<SEC-DOCUMENT>0001157523-18-001973.txt : 20180924
<SEC-HEADER>0001157523-18-001973.hdr.sgml : 20180924
<ACCEPTANCE-DATETIME>20180924122619
ACCESSION NUMBER:		0001157523-18-001973
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180924
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180924
DATE AS OF CHANGE:		20180924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Contango ORE, Inc.
		CENTRAL INDEX KEY:			0001502377
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				273431051
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35770
		FILM NUMBER:		181083052

	BUSINESS ADDRESS:	
		STREET 1:		3700 BUFFALO SPEEDWAY
		STREET 2:		STE 925
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77098
		BUSINESS PHONE:		713-877-1311

	MAIL ADDRESS:	
		STREET 1:		3700 BUFFALO SPEEDWAY
		STREET 2:		STE 925
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77098
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51871142.htm
<DESCRIPTION>CONTANGO ORE, INC. 8-K
<TEXT>
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    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>WASHINGTON,
      D.C. 20549</b></font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-family: Times New Roman; font-size: 12pt"></font>
    </p>
    <hr style="text-align: center; width: 10%; height: 1.0 pt; color: #000000">


    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>FORM 8-K</b></font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF THE</b></font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 11pt"><b>SECURITIES
      EXCHANGE ACT OF 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt">Date
      of Report (Date of earliest event reported): </font><u><font style="font-family: Times New Roman; font-size: 12pt">September
      24, 2018</font></u><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><br><font style="font-size: 12pt"><b>CONTANGO
      ORE, INC.</b></font><br>(Exact name of Registrant as specified in its
      charter)<br>
    </p>
    <p style="text-align: left">

    </p>
<div style="text-align:left">
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      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>001-35770</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>27-3431051</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of<br>incorporation or organization)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission<br>File Number)
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer<br>Identification No.)
          </p>
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        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>3700 Buffalo Speedway, Suite 925<br>Houston, Texas</b>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center; padding-right: 0.0px; white-space: nowrap" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>77098</b>
          </p>
        </td>
      </tr>
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        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Address of principal executive offices)
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        </td>
        <td style="width: 34%">

        </td>
        <td style="padding-left: 0.0px; width: 33%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Zip Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>
      Registrant&#8217;s Telephone Number, including area code: <b>(713)
      877-1311</b><br><br>Not Applicable<br>(Former name, former address and
      former fiscal year, if changed since last report)
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: justify">
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2.):
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="text-align: justify">
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (&#167;&#160;230.405
      of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
      (&#167;&#160;240.12b-2 of this chapter).
    </p>
    <p style="white-space: nowrap">
      Emerging growth company&#160;&#160;<font style="font-size: 10pt">&#9744;</font>
    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act.&#160;&#160;<font style="font-size: 10pt">&#9744;</font>
    </p>
    <p>

    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>Item 7.01.&#160;&#160;&#160;&#160;Regulation FD Disclosure.</b>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      On September 24, 2018, the Company issued a press release relating to
      receipt and results of a Preliminary Economic Assessment received by
      Peak Gold LLC, a joint venture in which the Company holds a 60%
      interest. A copy of the press release is furnished as Exhibit 99.1 to
      this Current Report on Form 8-K. The information included herein and in
      Exhibit 99.1 shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of
      the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or
      otherwise subject to the liabilities of that section, nor shall it be
      deemed incorporated by reference in any filing under the Securities Act
      of 1933, as amended, or the Exchange Act.
    </p>
    <p style="text-align: justify">

    </p>
    <p style="text-align: justify">
      <b>Item 9.01. &#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="text-indent: 30.0px">
      (d) Exhibits.
