Explorations around Philippines
Balatoc Tailings Project (BTP) in Itogon, Benguet Province
The Company is updating the feasibility study of its BTP, a project on cost-effective reprocessing of materials in its gold tailings storage facility located in Itogon, Benguet. The gold tailings are impounded in three storage facilities with a total volume of 16.7 million tons of an average of 0.65 g/t Au. The project's attractiveness has increased due to the prevailing high gold prices and the availability of modern technologies that promise higher milling recovery rate, lower capital expenditure, and more power-efficient machinery and equipment.Pantingan Gold and Aggregates Prospects in Bataan Province
The Pantingan Gold Project sits on top of the summit caldera of Mt. Mariveles in Bagac, Bataan. It is located about 17 km southwest of the provincial capital of Balanga, Bataan, and about 55 km west of Manila. The mineral property denominated as MPSA No. 154-2000-III has an aggregate area of 1,410.25 hectares situated in the Municipalities of Bagac, Mariveles, and Limay. Benguet Corporation acquired the property from Balanga Bataan Mineral Corporation (BBMC) through a Royalty Agreement with the Option to Purchase (RAWOP) on March 13, 1996. The Company is conducting drilling activities to evaluate further the subsurface characteristics, attitudes, and possible extensions of the mapped and identified altered and mineralized veining systems on the ground. The project has completed thirty (30) core drill holes, covering a distance of 4,861.65 meters since the drilling program was initiated on the MPSA property in 2020.
The Aggregates Project in Mariveles and Orion, Bataan, located in the northern portion of the MPSA, spans 144 hectares with an estimated volume of 792.2 million tons of rock aggregates. The Company is working on obtaining local government approvals, completing a detailed tree inventory for the necessary permits, and advancing through the Environmental Compliance Certificate (ECC) process.
Ampucao Copper-Gold Prospect in Itogon, Benguet Province
The Ampucao area shows promising potential for discovering deep-seated porphyry copper-gold deposits. The Company geologist’s initial assessment indicates copper-bearing formations in the Hartwell claims and at the 1500 and 2300 mine levels of Benguet Corporation's Acupan Mine, which intersected a 0.18% copper zone. A recommended one-kilometer-long deep hole surface drilling is planned to explore the down-dip extension of the projected mineralization.Zamboanga Gold Prospect (BOLCO) in R.T. Lim Zamboanga del Sur
Located approximately 150 km from Zamboanga City, the property spans the common boundary of R.T. Lim, Zamboanga Sibugay, and Siocon, Zamboanga del Norte. The project is covered by Exploration Permit No EP-012-2023-IX.
The Company has a royalty agreement with Oreline Mining Corporation to explore and operate this 399-hectare mineral property after obtaining the Free, Prior, and Informed Consent of the Indigenous People.
Surigao Coal Project in Lianga, Surigao del Sur
The Company acquired a coal property in Surigao del Sur spanning 12,000 hectares across 12 coal blocks through a Royalty Agreement with Diversified Mining Company. An extensive exploration covering six blocks revealed seven coal seams ranging from lignitic to sub-bituminous quality suitable for steam-grade applications. The Surigao Coal Project has an estimated 31.7 million tonnes of sub-bituminous coal with an average heating value of approximately 7,300 BTU per pound.Financial Technical Assistance Agreement Ilocos Norte Project
AFTA No. 003 covers 21,189.37 hectares in Ilocos Norte. The Company has negotiated and signed four out of five Memoranda of Agreement (MOA) with the Indigenous Peoples (IP) for this project, pending Free, Prior, and Informed Consent (FPIC) confirmation from the National Commission on Indigenous Peoples (NCIP), highlighting its stakeholder engagement and commitment to Indigenous rights.Financial Technical Assistance Agreement, Apayao Project
AFTA No. 033 spans 51,892.92 hectares in Apayao. The area is strategically located within Northern Luzon's mineralization belt, offering greenfield opportunities for the exploration of copper and gold.Alaminos, Pangasinan Limestone
The Sabangan Limestone Quarry in Barangay Sabangan, Alaminos, Pangasinan, spans 50,000 square meters. The 5-year quarry permit (November 26, 2021, to November 25, 2026) allows for the extraction of up to 8.434 million metric tons of limestone.
