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Depends really, looks like they are speaking to the wrong person in the Balatoc community but they have got their foot on this project with the PMDC, its sits completely inside CLAs project so and that is ready to go. this HC post spells out how linked in it to CLA.

https://hotcopper.com.au/threads/mtl-acquire-batong-buhay-tenement-inside-mcb.9218548/

I reckon Darren is getting an option over this project and if CLA sort out the mess they will be in the best position to take this thing.

MCB is a very good project and ready to go straight into construction. plus other projects with it. The play here is to buy CLA or MCB surely.

The team at MCB have a good relationship with the same locals and then they have both projects and can build the plant

https://www.londonstockexchange.com/news-article/CLA/mcb-dfs-confirms-stronger-economics/17427081

CLAOA options 1c exercise and have 2 years left seem to be the bargain.

The MTL presentation for this is very misleading. The Batong Buhay tenement sits completely inside of the MCB tenement, you cannot actually access it or build a processing plant on it and it would require a JV or agreement with owners of MCB.

also seems MTL management are speaking to the wrong members of the Balatoc community, might need the relationships and goodwill the MCB team have developed over the last 10 years.

https://tribune.net.ph/2026/06/26/balatoc-tribe-opposes-mining-project-in-kalinga

I am considering accumulating CLA on the ASX to get cheap MTL when the eventual scrip offer comes.

Does seem obvious for MTL to lob a bid in for CLA once the mess has finalised. very cheap based on a NPV basis (1 billion or so), they also have Botiloa close by which is a good exploration target and another 300mt at about 0.4% Cu and 0.11G/t au. Also team has a good relationship with locals so ticks a few boxes. MTL in box seat here.

Interesting that Batong Buhay is surrounded by Celsius MCB tenement. They also have the approval fro the processing plant