Briefing on Philex Mining Corp. Tailings Pond 3 Collapse

I. BRIEF PROFILE OF PHILEX MINING CORPORATION

Philex Mining Corporation (PMC) was incorporated in the Philippines in 1955 and is listed in the Philippine Stock Exchange. The PMC, a parent company with its direct subsidiaries, are oftentimes referred to as the Philex Group. The PMC and its wholly-owned subsidiaries (Philex Gold Philippines, Inc. which is incorporated under the laws of Alberta, Canada; and Silangan Mindanao Exploration Co., Inc. or SMECI and its subsidiary, Silangan Mindanao Mining Co., Inc. or SMMCI) are primarily engaged in large-scale exploration, development and utilization of mineral resources. PMC operates the Padcal Mine in Benguet; operated the Bulawan mine in Negros Occidental until the second quarter of 2002; and owns the Silangan Project covering the Boyongan and Bayugo deposits which are currently under the prefeasibility stage. Its wholly-owned subsidiary, Philex Petroleum Corp., owns shares in several oil and energy projects.

Philex is the country’s second leading producer of copper concentrate. It has been in operation in the last 57 years in Benguet province, where it mainly derives its income. In 2011, its gross sale from its copper, as well as gold and silver by-products, was valued at PhP 16 billion. Income from petrolem operations and other sources are insignificant to Philex Mining Company and subsidiaries as of March 2009. In July 2012 alone, Philex‘ gold production amounted to 12, 302 ounces (P833 million), and also produced 3,867,053 pounds of copper (P555 million) and 11,251 ounces of silver (P13 million). Philex’s operating revenue in the first half of 2012 is P7.472 billion, with a Core Net Income of P2.109 billion.

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