Message from the Chairman

Our exploration work in 2015 focused on the processing of the geologic information from the database generated in 2014 and from historic drilling data. We validated the database to produce a geologic model and resource estimation of the Ntina and Suyoc deposits which are now in progress. Additional drilling planned for the recently discovered Ntina Deeps and other prospective porphyry copper-gold deposits was suspended due to the more compelling search for near surface copper-gold deposits that could augment the Ntina-Suyoc mineral resource.

Exploration covering Mapaso, Legaspi and Emma areas entailed detailed geologic mapping and sampling, grid alteration zone delineation, and investigation of small scale mine workings. The initial results indicate the occurrence of very promising near-surface vein and breccia gold deposits and underlying associated porphyry copper-gold potential at Mapaso.

Detailed field work has commenced at another highly promising gold prospect at Emma which has characteristics similar to the previously mined Heine open pit gold deposit.

Pit optimizations were calculated using various mining costs for both Ntina and Suyoc complex, in addition to pit designs and estimated mineable ore reserves. Various mining programs and financial studies on the basis of a 5,000 TPD milling rate were also undertaken.

We carried out a series of metallurgical tests on bulk samples from the Suyoc trenches and four drill holes from Ntina totaling over 200 meters. The composite samples were subjected to gravity and flotation metallurgical tests. Overall, the tests indicate that the Ntina - Suyoc composite ores are amenable to combined gravity and flotation milling processes.

We continue to await the issuance of an Environmental Compliance Certificate for a maximum 15,000 TPD milling operations following our submission of a revised Environmental Performance, Management and Restoration Plan with the Environmental Management Bureau.

There were no further exploration ground works done in the Kalayaan Project. The project has been placed on “care and maintenance” status by Philex Mining Corporation while awaiting approval of the Exploration Permit extension. Philex however continued to review and validate the project database pursuant to its Farm-in Agreement with Kalayaan Copper-Gold Resources, Inc. and Manila Mining Corporation.

In the meantime, we continued to undertake Community Development programs for our host and neighboring communities in the municipalities of Placer and Tagana-an in Surigao Del Norte. We coordinated closely with the different barangays to ensure that our programs are useful and sustainable. Among many other projects, we donated public transport vehicles, a dump truck, school and laboratory supplies, medicines and medical supplies, sewing machines, and constructed a building for livelihood projects and others for use as health centers, as well as classrooms. We also have a scholarship program and provide assistance to several daycare centers.

We established a diversified nursery in compliance with the government’s National Greening Program. We also maintain some 30,000 trees within a 50-hectare area in our tenements following the Mines and Geosciences Bureau’s "Adopt a Mining Forest Program".

Indeed, we continue to make our presence positively felt in our host communities. Despite zero revenues for so many years, we have remained a good corporate citizen with the able guidance of the other members of the Board of Directors and the invaluable cooperation of our officers, technical personnel and other employees. We thank all of them for their untiring support.

The results of our exploration efforts continue to bear our determination to bring our company back in production. We will improve our potential to carry out this goal as we expect improvement in metal markets and the general environment for the mining industry. To our shareholders, thank you for your perseverance, patience, and faith in Manila Mining Corporation.

Felipe U. Yap
Chairman of the Board and Chief Executive Officer

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