Timah Resources Limited (ASX:TML) has lodged a Report and Valuation forming Annexure A to the Notice of Extraordinary General Meeting scheduled for 9 December 2026, with the valuation establishing an estimate of market value for a 12 MW Biomass Power Plant located in Segaliud, Kinabatangan, State of Sabah, Malaysia.

Key Points

  • The valuation covers a 12 MW Biomass Power Plant and its proposed extension, with a material date of 14 January 2025 based on a physical inspection conducted by Senior Valuation Executive Mr. Joe C. S. Chan.
  • The Biomass Power Plant is located off Jalan Sandakan-Lahad Datu (part of the Pan Borneo Highway) in Segaliud, Kinabatangan, State of Sabah, Malaysia.
  • The combined land area across four country lease parcels totals 10.7700 hectares or 26.6132 acres, with the principal parcel of 7.0700 hectares held in Country Lease No. 075561929 belonging to Cash Horse (M) Sdn Bhd.
  • The valuation basis is market value as defined under Standard 1 of the Malaysian Valuation Standards issued by the Board of Valuers, Appraisers and Estate Agents, Malaysia, with plant, machinery and equipment valued as a whole, in-situ and as part of a going concern.

Valuation Scope and Methodology

According to the filing, the purpose of the valuation is to establish an estimate of market value of the 12 MW Biomass Power Plant together with the proposed extension of the plant as at the material date of valuation. The valuation is conducted on a market value basis, defined as the estimated amount for which a property should exchange between a willing buyer and a willing seller in an arm's-length transaction after proper marketing, with both parties acting knowledgeably, prudently and without compulsion. Plant, machinery and equipment have been valued as a whole, in-situ and as part of a going concern.

Property Particulars and Land Holdings

The subject property comprises the Biomass Power Plant belonging to Cash Horse Sdn Bhd, installed with plant and machinery within several industrial buildings and structures, and includes an office building and workers' quarters. The plant sits across four parcels of land: part of Country Lease No. 075320151 (0.2000 hectares, Prolific Yield Sdn Bhd), part of Country Lease No. 075359634 (0.5000 hectares), part of Country Lease No. 075561901 (3.0000 hectares, Wong Tet Jung Plantations Sdn Bhd), and Country Lease No. 075561929 (7.0700 hectares, Cash Horse (M) Sdn Bhd), for a combined total of 10.7700 hectares or 26.6132 acres across the Districts of Sandakan and Labuk-Sugut.

Extraordinary General Meeting Timetable

The Report and Valuation was dated 6 November 2026 and lodged by order of the Board, signed by Company Secretary Andrew Wallis. The document forms Annexure A to the Notice of Extraordinary General Meeting scheduled to be held on 9 December 2026, and the filing states it should be read in conjunction with the Notice and its accompanying documents. A search of the Register of Final Titles at the Registry of Land Titles in Kota Kinabalu confirmed the subject property is described in the registered documents of titles as shown by copies of Country Leases dated 21 and 23 January 2025.