C07034-2023

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Sep 21, 2023
2. SEC Identification Number
10044
3. BIR Tax Identification No.
000283731000
4. Exact name of issuer as specified in its charter
PHILEX MINING CORPORATION
5. Province, country or other jurisdiction of incorporation
phil
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
2nd Floor LaunchPad, Reliance Cor. Sheridan Sts., Mandaluyong City Postal Code 1550
8. Issuer's telephone number, including area code
+632 8631 1381
9. Former name or former address, if changed since last report
n/a
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
common 5,782,399,068
11. Indicate the item numbers reported herein
17-C

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Philex Mining CorporationPX

PSE Disclosure Form 4-13 - Clarification of News Reports References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

- Clarification of News Reports
Source Manila Bulletin (Online Edition)
Subject of News Report “Philex to develop nickel mine, explores 2 gold prospects”
Date of Publication Sep 21, 2023
Clarification of News Report

We write with respect to the news articles posted in various online sites. In the attached news article entitled “Philex to develop nickel mine, explores 2 gold prospects” posted in Manila Bulletin (Online Edition), it was reported in part that:”
“With the funding and development of its estimated $244 million Silangan gold mine underway, Philex Mining Corporation is now planning to venture into nickel mining while eyeing the possible acquisition of two gold prospects: the old Dizon copper silver mine and the Macawiwili property beside its Padcal mine.
In an interview at the sidelines of the 2023 Mining Philippines International Conference and Exhibition, Philex President and CEO Eulalio B. Austin Jr. said they have already raised the $244 million funding - roughly P13.9 billion - needed for the development of the Silangan mine which is expected to produce its first ton of ore in the first quarter of 2025.
‘While we are doing the Silangan project, we are looking into some business opportunities also. You have heard about the Macawiwili project which is beside the Padcal mine,’ he said.
He noted that the exploratory drillings they are doing in Macawiwili ‘is in preparation for the eventual closure of the Padcal mine if we can no longer find resources to mine.’
Austin said Philex is ‘a contractor of Macawiwili to do scout drilling of their property. After we have the results of drilling, that’s the time we sit down and discuss (possible investment or acquisition).

. . . .

‘We are also looking into the nickel space considering that the transition to this green energy is a global issue right now and we also want to develop a nickel property we have in Zambales,’ Austin said.
He added that the Zambales nickel mine ‘was not put into operations for so long and we are trying to review that now that we have raised the amount for the Silangan project.’
‘Aside from nickel, we are also looking at the former Dizon mine, this is now the Lumiere property in Zambales that they are offering to us… the Dizon mine is a copper-gold mine in San Marcelino, Zambales which I think, during the eruption of Mt. Pinatubo, it stopped operations,’ said Austin.
Philex has started confirmatory drilling to see if there are remaining resources or reserves to mine before deciding whether to acquire it or not.
For its nickel mine, Austin said Philex may get a partner that has expertise in the extraction of nickel ore since ‘it’s our first time in nickel, we’re a neophyte. For sure we will be asking some guidance or having a partner to develop that property since we are not experts.’”

As stated by our CEO Eulalio Austin, Jr, Philex is looking at opportunities in the mining space, and we are looking at Macawiwili tenement adjacent to our Padcal operations. Philex is a contractor of Macawiwili to do scout drilling activities, and upon completion of the scout drilling activities, Philex and Macawiwili Gold Mining and Development Co. Inc. will sit down and discuss with any possible partnership, if the results are viable.
In the case of Lumiere Mining Inc. (LMI), Philex is also doing confirmatory drilling activities in the previous operating mine, known as Dizon Mine, ( stopped operations at the time of the Mount Pinatubo eruption) to assess any remaining resources or reserves. Upon completion of the confirmatory drilling works, Philex and LMI will also sit down and discuss possible partnerships, if the results are viable.
Just like any other mining companies who owns tenements in areas where nickel is known to be present, Philex is also looking at doing studies in our tenements in Zambales..

Should you require any additional information or have further inquiries regarding these matters, please do not hesitate to reach out.
Other Relevant Information

n/a
Filed on behalf by:
Name Paraluman Navarro
Designation AVP Finance