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“Philex adjusts timeline for Silangan project” Date of Publication: Nov 25, 2019 Clarification of News Report: We write with respect to the news articles published in various newspapers on November 25, 2019. In the attached news article entitled “Philex adjusts timeline for Silangan project” posted in Daily Tribune (Online Edition) on November 25, 2019, the news article reported in part that: “BAGUIO CITY — Pangilinan-led Philex Mining Corp., the country’s largest gold producer, on Thursday said they may have to move the timetable of the construction of the $2-billion Silangan Mine project if they fail to raise the funds needed to start development. ‘Supposedly, in our time table, we need the money in first half of 2020 that’s why we need to talk to our investors because as much as possible, we want to raise it in 2020,’ Philex president and CEO Eulalio Austin told reporters at the sidelines of the 66th Annual National Mine Safety and Environment Conference. Philex is currently raising around 40 percent or $350 million from investors to jumpstart the Silangan copper and gold project via a sub- level cave mining method. ‘For sure (there may be a delay) because I need to raise $350 million as initial money. The $750 million is the total cost of the project. Our purpose is to raise $350-M as equity and the balance of $400-M can be raised through loans,’ he said. However, Austin said preparatory work may be delayed if they fail to secure the needed funds by the first half of 2020. . .” This is to confirm that the search for strategic partners of the Silangan is still on going in collaboration, with our financial advisors, and may impact the commencement of project development program.

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FINWAZE makes no representations or warranties, express or implied, in relation to this website (www.finwaze.com) or the information and materials provided on this website. It does not also warrants that this website will be constantly available or available at all times. The information on this website is complete, true, accurate or non-misleading. Nothing on this website constitutes, or is meant to constitute, advice of any kind. FINWAZE shall not be liable for any damage or injury, whether direct or indirect, that it may cause in relation to the contents of, or use of, or otherwise in connection with this website. By using this website, you agree to the reasonableness of the limitations of liabilities herein set out and further agree to assume whatever risk, loss, damage or injury in may cause in connection to the use of this website. No claims shall be brought personally against the officers and employees of FINWAZE, in connection with the use of this website. The user of this website agree to the limitations of warranties and liabilities herein set out to protect the officers, employees, agents, subsidiaries, successors, assigns and sub-contractors as well as FINWAZE. Any unenforceable provisions that may be found on this website under applicable law shall not affect the enforceability of the other provisions.

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