Today we remember a great man — indeed a Great Grand Chief. Member for Hiri-Koiari Keith Iduhu stated that As we mark 50 years of Independence this year, today is an especially somber day as we celebrate the life and legacy of our founding father. “50 years of Independence would not be possible without the contribution of Sir Michael Somare, and many other founding predecessors who began our PNG story." "Prior to me entering politics, I was privileged to have an occasional catch up with Sir Michael, sometimes over a glass of wine, and discuss many topics of interest." "He was a great conversationalist, always had time for others, and enjoyed the comforts of our country." “On behalf of the people of Hiri-Koiari and family, I pay my respects to Great Grand Chief Sir Michael Somare." "May we continue to honour his legacy,” Mr. Iduhu said.

As the country reflect today on the life of our founding Father the Right Honorable Grand Chief Sir Michael Thomas Somare, a Dawn Service was held this morning at Kreer Heights in Wewak East Sepik Province to mark the four years since his passing. In attendance was his children, few close friends and the rest of the Somare family. Also present to witness the ceremony Member for Wewak Stanley Muts Samban, a few State Ministers and other government delegates, government officials, the Regimental Sergeant major of Moem Barracks and East Sepik Provincial Administration team. The Dawn Service was led by the 2nd Battalion Royal Pacific Islands Regiment (2RPIR) and its Commanding Officer Lieutenant Colonel Francis Vitata who gave the welcoming remakes and said that the late Grand Chief Sir Michael Somare treated the 2RPIR as his own. He said he is honored to be amongst the people of East Sepik to commemorate the fourth Anniversary of our founding Father and the first Prime Minister of PNG. "Today is one of those many days to come that our children will continue to observe and remember our great inspirational and visionary leader." "On behalf of the families of Moem Barracks, the officers, the family, men and women of the Battalion and the PNG Defense Force as a whole we stand together in commemorating the fourth anniversary of our late founding Father and our Sana (Chief)." "We pay our tribute to our late founding Father, we also pay our respect to Lady Veronica and the children Bertha, Arthur, Sana, Michael Jr. Dulciana. "We are blessed today for his sacrifice, dedication and commitment to the service he provided for his beloved country and his people." "Thank you Sana and thank you the people of East Sepik Province for making your Sana becoming the Sana of Papua New Guinea." "Happy Fourth Memorial Day."

Petroleum Minister Jimmy Maladina is leading a delegation of senior officials from the Department of Petroleum and the State Negotiating Team to undertake feasibility assessments on production sharing agreement (PSA) arrangements in Malaysia and Indonesia. The delegation met with senior officials from Petronas Malaysia on the 22nd of February 2025 to discuss the regulatory frameworks and fiscal regimes in their energy and hydrocarbon sectors. “Our purpose is to gain insight into regulatory frameworks, fiscal regimes, and institutional arrangements within the energy and hydrocarbon sectors.” These learnings will help us shape significant reforms in Papua New Guinea,” Minister Maladina said. The visit follows the National Executive Council’s (NEC) approval of drafting instructions for the National Petroleum Authority (NPA) Bill and amendments to the Oil and Gas Act 1998. Mr. Maladina emphasized that these engagements are crucial to ensuring PNG adopts best practices in managing its oil and gas resources. “We want to assess various production sharing arrangements and fiscal regimes in these countries to determine what could work best for PNG." The insights gained from these discussions will be invaluable as we enhance our regulatory and fiscal frameworks,” he stated. The Petroleum Minister reaffirmed the government’s commitment to thorough consultations with stakeholders to deliver effective reforms, including the establishment of the NPA in 2025. “We will continue engaging with industry stakeholders to ensure the reforms including the establishment of the NPA in 2025, serve the best interest of PNG.”

