Bougainville Copper (BOC) H1 2025 earnings summary

Executive summary

• H1 2025 net loss widened 17.7% YoY to K7.357m as lower investment income and higher exploration and legal costs outweighed investment fair-value gains.

• EL01 exploration activities restarted after the five-year licence renewal in 2024; remediation works under the ABG-BCL-Rio Tinto agreement also began in June.

Financial highlights

• Revenue from ordinary activities fell 10.4% YoY to K1.416m, mainly reflecting lower dividends and interest as investment assets were liquidated for operational needs.

• Expenses rose to K8.774m from K7.833m, including higher administration, exploration activity and legal/advisory fees tied to Panguna legacy proceedings.

• Net loss was K7.357m versus K6.253m; other comprehensive income was K6.374m, producing a total comprehensive loss of K0.983m versus K9.789m.

• Net operating cash outflow was K6.886m; K6.991m of investment-sale proceeds supported investing cash inflows of K6.943m.

Outlook and guidance

• EL01 technical and pre-feasibility studies are underway, alongside landowner access and compensation agreements and continued stakeholder engagement.

• Infrastructure remediation with the Autonomous Bougainville Government and Rio Tinto is expected to continue through 2026; Phase 1 PMLIA results are expected in Q4 2025.