Bougainville Copper (BOC) H2 2024 earnings summary

Executive summary

• Recorded a consolidated net loss of K13.4 million for 2024, widening from K8.3 million in 2023, mainly due to increased expenditure on exploration and stakeholder engagement following the extension of the EL01 exploration licence.

• Secured a five-year extension of the EL01 exploration licence in January 2024, providing project tenure certainty and enabling intensified pre-feasibility and stakeholder activities.

• Signed a milestone Land Access and Compensation Agreement (LACA) with project area landowners in November 2024, facilitating further project advancement.

• Leadership changes included the passing of CEO David Osikore in August 2024 and the appointment of Johnny Patterson Auna as CEO in January 2025.

• Continued focus on community support, stakeholder engagement, and progressing the Panguna mine redevelopment.

Financial highlights

• Consolidated net loss after tax: K13.4 million in 2024 vs K8.3 million in 2023.

• Investment and other income: K3.4 million in 2024, slightly down from K3.5 million in 2023.

• Net assets: K80.4 million at year-end 2024, down from K96.1 million in 2023.

• No dividend declared for 2024; company remains debt free.

• Realised gains on sale of investments: K6.4 million in 2024 (transferred to retained earnings, not income statement).

Outlook and guidance

• Pre-feasibility and feasibility studies to continue in 2025 to affirm project bankability.

• Focus on advancing exploration activities, social mapping, and economic modelling.

• Exploring mining and investment partnerships to unlock Panguna’s full potential.

• Sufficient funds to cover planned recurrent expenditure in 2025.