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.”
“On Behalf of the Directors of IRHL and Takuang Osikaiang limited, I would like to extend our sincere thanks to IPD, our Exploration Partner for their continued technical, financial and strategic support,” Mr. Glynn Tovirika, CEO of IRHL said. “Our shared vision for the EL02 license remains strong and this partnership is vital for unlocking the mineral potential of our customary lands while ensuring sustainable benefits for our local communities.” A more fulsome statement by Mr. Tovirika is appended below.
Donald McInnes, Chairman and CEO of Island Passage said “We have overcome significant bureaucratic obstacles that have prevented IPX and IRHL from making these payments prior to now. Like our direct work in communities and community investments, we look forward to working with Takuang to deliver further ongoing benefits to the people of south central Bougainville who live within the boundaries of EL02.”
Presentation of the cheque. Left to right: Dean Williamson, IPD Exploration Manager, Patrick Highsmith, IPX President, Peter Mouvo, Vice Chair IRHL, Sam Kauona, IRHL Director, Martin Kauori, Secretary Takuang Holdings, Amos Tarzie, Vice Chairman of Takuang Holdings, Hon Justin Borgia, Chairman Takuang Holdings and ABG Member for South Nasioi and Glyn Tovirika, CEO IRHL.
Arrival procession was led by a traditional singing group “Em Orait” which translated means “Its OK”.
About Takuang Osikaiang Holdings Ltd. Takuang was incorporated in 2026 as a customary landowners held company representing the people who live within the boundaries of EL02. Takuang has an independent Board of Directors representing the ten major clans of the South Naisio area.
About Isina Resource Holdings Ltd. IRHL was founded in 2009 with the directors drawn from the chiefs of the ten major clans and their subclans in south Central Bougainville. As the custodians of their customary clan-owned land, the directors represent the customary landowner families. In an exercise of sovereignty over their mineral rights, they applied for and were granted EL02 over their lands. The licence comprises 250 km2 and is situated 9 km SE of the Panguna open pit along the Crown Prince Range, and extends a further 26 km to the SE.
About Island Passage Exploration Ltd. IPX is a private Canadian company purpose built in 2022 to facilitate the finance, technical, commercial, and business development expertise that will be necessary to drive exploration and development on Bougainville. The Company is founded on the principle of responsible resource development in partnership with indigenous and customary landowners, and its leadership has a long track record of success on multiple such ventures. IPX holds an option to earn a 70% interest in the tenement from IRHL.
About Island Passage Development Ltd. The PNG company is 100% owned by IPX to bring exploration finance and technical capacity from Canada to Bougainville to carry out exploration on EL02.
For further information please go to islandpassage.ca
Or email Donald McInnes, Chairman and CEO, at [email protected] or +1-604-377-0002
Or email Mr. Glyn Tovirika, Director and CEO of IRHL at +675-7073-7492 or [email protected]
Or email The Honorable Member Mr. Justin Borgia, Chairman of Tukaung Osikaiang at [email protected] or +675-7018-5021 or
Or follow IPX on Facebook at (3) Island Passage Development | Facebook
Or follow IPX on Linked-In (22) Island Passage Exploration Ltd.: Company Page Admin | LinkedIn
PRESS STATEMENT BY THE CEO OF IRHL
Isina Resource Holdings Limited (IRHL) and Takuang Osikaiang Limited today issued a Joint Statement to formally thank their exploration Partner IPD, for their ongoing commitment and support regarding the EL02 Exploration license. Speaking on behalf of the Board of Directors of Both entities, IRHL Chief Executive Officer GLYN TOVIRIKA expressed profound appreciation for the robust partnership that continues to drive the exploration project forward.
“On Behalf of the Directors of IRHL and Takuang Osikaiang limited, I would like to extend our sincere thanks to IPD, our Exploration Partner for their continued technical, financial and strategic support,” Mr. Tovirika said. “Our Shared Vision for the EL02 license remains strong and this partnership is vital for unlocking the mineral potential of our customary lands while ensuring sustainable benefits for our local communities.
“The EL02 exploration license represents a significant milestone for local landowner companies highlighting a collaboration approach to resource development in the Region. The ongoing partnership with IPD ensures that exploration activities are conducted using world – Class standards, strict environmental safeguards and transparent community engagement.”
Mr. Tovirika emphasized that the continuation of this partnership reinforces investor confidence and stabilizes long term development goals for the project. The Joint Venture partner remains committed to working closely with regulatory authorities, local chiefs and Community stakeholders as the exploration phase progresses.
“I would like to announce major advancements in community engagement and economic sustainability with the EL02 Exploration tenement driven by our partnership with IPD.
“I deeply expressed our gratitude to IPD for their ongoing commitment; we have already delivered tangible benefits to local landowners.
“The partnership has successfully delivered critical educational support across the EL02 Tenement. Today IPD has supported 16 community schools located inside the EL02 tenement. In a major Infrastructure boost, the Joint Venture has also completed the construction of a new Teachers House for the ISINA COMMUNITY SCHOOL, ensuring better living conditions for educations for Educators and stabilizing local Schooling.
“Our partnership with IPD goes far beyond mineral exploration, it is about building the foundation of our communities. By investing heavily in 16 of our Schools and Housing our teachers. IPD is showing a true commitment to the future of Bougainville.”
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9f4298ad-257e-4b33-8fda-757bfb29099f
https://www.globenewswire.com/NewsRoom/AttachmentNg/c11d77fe-1675-4446-8a85-d35055e69a93
