Joint Press Release From MRA and PanAust Limited
30 Oct 2023 Frieda River Project

Joint Press Release From MRA and PanAust Limited

Mineral Resources Authority’s (MRA) Acting Managing Director (AMD) Jerry Garry, has assured the owners of the Pan Aust Limited, that the PNG Government was committed to progressing the Frieda River Project
Special Mining Lease (SML) application, in accordance with the legal process.

PanAust is the company that has been operating the Frieda River Copper-Gold project since 2014. The
project is currently in a pre-development stage pending assessment of its application for an Environmental Permit (EP) and a Special Mining Lease (SML).

Mr Garry told the owners, Guangdong Rising Holding Group (GRHG), a Chinese infrastructure investment
company owned by the Guangdong Government, that the Frieda River Project was an important project to the PNG Government.

The GRHG delegation met with Mr Garry on Wednesday Oct 25 at the MRA office. Mr Garry said his team was currently focused on re-opening the Porgera Mine and progressing the Wafi Golpu project. However, he said the State was determined to commence initial work on the Frieda project SML application in the first quarter of 2024. He said that by the second quarter, his team would be fully committed to progressing the application.

The AMD said the main issue for the application would be around the integrated Tailings Storage Facility (TSF) and hydroelectric dam, which has been the subject of independent expert reviews. The dam will be discussed in detail with independent world renowned dam experts from PNG and abroad.

The Acting Managing Director for the Conservation Environment Protection Authority (CEPA) Jude Tukuliya was also present at the meeting. Both MRA and CEPA AMDs gave updates on the respective processes involved in the permitting of the SML and EP. They also gave a run down on where both processes were with respect to timelines.

The visiting delegation included representatives from the State-owned Assets Supervision and Administration Commission (SASAC), which is a department within the Chinese government that supervises and manages state-owned assets.

The SASAC Deputy Director Mr Xiaoyun Wang said the purpose of SASAC’s visit to the MRA was to show their support and confidence in the Frieda River Project, and also to familiarize themselves with the EP and the SML permitting processes for the project.

He said their visit followed PNG Prime Minister Honourable James Marape’s visit to Guangdong Province,
where Hon Marape met with the Governor for Guangdong, Mr Wang Weizhong. The meeting between the two leaders was an extension of PM Marape’s participation in the Belt & Road Initiative, hosted by the
President of the Republic of China, Xi Jinping, this month.

In his closing remarks, AMD Garry commended the Marape-Rosso Government for initiating business and
investment opportunities for the country especially in the resource sector. He said the PNG mining industry Minerals for Life needs financial backing and the investment opportunities being provided the government was welcoming news for the sector.

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Mr Lei Feng

Non Executive Director
MBA, FCCA

Mr Lei Feng has over 20 years of financial management experience in various sectors including printing, packaging, shipbuilding, grain trading, mining and finance.

Mr Feng began his career in 2004 as a Financial Accountant at C & C Joint Printing Co., (Guangdong) Ltd., after completing a Masters of Business Administration degree between 2002 and 2004 at Sun Yat-Sen University.

After five years, in 2009, Mr Feng was appointed as Financial and Executive Manager at Heshan Innopak Co., Ltd. Since 2013, Mr Feng has held senior financial positions with various Guangdong state-owned companies regulated under the State-owned Assets Supervision and Administration Commission.

In 2013, Mr Feng took up a new appointment as Financial Controller, at Guangxin Shipbuilding and Heavy Industry Co., Ltd and was appointed in 2016, as the Financial Controller with Donlink Group Co., Ltd.

In 2018, Mr Feng joined Guangdong Rising Holdings Group Co. Ltd., (GRHG) as the Deputy General Manager of the Finance Department and later in 2020 he was appointed as General Manager of Finance. In early 2022, Mr Feng took on his current position of General Manager of Guangdong Rising Investment Development Co., Ltd, with GRHG.

Mr Feng became a Non-executive Director of the PanAust Limited Board of Directors on 10 May 2022.

Mr Daling Zheng

Managing Director and Chief Executive Officer
MCom, MBA, PGDip

Mr Daling Zheng is PanAust Limited’s Managing Director and Chief Executive Officer. He has 20 years of experience in asset management and investment in China and internationally and holds a Master of Commerce (Applied Finance) from the University of Queensland, an MBA from Murdoch University, and a postgraduate diploma from the Queensland University of Technology.

Prior to joining PanAust Limited, Daling worked for Shenzhen Zhongjin Lingnan Nonferrous Metal Co. where he was involved in mergers, acquisitions, and the asset management of international mines.

Daling’s previous experience includes as an investment approval officer in the Investment Management Committee of the China Ping An Group where he was responsible for the acquisition of global-listed companies and commercial banks, underwriting, investing in corporate bonds, and participating in Moody and Standard & Poor’s credit rating on Ping An Group. He has also been responsible for corporate banking at the China Minsheng Bank, and was an analyst in the energy and nonferrous metal industry at CITIC Futures.

Daling was appointed an Executive Director of PanAust Limited on 27 August 2018, Chief Financial Officer on 15 January 2019 and Deputy Chief Executive Officer on 23 July 2020. In 2022 Daling was appointed as Managing Director and Chief Executive Officer of PanAust Limited.

Mr Shu Yao

Chairman
BEng, MBA

Mr Shu Yao is a Mining Engineer with over 30 years’ of experience in mining operations and management.

Mr Yao joined Shenzhen Zhongjin Lingnan Nonfemet’s (Nonfemet) Fankou Mine – one of the largest lead and zinc producing mines in Asia – in 1989 as a Mining Technician. He would later serve as the Mining Manager, General Manager of the Mining Department, and Assistant General Manager during his 26 year tenure with the Mine.

In 2015, Mr Yao transitioned to work directly for Nonfemet as the Assistant President; General Manager of the Mineral Resource Department. While with the Company, Mr Yao would go on to hold the roles of Deputy President and Director, and Executive Deputy President and Director.

In 2020, Mr Yao transitioned to his current role of Chairman of Guangdong Rising Investment Development Co. Ltd; a first tier subsidiary of Guangdong Rising Holdings Group Co. Ltd.

Mr Yao became the Chairman of PanAust Limited on 11 May 2021.