 2022.With this target, ADRO is targeting operating income before interest, taxes, depreciation and amortization aka Earning Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of US$ 1.9 billion – US$ 2.2 billion. "The production guidelines for 2022 have not changed," said Ira. Previously, the European Union (EU) approved the Russian coal embargo on Thursday (7/4). This policy creates new market opportunities for Indonesia.According to information obtained by Kontan.co.id, a number of explorations of coal buying and selling transactions between suppliers in Indonesia and buyers in the European Union are reported to have taken place. However, Kontan.co.id has not yet pocketed the names of any local coal companies that have explored potential buyers in the European Union.On the other hand, although new demand opportunities have emerged from European Union countries, the Ministry of Energy and Mineral Resources (ESDM) noted that no coal company has submitted a revised RKAB to increase production targets. However, the Ministry of Energy and Mineral Resources is ready to process a request for a revised RKAB if a coal company submits it."Later, it will be evaluated according to the FS (feasibility study) and the AMDAL (Analysis of Environmental Impacts)," said Director of Coal Development and Exploitation of the Ministry of Energy and Mineral Resources, Lana Saria when contacted by Kontan.co.id (10/4).This year, the Ministry of Energy and Mineral Resources has launched a coal production plan of 663 million tons. From the production plan, the government set a coal DMO plan of 166 million tons.So far, Lana admitted that she could not confirm whether in the future the Ministry of Energy and Mineral Resources might change/increase this production plan in connection with the emergence of coal demand from the European Union, or not. "We'll see how the directions are, I can't speak right now," said Lana.Source: https://industri.kontan.co.id/news/embargo-batubara-rusia-adaro-energy-adro-masih-pertahankan-pasar-eksisting

Nearly two years after Tesla Inc. outlined a plan to start mining for lithium, its chief Elon Musk signaled the electric car giant might finally take the plunge due to the skyrocketing cost of the battery metal.Lithium hasn’t been spared from the turmoil gripping commodities in the wake of Russia’s war on Ukraine. Even before the war, prices of raw materials rallied with demand surging and supplies choked up due to pandemic-triggered supply chain woes. An index of global lithium prices compiled by Benchmark Mineral Intelligence has surged almost 490% in the past year. China worries about the price of lithium so much that the government summoned a number of market participants for two days of talks in March that were focused on halting a breakneck run-up in prices.Lithium is a key component in electric vehicle batteries and so automakers are racing to secure supplies, expecting surge in demand amid a global push for the electrification of transportation. Tesla has signed supply deals with producers of battery metals in the past couple of years, including one with mining giant Vale SA.In the wake of the price rally in lithium, China is already telling its EV battery supply chain that it wants lithium prices to return to sustainable levels as soaring prices have increased cost inflation for manufacturers and threatened to eventually hurt consumer demand.Source: https://www.bloomberg.com/news/articles/2022-04-08/tesla-may-start-mining-lithium-as-musk-cites-battery-metal-cost

Indonesia and Australia, among the world's top coal exporters, have hit their production limits and are unlikely to meet Europe's demand for additional supplies if the European Union bans Russian coal imports, mining executives said on Wednesday.The European Commission proposed on Tuesday new sanctions against Russia over its invasion of Ukraine, including a ban on buying Russian coal and on Russian ships entering EU ports, and said it was working on banning oil imports too. The EU depends on Russia for around 45% of its coal imports, according to the European Commission website.Before the EU proposal, some European buyers had already held talks with Indonesian miners in March as they sought to replace Russian supplies, a senior executive of Indonesia Coal Miners Association (ICMA) said."Miners cannot just increase production that quickly, it's difficult and the capacity is already very tight," ICMA chairman Pandu Sjahrir told Reuters on Wednesday.Indonesia's government this year targeted output of 663 million tonnes, a goal miners are already struggling to meet as unexpected export restrictions in January and prolonged wet weather hit output.The country also has tightened supervision over its mandatory domestic sales after stocks fell to a critical low at local power generators.The energy ministry estimated that Indonesia's coal exports in January-March totalled 37.64 million tonnes, compared with 53.77 million tonnes in the same period last year.In addition, European markets require mostly middle- to- high-grade coal while most Indonesian miners produce lower-grade coal, Hendra Sinadia, executive director of ICMA said. Freight costs for Indonesian coal to Europe are also not competitive versus other suppliers, he added.The few miners who might have the space to expand their output will require government approval for additional production and exports, Hendra said. Such requests are typically submitted in April-June.Indonesia's monthly coal benchmark price has already surged to a record $288.40 per tonne for April due to high global demand.AUSTRALIAIn Australia, producers have fielded calls from buyers reliant on Russian coal and have been approached by the government to help coal buyers in allied countries, such as Poland, to replace Russian supply.While benefiting from soaring prices for metallurgical coal used in steel mills as well as thermal coal used in power generation, Australian miners are unable to boost output quickly, and most of their volumes are tied up in contracts to existing customers.Australian output has been hit by floods in New South Wales and Queensland, COVID-19 outbreaks and labour shortages, holding output below full capacity.Total thermal coal exports for the year to June 2022 are expected to rise about 7% from a year earlier, when output was hit by China's unofficial ban on Australian coal, to 206 million tonnes, then slip to 204 million tonnes in 2023, the government said in a quarterly report on Monday.Miners were also unable to expand production in the near term as they face tough regulatory hurdles for new mines, community and farmer opposition to building new mines, as well as capital constraints.Source: https://www.reuters.com/business/energy/indonesia-australia-face-limits-coal-exports-europe-ahead-russian-ban-2022-04-06/

