<SEC-DOCUMENT>0001279569-22-001057.txt : 20220628
<SEC-HEADER>0001279569-22-001057.hdr.sgml : 20220628
<ACCEPTANCE-DATETIME>20220628085954
ACCESSION NUMBER:		0001279569-22-001057
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20220628
FILED AS OF DATE:		20220628
DATE AS OF CHANGE:		20220628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Western Copper & Gold Corp
		CENTRAL INDEX KEY:			0001364125
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35075
		FILM NUMBER:		221046672

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1200 - 1166 ALBERNI STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 3Z3
		BUSINESS PHONE:		6046849497

	MAIL ADDRESS:	
		STREET 1:		SUITE 1200 - 1166 ALBERNI STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 3Z3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Western Copper CORP
		DATE OF NAME CHANGE:	20060525
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>westerncoppergold6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>&nbsp;</TITLE>
</HEAD>
<BODY>

<p align="center"><FONT STYLE="font-size: large"><B>&nbsp;</B></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: center"><FONT STYLE="font-size: large"><STRONG>&nbsp;</STRONG></FONT></P>

<P STYLE="text-align: center"><FONT STYLE="font-size: large"><STRONG>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">For the month of <B>June 2022</B></p>

<p align="center">Commission File Number: <b>001-35075</b></p>

<p align="center"><b><u><font size=5>WESTERN COPPER AND GOLD CORPORATION</font></u></b><br>
  (Translation of registrant's name into English) </p>

<p align="center"><b>Suite 1200 &ndash; 1166 Alberni Street, <br>
    <u>Vancouver, BC V6E 3Z3</u></b><br>
  (Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will
  file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">&#9744; Form 20-F &nbsp;&nbsp;&#9746;&nbsp;
  Form 40-F</p>
<p align="center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1): &#9744;</p>



<p align="center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7): &#9744;</p>



<p align="center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 4pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: center"></P>

<P STYLE="text-align: center">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 8pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center"></P>

<P STYLE="text-align: center"><IMG SRC="logo.jpg" ALT=""></p>
<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><A HREF="ex991.htm">99.1</A></td>
    <td bgcolor="#EEEEEE"><A HREF="ex991.htm">News Release dated June 28, 2022</A></td>
  </tr>
</table>
<br>


<p align="center">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 8pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center"></P>

<P STYLE="text-align: center"></P>

<P STYLE="text-align: center"><STRONG><U>SIGNATURES</u></strong></p>

<p align="justify">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, thereunto duly authorized.</p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><b>Western Copper and Gold Corporation</b></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">(Registrant)</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">Date: June 28, 2022</td>
    <td valign="top">By:</td>
    <td style="BORDER-BOTTOM: #000000 1px solid" ><I>/s/ Paul West-Sells</I></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>Paul West-Sells</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">Title:</td>
    <td>Chief Executive Officer</td>
  </tr>
</table>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex991.htm
<DESCRIPTION>NEWS RELEASE DATED JUNE 28, 2022
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;<IMG SRC="logo.jpg" ALT=""></P>

