Claimant’s Exhibit 2

MGB Form No. 05-2

Republic of the Philippines

Department of Energy
ENERGY RESOURCE DEVELOPMENT BUREAU
Regional Office No. 06
J. de Leon Street Iloilo City

EXPLORATION PERMIT

Date:February 3, 2015
Exploration Permit No. 20151027
Permittee: GeoConstruct Inc.
Address: General Luna Street, Iloilo City

This Exploration Permit covering an area of 26, 139 hectares situated and spread out over
the municipalities of Calinog, Lambunao, Badiangan, Janiuay and Cabatuan.

The pertinent application for which was filed in the Department of Energy Regional Office
No. IVIII on February 3, 2015 is hereby granted to Geoconstruct Inc. in accordance with
Presidential Decree 1442, otherwise known as “An Act To Promote The Exploration and
Development Of Geothermal Resources,” and its Implementing Rules and Regulations
promulgated thereunder: Provided, that areas with conflict, within ancestral lands/domains
without the free and prior informed consent by the concerned Indigenous Peoples, within
adequately stocked forests/proclaimed watershed forest reserves/critical watersheds, and/or
classified under the National Integrated Protected Areas System are excluded therefrom, and
subject to the following Terms and Conditions:

1. The right to explore shall be subject to valid, prior and existing rights of any party(ies)
within the area;

2. This Permit shall be for the exclusive use and benefit of the Permittee and shall, under no
circumstances, be used for purposes other than geothermal exploration: Provided, That
the exercise of the rights thereunder by another entity/party shall be subject to the prior
approval of the Bureau Director;

3. The term of this Permit shall be for a period of two (2) years from date of issuance
thereof, renewable for like periods but not to exceed a total term of four (4) years:
Provided, That no renewal of this Permit shall be allowed unless the Permittee has
complied with the terms and conditions thereof and has not been found guilty of violation
of any provision of the P.D. 1442 and its Implementing Rules and Regulations: Provided,
further, That in case of failure to file the declaration of commerciality project feasibility
during the total term of four (4) years of this Permit, the Permittee may apply for further
renewal of the Permit, which may be granted by the Secretary for another term of two (2)
years for the very purpose of preparing or completing the feasibility studies, and filing of
the declaration of commerciality project feasibility and the pertinent Geothermal Service
Contract Agreement or Financial or Technical Assistance Agreement (FTAA) application.
The complete and final exploration report shall be required in this renewal of the Permit:
Provided, furthermore, That in case the Permit expires prior to the approval of the
declaration of mining project feasibility and/or filing of the Geothermal Service Contract
Agreement or FTAA application, the said Permit shall be deemed automatically extended
until such time that the GSC Agreement or FTAA application is approved;
4. The Permittee shall submit to the Regional Office concerned, copy furnished the Bureau
Central Office, within thirty (30) calendar days after the end of each semester a report
under oath of the Exploration Work Program’s implementation and expenditures showing
discrepancies/deviations, including the results of the survey, laboratory reports,
geological reports/maps, subject to semi-annual inspection and verification by the Bureau
Central Office/Regional Office concerned at the expense of the Permittee: Provided, that
any expenditure in excess of the yearly budget of the approved Exploration Work
Program may be carried forward and credited to the succeeding years covering the
duration of the Permit;

5. The Permittee shall submit to the Regional Office concerned, copy furnished the Bureau
Central Office, a status report on the compliance with the Environmental Work Program
(EWP) within thirty (30) calendar days every end of six (6) months from the issuance of
this Permit;

6. The Permittee shall annually relinquish at least 20% of the Permit Area during the first
two (2) years of exploration and at least 10% of the remaining Permit Area annually
during the renewed Exploration Period. However, if the Permit Area is less than five
thousand (5,000) hectares, the Permittee need not relinquish any part thereof. In case of
relinquishment, a separate geologic report shall be submitted to the Regional Office
concerned, copy furnished the Bureau Central Office, with a detailed geologic report of
the relinquished area accompanied by maps at a scale of 1:50,000 and results of analyses
and corresponding expenditures, among others. The minimum exploration expenditures
for the remaining area after relinquishment shall be based on the approved Exploration
Work Program;

7. The Permittee shall submit to the Regional Office concerned, copy furnished the Bureau
Central Office, a final report upon the expiration or relinquishment of the Permit or its
conversion into Mineral Agreement or FTAA in a form and substance to published reports
of respected international organizations and shall incorporate all the findings in the
Permit Area, including locations of samples, assays, chemical analyses and assessment of
the mineral potential. Such report shall include complete detailed expenditures incurred
in the conduct of exploration activities;

