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Ore Reserve Estimation and Feasibility Study of Silangan Project

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Ore Reserve Estimation and Feasibility Study of Silangan Project Ore Reserve Estimation and Feasibility Study of Silangan Project PMRC Competent Person Report July 2019 Silangan Project July 2019 Chapter 2.0 Silangan Project July 2019 2.0 CERTIFICATES AND CONSENTS OF CPs FOR TECHNICAL REPORTS 2.1 Certificates and Consents of CPs for Technical Reports - Left Intentionally Blank - Chapter 2 Page 1 Silangan Project July 2019 I, Eulalio B. Austin Jr., Bachelor of Science, and Professional Mining Engineer, with office address at 2F LaunchPad, Reliance cor. Sheridan Sts, Mandaluyong City do hereby certify that: I am President, Chief Operating Officer and a Director of Philex Mining Corporation and Silangan Mindanao Mining Company Inc. The title of this report is “Ore Reserve Estimation and Feasibility Study of Silangan” July 31, 2019. I graduated with a Bachelor of Science degree in Mining Engineering on March 1982 from Saint Louis University, Baguio City, Philippines with PRC license no. 01814. I have practiced my profession as a mining engineer continually for the last 35 years as an employee of Philex Mining Corporation. I am a designated Competent Person (CP) as defined by the Philippine Society of Mining Engineers with CP reference number EM 01814-01810. I have spent 35 years working in various capacities in the Padcal Mine. The Technical Report has been prepared in compliance with Philippine Mineral Reporting Code (PMRC). I own and control securities in Philex Mining Corporation and I am not independent of the issuer (Philex Mining Corporation). I consent to the use of this Technical Report as a filing with the Philippine Stock Exchange or Regulatory Authority. Chapter 2 Page 2 Silangan Project July 2019 I, Venancio Gel A. Romero., Bachelor of Science, and Professional Mining Engineer, with office address at 2F LaunchPad, Reliance cor. Sheridan Sts, Mandaluyong City, do hereby certify that: I am the Division Manager for Corporate Technical Services and Business Development, of Philex Mining Corporation and the Project Coordinator for the Silangan Project. The title of this report is “Ore Reserve Estimation and Feasibility Study of Silangan” dated July 31, 2019. I graduated with a Bachelor of Science degree in Mining Engineering on October 2001 from the University of the Philippines, Quezon City, Philippines with PRC license no. 02697. I have practiced my profession as a mining engineer continually for the last 16 years as an employee of Philex Mining Corporation. I am a designated Competent Person (CP) as defined by the Philippine Society of Mining Engineers with CP reference number EM 02697-141/19. I have spent 16 years working in various capacities in the Padcal Mine and the PMC corporate office. I am responsible for all the technical reports done in my capacity as the Division Manager for Corporate Technical Services and Business Development The Technical Report has been prepared in compliance with Philippine Mineral Reporting Code (PMRC). I consent to the use of this Technical Report as a filing with the Philippine Stock Exchange or Regulatory Authority. Chapter 2 Page 4 Silangan Project July 2019 2.2 Scope of Work of each CP involved Mr. Eulalio B. Austin Jr., a CP Mining Engineer for Copper and Gold Deposit, has the primary role in this Technical Report. He reviewed the process of estimating the ore reserve of the Boyongan orebody based on the mineral resource provided by the CP Geologist. He has verified the capital costs used in the financial analysis using his more than 25 years of experience in the Padcal mine. Mr. Venancio Gel A. Romero., a CP Mining Engineer for Mining Engineering, has the primary role of preparing this Technical Report. He has worked and oversaw the works done by employed technical experts relied to in this study. He managed the process of estimating the ore reserve of the Boyongan orebody based on the mineral resource provided by the CP Geologist. He has verified the capital costs used in the financial analysis using his 10 years of experience in the Padcal mine. 2.3 Reliance on Other Experts indicating therein objective, nature and coverage A number of senior engineers and scientists employed in the Padcal mine have contributed in this Technical Report and to this effect the term Experts apply. These Experts and their coverage are identified below. Mr. Ricardo S. Dolipas II, a Professional Mining Engineer, is currently the Mine Division Manager whose functions includes the short and long term planning of the underground operations and the mining engineering aspects. He is also an accredited CP by PSEM for copper deposit under the PMRC guidelines. At one time he held the position of senior geotechnical engineer to which he designed the underground rock support systems for various geotechnical conditions. His expertise was used to validate the efficiency of the current mining operations to attain the mine development schedules, sustainable ore extraction rates, health and safety parameters and the projected operating and capital costs in the technical and