    </p>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Exhibit No.</b></u>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Description of Exhibit</b></u>
          </p>
        </td>
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          &#160;
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51871142ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 85%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51871142ex99_1.htm">Press Release dated September 24,
            2018.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
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          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
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        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURE</b></font>
    </p>
    <p style="text-align: justify; text-indent: 60.0px">
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.<br><br>
    </p>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>CONTANGO ORE, INC.</b>
          </p>
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          &#160;
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            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By: <u>/s/ Leah Gaines</u>
          </p>
        </td>
      </tr>
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        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Leah Gaines
          </p>
        </td>
      </tr>
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        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Vice President and Chief Financial Officer
          </p>
        </td>
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          &#160;
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        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          &#160;
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            &#160;
          </p>
        </td>
      </tr>
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        <td style="padding-left: 0.0px; width: 50%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated: September 24, 2018
          </p>
        </td>
        <td style="width: 50%">

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    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51871142ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Contango
      ORE, Inc. Receives Preliminary Economic Assessment</b></font><b><font style="font-family: Times New Roman; font-size: 12pt">
      </font><font style="font-family: Times New Roman; font-size: 12pt">for
      the Peak Gold Project</font></b>
    </p>
    <p>
      HOUSTON--(BUSINESS WIRE)--September 24, 2018--Contango ORE, Inc. (&#8220;CORE&#8221;
      or the &#8220;Company&#8221;) (OTCQB: CTGO) is pleased to announce that Peak Gold,
      LLC (&#8220;the Peak Gold Project&#8221;), a joint venture between the Company&#8217;s
      wholly owned subsidiary CORE Alaska, LLC (&#8216;CORE Alaska&#8221;) and Royal
      Alaska, LLC (&#8220;Royal Alaska&#8221;), a wholly owned subsidiary of Royal Gold
      Inc, has received its Preliminary Economic Assessment (&#8220;PEA&#8221;) of its
      Main Peak and North Peak resource areas near Tok, Alaska. The PEA
      presents a robust open pit mining operation with attractive economics at
      base case gold and silver prices. All results presented herein are on a
      100% Peak Gold basis.
    </p>
    <p>
      <b>PEA Highlights</b>
    </p>
    <p>
      Highlights of the PEA results, assuming base case metal price parameters
      of US$ 1,250 per ounce of gold and US$ 17.00 per ounce of silver include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Pre-tax NPV5% of US$ 393 million and IRR of 37.0%;
      </li>
      <li style="margin-bottom: 10.0px">
        After-tax NPV5% of US$ 283 million and IRR of 29.1%;
      </li>
      <li style="margin-bottom: 10.0px">
        Mine life of eight years with a 24-month pre-production period;
      </li>
      <li style="margin-bottom: 10.0px">
        9.3 million tonnes processed at an average grade of 3.99 g/t gold and
        11.7 g/t silver;
      </li>
      <li style="margin-bottom: 10.0px">
        Average metallurgical recoveries of 91.6% for gold and 57.0% for
        silver;
      </li>
      <li style="margin-bottom: 10.0px">
        Life of mine recovered gold of 1.093 million ounces and 1.996 million
        ounces of silver;
      </li>
      <li style="margin-bottom: 10.0px">
        Life of mine strip ratio of 3.9 tonnes of waste to tonnes of material
        processed;
      </li>
      <li style="margin-bottom: 10.0px">
        Life of mine total cash cost of US$ 428 per ounce of gold recovered,
        and US$ 470 per ounce of gold recovered including sustaining capital;
      </li>
      <li style="margin-bottom: 10.0px">
        Life of mine capital cost of US$ 340 million, consisting of US$ 294
        million of initial development capital, and sustaining capital and
        closure costs of US$ 46 million; and
      </li>
      <li style="margin-bottom: 10.0px">
        After-tax payback period for initial development capital of
        approximately 2 years.
      </li>
    </ul>
    <p>
      The PEA was prepared by JDS Energy and Mining Inc. (&#8220;JDS&#8221;), of
      Vancouver, British Columbia, Canada.
    </p>
    <p>
      Brad Juneau, the Company&#8217;s CEO said, &#8220;This first PEA pertains only to
      Peak Gold&#8217;s Main Peak and North Peak resource areas. The robust economic
      returns are a result of the deposit&#8217;s high grade, low strip ratio,
      shallow depth of the resource, and access to infrastructure.