8. In case of diamond drilling, the Permittee shall, upon request of the Bureau Director/
Regional Director concerned, submit to the Bureau Central Office/Regional Office
concerned a quarter of the core samples which shall be deposited in the BureauCentral
Office/Regional Office Core Library concerned for safekeeping and
reference;

9. The exploration activities shall be carried out in a manner that will, at

all times, safeguard the environment;

10. If the Permittee applies for a Geothermal Service Contract Agreement

or FTAA over the Permit Area, the Exploration Period under the
Exploration Permit shall be considered as the Exploration Period of the
GSC Agreement or FTAA that may be issued;

11. The Permittee shall allow the Department Secretary and Bureau
Director/Regional Director concerned or their duly authorized
representative/s to annually monitor and/or audit its performance, and
shall not deny access to the Permit Area for said purposes;
12. This Permit may be suspended by the Bureau Director in cases of force
majeure as defined in the Act;

13. The Regional Director concerned may, at any time, cancel this Permit
for violation of the provisions of the P.D. 1442 and its Implementing
Rules and Regulations or the terms and conditions of this Permit;

14. The Permittee shall strictly secure a written consent from any surface
owners, occupant/s and/or concessionaire/s within the Permit Area
prior to entry or conduct of any form of exploration activities therein;

15. The Permittee shall furnish a copy of the approved EWP to the
Sangguniang Panlalawigan concerned;

16. The Permittee shall annually submit a copy of its Securities and
Exchange Commission-received General Information Sheet;

17. The Permittee shall formally inform the Bureau of any change of its
office address. Failure to do so shall be construed that all
communications sent to its present office address are duly served;

18. The Permittee may surrender this Permit or exercise the priority right
to apply for a Geothermal Service Contract Agreement or FTAA over
the Permit Area, which application shall be granted if the Permittee
meets the necessary qualifications and the terms and conditions of any
such agreement;

19. This Permit does not grant beneficial ownership of the geothermal
resources to the Permittee;

20. The Permittee shall assume all the exploration risks and shall not be
entitled to reimbursement of its expenses unless so expressly
stipulated in the Geothermal Service Contract Agreement;

21. The Permittee shall comply with the minimum ground expenditures
during the term of this Permit, as follows:

Year Pesos/Hectare
1 500
2 500

In case the minimum ground expenditure for the first year is not met for justifiable
reasons as determined by the Regional Office concerned, the unexpended amount may be
spent on the following year of this Permit. However, if the minimum ground expenditures
for the entire term of this Permit are not met, the unexpended amount shall be paid by the
Permittee and shall accrue to the Bureau to be used for exploration operations in
Geothermal Reservations or to other purposes as may be determined by the Bureau. The
failure of the Permittee to pay the said amount within the prescribed period shall be a
ground for the denial of any of its mining application(s) filed in the Bureau/Regional
Offices concerned; and
 22. This Permit shall be subject to review by the Department Secretary.

WILFRED G. BUCANO
Regional Director

I hereby accept the terms and conditions of this Permit as above stated.

GeoConstruct Inc.
Permittee
TIN: 353-766-854-000
By:
JONATHAN C. PEREZ
President

Signed in the presence of:

MARY ROSE ABALLANOSA JOSE ANTONIO TAN

(Signature over Printed Name) (Signature over Printed Name)

ACKNOWLEDGEMENT

Republic of the Philippines

Province of Iloilo
Iloilo City

BEFORE ME personally appeared, WILFREDO G. BUCANO with

Community Tax Certificate No. CCI2015 23327052 issued on January 4, 2015
at Iloilo City, in his/her capacity as Regional Director of the Mines and
Geosciences Bureau Regional Office No. 06XIIIand JONATHAN C. PEREZ, with
Community Tax Certificate No. CCI2015 01474315 issued onJanuary 10, 2015
at Iloilo City, in his/her capacity as President of GeoConstruct Inc. both known
to me and to me known to be the same persons who executed the foregoing
instrument consisting of five (5) pages, including this acknowledgement
page, and acknowledged to me that the same is their voluntary act and
deeds.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my

Notarial
Seal, this February 5, 2015.
 ATTY. JAIME L. MACARIO
NOTARY PUBLIC
For Iloilo City
Commission
Serial No. 0307198
until Dec. 31,
2015
Roll No. 18051
IBP No. 201410

Doc. No. 17
Page No. 12
Book No. 19
Series of 2015