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Padcal extension of life mine up to December 2024

Philex Mining Corporation one of the oldest and largest gold and copper producers in Southeast Asia, has, after the completion of confirmatory drilling and related technical studies on the mining methodology and Tailings Storage Facility (TSF) No. 3, successfully identified from the end of 2022 additional mineable reserves in its Padcal Mine that are feasible for mining. The updated remaining mineable reserves as of end-March 2021 are estimated at 30.2 Million tonnes with average gold and copper grades of 0.23 grams per tonne (g/t) and 0.18%, respectively. This new estimate includes additional reserves of 16.2 million tonnes from the previously declared estimated mineable reserves as at the end 2020 of 17.4 Million tonnes with an average gold and copper grades of 0.27 g/t and 0.18% that was reported in February 2021. The additional mineable reserves are expected to be mined over two years, extending the life of the Padcal Mine until December 31, 2024.

The latest mineable reserves estimate was undertaken by Engineer Ricardo S. Dolipas II, an accredited Competent Person by the Philippine Society of Mining Engineers (PSEM) under the Philippine Mineral Reporting Code (PMRC) Guidelines.

(Below is the mineable reserve statement from the Competent Person)

More importantly, the extended Life of Mine will ensure the continuous employment of 1,831 Padcal employees and support the social development of the Host Local Government Units (LGU) and neighboring communities especially in this time of COVID-19 Pandemic. It will also give more time for the Company to bring the Silangan Project to development and commissioning stages.

The Company is currently processing all required permits and other regulatory requirements in connection with this impending Life of Mine extension.

 

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