HISTORY

The Company was incorporated in the Philippines in 1955 and has been listed in the Philippine
Stock Exchange since November 23, 1956. PMC, PGPI (a wholly-owned subsidiary incorporated
in the Philippines) and Silangan Mindanao Exploration Co., Inc. (SMECI, a wholly-owned
subsidiary incorporated in the Philippines) and its subsidiary, SMMCI, are primarily engaged in
large-scale exploration, development and utilization of mineral resources.

PMC has been operating the Padcal Mine in Benguet for the past 59 years using the underground
block-cave method. It is one of the oldest operating mines in the country and provides PMC its
biggest source of revenue. In October 2015, an additional 20 million tonnes of ore reserves were
declared within the current ore body, which will extend the mine’s life by two (2) more years,
from 2020 to 2022.

In February 2016, the Company disclosed the results of ongoing exploration near the surface of
Bumolo Project, which area is within Mineral Production Sharing Agreement (MPSA) 156-
2000-CAR, with an estimated 21.7 million tonnes of inferred resources at 0.21% copper and 0.30
grams per tonne gold, at a cut-off of 0.312% CuEq. PGPI, on the other hand, operated the
Bulawan mine in Negros Occidental until the second quarter of 2002, which has remaining
resources of 23.9 million tonnes, including that of the Vista Alegre area. Exploration projects in
the Vista Alegre area include the Nagtalay and the Laburan/Skid 9 Projects, which have
completed the geological modelling and preliminary resource estimation.

SMECI, through SMMCI, owns the Silangan Project covering the Boyongan and Bayugo
deposits in Surigao. SMMCI completed the pre-feasibility study of Boyongan deposit in late
2014, and is currently finalizing the definitive or bankable feasibility study, which is expected to
be completed in 2017. The Boyongan copper-gold porphyry deposit in
Surigao del Norte was discovered in August 2000 under SMMCI, a joint venture with Anglo
American Exploration Plc (Anglo). On February 6, 2009, the Company acquired Anglo’s 50%
interest in the Silangan Project under SMMCI for a cash consideration of US$55 million, thereby
owning 100% of the Silangan Project. Adjacent to the Silangan
Project is the Kalayaan Project, the exploration of which is being undertaken by the Company by
virtue of a Farm-in Agreement with Kalayaan Gold & Copper Resources, Inc., a subsidiary of
Manila Mining Corporation.

On February 29, 2016, the Company’s Board of Directors approved a property dividend
consisting of shares of stock of PXP at the ratio of seventeen PXP shares for every one hundred
shares of PMC, which was approved by the Securities and Exchange Commission on June 22,
2016.

The transaction reduced PMC’s shareholdings in PXP, effective July 15, 2016, from 64.7% to
approximately 19.8%, allowing PMC to leverage on its key strengths and focus its resources on
its core business of metals mining, particularly with respect to the extension of Padcal’s life of
mine, commercial operations of the Silangan project and development of other Company mining
tenements.
CORE BUSINESS

Vision
Our vision is to be a highly respected, world-class natural-resource company committed to
deliver excellent value to its investors, employees, and other stakeholders.

Mission
We are a responsible mining corporation that discovers and processes minerals and energy
resources for the use of society.

CORE VALUES

Integrity

 Practices honesty and sincerity in word and deed

 Honors commitments
 Speaks up when situations warrant commendation or correction

Teamwork

 Listens to and considers ideas or points of view of others

 Extends help while respecting the roles of others in doing the job
 Acknowledges team effort in success and collective responsibility over failure

Respect for Individuals

 Practices gender and cultural sensitivity

 Shows authentic concern to promote individual welfare
 Examines own biases and behavior to avoid judgmental reactions

Work Excellence

 Produces work results in a timely, accurate, and safe manner

 Constantly learns, innovates, amends, and improves services and processes
 Consistently delivers superior quality of work

Corporate Responsibility

 Advocates Philex Mining as a responsible mining company

 Manifests core values in both professional and personal circumstances
 Upholds the Philex Mining Code of Business Conduct and Ethics

Social & Environment Responsibility

 Shows genuine concern toward its host and neighboring communities to improve quality
of life
  Supports and practices the environment, safety, and health guidelines of Philex Mining
 Actively participates in the company’s community development and environmental
programs

