<SEC-DOCUMENT>0001309014-17-000480.txt : 20170531
<SEC-HEADER>0001309014-17-000480.hdr.sgml : 20170531
<ACCEPTANCE-DATETIME>20170531110223
ACCESSION NUMBER:		0001309014-17-000480
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20170525
FILED AS OF DATE:		20170531
DATE AS OF CHANGE:		20170531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			North American Nickel Inc.
		CENTRAL INDEX KEY:			0000795800
		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:	000-14740
		FILM NUMBER:		17879906

	BUSINESS ADDRESS:	
		STREET 1:		1055 WEST HASTINGS STREET
		STREET 2:		SUITE 2200
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 2E9
		BUSINESS PHONE:		604-770-4334

	MAIL ADDRESS:	
		STREET 1:		PO BOX 63623 CAPILANO PO
		CITY:			NORTH VANCOUVER
		STATE:			A1
		ZIP:			V7P 3P1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Widescope Resources Inc.
		DATE OF NAME CHANGE:	20060714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERNATIONAL GEMINI TECHNOLOGY INC
		DATE OF NAME CHANGE:	19940706
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>htm_11210.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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North American Nickel Inc.&nbsp;-&nbsp;Form&nbsp;6-K
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UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
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<FONT SIZE="+2" FACE="Arial"><B>FORM 6-K</B></FONT><BR>

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REPORT OF FOREIGN PRIVATE ISSUER<BR>PURSUANT TO RULE 13a-16 OR 15d-16<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934
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May 25, 2017
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Commission File Number: 000-14740
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	<FONT SIZE="+2"><B>North American Nickel Inc.</B></FONT><BR>
	<FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT>
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	<FONT SIZE="-1">(Translation of registrant&#146;s name into English)</FONT>
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	&nbsp;
    </TD>
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<TR><TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5"><FONT FACE="Courier" SIZE="+0">British Columbia</FONT><BR><FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT></TD></TR><TR><TD VALIGN="CENTER" ALIGN="CENTER" WIDTH="100%" COLSPAN="5"><FONT SIZE="-1">(Jurisdiction of incorporation or organization)</FONT></TD></TR><TR><TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">&nbsp;</TD></TR>
  <TR>
    <TD VALIGN="BOTTOM" ALIGN="CENTER" WIDTH="100%" COLSPAN="5">
      <FONT FACE="Courier" SIZE="+0">C/o Bennett Jones LLP<br>Attn: Sander Grieve<br>3400 -  One First Canadian Place<br>P.O. Box 130, <br>Toronto, Ontario  M5X 1A4<br></FONT>
    </TD>
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        <FONT SIZE="-7">&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</FONT><BR>
	    <FONT SIZE="-1">(Address of principal executive office)</FONT>
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	&nbsp;
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	Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;Form 20-F&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Form 40-F
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        &nbsp;
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        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):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
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        &nbsp;
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        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):&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]
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        &nbsp;
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        Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:&nbsp;&nbsp;[<FONT FACE="Courier">&nbsp;</FONT>]&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;[<FONT FACE="Courier">x</FONT>]&nbsp;No
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        &nbsp;
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        If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):&nbsp;&nbsp;&nbsp;<FONT FACE="Courier"><U>&nbsp;n/a&nbsp;</U></FONT>
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        &nbsp;
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<PRE>
North American Nickel Inc. on May 25, 2017 has distributed Exhibits 99.1
to 99.4 [inclusive] to the applicable Canadian securities regulators and to
shareholders who requested same, to disseminate its interim financial statements
and related materials for the Quarter ended March 31, 2017.

On May 25, 2017 the board of directors approved for distribution to shareholders
and intermediaries Exhibits 99.5 to 99.6 [inclusive], regarding the Company's
Annual General meeting scheduled for June 29, 2017.

The disclosure documents can be viewed on the Canadian disclosure website
www.sedar.com
</PRE>
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<B>SIGNATURES</B>
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       &nbsp;
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       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.
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       &nbsp;
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       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       North American Nickel Inc.
    </TD>
  </TR>

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       &nbsp;
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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       &nbsp;
    </TD>
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  <TR>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="40%">
       Date: May 31, 2017
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="4%%">
       By:
    </TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="56%">
       Douglas Ford<BR><HR WIDTH="30%" NOSHADE>
    </TD>
  </TR>

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    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       Name:&nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Douglas Ford
    </TD>
  </TR>

  <TR>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="40%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       Title:
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       Director
    </TD>
  </TR>
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       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="4%%">
       &nbsp;
    </TD>
    <TD VALIGN="BOTTOM" ALIGN="LEFT" WIDTH="56%">
       &nbsp;
    </TD>
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<FONT SIZE="+1"><B>
EXHIBIT&nbsp;INDEX
</B></FONT>
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<BR>
<CENTER>
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    <TD NOWRAP ALIGN="LEFT" WIDTH="8%">
      <FONT SIZE="-1"><B>Exhibit No.</B></FONT>
    </TD>
    <TD WIDTH="15%">
      &nbsp;
    </TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="77%">
      <FONT SIZE="-1"><B>Description</B></FONT>
    </TD>
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    <TD NOWRAP ALIGN="CENTER" WIDTH="8%">
      <HR SIZE="1" NOSHADE>
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      &nbsp;
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      <FONT SIZE="-1">99.1<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">Q1 2017 Financial Statements</FONT>
    </TD>
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      <FONT SIZE="-1">99.2<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">Q1 2017 Management Discussion and Analysis</FONT>
    </TD>
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    <TD VALIGN="TOP" WIDTH="8%" nowrap>
      <FONT SIZE="-1">99.3<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">CEO certification Q1 2017</FONT>
    </TD>
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<!-- End Exhibit Index Item -->
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    <TD VALIGN="TOP" WIDTH="8%" nowrap>
      <FONT SIZE="-1">99.4<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">CFO certification Q1 2017</FONT>
    </TD>
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    <TD VALIGN="TOP" WIDTH="8%" nowrap>
      <FONT SIZE="-1">99.5<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">2017 Annual General Meeting Notice & Circular</FONT>
    </TD>
  </TR>
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    <TD VALIGN="TOP" WIDTH="8%" nowrap>
      <FONT SIZE="-1">99.6<FONT>
    </TD>
    <TD WIDTH="15%">
       &nbsp;
    </TD>
    <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
      <FONT SIZE="2">2017 Annual General Meeting Proxy - sample</FONT>
    </TD>
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      &nbsp;
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      &nbsp;
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.1
<TEXT>
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Exhibit&nbsp;&nbsp;EX-99.1
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<P align="left" style="margin-left:2%; margin-right:1%; font-size: 10pt"><FONT style="font-size: 16pt"><B>CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</B>
</FONT>

<P align="left" style="margin-left:2%; margin-right:1%; font-size: 16pt"><FONT style="font-size: 14pt"><B><I>For the quarter ended March&nbsp;31, 2017</I></B>
</FONT>


<P align="left" style="margin-left:2%; font-size: 14pt"><FONT style="font-size: 10pt"><I>(</I></FONT><FONT style="font-size: 11pt"><I>In accordance with International Financial Reporting Standards (&#147;IFRS&#148;) and stated
in thousands of Canadian dollars, unless otherwise indicated)</I>
</FONT>


<P align="left" style="margin-left:2%; font-size: 11pt"><FONT style="font-size: 16pt"><B>INDEX</B>
</FONT>


