Ok Tedi Mining Limited (OTML) hereby issues this statement to address the factual inaccuracies contained in the recent ASX Announcement by Cosol Limited on 11 July 2023.

We have recently become aware of Cosol’s ASX Announcement titled “Cosol signs $17m contract to deliver asset management services to global leader in Copper and Gold Mining,” which contains several significant factual inaccuracies.  We would like to clarify and correct the misinformation provided in their announcement to ensure accurate and transparent communication with our stakeholders and the public.

Contrary to the assertions made by Cosol, the scope of OTML’s contract engagement with them does not involve a sole contract at $17 million dollars, nor does it involve the provision of end- to-end asset management.

The accurate representation is that three contract engagements have been entered into with scope that solely pertains to contract renewals and extensions for existing services.  These engagements comprise of the following activities; continued provision of SAP Application Management and Support Services; continued support of our standard operating environment and the continued engagement of resources on a T&M basis for other application support and project services as required.

These engagements have been entered into for a three year period and contain a termination for convenience clause of not greater than 30 days, representing our total commitment at any one time.

We regret any confusion or misunderstanding that may have arisen as a result of the inaccurate information provided in the announcement. We reiterate our commitment to providing accurate and reliable information to our stakeholders and the public.