      Establishing an economic project in the Peak area is a great start to
      realizing the ultimate value of Peak Gold&#8217;s assets which include a large
      acreage position outside of the Peak area with significant exploration
      potential. Royal Gold will be making a presentation on the Preliminary
      Economic Assessment at the Denver Gold Forum on Monday, September 24,
      2018, which will be available on the company&#8217;s website at <u>www.contangoore.com</u>
      by Tuesday, September 25, 2018.&#8221;
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>PEA Overview</b>
    </p>
    <p>
      The PEA considers a conventional truck and shovel open-pit mining
      operation covering the North, Main and West Peak deposits, feeding a
      3,500 tonne per day processing plant with two-stage crushing, grinding
      and a carbon in leach (&#8220;CIL&#8221;) recovery circuit, with production of
      gold-silver dor&#233; bullion on site. The PEA is based on an update of the
      mineral resource<sup>1</sup> estimate for the Peak and North Peak
      deposits previously announced by CORE in our June 2, 2017 press release.<sup>2</sup>
    </p>
    <p>
      <i>PEA Parameters and Economic Results</i>
    </p>
    <p>
      The main parameters and results of the PEA are summarized in the
      following table:
    </p>
<div style="text-align:left">
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Assumptions</b>
          </p>
        </td>
      </tr>
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        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Gold price
        </td>
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          &#160;
        </td>
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          $/ounce
        </td>
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          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          $1,250
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Silver price
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          $/ounce
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          $17.00
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Production Profile</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Mine life
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          years
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          8
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Total tonnes milled
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          million tonnes
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          9.3
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Diluted gold grade
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          g/t
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          3.99
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Diluted silver grade
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          g/t
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          11.7
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Mill throughput
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          t/day
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          3,500
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Gold recovery
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          91.6
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Silver recovery
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          57.0
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Recovered gold
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          million ounces
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          1.093
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Recovered silver
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          million ounces
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          1.996
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Average annual gold production
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          ounces/year
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          136,700
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Average annual silver production
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          ounces/year
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          249,500
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Operating Costs</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Life of mine average total cash cost
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          $/oz gold
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          428
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Life of mine cash cost + sustaining cost
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          $/oz gold
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          470
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Capital Costs</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Pre-production capital cost
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          $ million
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          294
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Sustaining capital cost + Closure
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          $ million
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          46
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Project Economics</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Royalties
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          % of NSR
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          5.75
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Alaska State Tax / Federal Tax
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          9.4% / 21%
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Pre-Tax:
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          NPV5%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          $ million
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          393
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          IRR
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          37.0
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Payback period
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          years
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          1.5
        </td>
      </tr>
      <tr>
        <td colspan="5" style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Post-Tax:
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          NPV5%
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          $ million
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          283
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          IRR
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          %
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          29.1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Payback period
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          years
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          2.0
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i>Economic Sensitivities</i>
    </p>
    <p>
      Sensitivity of the estimated post-tax NPV5% to changes to significant
      value drivers is shown below:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="9" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top" rowspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Parameter<br>varied:</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="9" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Post-Tax NPV5% ($ million)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>-20%</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>-10%</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>PEA Base<br>Case</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>+10%</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>+20%</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Gold price
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          129
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          206
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          283
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          358
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          433
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Capital cost
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          348
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          315
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          283
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          250
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          217
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Operating cost
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          327
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          305
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          283
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          260
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          236
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>
      <i>Mineral Resource</i>
    </p>
    <p>
      The PEA is based on the resource estimate prepared by Independent Mining
      Consultants, Inc. and reported by CORE on June 2, 2017. The resource
