Advancing Toroparu to Production

Reserves & Resources

Mineral Resources

Resources within optimized pit shell

(Toroparu & SE Zone optimized resource above cut-off grade of 0.3 g/t Au within $1,350/oz. Au open pit and Sona Hill optimized resource above cut-off grade of 0.31 g/t Au within $1,400/oz. Au open pit)

Mineral Resources

Notes on Resource Estimate:
Toroparu and SE Pit revised (March 31, 2013) mineral resource statement are In-Pit resources reported within an optimized pit shell (Resource Pit Shell) above an economic cut-off grade of 0.30 g/t Au. The economic cut-off grade was determined using a gold price of $1,350/oz. Au, an average metallurgical recovery of 95.9% for gold, processing + G&A costs of $11.49/tonne, and includes $112/oz. Au for freight, smelting, refining and royalties. Copper metallurgical recovery used was 91%. Pit slopes used in the pit optimization were 45 degrees, and the mining costs used were $2.06/t for fresh rock. Sona Hill mineral resource statement (Feb 21 2017) are In-Pit resources reported within an optimized pit shell (Resource Pit Shell) above an economic cut-off grade of 0.31 g/t Au using a cut-off grade determined at a gold price of $1,400/oz. Au, an average metallurgical recovery of 92% for gold, processing + G&A costs of $11.88/tonne, Pit slopes used in the pit optimization were 45 degrees, and the mining costs used were $1.80/t.

Mineral Resources are reported in accordance with Canadian Securities Administrators (CSA) National Instrument 43-101 (NI 43-101) and have been estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines. Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves estimate. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, although the Company is not aware of any such issues. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category. Bulk densities of 2.76 t/m and 1.84 t/m were used respectively for Fresh Rock and saprolite tonnage calculations.

Saprolite Mineral Resources

(Resources contained within the weathered saprolitic portion of the mineral resource estimates illustrated above for Toroparu, SE Zone, and Sona Hill Open pits are as follows)

Mineral Resources

Notes on Resource Estimate:
Toroparu and SE Pit revised (March 31, 2013) mineral resource statement are In-Pit resources reported within an optimized pit shell (Resource Pit Shell) above an economic cut-off grade of 0.30 g/t Au. The economic cut-off grade was determined using a gold price of $1,350/oz. Au, an average metallurgical recovery of 95.9% for gold, processing + G&A costs of $11.49/tonne, and includes $112/oz. Au for freight, smelting, refining and royalties. Copper metallurgical recovery used was 91%. Pit slopes used in the pit optimization were 45 degrees, and the mining costs used were $2.06/t for fresh rock. Sona Hill mineral resource statement (Feb 21 2017) are In-Pit resources reported within an optimized pit shell (Resource Pit Shell) above an economic cut-off grade of 0.31 g/t Au using a cut-off grade determined at a gold price of $1,400/oz. Au, an average metallurgical recovery of 92% for gold, processing + G&A costs of $11.88/tonne, Pit slopes used in the pit optimization were 45 degrees, and the mining costs used were $1.80/t.

Mineral Resources are reported in accordance with Canadian Securities Administrators (CSA) National Instrument 43-101 (NI 43-101) and have been estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines. Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves estimate. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, although the Company is not aware of any such issues. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category. Bulk densities of 2.76 t/m and 1.84 t/m were used respectively for Fresh Rock and saprolite tonnage calculations.