A subsidiary of DMCI Mining Corporation

19 April 2023

To : Ma. Victoria S. Lopez

Head, Accounting Department

From : Julie Ann Agustin

Compliance & Permitting, BNC

Re : Payment of Excise Tax for Ningbo Lygend Wisdom Co. Ltd.

(Shipment Laycan January 10-14, 2023)

Requesting payment of Excise Tax of the ore derived from Lucapon South, Sta.
Cruz, Zambales as required by the Mines and Geosciences Bureau (MGB) for the
purpose of securing Mineral Ore Export Permit (MOEP). Please see below figure as
basis for computation:

Nickel Price = USD 50/WMT X 55,000 WMT

Enclosed herewith is a copy of Sales Contract No. ZDMC-NLW-2023-13

Thank you.

Prepared by: Recommending Approval:

Julie Ann Agustin-Perez Deo V. Gatchalian

Mine Engineer, BNC Head, Compliance & Permitting

Approved by:

Ramon Manuel R. Briones Aldric G. Borlaza

Vice President – Operations CFO/SVP - HRA

3rd Floor DMCI Homes Corporate Center

1321 Apolinario Street, Bangkal, Makati City, Philippines 1233
Tel. Nos. 831-2309/0833 or 823-7963/8175 Fax Nos. 831-6241/6242
 SALES CONTRACT
CONTRACT NO. ZDMC-NLW-2023-13

THIS CONTRACT is made this April 18, 2023

SELLER: ZAMBALES DIVERSIFIED METALS CORPORATION/ DMCI MINING CORP, a corporaMon duly
organized and exisMng under the laws of the Republic of the Philippines, with office address at 3F
DMCI Homes Corporate Center, A. Apolinario st. Brgy Bangkal, MakaM Philippines, hereinaYer
referred to as “SELLER”.

BUYER: NINGBO LYGEND WISDOM CO., LTD, a corporaMon duly organized and exisMng under the
laws of China P.R, with office address at 11F, Unit 22, C10 Building, 299 Lane, Guanghua Road,
NaMonal High-Tech Zone, NIngbo, China hereinaYer referred to as “BUYER”

In this contract, the below terms shall, unless otherwise specifically defined, have the following
meanings:

(A) “Ore” means nickel ore of Philippine origin.

(B) “USD” means the currency of the United States of America “USD”
(C) “Metric Ton or “MT” means a tonne equivalent to 1,000 kilograms.
(D) “L/C” Means “the Leder of Credit”
(E) “WMT” Means “wet metric ton”

THE PARTIES AGREE AS FOLLOWS:

1. DescripMon of Goods
Name of Commodity: Nickel Ore
Packing: In Bulk.
Origin: PHILIPPINES

2. SpecificaMon
Ni: 1.60% Typical, based on the average of CCIC or COTECNA assay report at loading port and
third-party assay report at discharging port.
Fe: 15% typical, (on dry basis) based on the average of CCIC or COTECNA assay report at loading
port and third-party assay report at discharging port.
H2O: 35% Max (free moisture loss at 105°C) the average of CCIC assay or COTECNA report at
loading port and third-party assay report at discharging port.

3. QuanMty
Weight: 55,000 wet metric tons, with tolerance of +/-10% at Buyer’s opMon, and such excess or
deficiency to be sedled at contracted price.

4. Base price
Base price shall be USD50/WMT FOB Bolitoc Port, Zambales, Philippines

4.2 Price adjustment

If the moisture (H2O) content is more than 35 %, then the Price shall be decreased by USD 0.50
per metric ton for each 1% of H2O content above 35%, on pro-rata.

If the moisture (H2O) content is less than 32 %, then the Price shall be increased by USD 0.50 per
metric ton for each 1% of H2O content below 32%, on pro-rata.

The price computaMon shall be based on the agreed 1.60% Ni content. If, on dry basis, the Ni
content is higher than 1.60%, the base price shall be increased by USD 0.70/WMT for each 0.01%
higher than 1.60% Ni, all fracMons pro rata.

However, if on dry basis, the Ni content is below 1.60%, the price shall be decreased by USD0.70/
WMT for each 0.01% lower than 1.60%, all fracMons pro rata. If the Ni content falls below 1.55%,
the buyer has the right to reject the cargo.

