7 March 2019
Manila, Philippines

Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) reported 2018 revenues of
Php14.21 billion, 19% higher than in 2017, on account of higher production and shipment volumes.
This allowed it to post a lower consolidated net loss of Php1.72 billion for the year, 13% lower than
the previous year.

Its wholly-owned subsidiary, Carmen Copper Corporation, saw significant improvement in its
operations. Milling tonnage increased by 14% from 14.24 million tonnes of ore milled in 2017 to
16.26 million tonnes in 2018. Copper metal production correspondingly improved by 10% from 78.19
million pounds in 2017 to 85.83 million pounds in 2018. Gold production also increased by 23% from
21,979 ounces in 2017 to 27,013 ounces in 2018. Production efficiencies were sustained throughout
the year with the second half production reaching 46.28 million pounds of copper metal or a 17%
increase compared to 39.56 million pounds of copper metal in the first half of 2018.

With sustained production, copper concentrate shipped increased by 14% from 129,700 tonnes in 2017
to 147,400 tonnes in 2018 with copper metal content increasing by 12% to 84.46 million pounds and
gold content increasing by 31% to 24,988 ounces.

Metal prices year-on-year stabilized with average realized copper price at USD2.96/lb, 6% higher than
USD2.78/lb, and average realized gold price at USD1,270/oz 1% higher than USD1,259/oz in 2017.
Due to the higher volume of shipments, cash costs were 28% higher from Php8.15 billion in 2017 to
Php10.44 billion in 2018. Aside from the effect of higher volume, operating cost was adversely
affected by higher energy prices, higher waste charged to operations and higher mine product excise
tax rate which doubled from 2% to 4% in 2018. These factors caused average cost per pound to
increase by 7% from USD1.75/lb to USD1.86/lb.

Earnings before interest, tax, depreciation and amortization (EBITDA) settled at Php3.85 billion, 1%
higher compared to Php3.81 billion in 2017 as the gains from higher revenues were offset by higher
input costs. Core loss increased due mainly to higher depreciation and depletion charges.