<P STYLE="font: bold 14pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: bold 24pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">WESTERN COPPER AND GOLD ANNOUNCES POSITIVE FEASIBILITY
ON CASINO</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><I>$2.3 billion After-Tax NPV
(8%) at Base Case metal prices<BR>
After-Tax IRR 18.1% at Base Case metal prices<BR>
Cashflow over the first four years of $951 million per year at Base Case metal prices</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; text-align: center; margin-right: 0; margin-left: 0"><I>Base Case development contemplates
27-year mine life<BR>
Base Case metal prices:&nbsp; Cu: US$3.60/lb, Au: US$1,700/oz, Ag: US$22/oz, Mo: US$14/lb</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">VANCOUVER, BC, June 28, 2022 /CNW/ - Western Copper
and Gold Corporation (&quot;Western&quot; or the &quot;Company&quot;) (TSX: WRN) (NYSE: WRN) is pleased to release the results of its
Feasibility Study (the &quot;Study&quot;) on its wholly-owned Casino copper-gold-molybdenum deposit in the Yukon, Canada (&quot;Casino&quot;
or the &quot;Project&quot;).&nbsp; The Study considered the Project being constructed as an open pit mine, with a concentrator processing
120,000 tonnes per day (t/d) to recover copper, gold, molybdenum and silver, as well as a 25,000 t/d oxide heap leach facility to recover
gold, silver and copper.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Study supersedes all previous studies and incorporates
an updated mineral resource and mineral reserve with an effective date of April 29, 2022.&nbsp; The Study examines the development of
the Casino Project, which comprises the processing of 1.43 billion tonnes of Mineral Reserve for both the mill and heap leach, with deposition
of mill tailings and mine waste in the Tailings Management Facility (&quot;TMF&quot;) consistent with the design concepts considered during
the Best Available Tailings Technology (&quot;BATT&quot;) Study as a base case development.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&quot;The results from the Feasibility Study confirm
the project's robustness and ability to withstand inflationary pressures.&quot;, said Paul West-Sells, President &amp; Chief Executive
Officer. &quot;This Study reaffirms Casino as one of the very few long-life copper-gold projects with robust economics in a top mining
district, the Yukon.&nbsp; We are continuing to collaborate with our strategic investor, Rio Tinto, and continue to engage with First
Nations and community stakeholders to advance this project toward the submission of Casino's Environmental and Socio-Economic statement
in mid-2023.&quot;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">In this news release, unless otherwise indicated,
all references to &quot;$&quot; are to Canadian dollars and references to &quot;US$&quot; are to United States dollars.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>HIGHLIGHTS</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 75%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Base Case*</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Payback period, years</B></FONT></TD>
    <TD STYLE="text-align: center; padding-right: 9.95pt; font: 7.5pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NPV pre-tax (8% discount)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3.47 billion</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NPV after-tax (8% discount)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.33 billion</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LOM pre-tax free cash flow</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$13.71 billion</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LOM after-tax free cash flow</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10.02 billion</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>IRR pre-tax (100% equity)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.2&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>IRR after-tax (100% equity)</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.1&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Initial Capital Investment</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3.62 billion</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Reserve</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.4 billion tonnes</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mill Reserve</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.2 billion tonnes</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Heap leach Reserve</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">210 million tonnes</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mill operation</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27 years</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Heap leach operation</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24 years</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LOM strip ratio</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.43:1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><BR>
Base Case metal prices: Cu: US$3.60/lb, Au: US$1,700/oz,
Ag: US$22/oz, Mo: US$14/lb.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>KEY CHANGES FROM PRELIMINARY ECONOMIC ASSESSMENT</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Study in general took the design from the 2021
Preliminary Economic Assessment (&quot;PEA&quot;) and brought the engineering to a Feasibility Study level; however, there are some notable
changes from the PEA.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>Heap Leach Operation</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Metallurgical results obtained in 2021 indicated that
gold recovery from the heap leach could be increased from 70% as outlined in the PEA to 80% by crushing the ore going to the heap leach
to a p80 of 16 mm.&nbsp; This updated gold recovery and crush size have been incorporated in the Feasibility Study along with additional
capital for the crushing circuit.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">This change, along with minor changes in grades and
tonnage reporting to the heap leach pad, resulted in 20% greater gold predicted to be recovered through the heap leach circuit.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>Milling Operation</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Minor changes to the grades in tonnage treated through
the mill resulted in 4.4% greater metal production predicted to be recovered through the heap leach circuit as compared to the PEA.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>Cost Escalation</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Due to inflation over the past 12 months since the
PEA was issued, there were cost increases to certain capital and operating cost inputs.&nbsp; Items of particular note were diesel price,
which saw a price increase of 40.3%, and steel, reflected by a price increase in grinding media of 33.2%.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>FINANCIAL RESULTS</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Study indicates that the potential economic returns
from the Project justify its further development and securing of the required permits and licenses for operation.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The financial results of the Study were developed
under commodity prices that were based on analyst projections of long-term metal prices and a CAN$:US$ exchange rate of 0.80 (&quot;Base
Case&quot; prices).</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The following table summarizes the financial results:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Base Case</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Copper </B>(US$/lb)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.60</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gold </B>(US$/oz)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,700</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Molybdenum </B>(US$/lb)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.00</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Silver </B>(US$/oz)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.00</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Exchange Rate </B>(C$:US$)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.80</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NPV pre-tax</B> (5% discount, $millions)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,768</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NPV pre-tax</B> (8% discount, $millions)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,473</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>IRR pre-tax</B> (100% equity) </FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NPV after-tax</B> (5% discount, $millions)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,059</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NPV after-tax</B> (8% discount, $millions)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,334</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>IRR after-tax</B> (100% equity)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LOM pre-tax free cash flow </B>($millions)</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,713</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font: 15pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LOM after-tax free cash flow </B>($millions)</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; font: 7.5pt Arial, Helvetica, Sans-Serif; padding-right: 3.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,019</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Payback period </B>(years)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Net Smelter Return </B>($/t milled)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29.08</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Copper Cash Cost (net of by-product credits) </B>($/lb)</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1.00)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Copper Cash Cost (co-product basis) </B>($/lb)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.92</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; font: 15pt Arial, Helvetica, Sans-Serif; padding-right: 2.05pt; padding-left: 3.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gold Cash Cost (co-product basis) </B>($/oz)</FONT></TD>
