United Paragon Mining Corp. said it expects to restore positive stockholders’ equity this month after completing key steps in a debt-to-equity conversion plan involving Camarines Minerals Inc. and related parties.
In a June 2 letter to the Philippine Stock Exchange, the listed mining company said it had finalized the restructuring framework for obligations with Camarines Minerals, as well as related parties Alakor Corp. and Pargold Mining Corp.
United Paragon said it had also secured stockholder approval for the proposed debt-to-equity conversion during its annual meeting on Nov. 25, 2025.
The company said the issuance of shares to participating creditors is expected to be completed within June 2026. It plans to file the corresponding additional listing application with the PSE in the third quarter.
The update follows a revised action plan submitted to the exchange in May 2025 to address the company’s negative stockholders’ equity. The plan involved reducing outstanding debt owed to Camarines Minerals, including royalty payables and accrued interest, and converting the remaining balance, or part of it, into equity.
United Paragon said negotiations with other creditors and preferred shareholders are continuing for their possible participation in the conversion program.
The company said liabilities to Camarines Minerals, Alakor and Pargold totaling about 525 million pesos had been reclassified as deposits for future subscriptions in its audited financial statements approved on April 23.
United Paragon also said its joint Declaration of Mining Project Feasibility with Camarines Minerals, the final remaining requirement for the approval of their joint Mineral Production Sharing Agreement application, remains pending with the Department of Environment and Natural Resources.
The company said it hopes to obtain favorable action on the mining project feasibility declaration within the current calendar year.