Ok Tedi announces an exceptional 2025 Half Year Performance

Ok Tedi Mining Limited (Ok Tedi) is pleased to announce its exceptional half year performance results for 2025, showcasing yet another successful period of disciplined operational and financial excellence.

“The half year performance of 2025 has been built on from the 2024 performance of resilience, collaboration, and achievement for Ok Tedi. These results reaffirm our commitment to creating value for all stakeholders while upholding our responsibilities to the people of Papua New Guinea and future generations.

Our focus on sustainable growth under the Growth 2050 framework ensures that we are well-positioned for the challenges and opportunities that lie ahead,” Mr Ilimbit said.

“Our unwavering commitment to responsible mining practices and sustainable development has delivered outstanding outcomes for stakeholders, employees, and the communities in which we operate.”

Ok Tedi is a 100 percent Papua New Guinea (PNG) owned entity with 67 percent direct shareholding by the Independent State of PNG and the people of Western Province holding a 33 percent interest. 100% of the benefits from its operations are distributed to the people of Western Province and the State.

“Our profitability of US$435M in the first half of the year is US$223M higher than the budget of US$212M and is directly attributed to higher commodity prices and higher sales volume, as well as a revaluation gain of US$100M due to higher copper and gold forward prices.

We have produced 54Kt of copper and 151Koz of gold, further demonstrating our focus on disciplined and committed performance as well as continuous business improvement,” said Kedi Ilimbit, Managing Director and Chief Executive Officer.

“We remain committed to our Growth 2050 strategy of balancing value accretive growth with returns to shareholders, and our strong balance sheet and commercial strategy provide us with resilience and the ability to continue to create value amidst market uncertainty.”

“With these significant achievements and solid mid-year performance, we remain committed to deliver to our goal of performing as well as we did in 2024 while maximising on areas that will improve our performance to meet our 2025 targets. We also continue our Growth 2050 strategic path towards ensuring our Vision 2050 is achieved,’’ Mr Ilimbit added.

First Half 2025 Highlights

• Total Recordable Injury Frequency Rate (TRIFR) was 0.36, versus a target of 0.42.
• Produced 226Kdmt of concentrate, 54Kt of copper metal and 151Koz of Gold.
• Gross revenue of US$1.1billion (PGK4.5 billion) was US$553 million or 100% higher compared to the corresponding period in 2024 of US$551 million (PGK2.1 billion). This reflected the favourable metal prices and higher shipments.
• Profit (after tax expense) was US$435 million (PGK1.8 billion) was higher compared to the corresponding period in 2024 of US$174 million (PGK658 million) and benefitted from the higher revenues.
• Royalties paid were US$20.7 million (PGK85 million) which was higher than the US$10.1 million (PGK38 million) paid in Half 1 2024. This reflects relatively higher revenue.
• Taxes paid during the first half were US$73.7 million (PGK298.1million) compared to US$43.7 million (PGK164.8 million) in Half 1, 2024. The increase is mainly attributed to company income tax, salary and wages tax, production levy and goods and services tax.
• On track to meet Full Year 2025 guidance, with first half results in line with indications provided in June 2025
• Delivered US$73.6 million (PGK300 million) in total returns to shareholders through Half 1 interim dividend payments
• Maintained a strong and flexible investment-grade balance sheet, ending the first half with US$221million (PGK905.5million) in cash at bank

First Half 2025 Production, Sales and Financial Summary

Community Mine Continuation Agreement review progressed smoothly within budget and safely with support from all stakeholders. Fourth working group meeting that finalises the package is currently being held in Tabubil and Daru to raise the profile and significance of Ok Tedi as a nationally owned mining company.

Growth 2050 Strategy Ok Tedi is steadfastly pursuing its Growth 2050 strategy, which focuses on long-term sustainability, operational excellence, and community benefits.

Key initiatives include:

• Tailings Storage Facility (TSF)
• Engineered Waste Rock Dumps
• New Switch Room at KM59 & Gundagai
• Pyrite Concentrate (PCon) Pit 4a Construction
• Copper Mark Certification • Electrification & Energy Transition Strategy
• Tabubil FIFO Village
• Bige Development
• Kwalimu Haus in Port Moresby
• Distillation Plant
• Accessibility to Diesel & Jet A1 Storage & Supply Facilities in the country
• Mergers & Acquisition opportunities – The Misima Mine acquisition
• Digital Mining Transformation.

Ok Tedi’s 2025 Guidance Ok Tedi remains on track to meet its previously budgeted 2025 guidance of:

• 428,000 tonnes of copper concentrate
• Total operating expenditure of US$607 million (K2.4 billion)
• Capital expenditure of US$357 million (K1.4 billion)
• Revenue generation of US$1.5 billion (K6 billion)

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