Bezant Resources PLC (AIM:BZT) said a Philippine government review relating to the Mankayan copper-gold project is ongoing.
The government is reviewing Crescent Mining Development Corp's renewal application for a second 25-year term in relation to a mineral production sharing agreement (MPSA).
The initial 25-year term of the MPSA officially expired on 11 November 2021, although under an executive order it is not allowed to expire until the renewal application has been finally determined.
In September, Bezant announced it had entered into a conditional agreement with IDM Mankayan Pty Ltd to take the Mankayan project forward.
READ: Bezant takes major step forward in unlocking the value of Mankayan