The Indonesian Nickel Miners Association (APNI) continues to encourage the acceleration of the domestic battery industry in the midst of the massive use of electric vehicles to accelerate the achievement of Net Zero Emission (NZE) in 2060.This was conveyed by the General Secretary of APNI, Meidy Katrin Lengkey in a Focus Group Discussion (FGD) with the National Battery Research Institute (NBRI) with the theme 'The role of Nickel in the development of the domestic battery industry'."The development of the nickel downstream industry in Indonesia has been very massive with the current establishment which produces around 27 nickel processing industries, both nickel pig iron, ferronickel, and currently a nickel processing industry has been established to process nickel sulfate," said Meidy via virtual, Tuesday (5/5). /4).Meidy said that currently the upstream nickel industry players are still collaborating with the government, especially the Ministry of Energy and Mineral Resources (ESDM), to discuss domestic nickel ore management, including the need for cutting-edge technology to support production."Well, we hope that there is one technology, there is one development, especially how we work together with the NBRI to conduct research, conduct studies related to the structure of minerals in Indonesia so that they are truly efficient," he explained.Since the nickel processing plant was established in 2014-2015, according to him, nickel business actors have always made studies, then submitted them to the government. This is done because the minerals used are always penalized or rejected because the minerals sent are not suitable."There are reasons why the other structures, silica, magnesium, ferrous or other trace minerals are not in accordance with the technology that already exists in Indonesia. This creates a loss for us as entrepreneurs,” he said.Meanwhile, the chairman and founder of NBRI, Rer Nat Evvy Kartini, said that domestic batteries need to be certified and standardized according to the needs of factories."We also have a roadmap where at the beginning we thought it was important to have a test, standardize because the batteries in Indonesia have not yet been standardized. Then this certification technique is also important because it is important from upstream to downstream,” he explained.NBRI itself is an independent institution that aims to assist battery research capacity from upstream to downstream.As is known, three main components are needed to make a battery, namely nickel, cobalt and lithium. In Indonesia, nickel reserves are very abundant, so the potential to produce batteries independently is very large. Moreover, in 2021, Indonesia will be able to produce nickel of 1 million metric tons or contribute 37 percent of the world's nickel reserves.Source: https://www.tambang.co.id/apni-dorong-percepatan-industri-baterai-dalam-negeri-28305/

PT Darma Henwa Tbk (DEWA) will conduct a rights issue of 22 billion Series B shares, whose proceeds will be utilised to pay debts and fund the company’s working capital. Chief of Legal and Corporate Secretary of Darma Henwa, Muhammad Baskoro, announced the plan in the information dislcosure quoted Tuesday (5/4).It was mentioned that Series B shares originated from the company’s stock portolio, worth IDR 50 per share. “This plan still needs approval from the Extraordinary General Shareholders Meeting on May 13, 2022, and will be carried out no more than 12 months after the meeting’s consent,” Baskoro confirmed.The allocation of the proceeds has been arranged to 28.50% for debt payment and 71.50% for the company’s working capital. The company’s performance is predicted to increase, assuming that the Q3 2021 Financial Report was utilised as the base reference. The report estimated that the company’s reserves would be USD 55 million higher, amounting to USD 77.05 million, as would its total assets from USD 573.92 million to USD 628.92 million. Furthermore, the (third-party) business debts would shrink by USD 21.92 million, from USD 72.16 million to USD 50.23 million, as would its total liabilities, from USD 302.28 million to 280.36 million. In contrast, its total equity will rise from USD 271.63 million to USD 348.56 million.Assuming that the currency exchange rate is IDR 14,300 per USD, the estimated increase in reserves of USD 55 million is equivalent to IDR 786.50 billion. Thus, this is the minimum amount of fresh funds eyed by DEWA in this rights issue planSource: https://www.idnfinancials.com/news/42715/dewa-hold-rights-issue-series-shares

