HPX welcomes formation of Liberian National Railway Authority

• HPX congratulates Liberian President Boakai for establishing the Liberian National Railway Authority (“NRA”) through Executive Order No. 136

• The NRA will oversee and manage Liberia’s National Rail Assets ensuring management and oversight are guided by principles of efficiency, transparency and equitable use by all stakeholders

• Executive Order No. 136 provides the clear legal and operating framework necessary to unlock the transformative Liberty Corridor Project

• HPX senior management currently in Monrovia and working with Government to conclude rail access agreements for the existing Yekepa – Buchanan line

• Upon signing rail access agreements HPX will commence Phase 1 operations from Kon Kweni to tranship iron ore through Liberia

• HPX to commence detailed engineering work for Liberty Corridor on completion of rail access agreements underscoring its dedication to driving this project forward

MONROVIA, Liberia, Oct. 15, 2024 (GLOBE NEWSWIRE) -- HPX congratulates President Joseph N. Boakai Sr. on the release of Executive Order no. 136 (dated 10 October 2024) establishing the National Railway Authority. This order confirms Liberia’s commitment to ensuring its nationally owned rail infrastructure is accessible to multiple users, overseen by a qualified manager and on a user pay system.

The decisive measures in Executive Order No. 136 set the stage for the development of truly multiuser infrastructure owned by the Government of Liberia and independently managed by providers to be selected in a transparent process by the National Railway Authority.

The creation of the National Railway Authority provides the critical framework needed for HPX to access to the existing Yekepa-Buchanan rail line and the future development of the Liberty Corridor. HPX senior management are currently in Monrovia to finalise with the Government of Liberia the rail access agreement for the existing Yekepa - Buchanan line. Key provisions in this agreement facilitate the advancement of the Liberty Corridor, enabling the project to proceed to the detailed feasibility study phase.

Bronwyn Barnes, President & CEO of HPX commented:

“President Boakai is to be congratulated for addressing the issue of multi-user rail access in such a clear and decisive manner through the release today of Executive Order no. 136.

“HPX welcomes this key decision around the formation of the National Railway Authority and the clear leadership role this important body will now have in ensuring a transparent, access regime for the nation’s critical infrastructure.

“HPX is looking forward to finalising our rail access agreements with the Government of Liberia in the next few weeks and is delighted to see the commitment by the President to the NRA and multi-user access infrastructure.

“Executive Order No. 136 also provides the clear regulatory and operational framework that will be required for the Liberty Corridor. On finalisation of the HPX rail access agreement, the financial framework will be in place to underpin the Liberty Corridor development.

“As HPX has already completed several technical studies for the Liberty Corridor I expect that the feasibility study phase can be completed quickly and with financial support from various interested parties.”

Government of Liberia Press Statement and Executive Order No. 136:

About HPX

HPX is an American exploration and development company focused on advancing its flagship high-grade long-life iron ore mine in Guinea and other projects in Liberia that meet the critical mineral supply chain.

HPX’s major shareholder and technology provider is I-Pulse Inc, a US Company founded and chaired by Mr. Robert Friedland and has a number of high profile American institutional and private investors as shareholders.

For more information about HPX and its projects, please contact:

Stephanie Casey: Communications & IR, HPX

media@hpxmines.com

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source: HPX Mines Limited