Indonesian contract mining major PT Petrosea Tbk has announced that on 1 August
2025, the company signed a Conditional Share Sale and Purchase Agreement regarding the purchase of all shares of HBS (PNG) Ltd & its subsidiaries (HBS).

HBS Group is a key player in the provision of mining & construction services and heavy
equipment solutions, including the distribution of equipment, machinery, spare parts as well as property in Papua New Guinea since 2006. HBS Group has long maintained strong
partnerships and collaborated with various key players in the mining sector, particularly in
gold mining. Currently, HBS Group serves several major gold mining projects in Papua New Guinea.

For example, Hidden Valley Contractors (HVC) is a joint venture between HBS and NKW Holdings. Since 2008, HVC has supported the extraction and processing of gold and silver at Hidden Valley, producing nearly 200,000 oz of gold annually.

“This transaction is part of the company’s overseas business development strategy and
diversification into the gold mineral sector. This acquisition is expected to strengthen the
Company’s performance and position, as well as create operational synergies between
Indonesia and Papua New Guinea,” said Michael, President Director of PT Petrosea Tbk.

The combination of capabilities and partnerships will provide direct benefits to enable HBS
Group to expand its service coverage for current projects and potential new, larger and more diverse projects in the future. This will allow HBS Group to offer more comprehensive
solutions going forward in order to address the challenges faced by the industry.

Going forward, the company through HBS Group, says it will expand the scope of its integrated mining and construction services as well as other services in the mining sector outside of Indonesia. Petrosea says it consistently strives to create added value for all shareholders and other stakeholders, both now and in the upcoming future.