    <TD STYLE="padding-right: 3.95pt; padding-left: 2.05pt; font: 7.5pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">908.53</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><BR>
The financial results of the Study are significantly
influenced by copper and gold prices, as is shown in the tables below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Copper Price (US$/lb)*</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$3.00</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$3.50</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$3.60</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$4.00</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$4.50</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$5.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NPV pre-tax (8%) ($M)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,547</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,318</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,473</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,090</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,862</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,634</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NPV after-tax (8%) ($M)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,655</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,221</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,334</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,786</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,351</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,917</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IRR pre-tax</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.2&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20.7&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>21.2&nbsp;%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.0&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25.3&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27.4&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IRR after-tax</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.5&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.7&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18.1&nbsp;%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.7&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.6&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.5&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payback (years)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.8</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.4</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3.3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.0</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.8</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gold Price (US$/oz)*</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$1,300</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$1,500</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$1,700</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$1,850</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$2,050</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$2,200</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NPV pre-tax (8%) ($M)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,412</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,943</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,473</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,871</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,402</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,800</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NPV after-tax (8%) ($M)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,551</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,944</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,334</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,627</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,017</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,310</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IRR pre-tax</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">17.5&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.4&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>21.2&nbsp;%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.5&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.2&nbsp;%</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25.5&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IRR after-tax</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.9&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16.5&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>18.1&nbsp;%</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.2&nbsp;%</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20.7&nbsp;%</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21.8&nbsp;%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Payback (years)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.0</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.6</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3.3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.1</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.9</FONT></TD>
    <TD STYLE="padding-right: 9.95pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.8</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">*All other metal prices except those noted are the
same as the Base Case.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Higher grade material is fed to the concentrator during
the first four years of the concentrator operation. This factor, combined with the concurrent heap leach facility operation, results in
higher yearly cash flows and other metrics during this period and contributes significantly to the Project's financial performance.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Years 1-4</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Life of Mine</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average Annual Pre-tax Cash Flow ($millions)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,033</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">662</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average Annual After-tax Cash Flow ($millions)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">951</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">517</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Average Net Smelter Return (NSR) ($/t ore milled)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43.15</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29.08</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% of Revenue - Copper</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48.5</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46.8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% of Revenue - Gold </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38.8</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% of Revenue - Silver</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.1</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">% of Revenue - Molybdenum</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.6</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14.8</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B><BR>
<BR>
CAPITAL COSTS</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Total initial capital investment in the Project is
estimated to be $3.62 billion, which represents the total direct and indirect cost for the complete development of the Project, including
associated infrastructure and power plant.&nbsp; The following table shows how the initial capital is distributed between the various