<P align="left" style="margin-left:2%; font-size: 16pt"><FONT style="font-size: 12pt">Notice to Reader of the Unaudited Condensed Interim Financial Statements
</FONT>


<P align="left" style="margin-left:2%; font-size: 12pt">Condensed Interim Consolidated Financial Statements



<P align="left" style="margin-left:6%; font-size: 12pt">Condensed Interim Consolidated Statements of Financial Position



<P align="left" style="margin-left:6%; font-size: 12pt">Condensed Interim Consolidated Statements of Comprehensive Loss



<P align="left" style="margin-left:6%; font-size: 12pt">Condensed Interim Consolidated Statements of Changes in Shareholders&#146; Equity



<P align="left" style="margin-left:6%; font-size: 12pt">Condensed Interim Consolidated Statements of Cash Flows



<P align="left" style="margin-left:6%; font-size: 12pt">Notes to the Condensed Interim Consolidated Financial Statements


<P align="left" style="font-size: 12pt"><FONT style="font-size: 16pt"><B>NOTICE TO READER OF THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</B>
</FONT><BR>
<FONT style="font-size: 14pt"><B><I>For the three month period ended March&nbsp;31, 2017</I></B>
</FONT>

<P align="left" style="font-size: 14pt"><FONT style="font-size: 11pt">In accordance with National Instrument 51-102, of the Canadian Securities Administrators,
North American Nickel Inc. (the &#147;Company&#148; or &#147;North American Nickel&#148;) discloses that its auditors
have not reviewed the unaudited condensed interim consolidated interim financial statements.
</FONT>

<P align="left" style="font-size: 11pt">The unaudited condensed interim consolidated financial statements of the Company for the three
month period ended March&nbsp;31, 2017 (&#147;Financial Statements&#148;) have been prepared by management. The
Financial Statements should be read in conjunction with the Company&#146;s audited consolidated
financial statements and notes thereto of the Company for the fiscal year ended December&nbsp;31, 2016,
which are available at the SEDAR website under the Company&#146;s profile (<U>www.sedar.com</U>). The
Financial Statements are stated in thousands of Canadian dollars, unless otherwise indicated, and
are prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;).


<P align="center" style="font-size: 10pt; display: none">1
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<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>

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<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Condensed Interim Consolidated Statements of Financial Position</B></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 9pt"><I>(Unaudited &#151; Expressed in thousands of Canadian dollars)</I></FONT></DIV></TD>
</TR>
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</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="59%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Notes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2016</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>ASSETS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="left"><B>CURRENT ASSETS</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">688</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Short term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Receivables and other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>TOTAL CURRENT ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,540</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,471</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>NON-CURRENT ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exploration and evaluation assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,342</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Reclamation of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>TOTAL NON-CURRENT ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38,818</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38,411</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>TOTAL ASSETS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,358</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,882</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>CURRENT LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Trade payables and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,&nbsp;9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>TOTAL CURRENT LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>160</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>181</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>TOTAL LIABILITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>160</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>181</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share capital &#151; preferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">591</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share capital &#150; common</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,315</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,767</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(24,926</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23,972</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>TOTAL SHAREHOLDERS&#146; EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,198</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,701</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>TOTAL LIABILITIES AND EQUITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,358</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,882</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt">Nature of Operations (Note 1) and Subsequent Events (Note 13)


<P align="left" style="font-size: 9pt">The accompanying notes are an integral part of these Condensed Interim Consolidated Financial
Statements.


<P align="left" style="font-size: 9pt">Approved by the Board of Directors on May&nbsp;25, 2017

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#147;signed&#148;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;signed&#148;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Keith Morrison<BR>
Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Doug Ford<BR>
Audit Committee Chair</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 11pt"><b>Condensed In</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">terim Consolidated Statements of Comprehensive Loss</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 9pt"> <i>(Unaudited -</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt">Expressed in thousands of Canadian dollars)</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="62%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Three-months ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Notes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>EXPENSES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">General and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(491</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(459</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Property investigation and port development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share-based payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(451</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(207</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(956</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(693</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>OTHER ITEMS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foreign exchange loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>TOTAL COMPREHENSIVE LOSS FOR THE PERIOD</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(954</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(689</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Weighted average number of common shares outstanding</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>269,778,932</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>207,629,506</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Basic and diluted loss per share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(0.01</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(0.00</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt">The accompanying notes are an integral part of these Condensed Interim Consolidated Financial
Statements.


<P align="center" style="font-size: 10pt; display: none">3
<!-- PAGEBREAK -->
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="74%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 11pt"><b>Condensed Interim Consolidated Statements of Chang</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">es in Eq</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">uity</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 9pt"> <i>(Unaudited &#151; Expressed in thousands of Canadian do</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt">llars)</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt"><BR></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- Preformatted ASCII caused by input condition 'badstub' -->
<PRE>

                                               Number     Share   Preferred                                 Total
                              Notes            Shares   Capital       Stock   Reserve           Deficit    Equity

   BALANCE AT DECEMBER
   31, 2015                                  207,629,506       50,574            591        5,135             (23.820)      32,480

Net and
comprehensive loss
for the period                                   -         -           -         -             (689)     (689)

Share-based Payments         8                   -         -           -              207         -       207

   BALANCE AT MARCH 31, 2016                 207,629,506       50,574            591             (5,342)      (24,509)      31,998
                                       ===========   =======   =========   ==============   =======    ======

   BALANCE AT DECEMBER
   31, 2016                                  368,581,886       62,315            591               2,767      (23,972)      41,701

Net and
comprehensive loss
for the period                                                                                 (954)     (954)

Share-based Payments         8                             -           -              451         -       451

   BALANCE AT MARCH
   31, 2017                                  368,581,886       62,315            591               3,218      (24,926)      41,198
                                       ===========   =======   =========   ==============   =======    ======
</PRE>

<P align="left" style="font-size: 9pt">The accompanying notes are an integral part of these Condensed Interim Consolidated Financial
Statements.


<P align="center" style="font-size: 10pt; display: none">4
<!-- PAGEBREAK -->
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 11pt"><b>Condensed Interim</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">Consolidated Sta</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">tements of Cas</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt">h Flows</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11pt"><BR></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 9pt"> <i>(Unaudited &#151; Expre</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt">ssed in thousand</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt">s of Canadian</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt">dollars)</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 9pt"><BR></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="74%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Three months ended</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Notes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>OPERATING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Loss for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(954</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(689</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Items not affecting cash:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Share based payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Changes in working capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(91</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest received</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net cash used in operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(521</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(555</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>INVESTING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Expenditures on exploration and evaluation assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(421</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(215</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Short-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Purchase of equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net cash used in investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>579</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>282</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>FINANCING ACTIVITIES</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Net cash provided by financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>-</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Change in cash equivalents for the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(273</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents, beginning of the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Cash and cash equivalents, at the end of the period</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>688</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>252</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt">The accompanying notes are an integral part of these Condensed Interim Consolidated Financial
Statements.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>1.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">NATURE AND CONTINUANCE OF OPERATIONS</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">North American Nickel Inc. (the &#147;Company&#148; or &#147;NA Nickel&#148;) was incorporated on September&nbsp;23,
1983, under the laws of the Province of British Columbia, Canada. The head office, principal
address and records office of the Company are located at PO Box 63623 Capilano, North Vancouver,
British Columbia, Canada, and V7P 3P1. The Company&#146;s common shares trade on the TSX Venture
Exchange (&#147;TSXV&#148;) under the symbol &#147;NAN&#148;.
</FONT>

<P align="left" style="font-size: 9pt">The Company&#146;s principal business activity is the exploration and development of mineral properties
in Greenland, Canada and United States. The Company has not yet determined whether any of these
properties contain ore reserves that are economically recoverable. The recoverability of carrying
amounts shown for exploration and evaluation assets is dependent upon a number of factors including
environmental risk, legal and political risk, the existence of economically recoverable mineral
reserves, confirmation of the Company&#146;s interests in the underlying mineral claims, the ability of
the Company to obtain necessary financing to complete exploration and development, and to attain
sufficient net cash flow from future profitable production or disposition proceeds.