5. LAYCAN
April 24-28, 2023. Seller shall noMfy Buyer in wriMng exact date of laycan period 15 days in
advance.

5.1 Shipping Schedule

SELLER should inform BUYER of the proposed delivery schedule when the subject Nickel Ore is
already at the pier stockyard.

5.2 Arrival NoMce and Cargo Readiness

BUYER shall noMfy SELLER of any change in the expected date of arrival of the ship at loading
Port. Ship's master or shipping agent shall inform SELLER of vessel’s ETA (Expected Time of
Arrival) at loading Port 72, 48, 24 and 12 hours prior to ship’s arrival.

5.4 Loading Rate

Nickel Ore shall be loaded by SELLER, on to each ship chartered by BUYER to take delivery of
Nickel Ore pursuant to this Agreement, at the average rate of 6,000 wet tones per Weather
Working Day of twenty-four (24) hours, Sundays and holidays included (WWDSHINC).

5.5 NoMce of Readiness

NoMce of Readiness to load shall be tendered to and accepted by SELLER upon arrival at Loading
Port, aYer free praMque and customs formaliMes and when vessel is in all respects ready to load.

5.6 Lay Mme:

Lay Mme shall commence to count 12 hours aYer NOR tendered, unless loading sooner
commenced in which case the actual Mme used to count.

Lay Mme to be terminated once loading is completed.

5.7 Demurrage / Despatch

Demurrage or despatch rate will be as per charter party between seller and owner and provided
by Buyer at the Mme of vessel nominaMon.

6. Shipping terms

6.1 loading and discharging Port

Loading port: Bolitoc Port, Zambales, Philippines
Discharging Port: MAIN PORT, China at Buyer’s opMon.

7. WEIGHING, SAMPLING, ANALYSIS OF THE SHIPMENT

7.1. DeterminaMon of Weighing

At the loading port, CCIC or Cotecna at loading port to determine the weight of shipment by draY
survey and shall provide a cerMficate showing the determinaMves. The weight of ore determined
and cerMfied at the loading port shall be the final weight of the shipment.
The Buyer may, at his expense, have its representaMve(s) to be present at the Mme of such
determinaMon and supervise the loading of the cargo at loading port.

7.2. DeterminaMon of Quality

At the loading port, the Seller shall carry out sampling and analysis. A CerMficate of Quality shall
be issued by CCIC or Cotecna at the loading port. Seller shall inform the inspect date to Buyer,
and Buyer or Buyer’s representaMve shall have the right to be present at such weighing of draY
survey, sampling, and analysis.

At the discharging port, the Buyer shall carry out sampling and analysis. A CerMficate of Quality
shall be issued by third-party at the discharging port.
The average of CCIC or Cotecna assay report at loading port and third-party assay report at
discharging port shall be deemed final.

8. TERMS OF PAYMENT
8.1. Payment condiMon
FIFTY PERCENT (50%) of FOB Cargo Value to be paid before vessel arrival, by Telegraphic Transfer.
The buyer will remit (FORTY PERCENT) 40% of FOB Cargo Value by Telegraphic Transfer, receipt of
which will be confirmed by Seller, before vessel departure. The balance payment TEN PERCENT
(10%) of FOB Cargo Value will be based on the average of Philippines assay report at loading port
and China assay report at discharging port.

8.2. Documents
The following documents, where third party documents are allowed and permided, shall be
submided by the seller to the buyer within 5 days aYer the vessel departure:

A) Full set of (3/3, three originals and three non-negoMable copies) of clean on board shipped
Bill of Lading made out To Order, blank endorsed, noMfy BUYER.

B) Seller’s signed Provisional Commercial Invoice, in one original and two copies for 90% of
total FOB cargo value, and the quality of Ni Fe Moisture based on the typical specificaMon of the
contract.

C) CerMficate of Origin in 1 original and 1 copies/duplicate issued by Seller at loading port.

8.3 Balance payment

A) The following documents shall be submided by the seller to the buyer:

Seller's signed Final Commercial Invoice for the balance FOB cargo value in 1 original and 3 copies
based on the quality results (which indicate Ni, Fe, moisture) of the average of CCIC or Cotecna
Philippines assay report at loading port and third-party China assay report at discharging port.