components.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cost Item</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total ($M)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Process Plant and Infrastructure</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Directs including freight</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,116</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project Indirects</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">431</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contingency</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">369</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,916</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mining</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mine Equipment</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">433</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mine Preproduction</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">228</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>661</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owner's Costs</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Initial Capital Costs</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>3,618</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustaining Capital</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">751</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Life of Mine Capital Costs</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>4,369</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B><BR>
<BR>
OPERATING COSTS</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Operating costs for the milling operation were calculated
per tonne of material processed through the mill over the life of mine:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LOM</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($/tonne)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Milling</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General &amp; Administrative</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$0.46</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$6.88</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><BR>
Heap leach operating costs were calculated per tonne
of material processed through the heap leach over the life of the heap leach.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>LOM</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($/tonne)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Heap Leach Operation</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1.93</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ADR/SART</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.80</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>$6.73</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><BR>
Mining costs were calculated to average $2.30 per
tonne of material moved and $3.65 per tonne of mineralized material.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 50%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($/tonne)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost per tonne material (material moved)</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2.30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost per tonne mill feed (mill + heap leach material)</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3.65</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cost per tonne mill feed</FONT></TD>
    <TD STYLE="border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.28</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><BR>
The combined mining and milling costs are $11.16 per
tonne material milled for the life of mine, which compares favorably to the life-of-mine net smelter return of $29.08 per tonne at Base
Case metal prices.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>DEVELOPMENT PLAN</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Study evaluates the development of the Casino
deposit as a conventional open pit mine, concentrator complex, and heap leach operation. The initial production will focus on the deposit's
oxide cap as a heap leach operation to recover gold and silver in dor&eacute; form. The main sulphide deposit will be processed using
a conventional concentrator to produce copper-gold-silver and molybdenum concentrates.&nbsp; Key metrics of the processing plant are shown
below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Years 1-4</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Life of Mine</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Strip ratio </B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.26</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Nominal Throughput</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mill (t/d)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">120,000</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">120,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Heap (t/d)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,000</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Average Annual Metal Production</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Copper (Mlbs)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">241</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">163</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gold (kozs)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">333</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Silver (kozs)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,596</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,277</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Molybdenum (Mlbs)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.5</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Average Annual Mill Feed Grade</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Copper (%)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.300</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.189</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gold (g/t)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.352</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.217</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Silver (g/t)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.054</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.659</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Molybdenum (%)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.025</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.021</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: left; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Average Annual Heap Leach Grade*</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gold (g/t)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.366</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.265</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Silver (g/t)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.356</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.95</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Copper (%t)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.042</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.036</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Recovery (Mill)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Copper (%)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83.9</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">86.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gold (%)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67.7</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">67.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Silver (%)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55.6</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53.1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Molybdenum (%)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64.1</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">71.2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Recovery (Heap)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gold (%)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80.0</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Copper (%)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.0</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Silver (%)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.0</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Annual Concentrate Production</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cu (dry kt)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">390</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">264</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mo (dry kt)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Average Concentrate Grade</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper Concentrate</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cu (%)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28.0</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28.0</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Au (g/t)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26.5</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ag (g/t)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">127.2</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">150.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molybdenum Concentrate</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mo (%)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56.0</FONT></TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 2.05pt; font-size: 7.5pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56.0</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">*Heap leach first four years grades taken from the
start of the heap leach.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>UPDATED MINERAL RESOURCE</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Mineral Resource has been updated for this Study,
