As a Philippine Government-Owned and Controlled Corporation...

As a Philippine Government-Owned and Controlled Corporation mandated to manage and
generate optimal returns on investments to catalyse the country’s economic growth and
social development, MIC has been working closely with MMCI to complete the technical,
financial and legal due diligence and documentation to secure the necessary approvals for
the investment agreement. Details of the proposed investment agreement will be disclosed
to shareholders once the contracts are finalised and become binding.

MMCI has also progressed the tendering of contracts with international and local engineering
companies to conduct front-end-engineering, along with the hydrogeological and
geotechnical drilling, to support engineering and long-term construction activities as well as
the advancement of operational underground mine development. Evaluation of proposals and
issuance of contracts are currently being finalised.

In parallel with the tendering process, MMCI’s technical team initiated further detailed
geological mapping at a scale of 1:1000, along with a compass-and-tape traverse, to gather
essential structural and lithological data. Further dam site investigations and data gathering
was conducted to assess current ground situations which will feed into the Front-End
Engineering and Design. Desktop analysis and field verification was also initiated to gather
data for the tree cutting permitting requirements. The technical team is proposing the use of
Light Detection and Ranging (LiDAR), a remote sensing technology, as a cost-efficient method
in lieu of a physical tree inventory. Daily water level monitoring has also commenced during
the quarter to gather data for the construction water permit application.

To address the manpower requirements for the upcoming construction and operational
phases, MMCI has signed a Memorandum of Agreement with the Regional Technical
Education and Skills Development Authority (TESDA). This partnership aims to develop and enhance the skills of the workforce from host and neighboring communities, fostering
employment and business opportunities. By leveraging shared resources, this collaborative
approach seeks to empower and strengthen the competence of the Filipino workforce,
contributing to sustainable economic growth.