GEOGR E GEOGRACERESOURCES PHILS. INC. z o = F l o or , T he P EA K T ow er Levi ste St reet Salcedo Village M ak at i C it y 12 26 Phil i ppines Resources Phil ippines In c. www . geog r o c e . com 11 J a nuar y 2016 Ph il ip pi ne Stock Exc ha nge, Inc. 4jF Philippin e Sto ck E x chang e C e nt er Ex ch ange Roa d , Ortiga s C e nt er Pasig Ci t y Att e ntion : Ms. Janet A.Enca rna ti on Head, Di sclosure De partment Re: Geograce Resources Philippines, Inc. GEOGRACE ) Update on Disbursements on the Proceeds From the Stock Rights Offering Gentlemen : W e h e reb y s ubmit our am e nded r e p o rt on th e u se o f p oc ee d s fr om th e 1:3 . 5St oc k Righ ts Of f e r i g for th e Fo urth Qu art er e ndin g 3 1 Dec e mb er 20 1 5 . October to Balance as of USE OF PROCE E DS Balance as of December 2015 De ce mber 31, Sept ember 30,2015 Disbursements 2015 I Ex pl oratio n Co sts 5,000,000.00 0 5,000,000 . 00 a A c qu isiti on of addtl mining te n e m en t s - - b Pe r mittin g and CO M R EL 5, 000 , 000.00 - 5 , 000 , 000 . 00 c G e och e m i str y and Map pi ng - - d Drilli ng program - - e R esea r c h and De ve lo p m e nt - I I Project Development Co st 2 , 000,000 . 00 - 2,000,000 . 00 a Purch ase o f pr odu c ti on e uipm e nt ° - b F i xe d asse ts ° ° c M a np owe r 2 , 000 , 000 . 00 2 , 0 0 0 , 00 0 00 d Con s um a bl e s for pr o du c tion equipm ent 0 0 0 I I I Payment s of Shareholder Adv ances - - a G e n era l a nd admin is tr a ti ve exp enses - b Ex pl ora ti o n ex p e n ses