based on an updated resource block model developed during December 2021.&nbsp; The updated model incorporated 2020 drilling and updated
geologic models that were not available for previous studies.&nbsp; The Mineral Resource includes Mineral Resources amenable to milling
and flotation concentration methods (&quot;Mill Material&quot;) and Mineral Resources amenable to heap leach recovery methods (&quot;Leach
Material&quot;).&nbsp; Mill Material includes the supergene oxide (&quot;SOX&quot;), supergene sulphide (&quot;SUS&quot;) and hypogene
sulphide (&quot;HYP&quot;) mineral zones.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Leach material is oxide dominant leach cap (&quot;LC&quot;)
mineralization.&nbsp; The emphasis of leaching is the recovery of gold in the leach cap.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The first two following tables present the Mineral
Resource for mill and leach material.&nbsp; The third table presents the Mineral Resource for combined Mill and Leach Material for copper,
gold, and silver.&nbsp; The Mineral Resource for molybdenum is as shown with Mill Material since it will not be recovered for leach material.&nbsp;
The Mineral Resource is inclusive of the Mineral Reserve.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Mineral Resource for Mill Material at C$6.11 NSR
Cutoff</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Resource</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Category</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Tonnes</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Mt)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NSR</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(C$/t)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Copper</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(%)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gold</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g/t)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Moly</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(%)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Silver</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g/t)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CuEq</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(%)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Copper</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Mlbs)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gold</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Moz)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Moly</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Mlbs)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Silver</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Moz)</FONT></FONT></B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Measured</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">144.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40.09</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.38</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.024</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.64</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">953</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.6</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Indicated</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,114.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20.34</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.16</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.015</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.29</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,493</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">716.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">93.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>M+I</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,259.0</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>21.60</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.15</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.18</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.016</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.4</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.31</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,446</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>12.9</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>791.2</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>103.1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inferred</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,371.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.41</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.009</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.21</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,029</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">286.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50.5</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><BR>
<B>Mineral Resource for Leach material at C$6.61 NSR
Cutoff</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="border-style: inset; border-width: 1pt; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Resource</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Category</FONT></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Tonnes</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Mt)</FONT></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NSR</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(C$/t)</FONT></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Copper</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(%)</FONT></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gold</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g/t)</FONT></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Silver</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g/t)</FONT></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AuEq</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g/t)</FONT></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Copper</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Mlbs)</FONT></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gold</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Moz)</FONT></FONT></B></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Silver</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Moz)</FONT></FONT></B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Measured</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">43.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.79</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.05</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.44</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.47</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.62</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Indicated</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">188.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.47</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.04</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.21</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.7</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.23</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">145.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.27</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>M+I</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>231.7</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.77</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.04</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.25</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.9</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.27</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>196.9</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.88</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14.1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inferred</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.33</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.05</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.20</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.22</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.27</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.9</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><BR>
<B>Mineral Resource for Copper, Gold, and Silver (Mill