The South Pacific Brewery in partnership with the PNG Olympic Committee (PNGOC) and PNG Sports Foundation (PNGSF) has announced that the 2025 SP Sports Awards was officially launched today in Port Moresby. This year’s SP Sports Awards, now entering its 33rd edition with feature 13 categories under the theme, “Legends of Sports: 50 Years of Excellence and Inspiration”. The awards will honour and celebrate Papua New Guinea’s outstanding athletes for their achievements in both international and domestic competitions throughout 2024 and also recognize individuals who made a significant impact in their communities through sports last year. SP Brewery Corporate Affairs Manager John Nilkare highlighted the nomination process and the increase in nominations in 2024. “The online nomination has proven to be successful resulting in a significant increase compared to previous years." "Last year, we received a total of 223 submissions during the nomination period, of which 209 were through our online nomination." "Nominations can be submitted through the online portal via mail or by hand delivering entries to the PNG Olympic Committee office,” he said. The Categories: Male Athlete of the Year Female Athlete of the Year Carbin Club: Team of the Year Brands Pacific: National Performance of the Year Community Sports Initiative Coca—Cola Europacific Partners PNG: Junior Male Athlete of the Year Coca—Cola Europacific Partners PNG: Junior Female Athlete of the Year CPL: Para-Athlete of the Year Trukai Industries Limited: Sports Official of the Year Trukai Industries Ltd: Sports Media of the Year Sports Photo of the Year People’s Choice Award The Biannual Stan Joyce Award, which recognizes organizations that provide outstanding support through their continued partnership with sport in PNG. PNG Olympic Committee President Emma Waiwai said that the theme is a tribute to Papua New Guinea’s 50th independence with a focus on the progress of sports. “This year’s theme holds special significance as we celebrate Papua New Guinea’s 50th anniversary." "We reflect on the journey of our sporting legends, whose contributions have inspired generations and elevated PNG’s presence on the international stage,” she said. “Let's commit to making sports a shining example of what’s possible when people from all backgrounds come together in the spirit of competition and camaraderie." "Let’s celebrate the rich variety of humanity that sports bring together, and in doing so create a more inclusive and energetic sporting community for everyone,” Executive Director of PNG Sports Foundation Micah James said. Since its inception in 1992, the SP Sports Awards remains a significant platform in Papua New Guinea that recognize and inspires athletes to reach new heights.

Prime Minister Hon James Marape is in Honiara, Solomon Islands, to attend the Honiara Summit 2025, which is being hosted from the 24 to 27 February 2024 at the Honiara National Sports Stadium. PM Marape was met on arrival by Solomon Islands Minister for Foreign Affairs and Trade Peter Channel and senior Solomon Islands Government officials. PNG Minister for Fisheries and Marine Resources Jelta Wong who has been on the ground as the Honiara Summit talks on making wise use of marine resources including tuna fish from the region was on hand to receive Prime Minister Marape with Deputy Secretary Policy of the Department of Prime Minister & National Executive Council (NEC) Mr Frank Aisi. The theme of the Honiara Summit is Iumi Tugeda Delivering on SDG14.4: Achieving Sustainable Fisheries. The Summit is being hosted by The Solomon Islands Government with support from the Forum Fisheries Agency (FFA) made up of member countries of the Pacific Islands Forum (PIF). Prime Minister Marape during the opening of the Honiara Summit delivered his keynote address to the Summit on the Theme with an emphasise on the East New Britain Initiative, which calls for the processing of the marine resources like tuna fish caught in the PIF and FFA member countries to gather maximum benefit and create employment and revenue for the region from their marine resources. The ENB initiative promotes that concept. On his arrival Prime Minister James Marape was given a rare traditional Honor by Hon Willie Atu the Premier of Guadacanal Province of Solomon Islands who welcomed the leaders to the Honiara Summit and especially PNG Prime Minister James Marape as the bigger brother to receive gifts of food as a sign of respect to leaders before the Honiara Summit 2025 at the Friendship Hall at the Honiara National Stadium.