      estimate was updated using operating costs, pit slope estimates and
      metal recoveries consistent with the PEA parameters in September of
      2018, resulting in a revised resource estimate, which is summarized in
      the table below:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td colspan="15" style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top" rowspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Resource<br>Classification</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Tonnes</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Grade</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td colspan="5" style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Contained Metal</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(000)</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Gold<br>(g/t)</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Silver<br>(g/t)</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Copper<br>(%)</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Gold<br>(000<br>ounces)</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Silver<br>(000<br>ounces)</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Copper<br>(M lb)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Measured (M)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          473
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          6.39
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          16.71
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          .148
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          97.1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          254.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          1.5
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Indicated (I)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          8,728
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          3.96
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          14.06
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          .153
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          1,110.9
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          3,944.8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          29.5
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Total M + I
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          9,201
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          4.08
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          14.19
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          .153
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          1,208.1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          4,198.8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          31.0
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Inferred
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          1,344
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          2.69
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          16.06
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          .151
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          116.4
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          694.1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          4.5
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>
      The estimates of measured and indicated resources assumed metal prices
      of $1,400 per ounce gold and $20.00 per ounce silver for development of
      the pit shell. The cutoff grades used to define resources were 0.74 g/t
      gold equivalent for the Main Peak deposit and 0.66 g/t gold equivalent
      for the North Peak deposit.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i>Capital Costs</i>
    </p>
    <p>
      The PEA is based on a capital cost summary with an estimated accuracy of
      +/- 30%, which is shown in the table below:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Capital Item</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Pre-Production<br>($ million)</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sustaining<br>($ million)</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Total<br>($ million)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Mining
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          28.8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          9.1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          37.9
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Site Development
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          4.9
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          4.9
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Crushing and Reclaim
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          8.5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          0.5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          9.0
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Tailings Management
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          8.9
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          20.3
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          29.2
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Processing Plant
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          54.8
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          2.5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          57.3
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Infrastructure
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          56.3
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          5.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          61.3
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Project Indirects
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          45.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          0.1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          45.1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Engineering and Project Management
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          16.1
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          16.1
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Owner&#8217;s Costs
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          21.5
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          21.5
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Subtotal</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          <b>244.8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          <b>37.4</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          <b>282.2</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Contingency
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          49.0
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          49.0
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Closure
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          -
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          8.4
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          8.4
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <b>Total Capital</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          <b>293.8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          <b>45.8</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          <b>339.6</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>
      Pre-production capital reflects the required investment to develop the
      Project through to production. Sustaining capital is for the entire life
      of mine and includes equipment, spare parts, expansion of the tailings
      management facility, water management and closure costs.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i>Mining</i>
    </p>
    <p>
      The PEA assumes conventional open pit truck and shovel mining, and
      production designed to achieve a processing rate of 3,500 tonnes per
      day. The average mining rate assumed by the PEA is 15,000 tonnes per day
      of total material mined, with a maximum of 22,000 tonnes per day
      occurring in years 3 through 6.
    </p>
    <p>
      The mine design assumed by the PEA will consist of two pits, with a
      mining sequence intended to maximize grade in the early years, reduce
      stripping requirements and maintain the processing facility at full
      production capacity. Operations would begin at the North Peak deposit
      and transition in year three to a single pit comprising the Main and
      West Peak deposits for the remainder of the mine life.
    </p>
    <p>
      The primary owner-operated diesel mine fleet is designed to consist of
      64 tonne capacity haul trucks, 7.0 m<sup>3</sup> front shovels, a 7.0 m<sup>3</sup>
      front end loader and 127 mm diameter drills. The ancillary mine fleet
      would consist of track dozers, graders, wheel dozers and water trucks.
    </p>
    <p>
      <i>Processing</i>
    </p>
    <p>
      The PEA assumes mineralized material would be processed using a
      two-stage crushing circuit, a two-stage grinding circuit, and a CIL
      circuit. Run of mine material would be fed to a primary jaw crusher,
      after which oversize material would be fed to a secondary cone crusher.
