Ok Tedi Mining Limited (Ok Tedi) is pleased to announce that the Government of Papua New Guinea has officially granted a two- year extension to Exploration Licence EL 1747 for the Misima Deposit in the Milne Bay Province held by its wholly owned subsidiary, Misima Minerals Limited.

The approval and granting of the licence extension marks a critical milestone for the Misima project, and for Ok Tedi, following the acquisition earlier this year.

The granting of EL 1747 resolves the final regulatory requirement and allows Ok Tedi to proceed with planned exploration, development and community engagement activities for the Misima deposit.

As a PNG based and owned company, Ok Tedi’s acquisition and development of the Misima deposit is particularly significant. It demonstrates the ability of local companies to lead resource development, generate economic opportunities for PNG, create employment opportunities for local communities, and contribute to sustainable national development.

This licence represents a significant step forward in unlocking the resource potential of the Project, advancing economic opportunities, and support sustainable mining in the country.

Commenting on the licence grant, Ok Tedi Mining Limited Managing Director and Chief Executive Officer Kedi Ilimbit said: “We are delighted to have received the licence extension from the government, enabling us to move forward with our plans for Misima.

“This achievement reflects OTML’s ongoing commitment to responsible resource development and sustainable engagement with local communities.’’ Mr Ilimbit said Ok Tedi remains committed to working closely with stakeholders, including government authorities, landowners, and communities to ensure to ensure that exploration and development activities are conducted safely, sustainably and in line with national and international best practice.