The project is estimated to contain 400,000 cubic meters of limestone deposits equivalent to 1,000,000 MT at 2.50 specific gravity. It has an estimated mine life of 45 years based on a projected annual extraction rate of 22,000 MT.
Zambales Limestone / Riccar Claim
The Project is located in Brgy Tubo-Tubo North, Sta. Cruz, Zambales. It is accessible from Manila via 267 kilometers of first-class roads through the NLEX and SCTEX. With an area of 823,336 square meters, the project is currently under exploration status.Explorations in U.S.A.
Benguetcorp International Limited (BIL)
In 1988, the Company established BenguetCorp International Limited (BIL), a Hong Kong-based wholly-owned subsidiary for international operations. Although BIL remains largely inactive, its subsidiary, BenguetCorp USA Limited (BUSA), has renewed its claims over 217 hectares of gold and silver mineral property in Royston Hills, Nevada, USA. To advance this initiative, the Company has engaged Burgex, Inc., a renowned firm specializing in identifying and evaluating mineral interests and opportunities, to provide expert services for the project's development.Balatoc Tailings Project (BTP) in Itogon, Benguet Province
The Company is updating the feasibility study on BTP, focusing on reprocessing the materials in its gold tailings stacking facility. The project’s attractiveness has increased due to higher gold prices and the availability of modern technologies that promise higher milling recovery rates, lower capital expenditures, and more power-efficient machinery and equipment. This updated study emphasizes BTP’s adherence to Environmental, Social, and Governance (ESG) standards, ensuring the project’s alignment with sustainable and responsible investing principles.
Pantingan Gold Prospect in Bagac, Bataan Province
The Pantingan Gold Project, located in Bagac, Orion, and Mariveles, Bataan, explores an epithermal vein system with bonanza-style gold mineralization at depth. The mineralization suggests a low-sulfidation epithermal vein system, with at least seven principal veins and structures identified, ranging from 0.70 meters to 10 meters wide. These veins exhibit varying mineralogy from chalcedonic quartz to highly silicified and argillized material, with significant pyrite and locally strong marcasite observed. The structures trend mainly WNW, with occasional NNE to ENE orientations, and assays indicate gold concentrations ranging from 0.01 to 1.10 grams per metric ton (g/MT) and silver concentrations from 0.25 to 9.60 g/MT. The alteration types identified include silicification, argillization, and propylitization.
The project has received approval from the Mines and Geosciences Bureau (MGB) for the third renewal of the Exploration Period under MPSA No. 154-00-III. Six boreholes have been drilled, including one re-drilled hole, achieving an aggregate down-dip length of 1,020 meters. Three of these drill holes (PDH-001, PDH-001A, and PDH-002) intercepted mineralized zones, while the remaining drill holes (PDH-003, PDH-004, and PDH-005) revealed anomalies associated with alteration and pyrite veins and further analysis is ongoing. The project also includes the continuing drilling fifteen additional drill holes, targeting an aggregate length of 2,500 meters.
The Armor Rocks Aggregates Project is situated in Mariveles and Orion, Bataan, encompassing an area of 144 hectares. This project, currently undergoing a Quarry Permit Application (QPA) process, focuses on extracting armor rock aggregates, which are crucial for construction and infrastructure developments.
In the QPA area, the Mines and Geosciences Bureau (MGB) has granted area clearance, and the National Commission on Indigenous Peoples (NCIP) has issued a Certificate of Non-Overlap (CNO). The Company is also working on obtaining consent from the local government unit (LGU), conducting a tree inventory for the Tree Cutting Permit, and progressing through the Environmental Compliance Certificate (ECC) process.
The project consists of two main blocks, PAB-1 and PAB-2, with estimated inferred tonnage of rock aggregate resources. Block PAB-1 contains rock aggregates with a 266.5M cubic meters volume, translating to 724.9M tonnes. Block PAB-2 includes rock aggregates with a 24.3 M cubic meters volume, equating to 67.4 M tonnes. The combined total volume for the project is 290.9 M cubic meters, amounting to 792.2 M tonnes of rock aggregates.
Ampucao Copper-Gold Prospect in Itogon, Benguet Province
The Ampucao area presents a promising prospect for discovering deep-seated porphyry copper-gold deposits, as indicated by initial geological evaluations conducted by the Company’s geologists. Copper-bearing formations hosted by intensely silicified quartz diorite have been identified in outcrops along a river within the Hartwell claims and at the 1500 and 2300 mine levels of Benguet Corporation’s Acupan Mine. A one-kilometer-long deep hole surface drilling has been recommended to explore the down-dip extension of the projected mineralization in the Ampucao prospect. It is estimated that the resource is 300 million MT.