      Fine mill feed would report to a primary rod mill to be mixed with
      cyanide, cement and milk of lime. The feed mixture would then proceed to
      a secondary ball mill, after which it would enter a grinding thickener
      followed by a five-stage leach/adsorption circuit. Gold and silver would
      be recovered from the leach solution and smelted in an induction furnace
      to produce dor&#233; bullion.
    </p>
    <p>
      The PEA assumes CIL tailings would be pumped to a tailings thickener to
      remove process water and recover free cyanide for reuse in the plant.
      Thickened tailings would be detoxified and then pumped to the tailings
      management facility (&#8220;TMF&#8221;) for storage. The TMF would be lined with a
      synthetic geomembrane liner and would have foundation and underdrain
      systems to minimize and control potential seepage. The tailings
      embankment would be raised continuously over the mine life and would be
      designed to allow capacity for future expansion, if required.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i>Project Infrastructure</i>
    </p>
    <p>
      The PEA assumes general infrastructure for the Project would support
      operations on a 24 hour per day, seven day per week basis. Major
      infrastructure items would include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Site access road connecting to the Tetlin Village road and the Alaska
        Highway, with upgrades to the existing site access road over a
        10-kilometer distance;
      </li>
      <li style="margin-bottom: 10.0px">
        Haul roads for waste and mill feed materials sized to accommodate 65
        tonne trucks;
      </li>
      <li style="margin-bottom: 10.0px">
        Maintenance, warehouse, administration, laboratory, security and first
        aid buildings;
      </li>
      <li style="margin-bottom: 10.0px">
        Plant facilities, including the crushing and grinding circuit,
        conveying equipment, and refinery;
      </li>
      <li style="margin-bottom: 10.0px">
        Ancillary facilities, including a truck shop, explosives storage and
        fuel storage;
      </li>
      <li style="margin-bottom: 10.0px">
        Power line from Delta Junction to a site substation (approximately 160
        kilometers) to supply a total connected load of 8 MW;
      </li>
      <li style="margin-bottom: 10.0px">
        Camp accommodations in Tok for the portion of the workforce that does
        not come from Tok, Tetlin and the surrounding areas;
      </li>
      <li style="margin-bottom: 10.0px">
        Water supply and management system to minimize water discharge from
        the site;
      </li>
      <li style="margin-bottom: 10.0px">
        Lined TMF, constructed with an initial capacity for two years of
        tailings, with staged construction in subsequent years to increase
        storage capacity as required; and
      </li>
      <li style="margin-bottom: 10.0px">
        Waste rock storage areas to allow segregation of waste depending on
        its characteristics.
      </li>
    </ul>
    <p>
      <i>Operating Costs</i>
    </p>
    <p>
      The PEA is based on assumed life of mine operating costs by activity
      area, as shown in the table below.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Operating Costs</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>$/tonne Processed</b>
          </p>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>$/ounce Gold</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Mining
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          14.91
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          127
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Processing
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          21.58
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          184
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          G&amp;A
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          7.73
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          66
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Royalties
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          8.58
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          73
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Refining
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          1.10
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          9
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          By-product Credits
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          (3.64)
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          (31)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <b>Total Cash Cost</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          <b>50.26</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          <b>428</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          Sustaining Capital + Closure
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          4.92
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          42
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid" valign="top">
          <b>Cash Cost + Sustaining Capital</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          <b>55.18</b>
        </td>
        <td style="border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt; border-bottom-color: black; border-bottom-style: solid; white-space: nowrap" valign="bottom">
          <b>470</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <p>
      Under the mineral lease for the Project, Peak Gold would pay a
      production royalty based on net returns of mineral production from the
      lease area. The production payment rates under the lease for precious
      metals are currently 2.25% of net returns for the first four years of
      production, 3.25% of net returns for years five through seven inclusive,
      and 4.25% of net returns for year eight and any following years. These
      royalty rates can be increased at the option of the royalty holder to
      3.0%, 4.0% and 5.0%, respectively, with the payment of an additional
      $150,000, $300,000 and $400,000 to Peak Gold for each respective royalty
      period, before July 15, 2020.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      In addition, Peak Gold would pay a royalty to Royal Gold at a rate of
      3.0% of net smelter returns on mineral production from the lease area
      underlying the project considered in the PEA.