<P align="left" style="font-size: 9pt">These condensed interim consolidated financial statements have been prepared on the assumption that
the Company will continue as a going concern, meaning it will continue in operation for the
foreseeable future and will be able to realize assets and discharge liabilities in the ordinary
course of operations. The ability of the Company to continue operations as a going concern is
ultimately dependent upon achieving profitable operations. To date, the Company has not generated
profitable operations from its resource activities and will need to invest additional funds in
carrying out its planned exploration, development and operational activities. These uncertainties
cast substantial doubt about the Company&#146;s ability to continue as a going concern. These condensed
interim consolidated financial statements do not include any adjustments relating to the
recoverability and classification of recorded asset amounts and classification of liabilities that
might be necessary should the Company be unable to continue as a going concern.


<P align="left" style="font-size: 9pt">The exploration and evaluation properties in which the Company currently has an interest are in the
exploration stage. As such, the Company is dependent on external financing to fund its activities.
In order to carry out the planned exploration and cover administrative costs, the Company will use
its existing working capital and raise additional amounts as needed. Although the Company has been
successful in its past fundraising activities, there is no assurance as to the success of future
fundraising efforts or as to the sufficiency of funds raised in the future. The Company will
continue to assess new properties and seek to acquire interests in additional properties if there
is sufficient geologic or economic potential and if adequate financial resources are available to
do so.


<P align="left" style="font-size: 9pt">The condensed interim consolidated financial statements were approved and authorized for issuance
by the Board of Directors of the Company on May&nbsp;25, 2017.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>2.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES</FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 9pt"><I>(a)</I></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">Statement of Compliance</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 9pt">These condensed interim consolidated financial statements were prepared in accordance with
International Financial Reporting Standards (&#147;IFRS&#148;), including IAS 34 Interim Financial
Statements. The condensed interim consolidated financial statements do not include all of the
information and disclosures required in the annual financial statements, and should be read in
conjunction with the Company&#146;s audited annual financial statements for the year ended December
31, 2016. Any subsequent changes to IFRS that are reflected in the Company&#146;s consolidated
financial statements for the year ended December&nbsp;31, 2017 could result in restatement of these
condensed interim consolidated financial statements.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><I>(b)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Basis of Preparation</I></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 9pt">These condensed interim consolidated financial statements have been prepared under the
historical cost convention, modified by the revaluation of any financial assets and financial
liabilities where applicable. The preparation of financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also requires management to
exercise judgment in the process of applying the Company&#146;s accounting policies.



<P align="left" style="margin-left:2%; font-size: 9pt">The significant accounting policies used in the preparation of these condensed interim
consolidated financial statements are consistent with those used in the preparation of the
annual consolidated financial statements for the year ended December&nbsp;31, 2016.


<P align="left" style="font-size: 9pt; text-indent: 2%"><I>(c ) Basis of consolidation</I>



<P align="left" style="margin-left:2%; font-size: 9pt">These condensed interim consolidated financial statements include the financial statements of
the Company and its wholly-owned subsidiary, North American Nickel (US)&nbsp;Inc. which was
incorporated in the State of Delaware on May&nbsp;22, 2015. Consolidation is required when the
Company is exposed, or has rights to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee. All intercompany
transactions, balances, income and expenses are eliminated upon consolidation.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>3.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">CHANGES IN ACCOUNTING POLICIES</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt"><B>New standards adopted during the three-month period ended March&nbsp;31, 2017:</B>
</FONT>

<P align="left" style="font-size: 9pt">IAS 7 &#147;Statement of Cash Flows&#148;


<P align="left" style="font-size: 9pt"><I>Disclosures related to financing activities </I>was amended to require disclosures about changes in
liabilities arising from financing activities, including both changes arising from cash flows and
non-cash changes. This amendment is effective for years beginning on or after January&nbsp;1, 2017. The
adoption of these amendments did not result in any impact to the Company&#146;s financial statements.


<P align="left" style="font-size: 9pt">IAS 12 &#147;Income Taxes&#148;


<P align="left" style="font-size: 9pt"><I>Deferred tax </I>was amended to clarify (i)&nbsp;the requirements for recognizing deferred tax assets on
unrealized losses; (ii)&nbsp;deferred tax where an asset is measured at a fair value below the asset&#146;s
tax base, and (iii)&nbsp;certain other aspects of accounting for deferred tax assets. This amendment is
effective for years beginning on or after January&nbsp;1, 2017. The Company has not yet assessed the
impact of this standard. The adoption of these amendments did not result in any impact to the
Company&#146;s financial statements.


<P align="left" style="font-size: 9pt"><B>Standards, Interpretations and Amendments Not Yet Effective:</B>


<P align="left" style="font-size: 9pt">IFRS 9 &#147;Financial Instruments&#148; (IFRS 9)


<P align="left" style="font-size: 9pt">IFRS 9 addresses classification and measurement of financial assets. It replaces the multiple
category and measurement models in IAS 39 for debt instruments with a new mixed measurement model
having only two categories: amortized cost and fair value through profit and loss. IFRS 9 also
replaces the models for measuring equity instruments. Such instruments are either recognized at
fair value through profit or loss or at fair value through other comprehensive income. Where equity
instruments are measured at fair value through other comprehensive income, dividends are recognized
in the statement of earnings to the extent that they do not clearly represent a return of
investment; however, other gains and losses (including impairments) associated with such
instruments remain in accumulated comprehensive income indefinitely. Requirements for financial
liabilities were added to IFRS 9 in October&nbsp;2010 and they largely carried forward existing
requirements in IAS 39 except that fair value changes due to credit risk for liabilities designated
at fair value through profit and loss are generally recorded in other comprehensive income. This
standard is effective for annual periods beginning on or after January&nbsp;1, 2018. The Company has not
yet assessed the impact of this standard.


<P align="left" style="font-size: 9pt">IFRS 15 &#147;Revenue from Contracts with Customers&#148;


<P align="left" style="font-size: 9pt">IFRS 15 was issued in May&nbsp;2014 to replace IAS 18, Revenue, IAS 11, Construction Contracts, and
related interpretations on revenue. IFRS 15 establishes principles to address the nature, amount,
timing and uncertainty of revenue and cash flows arising from an entity&#146;s contracts with customers.
IFRS 15 will also result in enhanced disclosures about revenue, provide guidance for transactions
that were not previously addressed comprehensively and improve guidance for multiple element
arrangements. Companies can elect to use either a full or modified retrospective approach when
adopting this standard and it is effective for annual periods beginning on or after January&nbsp;1,
2018. The Company has not yet assessed the impact of this standard.


