UNITED Paragon Mining Corp. (UPM) has secured government approval for a mining project, allowing it to move forward with an application for a mineral production sharing agreement (MPSA).
In a disclosure on Wednesday, United Paragon said that it had received a notice dated June 10, 2026, from the Mines and Geosciences Bureau (MGB) regarding the declaration of mining project feasibility (DMPF) for Exploration Permit 016-2016-V.
The approval was said to grant the firm and its partner, Camarines Minerals Inc. (CMI), the exclusive right to apply for either an MPSA or a financial or technical assistance agreement (FTAA) covering the permit area, subject to post-approval conditions set by the regulator.
"With the approval of the DMPF, UPM and CMI will now proceed to file their joint MPSA application," the company said.
A DMPF is a key requirement in the mining permitting process, as it confirms that a project is technically and economically feasible.
An MPSA, meanwhile, is a contract between the Philippine government and a mining contractor that grants the latter the right to develop and operate a mining project within a specified area in exchange for a share of production.
The company did not disclose the size of the mineral resource, planned investment, or development timeline for the project.
United Paragon’s share price rose by 10 centavos or 14.49 percent, to close at P0.0079 each on Wednesday.