    </p>
    <p>
      <i>Permitting</i>
    </p>
    <p>
      Peak Gold holds the required permits and approvals to continue exploring
      the areas comprising the Project. The collection of baseline water
      quality data, material characterization analysis and wetlands
      determination has progressed since 2012. A more comprehensive baseline
      data collection program is being contemplated for 2019.
    </p>
    <p>
      <i>Project Enhancement Opportunities</i>
    </p>
    <p>
      Several opportunities have been identified that could enhance the
      project considered by the PEA, including:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Expansion of the mine through delineation or development of additional
        mineral resources;
      </li>
      <li style="margin-bottom: 10.0px">
        Pit slope steepening to improve the assumed waste to mill feed strip
        ratio;
      </li>
      <li style="margin-bottom: 10.0px">
        Optimization of the assumed mine plan and development schedule; and
      </li>
      <li style="margin-bottom: 10.0px">
        Potential recovery of copper.
      </li>
    </ul>
    <p>
      The results of the PEA are preliminary in nature and are based on
      various assumptions. These assumptions may be affected by environmental,
      permitting, legal, title, taxation, socio-political, market or other
      relevant factors, including changes in metal prices. In addition, no
      decision has been made by Peak Gold to proceed with the mine plan
      described in the PEA. A decision to proceed with the mine plan would
      require further economic study. No decision has been made by Peak Gold
      to proceed with a further economic study. Accordingly, there is no
      certainty that the results of the PEA would be realized should Peak Gold
      decide to proceed with the mine plan described in the PEA at any point
      in the future.
    </p>
    <p>
      <b>ABOUT PEAK GOLD</b>
    </p>
    <p>
      Peak Gold is a joint venture between Royal Alaska and CORE Alaska, a
      wholly-owned subsidiary of CORE. Peak Gold holds a 675,000 acre lease
      with the Native Village of Tetlin and an additional 175,000 acres of
      State of Alaska mining claims, all located near Tok, Alaska, on which
      Peak Gold explores for minerals. CORE Alaska holds a 60% membership
      interest in Peak Gold and Royal Alaska holds a 40% membership interest
      in Peak Gold and is the manager of the joint venture. Royal Gold also
      holds a 13.2% equity interest in CORE, and royalties of 3.0% of net
      smelter returns on mineral production from the lease and certain State
      of Alaska mining claims held by Peak Gold and 2.0% of net smelter
      returns from certain other State of Alaska mining claims held by Peak
      Gold.
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

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    <p>
      <b>ABOUT CORE</b>
    </p>
    <p>
      CORE is a Houston-based company that engages in the exploration in
      Alaska for gold and associated minerals through Peak Gold, its joint
      venture company with Royal Alaska. Additional information can be found
      on our web page at <u>www.contangoore.com</u>.
    </p>
    <p>
      <b>FORWARD-LOOKING STATEMENTS</b>
    </p>
    <p>
      This press release contains forward-looking statements regarding CORE
      that are intended to be covered by the safe harbor &#8220;forward-looking
      statements&#8221; provided by the Private Securities Litigation Reform Act of
      1995, based on CORE&#8217;s current expectations and includes statements
      regarding future results of operations, quality and nature of the asset
      base, the assumptions upon which estimates are based and other
      expectations, beliefs, plans, objectives, assumptions, strategies or
      statements about future events or performance (often, but not always,
      using words such as &#8220;expects&#8221;, &#8220;projects&#8221;, &#8220;anticipates&#8221;, &#8220;plans&#8221;,
      &#8220;estimates&#8221;, &#8220;potential&#8221;, &#8220;possible&#8221;, &#8220;probable&#8221;, or &#8220;intends&#8221;, or
      stating that certain actions, events or results &#8220;may&#8221;, &#8220;will&#8221;, &#8220;should&#8221;,
      or &#8220;could&#8221; be taken, occur or be achieved). Forward-looking statements
      are based on current expectations, estimates and projections that
      involve a number of risks and uncertainties, which could cause actual
      results to differ materially from those, reflected in the statements.