Westpac remains committed to supporting both graduates and employees new to the banking industry by providing opportunities to build essential banking knowledge. As part of this, ten staff members from various functions recently earned their Fundamentals of Banking certification from the Institute of Banking and Business Management (IBBM). The program provided essential training in banking principles, financial literacy, and customer service excellence, reinforcing Westpac’s commitment to building a knowledgeable and skilled workforce. The Fundamentals of Banking course ensures employees have a strong foundation in key banking concepts, enabling them to deliver exceptional service and support financial inclusion efforts in Papua New Guinea. Acting CEO Warren Bobin highlighted the importance of continuous learning in the banking industry stated that at Westpac, learning is central to how they empower their people and serve their customers. "Strengthening our employees’ knowledge helps us maintain high standards and drive meaningful financial progress.” “The initiative is part of Westpac’s broader strategy to develop industry-ready professionals capable of meeting the evolving needs of customers,” Mr. Bobin said. Westpac’s Senior Manager for Learning & Development, Iru Kali emphasised the value of banking fundamentals and said that solid understanding of banking principles is crucial across all roles. “This program equips our employees with the confidence and expertise to navigate the complexities of financial services.” Through Westpac’s effort in creating and encouraging a culture of learning, the bank continues to support both employee growth and the broader development of the banking sector in Papua New Guinea,” Kali stated.

As Papua New Guinea looks forward to celebrating its 50 years of Independence, major business houses in the country such as banks and superfunds will be closing their doors tomorrow Wednesday 26, February to commemorate the fourth anniversary of the founding Father of PNG the Late Grand Chief Sir Michael Somare. The National Superannuation Fund (Nasfund) in a public notice stated that all its branches will be closed on Wednesday 26 February 2025 to commemorate the memory of the Late Great Grand Chief Right Honorable Sir Michael Thomas Somare. “All our branches will be closed on Wednesday 26, February and business will resume on Thursday February 27, 2025.” BSP Financial Group Limited said that Wednesday 26 February has been designated as a public holiday in commemoration of the fourth anniversary of the founding Father of PNG and our first Prime Minister and the late Grand Chief Sir Michael Thomas Somare. “All branches within PNG, with the exception of our specialised branches will remain closed on this day.” “We kindly ask that customers plan their banking activities accordingly.” “Our mobile and internet banking, Wantok wallet, BSP pay, Agency banking, ATM and EFTPoS services will continue to be available for the convenience of our customers.” “Normal business operations will recommence on Thursday, 27 February 2025,” BSP said. Meanwhile, Nasfund Contributor Savings and Loan (NCSL) also stated that given Wednesday 26 February is a National Remembrance of the Late First Prime Minister Great Grand Chief Sir Michael Thomas Somare, all NCSL branches including their Head Officer will be closed. “All our branches including our Head Office will be closed on Wednesday 26, February to honour the National Remembrance Day of Grand Chief Sir Michael Somare.” “As we reflect on the life and legacy of Sir Michael Somare, let us remember his immense contribution to our nation and the values he stood for.” NCSL added that during the Public Holiday, their digital services online on MyNCSL remain accessible to members for financial transactions. “Normal business operations will resume on Thursday 27, February 2025.”

A final dividend of K1.21 per share was declared and is payable on 21 March 2025, which brings BSP Financial Group Limited’s (BSP) full year dividend for Financial Year 2024 to K1.66 per share, a 16% increase on FY24. BSP’s Group CEO Mark Robinson, was delighted to report that a record pre-tax profit for the Group, of just over K1.8 billion, up a healthy 18% on FY23. When commenting on the key Group highlights, Mr Robinson said the Group’s strong results were underpinned by the lift in volumes and revenue in nearly all their businesses, which was offset in FY24 largely by the K254 million lift in their operating expenses, compared with 2023. He said this increase in operating expenditure was mostly driven by an increase in their investment in technology and modernisation to support their strategic priorities. Mr Robinson also noted, “that BSP’s statutory profit lifted an impressive 17%, to K1 billion, boosted by strong credit impairment reversals, as well as the net positive impact of the one-off adjustments recognised in the first half of FY24." "Our full year statutory profit was also just K52 million shy of our record in FY22, which was posted before the bank tax rate in PNG lifted to 45%.” Mr Robinson further added that BSP’s return on equity remain at robust levels (23.3%), when compared to other ASX listed banks and the Group’s capital adequacy ratio remains well above BPNG’s 12% requirement. Maintaining a dividend payout ratio of 75%, BSP has declared a final dividend of K1.21 per share, payable on 21 March 2025. Combined with the K0.45 per share interim dividend paid in October 2024, this brings the FY24 full year dividend per share for K1.66. Mr Robinson concluded by saying, “as the South Pacific’s largest bank we remain committed to the prosperity of the region." "For this reason, we have embarked on a substantial investment program, over four years, to improve our operational capability and deliver on our vision to be the South Pacific’s International Bank." Mr. Robinson added that BSP’s strong performance in FY24 continues to lay a solid foundation for the BSP’s future growth and success. “Our conservative strategy for managing capital means we are well placed to navigate the current environment and realise future growth opportunities."