financial assessment of the mining operation. Chapter 2 Page 6 Silangan Project July 2019 Mr. Noel C. Oliveros., a Professional Geologist, is currently the OIC for Corporate Exploration and Geology. He is tasked to verify and validate historical and current relevant information; review of mining tenements rights, geology and mineralization, exploration works undertaken and estimate the remaining mineral resource. His findings are reported in a separate document, which will be referred to as the CP report for mineral resource estimate. Ms. Dulce S. Romero, a Professional Metallurgical Engineer, is currently the Silangan Project Metallurgist and has been with the project for 7 years. She oversaw the metallurgical testing done on the Boyongan orebody since the start of the feasibility studies in 2010 and has helped designed the metallurgical flowsheet described in this report. Prior to this, she held various positions at Padcal, the last as Mill Metallurgy Department Manager where her responsibility includes maintaining the operational parameters of a 25,000 tons per day copper flotation plant as well as research and development. She is an active member of the Society of Metallurgical Engineers of the Philippines (SMEP). The company employed international technical consultants as part of the feasibility study to incorporate international standards. The output of the technical consultants are the primary basis for the cost estimates used in this study. The identity of these group and individuals along with their scope of work are summarized below. Table 2-1: Technical Consultants Group Consultants Scope of Work AUSENCO Pty, Ltd in Duncan Dodds Ausenco designed and estimated the processing Brisbane, Australia Angus Wilkinson plant based on the copper flotation, copper Haley Mc Iver leaching and gold leaching flowsheet. The group also designed and estimated the related infrastructures for the project including the TSF based on the design of the technical expert. Pells, Sullivan, Meynink Mark Eggers PSM designed and supervised the field and (PSM) in Brisbane, Ian Brunner geotechnical field investigation done. Their Australia output are geotechnical, hydrogeological and geologic structural model used in designing the underground mine. Mining Plus (MP) in Aaron Spong MP designed the sub-level cave mine including Brisbane, Australia the development and production infrastructures. The mine design then served as the basis for the Chapter 2 Page 7 Silangan Project July 2019 Chapter 3.0 Silangan Project July 2019 3.0 EXECUTIVE SUMMARY The Competent Persons, in behalf of Philex Mining Corporation (PMC), is responsible for this Philippine Mineral Reporting Code (PMRC) compliant technical report on the mineral reserve estimates and feasibility study for the Silangan Project. The report was prepared by Venancio Gel A. Romero, Professional Mining Engineer, Division Manager Corporate Technical Services and Business Development; under the supervision of Eulalio B. Austin Jr., Professional Mining Engineer, President and Chief Operating Officer of PMC and Silangan Mindanao Mining Company Inc. (SMMCI). Both are acting as the Competent Persons for this report. Under the articles of incorporation and the guidelines of the Security and Exchange Commission (SEC), a publicly listed company is required to disclose any material information that will affect its financial status. The completion of this feasibility study and ore reserve estimation is considered material information for PMC. Following the guidelines of the Philippine Stock Exchange (PSE), as provided under the PSE Memo on “Documentary Requirements for Mining Companies” issued on October 2, 2007, the disclosure will be thru a Competent Person’s Report that is compliant with the requirements of the Philippine Mineral Reporting Code (PMRC) on public reporting in the country of exploration results, mineral resources and ore reserves, including the economic viability, of the relevant mineral properties. The PMRC was founded on the Australian’s Joint Ore Reserves Committee (JORC) standards. The project is located in the mineral rich region of Surigao del Norte, which also hosts a number of mining companies exploring, operating or under care and maintenance including Nickel Asia Corporation, Siana Gold and Manila Mining Corporation. The Silangan project is owned and being operated by SMMCI. PMC owns 100% stake in SMMCI. Accessibility to the project site can be thru Surigao City using air and water means of transportation. From the city, the project site is around 30 kilometers south via land. Butuan City in the province of Agusan del Norte is another option and preferred for air travel. It is around 120 kilometers Northeast and 3 hours of land travel following the AH26 highway. Silangan has 2 major orebodies, Boyongan and Bayugo. Boyongan orebody is under Mineral Production Sharing Agreement (MPSA) 149. A MPSA is a contract entered to by a mining company with the government which gives the rights to undertake mining activities in a bounded area. MPSA 149 was approved in December 1999 and is valid for 25 year, renewable for Chapter 3 Page 1 Silangan Project July 2019 another 25 years.
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