Philippine Metals signs definitive agreement with ReVolve

Philippine Metals Inc. has signed a Definitive Agreement with ReVolve Renewable Power Limited (or “ReVolve”) in connection with its planned reverse takeover transaction (the “Transaction”) and as further described in its news releases dated June 24, 2021, September 7, 2021, October 25, 2021, November 29, 2021, December 10, 2021 and December 30, 2021. The Transaction is subject to, among other things, the conditional approval of the TSX Venture Exchange (the “Exchange”), a process which is actively underway. Upon receipt of conditional approval of the Transaction from the Exchange, the Company will be filing a Filing Statement on SEDAR detailing the proposed Transaction.

ReVolve is a developer of utility scale renewable energy generation projects in North America with a particular focus on wind, solar and battery storage technologies. ReVolve was established in 2012 and since then has successfully built a diversified portfolio of projects across different renewable energy technologies, in both the US and Mexican markets.

It currently has a portfolio of approximately 3.3 gigawatts (“GW”) of projects under active development and a further 1.1GW of greenfield opportunities, which it is in the process of converting to its pipeline in the near term. This pipeline, including these greenfield opportunities, is split between 1.92GW of wind projects, 370MW of solar projects, 1.97GW of solar and battery storage projects and a 50MW dedicated battery storage project. ReVolve is in the process of rapidly expanding its pipeline and development activities in the US and is targeting an active portfolio of up to 3GWs under development by the end of 2022 in addition to a 2GW target for Mexico.

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