CerMficate of Quality issued by CCIC or Cotecna in one (1) original and three (3) copies.

CerMficate of Weight issued by CCIC or Cotecna in one (1) original and three (3) copies.

B) The following documents shall be submided by the buyer to the seller:

CerMficate of Quality issued by third-party China in one (1) copy.

CerMficate of Weight issued by third-party China in one (1) copy.

If the CerMficate of Quality and Weight issued by third-party China is not available in Sixty (60)
days from BL date, the analysis of CCIC or Cotecna Philippines will be taken as Final.

9. FORCE MAJEURE
Neither party shall have any claim for damage whatsoever against the other for failure to
carry out any of its obligaMons under this contract as a result of the occurrence of any event
beyond its reasonable control and which is not caused by the parMes including but without
limiMng the generality of foregoing strike or labour disturbance, fire, riots, power failure caused
by natural calamiMes, Acts of God, weather, typhoons, heavy swell, war, embargoes, stoppage of
mines and railway, prohibiMon of export or import, delays of vessel in arriving at the port of
loading or discharge order regulaMons of acts of any governmental authority.
If the Force Majeure event menMoned in sub-clause 10.1 above will prevent or hinder or
delay the delivery by SELLER or receipt by BUYER, this contract shall be deemed suspended so
long as delivery by SELLER or receipt by BUYER is prevented or hindered by such cause or
conMngency.
As soon as reasonably possible aYer the start of Force Majeure event, the affected party
shall noMfy the other party by expediMous means in wriMng of Force Majeure event the date on
which the Force Majeure event started and the effects of the Force Majeure event on its ability to
perform the obligaMon under this contract.
The party whose performance of obligaMon under this contract is affected by the Force
Majeure event is obliged to use all reasonable efforts to miMgate the effect of Force Majeure on
its ability to perform its obligaMon under this contract.
As soon as reasonably possible aYer the end of a Force Majeure event, the affected party
shall noMfy the other party by expediMous means in wriMng that the Force Majeure event has
ended and resume performance of its obligaMons under this contract.
If a Force Majeure event renders performance impossible for a period of 90 (ninety) days
either the BUYER or the SELLER, if it is the party not declaring Force Majeure, may cancel the
shipment / quanMty so delayed.
Should full performance remain impossible for a conMnuous period of 1 (one) year by virtue
of Force Majeure event, either the SELLER or the BUYER, may, upon the expiry of such period,
terminate this contract by means of 1 (one) calendar month’s wriden noMce to the other party.

10. SETTLEMENT OF DISPUTE

Any dispute arising from the contract shall be sedled as far as possible by friendly negoMaMons
between the SELLER and the BUYER. However, in case the SELLER and the BUYER fail to achieve
friendly sedlement, the parMes hereby agree that any dispute arising out of or in connecMon with
this contract, including any quesMons regarding its existence, validity or terminaMon, shall be
finally resolved by arbitraMon under the InternaMonal Chamber of Commerce Rules of
ArbitraMon. The place of arbitraMon shall be in HONG KONG.

This contact is governed by and construed in accordance with UN ConvenMon Contracts for the
internaMonal and relaMve laws of HONG KONG sales of goods. The language of arbitraMon shall be
in English.

11. SPECIAL CLAUSES

Terms and condiMons of this contract will be reviewed from Mme to Mme should one of the
parMes have any objecMon due to the interpretaMon of the contract the party with such objecMon
will have to inform the other party in wriMng. A soluMon will be sedled between the parMes
within a reasonable Mme.

12. TITLE AND RISK

Title with respect to each shipment shall pass to the BUYER when the SELLER’s bank has received
the full payment. Risk with respect to each shipment shall pass from the SELLER to the BUYER
when the lateriMc nickel ore passes the ship’s rail at the loading port.

13. GOVERNING LAW

This Contract shall be governed by and construed in accordance with the laws of Hong Kong.

IN WITNESS WHEREOF, the parMes hereto have executed this contract by their respecMve
authorized signatory as of the date first above wriden.

SELLER BUYER
ZAMBALES DIVERSIFIED METALS CORPORATION/ NINGBO LYGEND WISDOM CO., LTD
DMCI MINING CORP

RAMON R BRIONES Dong Dong

VICE President Purchasing Manager