PT Kobexindo Tractors Tb k. ( KOBX ) posted heavy equipment sales of US$ 89.99 million, up 205.1 percent year-on-year (YoY) last year. Andry B Limawan, President Director of Kobexindo , explained that the heavy equipment unit sales segment was the highest contributor, amounting to 75.42 percent of total consolidated revenue. "This achievement is the best performance in the last three years before the pandemic. The positive catalyst for the surge came from the skyrocketing prices of coal and mineral commodities at the end of 2020," Andry said in his statement, Monday (4/4/2022).Andry continued, the increase in coal prices has triggered mining producers to resume operations and increase productivity through the purchase of heavy equipment, both to increase their fleet and to upgrade units.Meanwhile, the revenue growth of the issuer codenamed  KOBX  was recorded at 134 percent throughout 2021 to US$119.32 million, an increase compared to 2020 of US$50.97 million. In addition to heavy equipment sales, the company's revenue was also contributed by four other segments, namely sales of spare parts, repairs and mining contractors, heavy equipment rental, and building rental. The spare parts segment posted US$16.09 million, equivalent to a 13.48 percent contribution to revenue.Then, the repair service and mining contractor segments throughout 2021 posted revenues of US$7.70 million, equivalent to 6.46 percent of total revenue. Meanwhile, the heavy equipment rental segment was recorded at US$4.84 million or 4.05 percent, and the building rental segment was recorded at US$701 thousand or 0.59 percent of consolidated revenue.Meanwhile, as an effort to strengthen the structure and revenue portfolio, in 2021 KOBX has added business lines namely sales, repair and sales of spare parts for Mercedes-Benz heavy duty trucks, as well as mining contractors. Previously, the Association of Indonesian Heavy Equipment Sole Agents (PAABI) recorded sales in January 2022 reaching 1,700 units, above the monthly average in semester II/2021 of 1,400 units. Meanwhile, throughout 2021, heavy equipment sales rose 110 percent to 14,560 units from the 2020 achievement of 7,200 units. "Mining is the most significant driver, both in coal and nickel, which drives coal and nickel," said PAABI Chairman Etot Listyono.Source: https://market.bisnis.com/read/20220404/192/1518895/berkah-batu-bara-penjualan-alat-berat-kobexindo-kobx-melesat-200-persen

The Indonesian Mining Association aka the Indonesia Mining Association (IMA) highlighted the revocation of the Mining Business License (IUP) by the Minister of Investment/Head of the Investment Coordinating Board (BKPM). The Daily Executive Director of the Indonesian Mining Association (IMA) Executive, Djoko Widajatno, assessed that there was confusion in the revocation of the IUP by the Head of BKPM.According to Djoko, the revocation of the authority to revoke the IUP should be in the hands of the Minister of Energy and Mineral Resources based on Law Number 3 of 2020 (UU Minerba), while the revocation of the IUP by the Head of BKPM/Minister of Investment is only based on the rules at the presidential decree level (keppres). ), namely Presidential Decree Number 1 of 2022 concerning the Task Force (Satgas) for Land Use Management and Investment Management."So the question becomes whether the Presidential Decree hierarchy has defeated the Act, this is what makes the decision ambiguous," said Djoko to Kontan.co.id (1/4). As is known, the Minister of Investment/Head of BKPM, Bahlil Lahadalia revoked 387 IUPs from February 2 to March 5, 2022. The revoked IUPs consist of 250 IUPs for mineral mining and 137 IUPs for coal mining.Previously, the revocation of the IUP by the Minister of Investment/Head of BKPM was also questioned by Member of the Indonesian House of Representatives Commission VII Rico Sia in a Hearing Meeting with Commission VII DPR RI, last Thursday (31/1)."This permit was issued by ESDM, but how could it be revoked by another ministry," Rico asked in RDP (31/3).Rico's question was then responded to by the Director General of Mineral and Coal of the Ministry of Energy and Mineral Resources, Ridwan Djamaluddin, who was present at the RDP. Ridwan explained that currently all permits are centralized at BKPM through a one-door scheme or Online Single Submission (OSS).In this context, Presidential Decree No. 1 of 2022 has been issued which establishes a task force for land use management and investment management."The members are the Minister of Energy and Mineral Resources, the Minister of ATR, and the Minister of LHK. In fact, it was the task force that revoked this task, in which the chairman of this task force was the Minister of Investment. So the revocation and arrangement mechanism is carried out by a task force formed through Presidential Decree Number 1 of 2022," explained Ridwan in the RDP (31/3).A little information, Law Number 3 of 2020 does mention the revocation of IUP by the minister. Article 19 of Law Number 3 of 2020 states that an IUP or IUPK can be revoked by the Minister if the IUP or IUPK holder does not fulfill the obligations stipulated in the IUP or IUPK as well as the provisions of laws and regulations, the IUP or IUPK holder commits a criminal act as referred to in the Law. or the holder of an IUP or IUPK is declared bankrupt.Source: https://industri.kontan.co.id/news/indonesia-mining-association-ima-ada-kerancuan-dalam-pencabutan-iup

