Bougainville Copper (BOC) AGM 2025 summary

Opening remarks and agenda

• Warm welcome extended to all attendees, with the meeting streamed online for virtual participation and interactive Q&A and voting facilities available.

• Notice of meeting taken as read, and voting conducted by poll on all items of business, with online and in-person voting options.

• Introduction of board members and clarification of voting rights for shareholders and observers.

Financial performance review

• Recorded a loss of PGK 13.4 million for 2024, compared to a loss of PGK 8.3 million in 2023, mainly due to project commitments and feasibility work.

• Net assets stood at PGK 80.4 million, down from PGK 96 million the previous year; company remains debt free with sufficient funds for 2025.

• Income from interest and dividends was PGK 3.4 million, and realized gains on investment sales were PGK 6.4 million, not included in income statement.

• Fair value of investments decreased by PGK 2.3 million in 2024.

Board and executive committee updates

• CEO David Osikore passed away in August 2024; Johnny Patterson Auna appointed CEO in January 2025, bringing extensive finance and management experience.

• Board composition reflects local representation, with four of six directors being Bougainvillean.

• Board supports reelection of directors Kearnneth Nanei and James Rutana; vacancy from Osikore's passing deferred.