ORGANIZATIONAL CHART
COMPANY DETAILS
Philex Mining Corporation (“PMC” or the “Company”) and its subsidiaries are organized into two main
business groupings: the mining business, which is directly under PMC, Philex Gold Philippines, Inc.
(PGPI) and Silangan Mindanao Mining Co., Inc. (SMMCI), and the energy and hydrocarbon business
under PXP Energy Corporation (PXP), formerly Philex Petroleum Corporation, but not until July 15,
2016, when PXP and its subsidiaries ceased to be subsidiaries of PMC as a result of loss on control
through property dividend declaration. Thus, as of December 31, 2016, the Group’s mining business
remains as its only business segment.

DIRECTORS

MANUEL V. PANGILINAN – CHAIRMAN

He is the managing director and CEO of First Pacific

Company Limited, a Hong Kong-based investment
management and holding company with operations in
the Asia-Pacific region. He is also First Pacific’s chief
executive for the group’s investments in the Philippines, such as Metro Pacific Investments Corporation,
PLDT and Philex Mining Corporation. He was the first president of the Samahang Basketbol ng Pilipinas
(SBP), serving two consecutive terms from 2008 to 2015.

EULALIO B. AUSTIN, JR. – PRESIDENT &

CHIEF EXECUTIVE OFFICER
Eulalio B. Austin, Jr., has been the Chief Executive Officer of Philex Mining Corp. since April 2013 and
as its President since January 2012. Mr. Austin serves as the President of Silangan Mindanao Mining Co.,
Inc. He served as the Chief Operating Officer and served as Senior Vice President of Operations at Philex
Mining Corp. since December 31, 2011 and November 1, 2010 and served as its Resident Manager for
Padcal Operations from January 2004 to 2010. Mr. Austin served as Vice President of Philex Mining
Corp. since January 1, 2004. Previously Mr. Austin served as Mine Division Manager (Padcal) in January
1999, Engineering Group Manager in October 1998 and Mine Engineering & Draw Control Department
Manager from January 1996 to 1998. He has been a Non-Executive Director of Philex Petroleum
Corporation since May 18, 2012. He serves as Director at Silangan Mindanao Mining Co., Inc. He has
been an Executive Director of Philex Mining Corp. since June 29, 2011. He serves as Director of Silangan
Mindanao Mining Co., Inc. Mr. Austin graduated from the St. Louis University, Baguio City with a
Bachelor of Science degree in Mining Engineering.

OSCAR J. HILADO – LEAD INDEPENDENT

DIRECTOR

Mr. Oscar J. Hilado is a Certified Public Accountant with a

Bachelor of Science degree in Commerce from the De La Salle
College in Bacolod. He was a Smith Mundt / Fullbright scholar at
the Harvard Graduate School of Business where he obtained his
Master’s Degree in Business Administration. He was conferred a
Doctorate in Business Management, Honoris Causa by the De La
Salle University, and a Doctorate of Law, Honoris Causa by the
University of St. La Salle. Mr. Hilado is Lead Independent Director of Philex Mining Corporation (the
“Company”). He was the Chairman & Chief Executive Officer of Philippine Investment Management
(PHINMA), Inc. (January 1994 to August 2005), and currently Chairman of the Board. He is currently
also Chairman of PHINMA Corp, Trans-asia Oil and Energy Development Corporation, PHINMA
Property Holdings Corp., Vice Chairman of Trans-Asia Power Generation Corporation, and Director of
Trans Asia Renewable Energy Corporation and publicly listed Trans-Asia Petroleum Corporation. Mr.
Hilado is an Independent Director of Smart Communications, Inc. and Digital Telecommunications
Phils., Inc, and the publicly listed First Philippine Holdings Corporation and A. Soriano Corporation. He
is also a Director of United Pulp and Paper Company, Inc., Beacon Property Ventures, Inc., Manila
Cordage Company, Pueblo de Oro Development Corporation, Seven Seas Resorts and Leisure, Inc.,
Asian Eye Institute, Araullo University, Cagayan de Oro College, University of Iloilo, University of
Pangasinan, Microtel Inns & Suites (Pilipinas) Inc.
MARILYN A. VICTORIO-AQUINO – NON-
EXECUTIVE DIRECTOR