<P align="left" style="font-size: 9pt">IFRS 16 &#147;Leases&#148;


<P align="left" style="font-size: 9pt">IFRS 16 replaces current guidance in IAS 17. Under IAS 17, lessees were required to make a
distinction between a finance lease (on the balance sheet) and an operating lease (off balance
sheet). IFRS 16 now requires lessees to recognize a lease liability reflecting future lease
payments and a &#147;right-of-use asset&#148; for virtually all lease contracts. The IASB has included an
optional exemption for certain short-term leases and leases of low value assets, however this
exemption can only be applied by lessees. The standard applies to annual periods beginning on or
after January&nbsp;1, 2019, with earlier application permitted if IFRS 15, Revenue from Contracts with
Customers, is also applied. The Company has not yet assessed the impact of this standard.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>4.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">SHORT-TERM INVESTMENTS</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">Short-term investments are comprised of a highly liquid Canadian dollar denominated guaranteed
investment certificate with an initial term to maturity greater than ninety days, but not more than
one year, that is readily convertible to a contracted amount of cash. The counter-party is a
Canadian financial institution. During the period ended March&nbsp;31, 2017, the instrument was
yielding an annual interest rate of 1.10% (March&nbsp;31, 2016 &#151; 0.90%).
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>5.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">RECEIVABLES AND OTHER CURRENT ASSETS</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">A summary of the receivables and other current assets as of March&nbsp;31, 2017 is detailed in the
table below:
</FONT>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sales taxes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt">Other current assets are comprised of prepaid insurance and prepaid expenses.


<P align="center" style="font-size: 10pt; display: none">5
<!-- PAGEBREAK -->

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>6.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">EXPLORATION AND EVALUATION ASSETS</FONT></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Canada</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>US</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Greenland</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Post Creek</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Halcyon</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Section 35</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maniitsoq</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Property</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Property</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Property</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Property</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Acquisition</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, December&nbsp;31, 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Acquisition costs &#150; cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, March&nbsp;31, 2017</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Exploration</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, December&nbsp;31, 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,845</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Corporate social responsibility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Drilling expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Geology</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Geophysics</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Technical studies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, March&nbsp;31, 2017</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,238</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total, March&nbsp;31, 2017</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,369</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>383</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37,005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38,763</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Canada</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>US</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Greenland</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Post Creek</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Halcyon</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Section 35 Property</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Maniitsoq</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Property</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Property</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Property</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Acquisition</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, December&nbsp;31, 2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">467</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Acquisition costs &#150; cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, March&nbsp;31, 2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">493</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Exploration</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, December&nbsp;31, 2015</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,236</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Consulting services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Storage</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Technical studies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Balance, March&nbsp;31,2016</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,017</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,425</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total, March&nbsp;31, 2016</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,280</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>357</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>28,264</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>29,918</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt">The following is a description of the Company&#146;s exploration and evaluation assets and the related
spending commitments:


<P align="left" style="font-size: 9pt"><B>Post Creek</B>


<P align="left" style="font-size: 9pt">On December&nbsp;23, 2009, the Company executed a letter of intent whereby the Company has an option to
acquire a mineral claim known as the Post Creek Property located within the Sudbury Mining District
of Ontario.


<P align="left" style="font-size: 9pt">On April&nbsp;5, 2010 and as amended on March&nbsp;12, 2013, the Company entered into an option agreement to
acquire a 100% interest in the Post Creek Property, subject to certain net smelter return royalties
(&#147;NSR&#148;) and advance royalty payments. To December&nbsp;31, 2015, the Company has completed the required
consideration and acquired its interest in the Post Creek Property. Commencing August&nbsp;1, 2015, the
Company is obligated to pay advances on the NSR of $10 per annum, totalling $10 during the year
ended December&nbsp;31, 2016, the total of which will be deducted from any payments to be made under the
NSR. The total advances paid during the three-month period ended March&nbsp;31, 2017 were $5, (March
31, 2016 &#151; $5).


<P align="left" style="font-size: 9pt">During the three-month period ended March&nbsp;31, 2017, the Company incurred exploration expenditures
totalling $11 (March&nbsp;31, 2016 &#151; $12) on the Post Creek Property.


<P align="left" style="font-size: 9pt"><B>Halcyon</B>


<P align="left" style="font-size: 9pt">On April&nbsp;5, 2010 and as amended on March&nbsp;12, 2013, the Company entered into an option agreement to
acquire rights to Halcyon Property, subject to certain NSR and advance royalty payments. To
December&nbsp;31, 2015, the Company has completed the required consideration and acquired its interest
in the Halcyon Property. Commencing August&nbsp;1, 2015, the Company is obligated to pay advances on
the NSR of $8 per annum, totalling $8 during the year ended December&nbsp;31, 2016, the total of which
will be deducted from any payments to be made under the NSR.


<P align="left" style="font-size: 9pt">During the three-month period ended March&nbsp;31, 2017, the Company incurred $4 (March&nbsp;31, 2016 &#151; $11)
in exploration and license related expenditures on the Halcyon Property.


<P align="left" style="font-size: 9pt"><B>Maniitsoq</B>


<P align="left" style="font-size: 9pt">The Company has been granted certain exploration licenses, by the Bureau of Minerals and Petroleum
(&#147;BMP&#148;) of Greenland for exclusive exploration rights of an area comprising the Maniitsoq Property,
located near Ininngui, Greenland. The Property is subject to a 2.5% NSR. The Company can reduce the
NSR to 1% by paying $2,000 on or before 60&nbsp;days from the decision to commence commercial
production.


<P align="left" style="font-size: 9pt">At the expiration of the first license period, the Company may apply for a second licence period
(years 6-10), and the Company may apply for a further 3-year licence for years 11 to 13.
Thereafter, the Company may apply for additional 3-year licences for years 14 to 16, 17 to 19 and
20 to 22. The Company will be required to pay additional license fees and will be obligated to
incur minimum eligible exploration expenses for such years.


<P align="left" style="font-size: 9pt">The Company may terminate the licenses at any time; however any unfulfilled obligations according
to the licenses will remain in force, regardless of the termination


<P align="left" style="font-size: 9pt">Future required minimum exploration expenditures will be adjusted each year on the basis of the
change to the Danish Consumer Price Index.


<P align="left" style="font-size: 9pt">During the three-month period ended March&nbsp;31, 2017, the Company spent in aggregate of $398 in
exploration and license related expenditures on the Maniitsoq Property, (March&nbsp;31, 2016 &#151; $148).


<P align="left" style="font-size: 9pt"><B><I>Sulussugut License</I></B>


<P align="left" style="font-size: 9pt"><I>(All references to amounts in Danish Krones, &#147;DKK&#148; are in thousands of DKK)</I>


<P align="left" style="font-size: 9pt">Effective August&nbsp;15, 2011, the Company was granted an exploration license (the &#147;Sulussugut
License&#148;) by the BMP of Greenland for exclusive exploration rights of an area located near
Sulussugut, Greenland. The Company paid a license fee of $6 (DKK 31) upon granting of the
Sulussugut License. The Sulussugut License was valid for 5&nbsp;years until December&nbsp;31, 2015, with
December&nbsp;31, 2011 being the first year. The application for another 5&nbsp;year term on the Sulussugut
License was submitted to the Greenland Mineral Licence & Safety Authority (MLSA)&nbsp;which was
effective on April&nbsp;11, 2016, with December&nbsp;31, 2016 being the sixth year.