PT PP Presisi Tbk pocketed a new contract worth IDR 1 trillion in the first three months of 2022. This figure increased significantly by 26% year on year (yoy) from the same period last year of IDR 444.1 billion. The new contract was obtained from mining development for the Weda Bay Project amounting to Rp 222.5 billion, Halim Airport Revitalization Rp 46.7 billion, North Sumatra Binjai Railway Rp 85.8 billion and subsidiary PT LMA in the Basic Engineering Design Road Hauling project amounting to Rp 72. ,6 billion.President Director of PT PP Presisi Rully Noviandar said, all of these projects were nickel mining service projects and civil work projects that his party had worked on both from PP Presisi and from PT LMA.Meanwhile, based on the new contract business line until March 2022, it was obtained from the civil work business line of Rp 392.4 billion (up 38.4%), mining services Rp 538.2 billion (52.67%), structure work Rp. 6.92%), production plant and heavy equipment rental Rp 20.6 billion (2.01%)."Until March 2022, new contracts from external parties dominate the acquisition of new contracts with a contribution of 95% coming from the non PP group and 4% from the group," said Rully in a written statement, Monday (4/4/2022).He added, with the dominance of the acquisition of new contracts, this made the Company's positioning as the main contractor of civil construction and mining services increase.With these competitive numbers, Rully is optimistic that his party will be able to achieve the 2022 target by making mining services the main contributor to the Company's performance. Recurring income from this business is also believed to support cash flow .In addition to focusing on obtaining new contracts, PT PP Presisi also focuses on performance progress, both in civil works and mining services, which is reflected in the continuous acquisition of new contracts in the mining development of the Weda Bay Project."The company will continue to seek new contracts and even exceed it by focusing on the nickel mining sector and integrated national strategic projects," concluded Rully.Source: https://www.cnbcindonesia.com/market/20220404132920-17-328560/pp-presisi-kantongi-kontrak-rp-1-t-di-kuartal-i-2022

Idemitsu Kosan Co Ltd, Japan, sold off 30% of its portion in PT Mitrabara Adiperdana Tbk (MBAP) of IDR 430.77 billion in a transaction taking place yesterday (30/3). At the same time, PT Wahana Batubara Indoensia (WBI) entered as the new shareholder, claiming the said 30% of MBAP.Chandra Lautan, Corporate Secretary of Mitrabara Adiperdana, mentioned that the said portion transfer was decided by Idemitsu in relation to its focus on the new and renewable energy (NRE) business. “In spite of its decision to continue its coal business in Indonesia, Idemitsu divested its shares in the company,” he explained in the information disclosure quoted Firday (1/4).Idemitsu’s shares involved in the said transaction amounted to 368,181,600 units, sold for IDR 1,170 each.WBI then became the shareholder of 30% of MBAP, acquiring the same 368,181,600 shares for IDR 1,170 each, totalling IDR 430.77 billion.After this transaction, MBAP’s shareholders now consist of WBI of 30%, PT Wahana Sentosa (WS) of 60%, and public investors of 10% of the total 1,227,271,952 shares. Prior to this, Idemitsu Kosan claimed the 30%, and the rest was unchanged. Source: https://www.idnfinancials.com/news/42693/idemitsu-kosan-sold-shares-mitrabara-adiperdana