This project is covered by the Company’s Application for Production Sharing Agreement (APSA), which was converted to Exploration Permit Application (EXPA) No. 0122-CAR under Section 9 of the Department of Environment and Natural Resources (DENR) DAO No. 2021-25.
The exploration efforts at Ampucao underscore the Company’s commitment to advancing its geological understanding and focusing on sustainable exploration practices to unlock the potential of its mineral resources.
Zamboanga Gold Prospect (BOLCO) in R.T. Lim Zamboanga del Sur
Located approximately 150 kilometers from Zamboanga City, the property spans the common boundary of R.T. Lim, Zamboanga Sibugay, and Siocon, Zamboanga del Norte. Exploration Permit No covers it. EP-012-2023-IX. The Company has an agreement with Oreline Mining Corporation to explore and operate this 399.0288-hectare property.
The Company has fulfilled the requirement of consulting with the concerned Sanggunian before implementing the approved Exploration Work Program (ExWP) and Environmental Work Program (EWP).
Following the receipt of certification from the Sanggunian, exploration activities in the area have commenced.
Surigao Coal Project in Lianga, Surigao del Sur
In 1981, the Company secured a coal property in Surigao del Sur through a Royalty Agreement with Diversified Mining Company. This property spans 12 coal blocks, covering 12,000 hectares. Extensive exploration efforts have been conducted on six of these blocks, including mapping, trenching, drilling, electrical logging, and topographic surveying. The Company’s thorough evaluation revealed the presence of seven coal seams, ranging from lignitic to sub-bituminous coal quality, suitable for steam-grade applications.
Geologically, the area is underlain by the Kabadyangan Formation, which dates back to the Oligocene to Miocene epochs. This formation includes coralline limestone, calcarenite, muddy sandstone, mudstone, pebbly sandstone, coal, and a conglomerate base. Extensive exploration work has identified three major coal-bearing horizons within the upper, middle, and lower units of the Kabadyangan Formation. These horizons contain up to ten significant coal seams, with thicknesses ranging from 0.30 meters to 3.30 meters.
The in-situ coal resource for the Surigao Coal Project is estimated at 31.7 million tonnes of sub-bituminous coal, with an average heating value of approximately 7,300 BTU per pound.
Currently, the Company’s application for a new Coal Operating Contract (COC) is undergoing evaluation by the Department of Energy (DOE). However, there are concerns about the market prospects for local coal with low BTU, particularly in light of the DOE’s preference for clean energy and the global transition toward achieving net-zero emissions.
Financial Technical Assistance Agreement
The Company and its subsidiary Sagittarius Alpha Realty Corporation (SARC) hold two pending applications for a Financial Technical Assistance Agreement (FTAA), designated as AFTA No. 003 and AFTA No. 033. AFTA No. 003 covers an area of 21,189.37 hectares across four individual parcels within the jurisdiction of Ilocos Norte, while AFTA No. 033 spans 51,892.92 hectares across two parcels in Apayao province. Both mineral claims are situated within Northern Luzon’s porphyry copper-gold and epithermal gold mineralization belt and represent greenfield opportunities for mineral exploration.
The Company has successfully negotiated and signed four out of five Memoranda of Agreement (MOA) with the respective Indigenous Peoples (IP) for AFTA No. 003. It awaits confirmation from the National Commission on Indigenous Peoples (NCIP) regarding the Free, Prior, and Informed Consent (FPIC) requirement, demonstrating its commitment to engaging with stakeholders and upholding Indigenous rights in its operations.
Benguetcorp International Limited (BIL)
In 1988, the Company established BenguetCorp International Limited (BIL), a Hong Kong-based wholly-owned subsidiary for international operations. Although BIL remains largely inactive, its subsidiary, BenguetCorp USA Limited (BUSA), has renewed its claims over 217 hectares of gold and silver mineral property in Royston Hills, Nevada, USA. To advance this initiative, the Company has engaged Burgex, Inc., a renowned firm specializing in identifying and evaluating mineral interests and opportunities, to provide expert services for the project’s development.
