fascinating...Further, on 17 February 2023 PMC, wrote a demand...

fascinating...

Further, on 17 February 2023 PMC, wrote a demand letter addressed to the Company and MMPRC(“Demand Letter”) outlining several claims seeking to reduce the amount of the outstanding loan and toprovide alternative courses of action as to the unpaid balance. Incomplete Signatures – PMC advised thati) signatures on the Loan Agreement were intentionally ‘incomplete’ to signify objectionto the execution of the Loan Agreement, and(ii) there were inadequate documents to support the amount. PMC is demanding MMPRC toi) pay PMC the amount of PHP4,270,500,000 (or approximately, USD85,410,000), forland usage on the various dams containing the four (4) million tonnes of tails waste, asof 31 December 2022;(ii) pay PMC the amount of PHP546,000,000 (or approximately, USD10,920,000), asrental fee for the mill plant, as of 31 December 2022;(iii) refund PMC the amount of USD20,000,000, for the tails construction andmaintenance costs; and(iv) remove the four (4) million tonnes of waste tails and all mill equipment from PMC’sland, not later than 31 March 2023, in order for PMC to acquire and install its own plant.