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rtg MINING INC . CORPORATE HEADQUARTERS Level 2 | 338 Barker Road | Subiaco , Western Australia 6008 T : +61 8 6489 2900 F : +618 6489 2920 SEPTEMBER 2021 QUARTERLY ACTIVITIES REPORT ANNOUNCEMENT TO THE AUSTRALIAN SECURITIES EXCHANGE 29 SEPTEMBER 2021 HIGHLIGHTS The Mabilo Project • RTG Mining Inc. ( ASX : RTG , TSX : RTG ) ( “ RTG ” or “ the Company " ) holds a 40 % interest in Mt. Labo Exploration and Development Corporation ( " Mt. Labo " ) which owns the high - grade Copper and Gold Mabilo Project in the Philippines . Having secured the Mining Permit and the successful Final Award in the SIAC matter , Mt. Labo has now secured a committed term sheet for the debt finance and offtake agreement for the development of Stage 1 ( DSO ) of the Mabilo Project , from a highly respected international global leader on attractive terms . Mt. Labo has not yet accepted the offer pending completion of some restructuring plans . • The Mabilo Project has a current net present value ( based on US $ 10,000 / t Cu , US $ 1,785 / oz Au and US $ 122 / t Fe ) of approximately US $ 490M . • • • • • All Central Office permitting for Stage 1 , the Direct Shipping Operation has been completed , including a Mineral Production Sharing Agreement ( Mining Permit ) , and Environmental Compliance Certificate . The Mines and Geosciences Bureau ( " MGB " ) remains very supportive of the project , having named it as one of the priority projects for the Philippines . The Philippines has an extensive permitting regime at a local and regional level which is progressive and sought as and when related activities are ready for commitment ( which is an ongoing process ) . - During the Quarter the Setting Aside application of Galeo Equipment Corporation ( " Galeo " ) ( ex joint venture partner of Mt. Labo terminated April 2017 ) was heard in Singapore in September . Our legal advice states the matter will turn simply on whether there was a procedural flaw in the original Singapore International Arbitration Centre ( " SIAC " ) proceedings and there is no opportunity to retry the facts . We are now awaiting the decision which is expected to take a number of months . The Enforcement proceedings in the Philippines will proceed once that matter is finalised . All these matters can be run in parallel with progress on the project . We have secured land access to all the surface rights in the Stage 1 project area , however Galeo continues to work to slow progress and we expect finalisation of the land access matters will be completed next year given the upcoming elections and festive season .