Ms. Marilyn A. Victorio-Aquino joined the Maynilad Water

Services, Inc. Board on December 2012. She has been a Director
of Philex Mining Corporation and Philex Gold Philippines, Inc.
(PGPI) since December, 2009. She is an Assistant Director of First
Pacific Co. Ltd. since July 2012, following her 32-year law
practice at SyCip Salazar Hernandez and Gatmaitan Law Offices,
where she was Partner from 1989 to 2012. She is also a Director
of Philippine Indofood Distribution Corporation since August
2014, of Light Rail Manila Corporation since July 2014, of Silangan Mindanao Mining Co., Inc., and
Lepanto Consolidated Mining Company since October 2012. She graduated cum laude (class salutatorian)
from the University of the Philippines, College of Law in 1980 and placed second in the Philippine Bar
Examination in the same year.

BARBARA ANNE C. MIGALLOS – CORPORATE

SECRETARY

Atty. Barbara Anne C. Migallos has been Corporate Secretary of

Philex Mining Corp. since July 1998. Atty. Migallos has been
Corporate Secretary of PXP Energy Corporation since December
27, 2007. She served as Compliance Officer of Philex Petroleum
Corporation since November 2013. Atty. Migallos has been
Corporate Secretary at Alliance Select Foods International, Inc.
since July 6, 2015. She has been a Corporate Secretary of Eastern
Telecommunications Philippines, Inc. since 2005 and Nickel Asia
Corporation since March 2010. She serves as Corporate
Governance Officer at Philex Petroleum Corporation. She serves as Corporate Secretary of BEMC,
Silangan Mindanao Mining Co., Inc. and LMC. She is the Managing Partner of the Migallos & Luna Law
Of ices. She serves as Vice President of REKM Land & Realty Corp. She serves as Managing Partner of
Roco, Bunag, Kapunan & Migallos Law Offices and serves as Corporate Secretary at Nycochem, Inc. She
has been an Executive Director at Philex Mining Corp. since June 26, 2013. She has been a Director of
Mabuhay Vinyl Corp. since August 2000 and Director of Philippine Resins Industries since 2001. She
serves as a Director at REKM Land & Realty Corp., BEMC and Nycochem Inc. She served as Executive
Director of Philex Petroleum Corporation from May 18, 2010 to August 2, 2017. Atty. Migallos served as
an Executive Director of PGPI from March 12, 2001 to July 31, 2003. She holds Bachelor of Laws from
University Of The Philippines and from the same university holds BA in Political Science.

WILFREDO A. PARAS – INDEPENDENT

DIRECTOR

Mr. Wilfredo A. Paras serves as the President of WAP

Holdings, Inc. Mr. Paras serves as Senior Advisor to the
Association of Petrochemical Manufacturers of the Philippines.
He served as the Chief Operating Officer and Executive Vice President of JG Summit Petrochemical
Corporation from 1996 to July 2008. He also served as President-Director of PT Union Carbide
Indonesia, Managing Director of Union Carbide Singapore Ltd. and Business Director - Polyolefins of
Union Carbide Asia Pacific, Singapore. He has been an Independent Director of GT Capital Holdings
Inc., since May 14, 2013 and Philex Mining Corp., since June 29, 2011. Mr. Paras served as a Director of
JG Summit Petrochemical Corporation from 1996 to July 2008.

