ARAWA, Papua New Guinea, June 21, 2026 (GLOBE NEWSWIRE) -- Island Passage Exploration Limited (IPX or the “Company”) and its customary landowner company partner, Isina Resource Holdings Limited (IRHL) have made payments of 201,100 PGK ($46,103 USD or $64,320 AUS) to Takuang Osikaiang Holdings Ltd. (Takuang) under the terms of the Land Access and Compensation Agreement (LACA) entered into between the Parties on May 28, 2025 at a ceremony presided over by the Honourable Ishmael Toroama, President of the Autonomous Bougainville Government. The 2025 LACA was a renewal of a LACA originally entered into in 2017.
Takuang was incorporated by the customary landowners of EL02 for the purposes of receiving LACA payments and using them for direct compensation for impacts and as a vehicle to make further community investments. Of the 201,100 PGK, 25,000 was for access and 176,000 for compensation. The payments made reflect LACA payments due for exploration activities undertaken in 2024 and 2025.
The Honourable Member Mr. Justin Borgio, Chairman of Takuang Holdings Ltd said “I am really pleased as an elected member. Unlike other projects, I haven’t seen any LACA payment done like this now and I congratulate IRHL and Island Passage this is a milestone. I haven’t seen anyone in the region doing this. This clearly demonstrates that some things have now been done according to plan and it went well. This is a real partnership that binds us and makes us work together for the success of the project. All stakeholders have contributed to bring us this far, congratulations.”