<P align="left" style="font-size: 9pt">To December&nbsp;31, 2015, under the terms of the preliminary license, the Company completed the
exploration requirements of an estimated minimum of DKK 83,809 (approximately $15,808) between the
years ended December&nbsp;31, 2011 to 2015 by incurring $26,116 on the Sulussugut License. The
accumulated exploration credits held at the end to December&nbsp;31, 2015, of DKK 100,304 can be carried
forward until 2019. Under the terms of the second license period, the Company had no minimum
required exploration for the year ended December&nbsp;31, 2016. As of December&nbsp;31, 2016, the Company has
spent $33,873 on exploration costs for the Sulussugut License.


<P align="left" style="font-size: 9pt">Under the terms of the preliminary Sulussugut License the Company was obligated to reduce the area
of the license by&nbsp;at least&nbsp;30%, which was accomplished.


<P align="left" style="font-size: 9pt">During the year ended December&nbsp;31, 2016, the Company had approved exploration expenditures of DKK
61,109 (approximately $12,032) which results in the total carried credits for the Sulussugut
License at DKK 161,413 (approximately $31,382).


<P align="left" style="font-size: 9pt">During the three-month period ended March&nbsp;31, 2017, the Company spent a total of $355 in license
related expenditures, (March&nbsp;31, 2016 &#151; $123).


<P align="left" style="font-size: 9pt"><B><I>Ininngui License</I></B>


<P align="left" style="font-size: 9pt">Effective March&nbsp;4, 2012, the Company was granted an exploration license (the &#147;Ininngui License&#148;) by
the BMP of Greenland for exclusive exploration rights of an area located near Ininngui, Greenland.
The Company paid a license fee of $6 (DKK 32) upon granting of the Ininngui License. The Ininngui
License was valid for 5&nbsp;years until December&nbsp;31, 2016, with December&nbsp;31, 2012 being the first year.
The Ininngui License is contiguous with the Sulussugut License.


<P align="left" style="font-size: 9pt">To December&nbsp;31, 2016, the Company&#146;s expenditures exceeded the minimum requirement and the Company
has a surplus of DKK 15,677 (approximately $3,044) and the Company was granted a credit for the
excess, which may be used towards future expense requirements on the Ininngui License until the
following years; year 2018, DKK 2,611, year 2019, DKK 6,276 and year 2020, DKK 6,790, and should
the Company be granted an extension on the exploration license.


<P align="left" style="font-size: 9pt">The required minimum exploration expenditures on the Ininngui License for year 5, ending December
31, 2016 was DKK 2,715 (approximately $535). As of December&nbsp;31, 2016, the Company has spent $2,721
on exploration costs for the Ininngui License.


<P align="left" style="font-size: 9pt">Should the Company not incur the minimum exploration expenditures on the license in any one year
from years 2-5, the Company may pay 50% of the difference in cash to BMP as full compensation for
that year. This procedure may not be used for more than 2 consecutive calendar years and to
December&nbsp;31, 2016, the Company has not used the procedure for the license.


<P align="left" style="font-size: 9pt">During the three-month period ended March&nbsp;31, 2017, the Company spent a total of $43 in exploration
and license related expenditures, (March&nbsp;31, 2016 &#151; $25).


<P align="left" style="font-size: 9pt"><B>Section&nbsp;35 Property</B>


<P align="left" style="font-size: 9pt">On January&nbsp;4, 2016, the Company entered into a 10&nbsp;year Metallic Minerals Lease (the &#147;Lease&#148;) with
the Michigan Department of Natural Resources for an area covering approximately 320 acres. The
terms of the Lease require an annual rental fee at a rate of US $3.00 per acre for years 1-5 and at
a rate of US $6.00 per acre for years 6-10. The Company shall pay a minimum royalty at a rate of US
$10.00 per acre for the 11<sup>th</sup> year onwards, with an increase of an additional US $5.00
per acre per year up to a maximum of US $55.00 per acre per year. A production royalty of between
2% &#151; 2.5% is payable from production of minerals and/or mineral products from an established mining
operation area. The Company paid the first year rental fee and the required reclamation deposit of
$14 (US $10,000). The Department of Natural Resources shall annually review the level of the
reclamation deposit and shall require the amount to be increased or decreased to reflect changes in
the cost of future reclamation of the leased premises.


<P align="left" style="font-size: 9pt">During the three-month period ended March&nbsp;31, 2017, the Company spent a total of $3 in license
related expenditures, (March&nbsp;31, 2016 &#151; $17).


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>7.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">TRADE PAYABLES AND ACCRUED LIABILITIES</FONT></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="84%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>December 31,</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Trade payables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Amounts due to related parties (Note 9)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt"><B>SHARE CAPITAL, WARRANTS AND OPTIONS</B></FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">The authorized capital of the Company comprises an unlimited number of common shares without
par value and 100,000,000 Series&nbsp;1 convertible preferred shares without par value.
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Common shares issued and outstanding</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 9pt">There were no common shares issued during the period ended March&nbsp;31, 2017 and March&nbsp;31,
2016.



<P align="left" style="margin-left:4%; font-size: 9pt">As at March&nbsp;31, 2017, the Company has 368,581,886 common shares issued and outstanding,
(March&nbsp;31, 2016 &#150; 207,629,506).



<P align="left" style="margin-left:4%; font-size: 9pt">On April&nbsp;28, 2016, the Company issued 952,380 common shares at a fair value of $95,238, as a
finance fee.



<P align="left" style="margin-left:4%; font-size: 9pt">On July&nbsp;21, 2016, the Company closed a private placement of 92,668,907 units at a price of
$0.075 per unit for gross proceeds of $6,950. Each unit consists of one common share of the
Company and one half of one common share purchase warrant. Each whole warrant entitles the
purchaser to purchase an additional common share at a price of $0.12 per share until July
21, 2018. Share issuance costs of $571 were incurred in connection with the private
placement. The Company also issued 1,203,695 agent&#146;s warrants, exercisable at $0.075 per
warrant until July&nbsp;21, 2018. The Company allocated a fair value of $48 to the agent&#146;s
warrants under the Black-Scholes Option Pricing Model with the following assumptions:
expected life of 2&nbsp;years, expected dividend yield of 0%, a risk-free interest rate of 0.57%
and an expected volatility of 91.06%. The Company also granted the agent an overallotment
option, which expired unexercised.



<P align="left" style="margin-left:4%; font-size: 9pt">On September&nbsp;12, 2016, the Company closed a private placement and issued 67,331,093 units at
a price of $0.075 per unit for gross proceeds of $5,050. Each unit consists of one common
share of the Company and one half of one common share purchase warrant. Each whole warrant
entitles the purchaser to purchase an additional common share at a price of $0.12 per share
until September&nbsp;12, 2018.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preferred shares issued and outstanding</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 9pt">As at March&nbsp;31, 2017 and March&nbsp;31, 2016, there are 590,931 series 1 preferred shares
outstanding.



