Monrovia — Golden Veroleum Liberia (GVL) Inc. says reports of Golden Agri-Resources (GAR)'s exit from the High Carbon Stock Approach (HCSA) do not accurately reflect the implications for GVL's operations in Liberia.

GAR's decision to exit the HCSA does not diminish GVL's commitment to No Deforestation, Peat and Exploitation (NDPE), nor weaken the company's commitment to implement plans to address the clearance of High Carbon Stock (HCS) and Social Grievances.

GVL has already taken key steps to remediate and mitigate the HCS clearance and Social Grievances, in line with the time-bound action plan submitted to the HCSA. Regular reviews are ongoing to ensure that GAR has full visibility of the situation in GVL, in line with the investor's requirement that all direct and indirect partners adhere to GAR's sustainability standards.

For HCS, an independent party - Earthworm Foundation (EF) - has done a complete HCV/HCS assessment for all GVL MOU areas. The reports have been submitted to the HCSA in 2022. A remediation and compensation plan has been drafted and ground surveys done by another third party - ProForest - to select sites for HCS compensation and remediation aligned to the Liberia Forest Sector Program. GVL management has accepted ProForest's recommendations and we expect the plan to be implemented beginning June 2023, once consultations with stakeholders, including communities and government authorities, are completed.

For Social Grievances, GVL has completed the Social Background Study for two communities and submitted them to HCSA as required. The next phases of social remediation overlaps significantly with the current Sustainability Action Plan which is being monitored by the RSPO Complaints Panel. GVL will continue to submit quarterly reports to the RSPO on its progress. The status of the Sustainability Action Plan is published in GVL's website at: https://goldenveroleumliberia.com/sustainability-action-plan/.