and Leach)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Resource</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Category</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Tonnes</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Mt)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NSR</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(C$/t)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Copper</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(%)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gold</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g/t)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Silver</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(g/t)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Copper</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Mlbs)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Gold</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Moz)</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Silver</B></FONT><B><FONT STYLE="font-size: 8pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(Moz)</FONT></FONT></B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Measured</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">188.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36.34</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.24</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.40</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,005.0</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Indicated</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,302.6</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19.61</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.13</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.17</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,638.1</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12.4</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">103.9</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>M+I</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>2,490.7</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>20.88</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.14</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.18</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.5</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>7,643.1</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>14.8</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>117.2</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inferred</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,412.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15.30</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.10</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.14</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.2</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,075.5</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.3</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52.3</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Notes:</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1. The Mineral Resources have an effective date of 29 April 2022 and the estimate was prepared using the definitions in CIM Definition Standards (10 May 2014).</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4. Mineral Resources for leach material are based on prices of US$3.50/lb copper, US$1650/oz gold and US$22/oz silver.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5. Mineral Resources for mill material are based on prices of US$3.50/lb copper, US$1650/oz gold, US$22/oz silver, and US$12.00/lb molybdenum.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6. Mineral Resources are based on NSR Cutoff of C$6.61/t for leach material and C$6.11/t for mill material.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7. NSR value for leach material is NSR (C$/t) = $15.21 x copper (%) + $50.51 x gold (g/t) + $0.210 x silver (g/t), based on copper recovery of 18%, gold recovery of 80% and silver recovery of 26%.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8 NSR value for hypogene sulphide mill material is NSR (C$/t) = $73.81 x copper (%) + $41.16 x gold (g/t) + $213.78 x moly (%) + $0.386 x silver (g/t), based on recoveries of 92.2% copper, 66% gold, 50% silver and 78.6% molybdenum.&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9. NSR value for supergene (SOX and SUS) mill material is NSR (C$/t) = $80.06 x recoverable copper (%) + $43.03 x gold (g/t) + $142.11 x moly (%) + $0.464 x silver (g/t), based on recoveries of 69% gold, 60% silver and 52.3% molybdenum.&nbsp; Recoverable copper = 0.94 x (total copper &ndash; soluble copper).&nbsp;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10. Mineral Resources are reported in relation to a conceptual constraining pit shell in order to demonstrate reasonable prospects for eventual economic extraction, as required by the definition of Mineral Resource in NI 43-101; mineralization lying outside of the pit shell is excluded from the Mineral Resource.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11. AuEq and CuEq values are based on prices of US$3.50/lb copper, US$1650/oz gold, US$22/oz silver, and US$12.00/lb moly, and account for all metal recoveries and smelting/refining charges.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12. The NSR calculations also account for smelting and refining charges and payables.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>MINERAL RESERVES</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Mineral Reserve estimate is based on an updated
open pit mine plan and mine production schedule using commodity prices of US$3.25 per pound copper, US$1,550 per ounce gold, US$12.00
per pound molybdenum and US$22.00 per ounce silver.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">All of the mineralization comprised in the Mineral
Reserve estimate with respect to the Casino Project is contained on mineral titles controlled by Western Copper and Gold.&nbsp; The following
table presents the Mineral Reserve that is the basis for this Study.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><B>Mineral Reserve</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Tonnes</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NSR</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cu</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Au</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mo</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ag</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>CuEq</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cu</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Au</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mo</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ag</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mill Ore Reserve:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Mt)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($/t)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(&nbsp;%)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(g/t)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(&nbsp;%)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(g/t)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(&nbsp;%)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Mlbs)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Moz)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Mlbs)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Moz)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proven Mineral Reserve</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">140.1</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38.50</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.31</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.39</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.024</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.1</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.67</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">944</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.8</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74.9</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Probable Mineral Reserve</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,076.9</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23.68</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.17</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.19</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.021</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.6</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.36</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,135</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.7</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">497.1</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55.5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Proven/Probable Reserve</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1,217.1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>25.38</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.19</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.22</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.021</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.7</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.40</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>5,079</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>8.5</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>571.9</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>64.9</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Tonnes</B></FONT></TD>