ROBERT C. NICHOLSON – NON-EXECUTIVE

DIRECTOR

Mr. Robert Charles Nicholson, also known as Robin, has been an

Executive Chairman at Forum Energy PLC since November 18,
2010. Mr. Nicholson served as a Special Advisor of PCCW Limited
from August 2001 to September 2003. He was a Senior Partner of
Richards Butler from 1985 to 2001, where he established the
corporate and commercial department. He has extensive experience
in corporate finance and cross-border transactions, Debt and Equity
Capital Markets, Corporate Reorganisation in the Asia Pacific Region and the PRC. Mr. Nicholson serves
as the Chairman at Goodman Fielder Baking (Australia) Pty Ltd. He served as an Acting Chairman of
India Capital Growth Fund Limited from February 2009 to September 2009. He has been an Executive
Director of First Pacific Company Limited since November 2003. He has been a Non Executive Director
of Metro Pacific Investments Corporation since November 2009. He has been a Commissioner of PT
Indofood Sukses Makmur Tbk since 2004. Mr. Nicholson has been a Non-Executive Director at Philex
Mining Corp. since November 28, 2008 and Philex Petroleum Corporation since February 23, 2011. He
has been an Independent Non-Executive Director of Pacific Basin Shipping Ltd., since March 24, 2004.
Mr. Nicholson serves as a Director of Level Up International Holdings Pte. Ltd., and Goodman Fielder
Ltd. He serves as a Non-Executive Director at Pitkin Petroleum Plc. He served as an Independent Non-
Executive Director of Lifestyle Properties Development Limited since August 26, 2013 until May 31,
2017. He served as an Independent Non Executive Director at QPL International Holdings Ltd, from
October 1994 to October 7, 2013. He served as a Non Executive Director of Forum Energy Plc since
March 9, 2010. Previously, he served as a Non-Executive Director of First Pacific Company Ltd., since
June 2003. He served as a Director of India Capital Growth Fund Limited from December 2005 to August
11, 2011. He served as Commissioner of Indofood Agri Resources Ltd. since 2004. He qualified as a
solicitor in England and Wales in 1980 and in Hong Kong in 1982. Mr. Nicholson holds BA from
University of Kent in 1976.

EDWARD A. TORTORICI – NON-EXECUTIVE

DIRECTOR

Mr. Edward Anthony Tortorici, also known as Ed, GBS,

CBE, JP, has been the Executive Advisor for First Pacific
Company Limited since August 30, 2017 and served as
its Head of Organization & Strategic Planning since 1987
until August 30, 2017. Mr. Tortorici has been an
Executive Advisor of Metro Pacific Investments
Corporation (alternate name, Metro Pacific Corp.) from
March 2006. He serves as an Executive Advisor of MPIC
companies located in the Philippines. He founded EA
Edwards Associates. Mr. Tortorici serves as an Executive
Director of Indofood. He has more than 20 years of
experience in various capacities as senior and executive
management positions in strategic planning, corporate
restructuring and productivity improvement. He has served in a variety of senior and executive
management positions, including Corporate Vice President for Crocker Bank and Managing Director
positions at Olivetti Corporation of America and Fairchild Semiconductor Corporation. Mr. Tortorici
served as an Executive Director of First Pacific Company Limited from joining in 1987 until August 30,
2017. He served as an Executive Director of Metro Pacific Investments Corporation from November 2009
to June 2, 2016. He serves as a Director of Bonifacio Land Corporation, Fort Bonifacio Development
Corporation, Landco Pacific Corporation and ACeS International Limited. He has been a Commissioner
of PT Indofood Sukses Makmur Tbk since 2001. Mr. Tortorici has been a Non-Executive Director of
Philex Mining Corp. since December 7, 2009. He served as a Director of Maynilad Water Services, Inc.
from January 2007 to August 12, 2011 and Medical Doctors Inc. He served as a Director for Forum
Energy PLC. from November 18, 2010 to June 20, 2013. He held Directorships and Partnerships of Metro
Pacific Holdings Inc., and PT Mobile-8 Telecom Tbk. He holds Directorships and Partnerships in EA
Edwards Associates, First Pacific Consumer Products Limited, First Pacific Holdings (Bermuda) Ltd.,
Jeti Investments LLC, Level Up! International Holdings Pte Ltd., and Philex Gold Philippines Inc. He
served as a Director of FEC Resources, Inc., since June 9, 2010. He served as a Director of Metro Pacific
Investments Corp., from 2001 to June 14, 2007. He served as a Director of Indofood Sukses Makmur Tbk
PT. Mr. Tortorici serves as a Trustee of the Asia Society and the Metropolitan Museum of Manila. He
received a BS from New York University and an MS from Fairfield University.

