BCL re-affirms the application for renewal of exploration licence (EL1) is being processed

Bougainville Copper Limited (“BCL”, the “Company”) re-affirms its previously stated position that its application for the renewal of Exploration Licence 1 (EL1) over the Panguna Mine has satisfied the renewal application obligations of the Bougainville Mining Act 2015 (the Mining Act) and that the renewal application is being processed by the ABG Department of Mineral and Energy Resources (DoMER). This follows misleading statements in the media regarding the Panguna tenement.

DoMER is currently processing the renewal application in accordance with requirements under the Mining Act with a warden’s hearing scheduled for 11 December as part of this process.

The terms of EL1 are taken to have been extended under the Mining Act until the application is determined.

By Order of the Board