<P align="left" style="margin-left:4%; font-size: 9pt">The rights and restrictions of the preferred shares are as follows:



<P align="left" style="margin-left:4%; font-size: 9pt">i) dividends shall be paid at the discretion of the directors;


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holders of the preferred shares are not entitled to vote except
at meetings of the holders of the preferred shares, where they are entitled to one
vote for each preferred share held;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the shares are convertible at any time after 6&nbsp;months from the date of
issuance, upon the holder serving the Company with 10&nbsp;days written notice; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of the common shares to be received on conversion of the preferred
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares is to be determined by dividing the conversion value of the share, $1 per share,
by $0.90.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Warrants</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 9pt">A summary of common share purchase warrants activity during the three-month period ended
March&nbsp;31, 2017 is as follows:

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="53%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>March 31, 2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31, 2016</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted Average</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Outstanding, beginning of the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,982,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,738,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,203,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cancelled / Expired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12,960,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Outstanding, end of the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,982,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,982,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 9pt">At March&nbsp;31, 2017, the Company had outstanding common share purchase warrants exercisable to
acquire common shares of the Company as follows:

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Warrants Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Expiry Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted Average</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>remaining</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>contractual life</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(years)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14,778,344</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jul 20, 2017
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.30</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">46,334,451</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jul 21, 2018<sup>1</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,203,695</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jul 21, 2018
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.075</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">33,665,546</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sep 12, 2018<sup>1</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.45</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">95,982,036</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.07</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 9pt"><FONT style="font-size: 8pt"><sup>1 </sup><I>The warrants are subject to an acceleration clause such that if the
volume-weighted average trading price of the Company&#146;s common shares on the TSX-V exceeds
$0.18 per common share for a period of 10 consecutive trading days at any date before the
expiration date of such warrants, the Company may, at its option, accelerate the warrant
expiry date to within 30&nbsp;days. To March&nbsp;31, 2017, the Company&#146;s common shares have not met
the criterion for acceleration.</I>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 9pt">d)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">Stock options</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 9pt">The Company adopted a Stock Option Plan (the &#147;Plan&#148;), providing the authority to grant
options to directors, officers, employees and consultants enabling them to acquire up to 10%
of the issued and outstanding common stock of the Company. Under the Plan, the exercise
price of each option equals the market price or a discounted price of the Company&#146;s stock as
calculated on the date of grant. The options can be granted for a maximum term of 10&nbsp;years.



<P align="left" style="margin-left:4%; font-size: 9pt">A summary of option activity under the Plan during the three-month period ended March&nbsp;31,
2017 is as follows:

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>March 31, 2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31, 2016</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted Average</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercise Price</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Outstanding, beginning of the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,823,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,872,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,137,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,058,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cancelled / Expired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,107,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Outstanding, end of the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,960,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,823,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:4%; font-size: 9pt">During the period ended March&nbsp;31, 2017, the Company granted 8,137,500 incentive stock
options to employees, directors and consultants with a maximum term of 5&nbsp;years. All stock
options vest immediately and are excercible at $0.12 per common share. The Company
calculates the fair value of all stock options using the Black-Scholes Option Pricing Model.
The fair value of this grant amounted to $451 and was recorded as a share-based payments
expense.



<P align="left" style="margin-left:4%; font-size: 9pt">During the period ended March&nbsp;31, 2016, the Company granted 6,058,000 incentive stock
options to employees, directors and consultants with a maximum term of 5&nbsp;years. The granting
of these options resulted in a share-based payments expense of $207.



<P align="left" style="margin-left:4%; font-size: 9pt">During the year ended December&nbsp;31, 2016, the Company recorded a further $25 in stock-based
compensation for previously issued stock options that vested during the year.



<P align="left" style="margin-left:4%; font-size: 9pt">The fair value of stock options granted and vested during the period ended March&nbsp;31, 2017
and March&nbsp;31, 2016 was calculated using the following assumptions:

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Expected dividend yield
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Expected share price volatility
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100.6</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">113</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Risk free interest rate
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.17</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.68</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Expected life of options
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">5&nbsp;years
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">5&nbsp;years
</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="margin-left:3%; font-size: 9pt; text-indent: 1%">Details of options outstanding as at March&nbsp;31, 2017 are as follows:

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Expiry</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted average</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>remaining contractual</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>life (years)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,240,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,240,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aug 13, 2017
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.06</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">150,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">150,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jan 15, 2018
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.01</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">200,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">200,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Apr 22, 2018
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.02</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">150,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">150,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jul 29, 2018
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.02</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">200,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">200,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sep 30, 2018
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.37</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.03</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,440,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,440,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jul 9, 2019
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.62</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.48</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">200,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">200,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aug 27, 2019
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.37</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.04</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sep 26, 2019
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.26</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.02</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">350,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">350,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Nov 5, 2019
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.08</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dec 19, 2019
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">900,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">900,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Feb 3, 2020
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.275</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.22</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">450,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">450,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Oct 5, 2020
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.13</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,443,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,443,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jan 28, 2021
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.73</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8,137,500</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8,137,500</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Feb 21, 2022
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.90</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20,960,500</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20,960,500</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.63</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reserve</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 9pt">The reserve records items recognized as stock-based compensation expense and other
share-based payments until such time that the stock options or warrants are exercised, at
which time the corresponding amount will be transferred to share capital. Amounts recorded
for forfeited or expired unexercised options and warrants are transferred to deficit. During
the three-month period ended March&nbsp;31, 2017 the Company recorded $451 of share-based
compensation to reserves, (March&nbsp;31, 2016 &#151; $207).



<P align="left" style="margin-left:4%; font-size: 9pt">During the year ended December&nbsp;31, 2016, 1,275,000 stock options and 12,960,000 warrants
expired unexercised. Accordingly, the Company transferred $2,725 from the reserve to
deficit.



<P align="left" style="margin-left:4%; font-size: 9pt">During the year ended December&nbsp;31, 2016, the Company initially recorded an amount of $264 to
the reserve, which was amortized as interest expense over the term of the Loan and
reallocated to share capital upon settlement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>9.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">RELATED PARTY TRANSACTIONS</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">The following amounts due to related parties are included in trade payables and accrued
liabilities (Note 7):
</FONT>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="84%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2016</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Directors and officers of the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt">These amounts are unsecured, non-interest bearing and have no fixed terms of repayment.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Related party transactions</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt">During the three months period ended March&nbsp;31, 2016, the Company recorded $10 in rent and utilities
expense to VMS Ventures Inc. a company that was a significant shareholder and related through
common directors, which was included in general and administrative expense. There were no such
fees recorded during the three-month period ended March&nbsp;31, 2017.


<P align="left" style="font-size: 9pt">During the three-month period ended March&nbsp;31, 2017, the Company recorded $39 (2016 &#151; $4) in fees
charged by a legal firm in which the Company&#146;s chairman is a consultant.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key management personnel are defined as members of the Board of Directors and senior
officers.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt">Key management compensation was:

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="84%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Geological consulting fees &#150; expensed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Geological consulting fees &#150; capitalized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Management fees &#150; expensed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Salaries &#151; expensed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share-based payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>619</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>374</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>10.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">SUPPLEMENTAL CASH FLOW INFORMATION</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">Changes in working capital for the three months period ended March&nbsp;31, 2017 and 2016 are as
follows:
</FONT>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="83%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Increase) decrease in accounts receivables
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(16</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Decrease in prepaid expenses
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">&#151;
</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Decrease in trade payables and accrued liabilities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(21</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(119</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Total changes in working capital</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>(32</B></TD>
    <TD nowrap valign="top"><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>(93</B></TD>
    <TD nowrap valign="top"><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt">The Company did not incur any non-cash investing or financing transactions during the three-month
period March&nbsp;31, 2017 and March&nbsp;31, 2016.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>11.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">COMMITMENTS AND CONTINGENCIES</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">The Company has certain commitments to meet the minimum expenditures requirements on its
mineral exploration assets it has interest in.
</FONT>

<P align="left" style="font-size: 9pt">The Company had no contingent liabilities as at March&nbsp;31, 2017.