MICHAEL G. REGINO – NON-EXECUTIVE

DIRECTOR

Mr. Michael G. Regino serves as the President of Agata

Mining Ventures, Inc., Exploration Drilling Corporation and
San Agustin Mining Services Inc. Mr. Regino serves as the
President of Triton Exploration Corp. Mr. Regino served as
Senior Vice President of St Augustine Gold and Copper
Limited since October 2014 until January 27, 2017. He served as the President of Golden Haven
Memorial Parks, Inc. from December 2005 to December 2015. He served as the Chief Executive Officer
of Camella Homes, Inc., served as its Chairman and President since May 7, 2003. He served as Chief
Operating Officer of Household Development Corporation and subsidiaries and Palmera Homes Inc. and
subsidiaries. He has been with Household Development group for 13 years. He previously worked as
General Manager of MGS Group of Cos involve in trading, manufacturing of housing components and
construction. He has 35 years of experience in business management. He joined TVI Resource
Development Philippines Inc. in January 2014. He served as the President of MGS Building Solutions
and Primewater Resource Corp. He shared his expertise in other industries such as Northern Foods, Corp.,
Kilusang Kabuhayan at Kaunlaran and Ateneo de Zamboanga University, where he served as Finance and
Treasury Manager, Chief Financial Specialist and Instructor in Economics, respectively. He has over 30
years of corporate experience. He has been a Non-Executive Director of Philex Mining Corporation since
February 28, 2017. He serves as a Director of Prime Resources Holdings, Inc. and TVI Resource
Development Phils., Inc. He serves as Member of the Director of Kingking Mining Corp and Nationwide
Development Corporation. He serves as a Director of San Augustin Services, Inc., and Nationwide
Development Corp. He serves as a Director of Ateneo Full Scholar & Insular Life Educational
Foundational Scholar. He is a member of Social Security Commission. He served as a Director of TVI
Resource Development Philippines Inc. until February 20, 2017. He served as a Director of Golden
Haven Memorial Park Inc., until July 29, 2016. He served as a Director of Camella Homes, Inc. Mr.
Regino graduated Cum Laude from the Ateneo de Zamboanga with a Bachelor's Degree in Economics
and from Ateneo de Manila University with a Master's Degree in Business Administration.
ANITA B. QUITAIN – NON-EXECUTIVE DIRECTOR

Ms. Anita Bumpus Quitain has been a Non-Executive Director at Philex Mining Corporation since
February 28, 2017. Ms. Quitain is a Member of the Social Security Commission (SSC). She also performs
quasi-judicial work by evaluating the merit of cases and rendering decisions involving disputes in SS
coverage, benefits, contributions and all such other matters that fall within the exclusive power, authority
or jurisdiction of the Social Security Commission. Additionally, as an employee for thirty-one (31) years
of the Social Security System, her major achievement as such employee was when she took charge of the
operations of the then newly-opened SSS Representative Office in Digos City, Davao del Sur as Office-
in-Charge. She stayed there for five (5) years. She conducted seminars and coverage drives in Digos City,
especially in the rural areas aside from discharging management and leadership functions in the
Representative Office. She worked with the Department of Education as an Elementary Classroom
Teacher for ten (10) years. For one year, she worked as a Classroom Teacher in the Philippine Women's
College of Davao. After her stint as a classroom teacher, she worked with the Social Security System,
Region 09, Davao City from where she retired in July 2009 after thirty-one (31) years of dedicated
service. She was Head of Membership Section, Real Estate Section, Operations Accounting Section,
Member Assistance Center Section and Sickness, Maternity and Disability Section. She is Career Civil
Service Eligible. Ms. Quitain holds a B.S.E.Ed degree holder from the University of Mindanao in Davao
City and Bachelor of Science in Commerce, Major in Accounting two (2) years. She holds Masters in
Public Administration thirty-seven (37) units.

