MESSAGE FROM CHAIRMAN SIR MELCHIOR TOGOLO

As a local company we appreciate the feedback we get from people across Bougainville, and we are of course very supportive of Bougainville as a whole. This is reflected by the fact that four of our six company directors, including myself, as well as our CEO are all proud Bougainvilleans. We also have 13 full-time employees in Bougainville, all of whom are Bougainvilleans.

It is true that over time the redevelopment of the Panguna mine will deliver broad benefits for all of Bougainville, including new revenue streams, the development of local infrastructure and services, as well as new employment, training, and business development opportunities.

As many of you would be aware, we are currently in a project pre-feasibility stage, operating under our five-year ELO1 exploration licence that covers the Panguna project area. This was renewed in January 2024. The reality is, at this stage BCL's resources are limited as we are not generating mining revenues. As a result, we do prioritise the Panguna project area in terms of the modest levels of community support we provide to local schools, aid post and the like. This is consistent with our EL01 obligation and to Panguna area landowners.

With an eye to the future, however, we are also exploring investment and mining partnership opportunities that will be essential to ultimately realising those broader benefits mentioned earlier.

Thanks again for your feedback and support and God bless.

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