      These risks include, but are not limited to: the risks of the
      exploration and the mining industry (for example, operational risks in
      exploring for, developing mineral reserves; risks and uncertainties
      involving geology; the speculative nature of the mining industry; the
      uncertainty of estimates and projections relating to future production,
      costs and expenses; the volatility of natural resources prices,
      including prices of gold and associated minerals; the existence and
      extent of commercially exploitable minerals in properties acquired by
      Peak Gold; potential delays or changes in plans with respect to
      exploration or development projects or capital expenditures; the
      interpretation of exploration results and the estimation of mineral
      resources; the loss of key employees or consultants; health, safety and
      environmental risks and risks related to weather and other natural
      disasters); uncertainties as to the availability and cost of financing;
      inability to realize expected value from acquisitions; inability of our
      management team to execute its plans to meet its goals; and the
      possibility that government policies may change or governmental
      approvals may be delayed or withheld, including the inability to obtain
      any mining permits. Additional information on these and other factors
      which could affect Peak Gold&#8217;s exploration program or financial results
      are included in CORE&#8217;s other reports on file with the U.S. Securities
      and Exchange Commission. Investors are cautioned that any
      forward-looking statements are not guarantees of future performance and
      actual results or developments may differ materially from the
      projections in the forward-looking statements. Forward-looking
      statements are based on the estimates and opinions of management at the
      time the statements are made. CORE does not assume any obligation to
      update forward-looking statements should circumstances or management&#8217;s
      estimates or opinions change.
    </p>
    <p>
      ________________________
    </p>
    <p>
      <sup>1</sup> The PEA was prepared in accordance with Canadian National
      Instrument 43-101 (NI 43-101). CORE is not subject to regulation by
      Canadian regulatory authorities and no Canadian regulatory authority has
      reviewed the PEA or passed upon its accuracy or compliance with NI
      43-101. The terms &#8220;mineral resource&#8221;, &#8220;measured mineral resource&#8221;,
      &#8220;indicated mineral resource&#8221; and &#8220;inferred mineral resource&#8221; as used in
      the resource estimate, the PEA and this press release are Canadian
      mining terms as defined in accordance with NI 43-101; however, these
      terms are not defined terms under the U.S. Securities and Exchange
      Commission&#8217;s (SEC&#8217;s) Industry Guide 7 and are normally not permitted to
      be used in reports and registration statements filed with the SEC. The
      estimation of measured resources and indicated resources involves
      greater uncertainty as to their existence and the legal and economic
      feasibility of extraction than the estimation of proven and probable
      reserves. Conversion of mineral resources to proven and probable mineral
      reserves generally requires a further economic study, such as a
      preliminary feasibility study. The PEA is not a preliminary feasibility
      study and does not support an estimate of proven and probable mineral
      reserves. Investors are cautioned not to assume that all or any part of
      an inferred mineral resource exists or is economically or legally
      mineable. Investors are also cautioned not to assume that all or any
      part of measured or indicated resources will ever be converted into
      mineral reserves. In addition, the SEC normally only permits issuers to
      report mineralization that does not constitute mineral reserves as
      in-place tonnage of mineralized material and grade without reference to
      unit amounts of metal.
    </p>
    <p>
      <sup>2</sup> The &#8220;Main Peak&#8221; and &#8220;West Peak&#8221; deposits were previously
      referred to as the &#8220;Peak&#8221; deposit in the June 2, 2017 resource estimate.
    </p>
    <p>
      CONTACT:<br>Contango ORE, Inc.<br>Brad Juneau, 713-877-1311<br><u>www.contangoore.com</u>
    </p>
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