On 8 February 2018, Golden Energy and Resources Limited  ("GEAR"), Company’s direct subsidiary, announced its plan to issue Secured Notes on 14 February 2018 as follows:

1. Aggregate Principal Amount : US$ 150 million
2. Period : 5 years
3. Maturity Date : 14 February 2023
4. Interest Rate : 9.00 % per annum

The Secured Notes are secured, among others, by Golden Energy Mines Tbk ("GEMS")'s shares owned by GEAR.

Funds obtained from the issuance of the Secured Notes will be used for (i) US$ 50 million for the prepayment of amount  outstanding under a secured term loan facility and (ii) the remainder for general corporate purposes, including for potential acquisitions, joint ventures, and/or investments.