Simberi Gold Operations has achieved a key milestone in its expansion efforts, successfully processing the first ore through the newly commissioned MMD Sizer on February 13, 2025. The milestone marks a significant step in ramping up operations, with throughput reaching 500tph on the first day of testing. Simberi Gold Mine stated that the commissioning process saw the completion of key components, including belt tracking, dry commissioning, and the construction of a ramp for loader access. “Initial results indicate excellent material handling, with minimal slippage and a finer product size, demonstrating the effectiveness of the new crushing circuit." Operations training with MMD and Mill Operations personnel has also commenced, ensuring a smooth transition into full-scale production. The operations team has shown strong engagement in the training process, reinforcing the company’s focus on operational excellence. With ramp-up activities continuing, testing for practical completion under the MMD contract is also underway. The integration of PLC/CITECT connections remains in progress to optimize system controls,” Simberi Gold Mine said. Simberi Gold Mine added that the successful commissioning of the MMD Sizer is a key advancement in Simberi’s transition towards sulphide processing and supports the long-term mine plan. “While primarily acquired for the Sulphide Expansion, the sizer will be delivering benefits by improving the crushing and grinding of current oxide, improving processing efficiency ahead of the full transition to sulphide expansion."

The National Airport Corporations (NAC) will now reintroduce the pay parking at the Port Moresby International Airport effective February 24, 2025. In a statement, the National Airport Corporations stated that they will be reintroducing Pay parking at the Port Moresby Jackson International Airport for both the Domestic and International terminals effective February 24, 2025. “Pay parking was previously offered at the Domestic Terminal, however, it was temporarily discontinued due to unforeseen circumstances." "It is now being re-introduced to ensure that the public car park areas are well maintained and are safe and secure for all airport users,” NAC said. Effective on February 24, 2025, the following parking rates will apply: Time Period Rate (PGK) 0-10 minutes Free 10-30 mins 3 30 mins-1 hour 4 1-1.5 hour 5 1.5–2 hours 7 2-3 hours 8 3-4 hours 10 4–5 hours 12 5-6 hours 14 6-7 hours 16 7-8 hours 18 8-9 hours 20 9-10 hours 22 10-11 hours 24 11-12 hours 26 12-24 hours 30 Overnight 100                                 NAC said that they appreciate everyone's understanding and cooperation as they strive to enhance airport services and facilities.

Minister for Petroleum Jimmy Maladina has acknowledged the recent report in The Australian regarding Twinza Oil’s proposed financial restructuring. The process, led by Tor Investment Management through a Receiver-led Scheme of Arrangement in Australia, will allow existing convertible noteholders to convert a portion of their debt into equity. This court-supervised restructuring is not an insolvency or bankruptcy proceeding and is expected to be completed within three to six months. "This development was brought to the Department’s attention before filing and is fully accounted for in the recently signed Gas Agreement between Twinza Oil, MRDC, and the State of Papua New Guinea," Minister Maladina said. He further noted that during the Gas Agreement negotiations, Twinza’s investors were upfront about the need for a capital restructuring to strengthen the company’s financial position. "This restructuring will enable Twinza to raise future capital, complete the Front-End Engineering and Design (FEED) phase, and ultimately secure project financing to reach the Final Investment Decision (FID)." "This is in the best interests of all stakeholders, including Papua New Guinea," he added. Minister Maladina confirmed that while the Scheme of Arrangement is underway, Twinza and its joint venture partner continue to progress the FEED program as planned.