<P align="left" style="font-size: 9pt">On March&nbsp;25, 2017, the Company entered into a Drilling Contract (the &#147;Contract&#148;), for services set
to commence on or after June&nbsp;1, 2017. A break fee of $200 is payable by the Company, if the Company
elects to terminate the Contract prior to June&nbsp;1, 2017.


<P align="left" style="font-size: 9pt">Effective July&nbsp;1, 2014, the Company had changes to management and entered into the following
agreements for services with directors of the Company and a company in which a director has an
interest:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Management fees: $27 per month effective December&nbsp;2014.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Directors&#146; fees: $2 stipend per month for independent directors and $3 stipend
per month for the chairman of the board.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt">Each of the agreements shall be continuous and may only be terminated by mutual agreement of the
parties, subject to the provisions that in the event there is a change of effective control of the
Company, the party shall have the right to terminate the agreement, within sixty days from the date
of such change of effective control, upon written notice to the Company. Within thirty days from
the date of delivery of such notice, the Company shall forward to the party the amount of money due
and owing to the party hereunder to the extent accrued to the effective date of termination.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>12.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">SEGMENTED INFORMATION</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">The Company operates in one reportable operating segment being that of the acquisition,
exploration and development of mineral properties in three geographic segments being Canada,
Greenland and United States (Note 6). The Company&#146;s geographic segments are as follows:
</FONT>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2016</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Greenland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2016</B></TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Exploration and evaluation assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,732</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Greenland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,607</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38,763</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38,342</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>13.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 10pt">SUBSEQUENT EVENTS</FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 9pt">a)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">On April&nbsp;6, 2017, the Company announced that it has filed a preliminary short form
prospectus in connection with a proposed marketed offering of units of the Company for
gross proceeds of up to $15,000. The offering will be priced in the context of the market
with the specifics of the offering to be determined at the time of pricing.</FONT></TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt; display: none">6


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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit2.htm
<DESCRIPTION>EX-99.2
<TEXT>
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<HEAD>
<TITLE>
Exhibit&nbsp;&nbsp;EX-99.2
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">The following Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations (&#147;MD&A&#148;) of North American Nickel Inc. (&#147;North American Nickel&#148; or the &#147;Company&#148;)
provides a discussion and analysis of the financial condition and results of operations to enable a
reader to assess material changes in the financial condition of the Company between March&nbsp;31, 2017
and December&nbsp;31, 2016, and the results of operations for the three months ended March&nbsp;31, 2017 <B>(&#147;Q1
2017&#148;) </B>and for the three months ended March&nbsp;31, 2016 <B>(&#147;Q1 2016&#148;)</B>. The MD&A should be read in
conjunction with the unaudited condensed interim consolidated financial statements for the three
months ended March&nbsp;31, 2017 and with the audited consolidated financial statements and notes
thereto of the Company for the fiscal year ended December&nbsp;31, 2016 <B>(&#147;FY 2016&#148;)</B>. In this MD&A,
references to the Company are also references to North American Nickel and its wholly-owned
subsidiaries.
</FONT>

<P align="left" style="font-size: 9pt">The financial statements, and the financial information contained in this MD&A were prepared in
accordance with <I>International Financial Reporting Standards </I>(&#147;IFRS&#148;), including <I>International
Accounting Standard, Interim Financial Reporting </I>(&#147;IAS 34&#148;).


<P align="left" style="font-size: 9pt">All amounts in the discussion are expressed in thousands of Canadian dollars (&#147;CDN&#148;) and in
thousands of Danish Krones (&#147;DKK&#148;) where applicable, except per share data and unless otherwise
indicated. All amounts in tables are expressed in thousands of Canadian dollars, unless otherwise
indicated.


<P align="left" style="font-size: 9pt">This MD&A contains forward-looking information within the meaning of Canadian securities
legislation (see &#147;<I>Forward-looking Information</I>&#148; below for full discussion on the nature of
forward-looking information). Information regarding the adequacy of cash resources to carry out the
Company&#146;s exploration and development programs or the need for future financing is forward-looking
information. All forward-looking information, including information not specifically identified
herein, is made subject to cautionary language at the end of this document. Readers are advised to
refer to the cautionary language included at the end of this MD&A under the heading
&#147;<I>Forward-looking Information</I>&#148; when reading any forward-looking information. This MD&A is prepared
in accordance with F1-102F1 and has been approved by the Company&#146;s board of directors (the &#147;Board&#148;)
prior to release.


<P align="left" style="font-size: 9pt">This report is dated May&nbsp;25, 2017. Readers are encouraged to read the Company&#146;s other public
filings, which can be viewed on the SEDAR website under the Company&#146;s profile at
<U>www.sedar.com</U>. Other pertinent information about the Company can be found on the Company&#146;s
website at <U>www.northamericannickel.com</U>.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Company Overview</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">North American Nickel is an international mineral exploration and resource development company
listed on the TSX Venture Exchange (&#147;TSXV&#148;) as at May&nbsp;3, 2011 trading under the symbol NAN. The
Company&#146;s principal asset is its Maniitsoq Property, in southwestern Greenland, a district scale
land position. The Company is predominantly focussing its resources on exploration and resource
development of its Maniitsoq nickel sulphide project, in addition to its exploration programs on
its Sudbury, Ontario nickel properties being Post Creek and Halcyon and Section&nbsp;35 being a property
in the United States.
</FONT>

<P align="left" style="font-size: 9pt">North American Nickel was incorporated under the laws of the Province of British Columbia, Canada,
by filing of Memorandum and Articles of Association on September&nbsp;20, 1983, under the name Rainbow
Resources Ltd. The company&#146;s name was changed to Widescope Resources Ltd. on May&nbsp;1, 1984, and to
Gemini Technology Inc. on September&nbsp;17, 1985. In conjunction with a reverse split of its common
shares on a five-old for one-new basis, the Company adopted the name International Gemini
Technology Inc., effective September&nbsp;23, 1993. The Company&#146;s name was changed to Widescope
Resources Inc., effective July&nbsp;12, 2006. Effective April&nbsp;19, 2010, the Company&#146;s shareholders
approved a special resolution to reorganize the Company&#146;s capital structure by consolidating in a
reverse stock split the existing common shares on the basis of every 2 old shares being equal to 1
new share and concurrently increasing the authorized capital of the Company from 100,000,000 common
shares without par value to an unlimited number of common shares without par value. Also, effective
this date, the Company&#146;s name was changed to North American Nickel Inc. to reflect its new focus.
All references to common shares, stock options, warrants and weighted average number of shares
outstanding in this discussion and the accompanying consolidated financial statements retroactively
reflect the share consolidation unless otherwise noted.


<P align="left" style="font-size: 9pt">On August&nbsp;15, 2011, the Company was granted an exploration license by the Bureau of Minerals and
Petroleum of Greenland for exclusive exploration rights over an area totalling 4,841 square
kilometres located near Sulussugut, Greenland.


