21 April 2010 PHILIPPINE STOCK EXCHANGE 4th Floor, PSE Center Tektite Towers, Exchange Road Ortigas Center, Pasig City Attention : MS. JANET ENCARNACION Head, Disclosure Department Re: PMRC-Compliant Resource Estimate Report on the Infanta Nickel Project Dear Ms. Encarnacion: Attached for information of the investing public is an Executive Summary of the Report on the PMRC-Compliant Resource Estimate of MacroAsia’s 1,113.98 hectare Infanta Nickel Project in Brooke’s Point, Palawan, Philippines. The Report of MacroAsia follows the new format of the the Revised Philippine Mineral Reporting Code (“PMRC”), as approved by the Securities and Exchange Commission (“SEC”) and the Philippine Stock Exchange (PSE) to set the standards for the reporting of exploration results, mineral resources and ore reserves in conformity with global standards, modeled on the JORC Code (2004) of Australasia and is compatible as such, with the international codes from Australia, South Africa, European Union, and Canada. The Report covers the 7-phased exploration works of MacroAsia in its nickel-rich tenement and has been completed with the involvement principally of Mr. Ramon A. L. Flores, a duly-accredited Exploration Results and Mineral Resource Estimation Competent Person under the Revised Philippine Mineral Reporting Code (PMRC). Another Competent Person, Mr. Manuel M. Gamboa, served as Peer Reviewer. Both Competent Persons have issued their certification and authorization for this disclosure and the issuance of the exploration report.

On a related note, MacroAsia is completing all permitting requirements needed to operate the mine. We will apprise the investing public of further developments in this area. Attached with this letter is the Report’s Executive Summary, the Competent Person’s consent to this disclosure, and the corresponding certifications from the two Competent Persons. Please let us know should you need additional information or have any queries on the foregoing matters. Very truly yours, AMADOR T. SENDIN Corporate Information Officer Compliance Officer VP – Planning and Business Development

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REPORT ON THE PMRC-COMPLIANT RESOURCE ESTIMATE OF MACROASIA’S INFANTA NICKEL PROJECT IN BROOKE’S POINT, PALAWAN, PHILIPPINES

(APRIL 2010) EXECUTIVE SUMMARY

This report discloses the final PMRC-compliant document on Exploration Results and Mineral Resource Estimate for public disclosure in Macroasia’s Nickel Laterite deposit in Brooke’s Point, Palawan under MPSA No. 220-2005-IVB. Using a data cutoff of December 2009, the company has completed a 7-phased exploration programme over 535.5 hectares (48%) of the MPSA’s total of 1,113.98 hectares that enable the delineation of an ore envelope using 29,447 geodetically-surveyed topographic points. Within this ore envelope, 2,751 vertical drillholes with >90% recovery, amounting to 47,273.9m and 480 vertical test pits (>95% sample recovery) amounting to 2,568.2m were driven, with the collection of 54,412 samples, which were analyzed for Ni, Fe, and 12 other elements/oxides including LOI using high-quality fused bead Wavelength Dispersive XRay Fluorescence technique.

The results show accuracy to be excellent in the entire grade range of interest, virtually all within 10% of the true value, based on six general types of grade and matrix-matched company internal standards (1422 determinations), 10 types of laboratory internal standards (6433 determinations) and 1698 blanks with negligible (~0.01%) Fe contamination. A total of 3948 company field duplicates, 2454 crushed duplicates, 2658 pulverized repeats indicate total precision up to +/- 16.1%, broken down to: +/-13.1% from natural geological variation and field sampling; +/-2.0% for analytical and pulverizing error; +/- 1.0% from laboratory crushing and pulverizing. Normal populations are observed for Ni, Fe, Cr2O3, SiO2 and lognormal ones for Co, MnO, TiO2, CaO, K2O, P2O5, Al2O3, MgO, Na2O even with top cuts, commonly above 99.5% of the data cumulative frequency. Significant correlations are found among Ni, Co, MnO and Cr2O3, as well as SiO2 and MgO for limonite and earthy saprolite; Al2O3 +/- TiO2, P2O5 and LOI in earthy saprolite, +/- CaO, K2O and Na2O in rocky saprolite. The use of an ASTM sand cone technique shows average bulk dry densities of 1.244 for limonite (n=115), 1.164 for earthy saprolite (n=52), and 1.066 for rocky saprolite (n= 153). Geostatistical modeling using Ordinary Kriging of the Ore Envelope was based on fitted spherical models of the variogram per matrix using normal and lognormal parameters as appropriate. Apart from point precision error above, the spatial errors/natural geological variability contribute an additional +/-13% to +/-39% in the horizontal plane and +/-1 to +/-6% in the vertical plane. This used a practical 100m search radius horizontally and 6m vertically for all matrices, based on variogram results. The estimation of 80,017,000 5x5x3 blocks indicates a total resource tonnage of about 88,363,000 dry metric tonnes (DMT). The average (hole) thicknesses of each matrix type are 6.07m, 4.46m, and 7.31m for limonite, earthy saprolite and rocky saprolite respectively. In terms of PMRC resource classes, using a 1% Ni cutoff, the tonnage is broken down as follows:

Fig. 1. Tonnage and Grade of Various Resource Classes at 1%Ni Cutoff (Data rounded) MEASURED 10,818,000 DMT @ 1.30% Ni INDICATED 21,458,000 DMT @ 1.21% Ni INFERRED 2,488,000 DMT @ 1.10% Ni TOTAL RESOURCES 34,764,000 DMT @ 1.23% Ni

The resource is classified as Measured if sampling interval is at 25x25m spacing, Indicated at 50x50m spacing while Inferred is at 100x100m spacing. The results of this work establishes the reliability of the data in terms of precision and accuracy, and the adopted estimation procedures give rise to more realistic estimates with minimal bias using a 5x5x3m block size. The estimated data have adequate basis to conform with the PMRC resource classification. The estimates provide a firm basis for transforming resources into reserves, hence eventual mineral production, lasting many years, depending on the production rate and mine plan that can be set and designed by a PMRC CP Mining Engineer. Optimization of the resultant block model will provide basis for proper mine planning and scheduling that will maximize the value of the resources and reserves. The block model from this estimation also provides the basis for grade control, reconciliation, and blending to meet customer specifications. When budgets and priorities allow, the resulting block model from this estimation will pinpoint locations where indicated and inferred resources can be upgraded into the next higher resource category by infill drilling and test pitting, to increase reserves, and extend mine life. Further step- out drilling and test pitting outside of the current hole extents will expand the ore envelope further, and will increase total resources.