Australia Deputy Prime Minister and Minister for Defence Richard Marles hosted Papua New Guinea Defence Minister Dr. Billy Joseph for the 2025 Australia-Papua New Guinea Defence Ministers Meeting in Brisbane. Both Australia and PNG Defence Ministers reaffirmed the defence relationship as a key pillar of the Comprehensive Strategic and Economic Partnership between the two countries and discussed an ambitious agenda to modernise their longstanding defence partnership. Reflecting on PNG’s 50 years of independence, both Ministers recalled the creation by PNG’s leaders of the PNG Defence Force (PNGDF) in 1975 from the Pacific Islands Regiment and the Australian Army. “The closeness and respect between both forces was forged by standing shoulder-to-shoulder during the darkest days of World War Two.” “While much has changed in the 50 years since independence, our unique defence ties have only strengthened.” Both Ministers commended the strong record of bilateral defence cooperation and the substantial progress in recent times and the work of the Defence Cooperation Program is delivering tangible enhancements to PNGDF capabilities and bringing both forces closer together. They also commended the integration between PNG and Australian forces, who proudly train, exercise, deploy and work alongside each other every day and recognised the integration of the PNGDF in all major multinational exercises in Australia. They noted the significant number of ADF personnel who visit PNG each year to conduct valuable training alongside their PNGDF counterparts – benefiting greatly from training in the country’s unique geography. They acknowledged the mutual readiness to support each other in times of need, including in response to Australia’s 2019-2020 Black Summer bushfires, and more recently, to the eruption of Mt Bagana in Bougainville and the devastating landslide in Enga Province. Building on this unique history and closeness, Ministers announced their shared commitment to negotiate a bilateral defence treaty. The Treaty would build on the historic Australia-PNG Bilateral Security Agreement signed by Prime Ministers Marape and Albanese in 2023, which provides the overarching framework for cooperation between Australia and PNG across all areas of security. Ministers noted our shared geography, history and security interests make PNG and Australia natural partners. They discussed their ambition for the Treaty, agreeing it would expand and modernise the defence relationship and facilitate deeper integration. Ministers agreed the Treaty would make it easier for Australia and PNG to support each other’s security, and contribute to the collective security of the region. Recognising the growing capabilities of the PNGDF, Ministers agreed PNG would host a component of Exercise Talisman Sabre in 2025. Both Ministers agreed this proposal is an important demonstration of the deepening integration between the PNGDF and ADF, adding to the existing array of joint and multilateral exercises both nations share. Ministers looked forward to marking PNG’s upcoming 50th anniversary of Independence and continuing to build a defence partnership for the future. “I would like to acknowledge my friend and counterpart, Dr Billy Joseph, for his vision and ambition for our defence partnership.” “I look forward to strengthening our defence relationship through a new defence treaty,” said Australia Deputy PM and Minister for Defence, Richard Marles.” “Let me acknowledge my friend and counterpart DPM Marles for sharing the same ambition and strategic vision for the mutual security of both our nations.” “Our defence relationship was born out of conflict in the Pacific. It is fitting we pursue a defence treaty, based on the enduring nature of our defence relationship.” “I want to thank DPM Marles for the opportunity to host a component of Exercise Talisman Sabre in PNG this year.” “This is the first time it has occurred outside of Australia, and we note its significance; especially leading up to our 50th anniversary celebrations.” “This will enable us to train and affirm our interoperability and integration of our two defence forces; as was done in WW2.” “This signals progress and the maturing of our defence relationship,” Minister Dr. Billy Joseph added.