    <TD STYLE="border-left: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>NSR</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Au</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cu</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mo</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ag</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AuEq</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Au</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Cu</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-left: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mo</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ag</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Heap Leach Reserve:</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Mt)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>($/t)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(g/t)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(&nbsp;%)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 2.05pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(&nbsp;%)</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(g/t)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(g/t)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Moz)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Mlbs)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Mlbs)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: center; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>(Moz)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proven Mineral Reserve</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42.9</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22.52</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.45</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.055</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.7</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.47</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.62</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51.8</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.7</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Probable Mineral Reserve</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">166.8</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11.14</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.22</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.031</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.8</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.23</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.17</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">113.5</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">N/A</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Proven/Probable Reserve</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>209.6</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.47</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.26</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.036</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>N/A</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.9</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>0.28</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>1.78</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>165.3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 2.05pt; padding-left: 3.95pt; text-align: right; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>N/A</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid; padding-right: 9.95pt; padding-left: 2.05pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>13.1</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 7.5pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Notes:</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1. The Mineral Reserve estimate has an effective date of June 13, 2022 and was prepared using the CIM Definition Standards (10 May 2014).</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2. Columns may not sum exactly due to rounding.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3. Mineral Reserves are based on commodity prices of US$3.25/lb Cu, US$1550/oz Au, US$12.00/lb Mo, and US$22.00/oz Ag.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4. Mineral Reserves amenable to milling are based on NSR cutoffs that vary by time period to balance mine and plant production capacities.&nbsp; They range from a low of $6.11/t to a high of $25.00/t.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5. NSR value for supergene (SOX and SUS) mill material is NSR (C$/t) = $73.63 x recoverable copper (%) + $40.41 x gold (g/t) + $142.11 x moly (%) + 0.464 x silver (g/t), based on recoveries of 69% gold, 52.3% molybdenum and 60% silver.&nbsp; Recoverable copper = 0.94 x (total copper &ndash; soluble copper).&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6. NSR value for hypogene (HYP) mill material is NSR (C$/t) = $67.88 x copper (%) + $38.66 x gold (g/t) + $213.78 x moly (%) + $0.386 x silver (g/t), based on recoveries of 92.2% copper, 66% gold, 78.6% molybdenum and 50% silver.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7. Mineral Reserves amenable to heap leaching are based on an NSR cutoff of $6.61/t.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8. NSR value for leach material is NSR (C$/t) = $14.05 x copper (%) + $47.44 x gold (g/t) + $0.210 x silver (g/t), based on recoveries of 18% copper, 80% gold and 26% silver.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9. AuEq and CuEq values are based on prices of US$ 3.25/lb Cu, US$ 1550/oz Au, US$ 12.00/lb Mo, and US$ 22.00/oz Ag, and account for all metal recoveries and smelting/refining charges.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2.05pt; padding-left: 3.95pt; font-size: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10. The NSR calculations also account for smelter/refinery treatment charges and payables.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>INFRASTRUCTURE</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">A new 132-km all-weather access road will be developed,
extending from the end of the existing Freegold Road and generally following the alignment of the existing &quot;Casino Trail&quot; to
the mine site. The Study assumed that concentrates will be transported, stored and loaded on ships via upgraded facilities provided by
the Port of Skagway, Alaska. The Project operating cost estimate includes the anticipated concentrate handling service charges based on
use of the upgraded facilities.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>ENVIRONMENT, FIRST NATIONS AND COMMUNITY ENGAGEMENT</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Project is located within the traditional territory
of Selkirk First Nation. Aspects of the Project impact the traditional territories of the Little Salmon/Carmacks First Nation, Tr'ond&euml;k
Hw&euml;ch'in, Kluane First Nation and White River First Nation.&nbsp; The nearest communities are Pelly Crossing and the Village of Carmacks.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Western is committed to developing and operating the
Project in a safe, ethical and socially responsible manner. Western has been consulting extensively on the Project since 2008, and First
Nations and their technical advisors have participated directly in the refinement of the tailings and mine waste strategy at the Project,
as reflected in the design presented in the Study.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Since 2006, Western has worked with over 50 different
Yukon and First Nations joint venture companies during the development of the project. Western is active in the local community, with
longstanding support and sponsorship of many local organizations and charities.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>LOOKING FORWARD</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Building on over ten years of baseline and analysis,
the Company has assembled a team of best-in-class technical experts to design and lead the Environmental Assessment through the Yukon
Environmental and Socio-economic Assessment Board (&quot;YESAB&quot;) panel process. Western continues to collaborate with First Nations
and communities on valued environmental and socio-economic components and project design. As the Project is further refined, Western will
continue to seek feedback from and partnerships with local First Nations and communities and is committed to developing the Project with
First Nations' and local community input.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>CONFERENCE CALL </B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Western will hold a conference call on Tuesday<B>,
June 28, 2022</B> at <B>8 am Pacific Time</B> (11 am Eastern Time) to discuss the Study.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Telephone access:<BR>
Vancouver local and International&nbsp; &nbsp; 1-604-638-5340<BR>
Toll Free North America:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;1-800-319-4610</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">An archived recording of the conference call will
be available by dialing 1-604-638-9010 or 1-800-319-6413 within North America, passcode is 7194.&nbsp; The call will be archived on the
Company's website www.westerncopperandgold.com.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>TECHNICAL REPORT &amp; QUALIFIED PERSONS</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">M3 Engineering &amp; Technology Corporation (&quot;M3&quot;),
a full-service Engineering, Procurement, Construction &amp; Management firm, is recognized for its experience in copper processing and
capabilities in the development and construction of mines and mineral processing plants.&nbsp; A technical report prepared in accordance
to National Instrument 43-101 (&quot;NI 43-101&quot;) by the following Qualified Persons will be posted on the Company's website (www.westerncopperandgold.com)
as well as on SEDAR (www.sedar.com), and on EDGAR within 45 days:</P>

