Statement on PT Agincourt’s northward development at the Martabe Gold Mine

27 November 2025

Following a two-year pause for a period of extensive consultation and analysis, PT Agincourt Resources (“PTAR”) has announced that it will proceed with the development of a new pit in Tor Ulu Ala (TUA), an area to the north of the current footprint of the Martabe gold mine in Indonesia. PTAR is an Indonesian company owned by Astra International, which is a portfolio company of Jardine Cycle & Carriage, an investment holding company majority owned by Jardine Matheson.

As an engaged shareholder, Jardine Matheson is very supportive of the work of its portfolio companies in environmental impact mitigation, including PTAR’s significant efforts to enhance biodiversity and ecosystems adjacent to the mine at Martabe.

The decision to proceed with Martabe's development has been taken after a long period of planning and preparation. PTAR has taken extensive measures to minimise the impact of the mine on the surrounding habitat, including detailed surveys to assess biodiversity-related risks and conservation initiatives to support long-term ecosystem integrity. PTAR see it as their responsibility to help protect the Tapanuli orangutan given its critically endangered status, and we see it as our responsibility to support them in this regard.

Full details of the work PTAR has undertaken can be found on their website here.