Ok Tedi Mining Limited (“OTML’) has successfully renewed its Special Mining Lease (SML) 1 (0), gaining an additional 20-year lease term from 2022 to 2042. This is the second SML 1 (0) lease term extension for OTML.

The initial SML 1 (0) lease, granted in 1981 expired in May 2002 and was extended for another 20 years until its expiration in 2022. An application for the renewal of the SML 1 (0) and associated leases for mining purposes in compliance with the Mining Act 1992 provisions was lodged with the Mineral Resources Authority on Monday December 20th, 2021 resulting in the current extension grant.

The SML 1 (0) lease renewal includes renewal of 22 Lease for Mining Purposes (LMP) and two (2) Mining Easement which are tied to the term of SML 1 (0). The 24 ancillary leases hosts supporting infrastructure for the mining operations while the SML 1(0) lease is the host area for active mining and milling operations activities.

While speaking at the SML 1 Presentation event at the Stanley Hotel in Port Moresby on Tuesday, April 23rd, OTML Managing Director and Chief Executive Officer, Kedi Ilimbit, thanked all stakeholders involved in furnishing the extension of the SML 1(0) citing OTML’s gratitude and excitement in continuing to explore opportunities for sustainable resource development in the region while also providing social and economic benefits to its impact communities and the country.

”OTML remains committed to fulfilling our environmental, legal, and social obligations, maintaining positive relationships with the communities impacted by our operations, and securing the social license to operate, which is vital for our ongoing success,” Mr Ilimbit said.

The Company is also currently carrying out its awareness sessions throughout its impacted communities in preparation for its Community Mine Continuation Agreement (CMCA) extension review. The CMCA Extension Review project has commenced and is expected to be completed in October 2025 with the signing of the Agreement to continue mine operations.

OTML is actively pursuing strategic growth projects aligned with our current Strategic Business Plan, which are progressing successfully and anticipated to generate K30 billion in social benefits over the next 27 years, including taxes, royalties, and dividend payments.

We remain focused on driving value for our stakeholders while contributing to the sustainable development of our communities and the broader economy.