Update on Future Metal Holdings Limited

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, announces that, further to the announcement on 3 June 2020, the Company's portfolio company, Future Metal Holdings Limited ("FMHL"), is now expecting to complete its Mining Licence renewal in Q3 2020. While the licence renewal process in underway, the quarry has continued to operate.

The renewal process for the Mining Licence was originally scheduled to completed in Q2 2020 and the local management team has submitted all the required documents for the renewal process. The reason for the minor delay in obtaining the Licence is primarily due to the addition of a new filing requirement as part of the renewal application by the local Ministry of Natural Resources (the "Ministry") in late 2Q 2020. The local management team has since completed this required filing. The Company is confident that FMHL will obtain the renewal in Q3 2020 as its application is entering the final review phase by the Ministry.

For further information, please visit the Company's website at http://adamasfinance.com and follow the Company on Twitter (@AdamasFinance).

FOR FURTHER INFORMATION, PLEASE CONTACT:

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.