<UL STYLE="list-style-type: disc">

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Daniel Roth, P.Eng., of M3 &ndash; Project infrastructure, capital
costs, and economic analysis.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Laurie Tahija, MMSA-QP, of M3 &ndash; Metallurgy, recovery methods,
and process operating costs.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Patrick Dugan, P.E., of M3 &ndash; Power plant and associated
infrastructure.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Michael G. Hester, F Aus IMM, of Independent Mining Consultants
&ndash; Mineral Resources.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">John Marek, P.Eng., of Independent Mining Consultants &ndash;
Mineral Reserves, mining methods and mining costs.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Carl Schulze, P.Geo., of Aurora Geosciences &ndash; History, geology,
exploration, drilling, sampling, and data verification.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Daniel Friedman, P.Eng., of Knight Pi&eacute;sold Ltd. &ndash;
Tailings and heap leach facilities.</LI>

<LI STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Scott Weston, P.Geo., of Hemmera &ndash; Environmental.</LI>

</UL>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Qualified Persons have reviewed and approved the
scientific, technical, and economic information contained in this news release. Readers are encouraged to read the technical report in
its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The
technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.</P>

<P STYLE="font: 17.5pt Arial, Helvetica, Sans-Serif; margin: 0"><B>ABOUT WESTERN COPPER AND GOLD CORPORATION</B></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">Western Copper and Gold Corporation is developing
the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining
projects in the world.&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">The Company is committed to working collaboratively
with our First Nations and local communities to progress the Casino project, using internationally recognized responsible mining technologies
and practices.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">For more information, visit&nbsp;www.westerncopperandgold.com.</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">On behalf of the board,</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>&quot;Paul West-Sells&quot;<BR>
</I>Dr. Paul West-Sells<BR>
President and CEO<BR>
Western Copper and Gold Corporation</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>Cautionary Disclaimer Regarding Forward-Looking
Statements and Information</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>This news release contains certain forward-looking
statements concerning anticipated developments in Western's operations in future periods. Statements that are not historical fact are
&quot;forward-looking statements&quot; as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and
&quot;forward-looking information&quot; as that term is defined in National Instrument 51-102 (&quot;NI 51-102&quot;) of the Canadian
Securities Administrators (collectively, &quot;forward-looking statements&quot;). Certain forward-looking information should also be considered
future-oriented financial information (&quot;FOFI&quot;) as that term is defined in NI 51-102. The purpose of disclosing FOFI is to provide
a general overview of management's expectations regarding the anticipated results of operations and capital expenditures and readers are
cautioned that FOFI may not be appropriate for other purposes. Forward-looking statements are frequently, but not always, identified by
words such as &quot;expects&quot;, &quot;anticipates&quot;, &quot;believes&quot;, &quot;intends&quot;, &quot;estimates&quot;, &quot;potential&quot;,
&quot;possible&quot; and similar expressions, or statements that events, conditions or results &quot;will&quot;, &quot;may&quot;, &quot;could&quot;
or &quot;should&quot; occur or be achieved. These forward-looking statements may include, but are not limited to, statements regarding:
mineral resource and reserve estimation; mine plan and operations; internal rate of return; sensitivities; net present value; potential
recoveries; design parameters; economic potential; processing mineralized material; the potential of robust economics at Casino; advancing
the Project through additional engineering and towards the next step in permitting and submission of an environmental and socio-economic
effects statement; key changes to the TMF design; increases to the gold recovery in the heap leach; potential economic returns from the
Project; estimated initial capital investment costs; estimated operating costs; estimated mining costs; development of the airstrip and
all weather access road; anticipated concentrate handling service charges; developing and operating the Project in a safe, ethical and
socially-responsible manner; plans for further development and securing the required permits and licenses for further studies to consider
operation; market price of precious and base metals; or other statements that are not statement of fact. The material factors or assumptions
used to develop forward-looking statements include prevailing and projected market prices and foreign exchange rates, exploration estimates
and results, continued availability of capital and financing, construction and operations, the Company not experiencing unforeseen delays,
unexpected geological or other effects, equipment failures, permitting delays, and general economic, market or business conditions and
as more specifically disclosed throughout this document, and in the AIF and Form 40-F.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>Forward-looking statements are statements about
the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially
from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks,
uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and
other commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity
and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated
economic return; risks related to joint venture operations; risks related to cooperation of government agencies and First Nations in the
development of the property and the issuance of required permits; risks related to the need to obtain additional financing to develop
the property and uncertainty as to the availability and terms of future financing; the possibility of delay in construction projects and
uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals;
and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the
applicable regulatory agencies.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0"><I>Western's forward-looking statements are based
on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly
disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future
events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should
not place undue reliance on forward-looking statements.</I></P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia:https://www.prnewswire.com/news-releases/western-copper-and-gold-announces-positive-feasibility-on-casino-301576649.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">SOURCE Western Copper and Gold Corporation</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/28/c3073.html</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">%CIK: 0001364125</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin: 0"><B>For further information: </B>visit www.westerncopperandgold.com or please
contact: Sandy Noyes, Director, Investor Relations, 604.638.2520 or snoyes@westerncopperandgold.com</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CO: Western Copper and Gold Corporation</P>

<P STYLE="font: 15pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-left: 0">CNW 06:03e 28-JUN-22</P>

</BODY> </HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>logo.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 logo.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !- ,\# 2(  A$! Q$!_\0
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MN21E;:O]WYO_ &6N/%UI4X>[N;X>G&4KR^$XS4M7U#5[CSKZZDE;^%6^ZO\
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ML:Z9<^9#:R2+.S-MAC_B_BW5Q8NG*4>8WP\OLF++8WC6^YIFFNF_Z;-#&O\
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DB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
