Update on Future Metal Holdings

07 August 2020

ADAMAS FINANCE ASIA LIMITED

("ADAM" or the "Company")

Update on Future Metal Holdings Limited

Adamas Finance Asia Limited, the London quoted pan-Asian diversified investment vehicle focused on providing shareholders with attractive uncorrelated, risk adjusted long-term returns, is pleased to announce that, further to the announcement on 3 July and 5 August 2020, the Company's portfolio company, Future Metal Holdings Limited ("FMHL"), has successfully completed its Mining Licence renewal on 6 August 2020, after securing all necessary approvals from the local Ministry of Natural Resources. The renewed Mining Licence has a validity period of three years and permits a maximum annual dolomite production capacity of 300,000 tonnes.

John Croft, Chairman of Adamas Finance Asia Limited, commented:

"I am pleased that Future Metal Holdings Limited has secured renewal of its Mining Licence as expected. Quarry operations resumed in mid-March this year after a temporary pause due to the pandemic. The mine is now in production and expects to continue for the remainder of this year.

I look forward to providing our first financial guidance for the quarry for the 2020 year by early September as recently announced. The local management team is now focussed on sales for of the quarry's product to domestic construction companies as the local economy recovers from the effects of recent events."

For further information, please visit FMHL's website at www.futuremetalholdings.com or the Company's website at www.adamasfinance.com and follow the Company on Twitter (@AdamasFinance).

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About Adamas Finance Asia

Adamas Finance Asia Limited (ADAM) is quoted on the AIM Market of the London Stock Exchange and is committed to providing shareholders with attractive uncorrelated, risk adjusted long-term returns from a combination of realising sustainable capital growth and delivering dividend income.

The Company is focused on providing growth capital and financing to emerging and established Small and Medium Enterprises (SME) sector throughout Asia, well diversified by national geographies, instruments and asset classes. This vital segment of the economy is underserved by the traditional banking industry for regulatory and structural reasons.

The Company's investment manager, Harmony Capital, seeks to capitalise on its team's established investment expertise and broad networks across Asia. Through rigorous diligence and disciplined risk management, Harmony Capital is dedicated to delivering attractive income and capital growth for shareholders with significant downside protection through selectively investing in assets and proactively managing them.

Harmony Capital is predominately sourcing private opportunities and continues to create a strong pipeline of attractive income generating assets from potential investments in growth sectors across Asia, including healthcare, fintech, hospitality, IT and property.