Subsidiary of Singapore-owned Powerplus Group awarded licence to explore and mine copper, gold and manganese in Papua New Guinea

SINGAPORE - Media OutReach Newswire- 22 March 2024 - In late 2023, one of Powerplus Group Pte Ltd's ("Powerplus Group") subsidiaries, Niugini Resources and Investments Pte Ltd ("NRI"), a Singapore-based mineral exploration and development company, secured a concession as large as the country it is headquartered in for copper, gold and manganese.

Powerplus Excavators are robust equipment used for mining operations globally.

The size of the concession which NRI was awarded with on 31 October 2023, by the grant of Minister, spans a land area of 202 sub-blocks which translates to approximately 700 square kilometers. This award is a culmination of a Warden's Hearing conducted on 30 August 2022 and an intensive deliberation by the Mining Advisory Council from the Mineral Resources Authority of Papua New Guinea. Substantial anomalies of copper, gold and manganese deposits have been observed in its initial phase of investigations and further feasibility studies are underway. Based on the workplan, NRI is scheduled to commence full scale operations by the end of 2024.

Comparison between the total land area of Singapore vs total land area of NRI’s mining concession.

NRI's parent company, Powerplus Group, is a leading global manufacturer of heavy construction and mining equipment, with a history dating back to more than half a century ago. Powerplus Group offers a wide spectrum of products with its core product range revolving around earthmoving and transportation equipment, which is essential for any mining operation.

With the industry knowledge and technical expertise amassed over the decades from supplying equipment to established mining operations in Australia, Chile, Georgia, Ghana, Indonesia, South Africa and Tanzania, to the likes of Georgian Manganese Holding, Newmont Corporation, Vale S.A., PT Bukit Asam Tbk, etc, just to name a few, this venture is considered to be a natural extension of Powerplus Group's business as equipment supply will definitely not be an issue.

A fleet of Powerplus Excavators, Bulldozers & Articulated Dump Trucks which are used for general mining applications.

NRI has since brought onboard a team of specialists from Australia, Indonesia and Papua New Guinea to perform in-depth studies of the mineral reserves of this mine, located in Rigo District, which is about an hour's drive of the nation's capital, Port Moresby. By applying modern mineral systems concepts with advanced desktop analytical techniques coupled with its prowess in heavy equipment, NRI intends to secure several further licences surrounding its current concession for further field work.

NRI's chief geologist, Mr Chris Wamugl, has recently reported that the findings of mineral composition have proven to be highly exceptional and the resources discovered are not limited to just copper, gold and manganese. Other minerals such as silver, cobalt and even nickel were also sighted and samples have already been sent for laboratory testing to determine their respective grades.

Powerplus Group remains committed and reassures the communities affected by this mining project that it will strictly adhere to safe and responsible operating procedures so as to minimize the impact to the environment and improve the standard of living of the people.

Warden’s Hearing conducted at Kwikila Station by Mineral Resources Authority on 30 August 2022. Left: Photo of Mr Marcus Ong, CEO of Powerplus Group, with PNG Mineral Resources Authority Officer. Right: Photo of local communities surrounding EL2744 who will benefit from the new jobs created and economic growth

"We are fully committed to operating in a safe and responsible manner to uphold the quality of living standards for the communities and to ensure the long-term sustainability of this project." As emphasised by Mr Marcus Ong, CEO of Powerplus Group regarding the plans on the mining and exploration licence awarded.

Due to the large scale of this project, Powerplus Group welcomes interested parties to enter into joint ventures with its subsidiary NRI to hasten the development of this mine. For more information, visit Powerplus Group's page at www.powerplus.us/png2024 or write in to [email protected].

https://powerplus.us/https://www.linkedin.com/company/powerplus-group/https://twitter.com/powerplusgrouphttps://www.facebook.com/powerplusgroupusahttps://www.instagram.com/powerplusgroupusahttps://www.youtube.com/@POWERPLUSGROUPhttps://powerplus.us/png2024/

Hashtag: #mining #construction #heavymachinery #mineral #exploration

The issuer is solely responsible for the content of this announcement.