Salvador B. Zamora II entered into a memorandum of agreement to acquire Mining Rights of Four Gold Projects in Philippines from MRC Allied, Inc. for PHP 1.5 billion.

Salvador B. Zamora II agreed to acquire Mining Rights of Four Gold Projects in Philippines from MRC Allied, Inc. (PSE:MRC) for PHP 1.5 billion on February 17, 2022. Salvador B. Zamora II entered into a memorandum of agreement to acquire Mining Rights of Four Gold Projects in Philippines from MRC Allied, Inc. (PSE:MRC) on March 9, 2022. As part of the acquisition, Salvador agreed to acquire mining rights relating to Tampakan Copper-Gold Project, Marihatag Copper-Gold Project, Boston-Cateel Copper-Gold Project and Paquibato Copper-Gold Project.

Consideration will be paid in the form of PHP 750 million paid on signing of this agreement. The remaining balance shall be from the 50% revenue from operations up to PHP 750 million or if the Zamora decides to sell the mining assets, the MRC shall have 50% of the proceeds up to PHP 750 million. The board of directors of MRC approved the transaction.