JOSE GABRIEL M. LA VINA – NON-EXECUTIVE

DIRECTOR

Mr. Jose Gabriel M. La Viña was Social Media Director of

Duterte 2016 Presidential Campaign and was Member of its
Media Central & Communications Group. Mr. La Viña
served as Treasurer & Trustee of AFS Intercultural
Services, which sends around 30 to 40 Filipino Muslim
youth scholars to the United States every year under the
Kennedy-Lugar Youth Exchange and Study program
funded by the U.S. State Department. He has 32 years experience as the Founder and Chief Executive
Officer in various industries, including Home Mortgage Brokerage, Real Estate, Cooperative Banking,
Technology, Auto Sales, Supply Chain Management, Hospitality and Music Entertainment. He has been a
Non-Executive Director of Philex Mining Corporation since February 28, 2017 and PXP Energy
Corporation since April 26, 2017. Mr. La Viña has been a Member of Board of Directors of the Alumni
Association of the Asian Institute of Management since February 2016. He has been Commissioner of the
Social Security System (SSS) since November 2016. He is an Appointed Member of the Social Security
Commission (SSC) in November, 2016. As a Composer, his songs have been recorded by Lea Salonga,
Chad Borja, Joey Albert, Iza Calzado, Gino Padilla, Anna Fegi, Renz Verano, Jinky Llamanzares, Kaye
Abad, Toti Fuentes, Raymond Lauchenco, Iwi Laurel, Tillie Moreno, Louie Reyes, Eugene Villaluz,
Teresa Loyzaga and other Filipino and international artists. He won THIRD PRIZE, Metro Manila
Popular Music Festival in 1984. He wrote two out of the seven song finalists in the competition;
HONORABLE MENTION (2 songs), 10th Billboard International Song Contest, 2002. Mr. La Viña
holds a Master in Entrepreneurship (Superior Performance) from Asian Institute of Management and BA
in Philosophy (Magna Cum Laude) from Ateneo de Manila University. He is an Ateneo Full Scholar &
Insular Life Educational Foundational Scholar. He is an AFS Scholar from Corona del Mar High School,
Newport Beach, California. He is a Valedictorian from Xavier University High School and Xavier
University Grade School, Cagayan de Oro City.

OFFICERS

 Eulalio B. Austin, Jr. – President & Chief Executive Officer

 Barbara Anne C. Migallos – Corporate Secretary
 Danny Y. Yu, Treasurer – Chief Financial Officer & Senior Vice President for Finance
 Michael T. Toledo – Senior Vice-President for Corporate Affairs
 Manuel A. Agcaoili – Senior Vice-President & Padcal Resident Manager
 Redempta P. Baluda – Vice-President for Exploration
 Joan A. De Venecia – Vice-President for Legal and Data ProtectionOfficer
 Victor A. Francisco – Vice-President for Environment & Community Relations

HEAD OFFICE

 Paraluman M. Navarro – Assistant Vice-President – Corporate Finance

 Geraldine B. Ateo-an – Division Manager – Internal Audit
 Francis Joseph G. Ballesteros, Jr. – Division Manager – Public & Regulatory Affairs
Division
 Rolando S. Bondoy – Division Manager – Investor Relations and Corporate
Governance
 Victor B. Maglambayan – Division Manager – Exploration
 Noel C. Oliveros – Division Manager – Exploration
 Vengel A. Romero – Division Manager – Corporate Technical Services & Business
Development
 Bernard P. Baluda – Group Manager – Supply Chain
 Horacio R. Hernandez, Jr. – Group Manager – Corporate I.T
 Roy Ronald C. Luis – Group Manager – Exploration
 John Reaner I. Nocum- Group Manager – Financial Projects & Management Services
 Eileen C. Rodriguez – Group Manager – Corporate Treasury
 Jocelyn S. Sinajon – Group Manager – Human Resources

PADCAL MINE

 Roy P. Mangali – Assistant Vice-President – Assistant Resident Manager

 Milton L. Agyao – Division Manager – Mill
 Eduardo M. Aratas – Division Manager – Legal
 Ricardo S. Dolipas II – Division Manager – Mine
 William D. Agustin – Group Manager – Mine Mechanical
 Roselyn M. Dahilan – Group Manager – Padcal Finance
 Paul P. Lumpias – Group Manager – Mine Operations
 Lionel L. Wanawan – Group Manager – Legal
INTRODUCTION

Philex Mining Corporation is the largest gold and copper producer in the Philippines,

having continuously operated the Sto. Tomas II deposit at Padcal, Tuba, Benguet, Philippines

since 1958. It operates in two business segments: the metals segment and the energy and

hydrocarbon segment. The company is primarily engaged in the exploration, development and

utilization of mineral resources. It also produces silver, petroleum and coal. Although mining

companies are said to be destroying the natural resources of the country, Philex Mining

Corporation was awarded for having the safest underground/block cave mining operation.

Philex may be a mining corporation, it did not stop doing its share in the environmental

conservation. It facilitated programs and activities that helped in the environment, safety and

health. It engages in tree planting activities, wherein various tree seedlings are being maintained

and protected throughout the year. Philex Mining Corporation also has a health care program in

the company’s Sto. Nino Hospital in Padcal, Tuba, Benguet which provided basic health services

to patients from the communities free of charge.