Excerpt from the Minutes of the the Municipal and Provincial Assessor’s

Monthly Meeting last May 18, 2023 held at Provincial Assessors Office,
Capitol Drive, Butuan City, Agusan Del Norte.

PRESENT:
Engr. AMOR O. CASTAÑOS,REA LAOO III, PASSO/Presiding Officer
Mr. FELIX BALANSAG, JR., REA Municipal Assessor, Buenavista
Ms. NORMA C. SARIGUMBA, REA Municipal Assessor, Magallanes
Ms. GINA A. LAURO, REA Municipal Assessor, Carmen
Engr. GRETCHEN NANETH G. PLAZA,REA Municipal Assessor, Tubay
Mr. NOEL B. ENCABO Municipal Assessor, Nasipit
Ms. ERMA ABAO Municipal Assessor, Las Nieves
Mr. ROLLIE L. CUEVAS LAOO II, PASSO
Ms. AIRA JANE C. MACALIT AC-II, PASSO
Ms. MAHWE M. LEOP AC-II, PASSO

SEMINAR
1. Application/Exploration Stage

2. Exploration Property & Resource Properties Stage - are those on which an economically
viable mineral deposit has not been demonstrated to exist. The real value of an exploration
property lies in its potential for the existence and discovery of economically viable mineral
deposit. Only a very small number of exploration properties will ultimately become mining
properties, but until exploration potential is reasonably well tested, they have little value

3. Development Properties- are those on which economically viable deposit has been
demonstrated to exist by a Feasibility Study or Pre-feasibility Study but is not yet financed or
under construction. Such properties are at a sufficiently advanced stage or are former
producing mines. There is enough reliable information available to value the property by
discounted cash flow methods, with a reasonable degree of confidence. In general, such
information includes reasonably assured mineable reserves, workable mining plan and
production rate, metallurgical test results and process recoveries, capital and operating cost
estimates, environmental and reclamation cost estimates, and commodity price projections.

4. Production Properties -  are mineral projects that are in production.

Since they had no more concerns to be discussed, Mr. Vinatero ended the meeting and
adjourned at exactly 2:00 in the afternoon.

Prepared by:

AIRA JANE D. CATUBAG

Assessment Clerk II

Certified Correct:

Mr. JUNIE P. VINATERO, REA

Provincial Assessor