<P align="left" style="font-size: 9pt">On March&nbsp;4, 2012, the Company was granted an additional exploration license by the Bureau of
Minerals and Petroleum of Greenland for exclusive exploration rights over an area covering a total
of 142 square kilometres license and located near Ininngui, Greenland.


<P align="left" style="font-size: 9pt">On January&nbsp;19, 2015, the Company signed an exclusivity agreement with Minelco AS (&#147;Minelco&#148;) to
acquire the deep water Seqi Port (the &#147;Port&#148;). A report was prepared summarizing environmental due
diligence and preliminary assessment of reindeer by Golder Associates &#150; INUPLAN in and around the
Port and upon further review, the decided to not pursue the Seqi Port assignment.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Overall Performance &#150; Highlights of Q1 2017 and as of the Date of this Report</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt"><B><I>Financing Activities</I></B>
</FONT>


<P align="left" style="margin-left:4%; font-size: 9pt">On April&nbsp;6, 2017, the Company announced the filing of a preliminary short form prospectus in
connection with a proposed marketed offering of units of the Company (the &#147;Units&#148;) for gross
proceeds of up to $15,000 (the &#147;Offering&#148;). The Offering will be conducted on a best-efforts
basis through Paradigm Capital Inc. (the &#147;Agent&#148;), acting as agent. The Company intends to
use the net proceeds of the Offering for the commencement of a work program and additional
exploration and drilling activities to be completed at the Company&#146;s Maniitsoq project in
Greenland and for general corporate and working capital purposes.


<P align="left" style="font-size: 9pt"><B><I>Corporate Activities</I></B>



<P align="left" style="margin-left:4%; font-size: 9pt">On February&nbsp;22, 2017, the Company granted incentive stock options to certain directors,
officers, employees and consultants of the Company to purchase up to 8,137,500 common shares
in the capital of the Company pursuant to the Company&#146;s stock option plan. All options are
exercisable for a period of five years at an exercise price of&nbsp;$0.12&nbsp;per share.



<P align="left" style="margin-left:4%; font-size: 9pt">On March&nbsp;1, 2017, the Company appointed Mr.&nbsp;Alexander Dann&nbsp;as Chief Financial Officer of the
Company. Mr.&nbsp;Dann has over 20&nbsp;years&#146; experience leading financial operations and strategic
planning for multinational companies, primarily in the mining sector. Mr.&nbsp;Dann is currently
the CFO of Era Resources Inc.


<P align="left" style="font-size: 9pt"><B><I>Exploration & Development Activities</I></B>



<P align="left" style="margin-left:4%; font-size: 9pt">On March&nbsp;15, 2017, the Company announced the positive results of mineralogical studies
performed by&nbsp;SGS Canada Inc.&nbsp;(&#147;SGS&#148;) on four drill core samples of nickel-copper sulphides
from the 2016 exploration program at the Maniitsoq Ni-Cu-Co-PGE sulphide project in
southwest&nbsp;Greenland. The objectives of the study were to determine the modal mineralogy,
mineral texture, nickel, copper and cobalt deportment, and the liberation, association and
exposure of the nickel, copper and iron sulphides of each sample.&nbsp;



<P align="left" style="margin-left:4%; font-size: 9pt">On March&nbsp;17, 2017, the Company filed a National Instrument 43-101 (&#147;NI-43-101&#148;) updated
technical report documenting its recent work on the its wholly-owned Maniitsoq property in
southwest&nbsp;Greenland. The report, titled&nbsp;<I>&#147;Updated Independent Technical Report for the
Maniitsoq Nickel-Copper-Cobalt-PGM Project,&nbsp;Greenland"</I>&nbsp;was filed on SEDAR under the
Company&#146;s issuer profile at&nbsp;<U>www.sedar.com</U>.



<P align="left" style="margin-left:4%; font-size: 9pt">On March&nbsp;29, 2017, the Company announced the grant of a watershed prospecting licence for
the assessment and development of potential hydropower resources on its wholly-owned
Maniitsoq nickel sulphide project in southwest&nbsp;Greenland. The Company intends to assess the
watershed as a potential source of power for its Maniitsoq project consistent with the
emphasis by the Greenland Government on securing environmentally friendly energy sources for
any industrial development, including mining.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Maniitsoq Nickel-Copper-PGM Project, Southwest Greenland</B></U>
</FONT>

<P align="left" style="margin-right:1%; font-size: 10pt"><FONT style="font-size: 9pt">The Greenland properties currently being explored for nickel-copper-cobalt-PGM sulphide&nbsp;by
the Company are exploration properties without mineral resources or reserves. The Maniitsoq
project is centered 100 kilometres north of Nuuk, the capital of Greenland which is a safe,
stable, mining-friendly jurisdiction. The centre of the project is located at 65 degrees 18
minutes north and 51 degrees 43 minutes west and has an artic climate. It is accessible
year-round either by helicopter or by boat from Nuuk or Maniitsoq, the latter located on the
coast approximately 15 kilometres to the west. The deepwater coastline adjacent to Maniitsoq is
typical of Greenland&#146;s southwest coast which is free of pack ice with a year-round shipping
season. The optimum shipping conditions are due to the Irminger current, a tributary of the
warming Gulf Stream flowing continuously past the south west coastline of Greenland. There is no
infrastructure on the property; however, the Seqi deepwater pier and a quantified watershed for
hydropower are located peripheral to the project.
</FONT>

<P align="left" style="margin-right:1%; font-size: 9pt">The Maniitsoq property consists of two exploration licences, No.&nbsp;2011/54 and No.&nbsp;2012/28
comprising 2,689 and 296 square kilometres, respectively. The property is centred on the 75
kilometre by 15 kilometre Greenland Norite Belt which hosts numerous high-grade nickel-copper
sulphide occurrences associated with mafic and ultramafic intrusions.


<P align="left" style="margin-right:1%; font-size: 9pt">Between 1995 and 2011, various companies carried out exploration over portions of the project
area. The most extensive work was carried out by Kryolitselskabet &#216;resund A/S Company (K&#216;) who
explored the project area from 1959 to 1973. K&#216; discovered a number of surface and near surface
nickel-copper sulphide occurrences and this work was instrumental in proving the nickel
prospectivity of the Greenland Norite Belt.


<P align="left" style="margin-right:1%; font-size: 9pt">The Company acquired the Maniitsoq project because it believed that modern, time-domain,
helicopter-borne electromagnetic (EM)&nbsp;systems would be more effective at detecting nickel
sulphide deposits in the rugged terrain of Maniitsoq than previous, older airborne fixed wing
geophysical surveys available to previous explorers. In addition, modern, time domain surface and
borehole EM systems could be used to target mineralization in the sub-surface.


<P align="left" style="font-size: 9pt">Effective August&nbsp;15, 2011, the Company was granted an exploration license, No.&nbsp;2011/54 (the
&#147;Sulussugut License&#148;), by the Bureau of Minerals and Petroleum (&#147;BMP&#148;) of Greenland for exclusive
exploration rights of an area located near Sulussugut, Greenland. The Sulussugut License was valid
for 5&nbsp;years until December&nbsp;31, 2015, with December&nbsp;31, 2011 being the first year providing the
Company meets the terms of the license, which includes that specified eligible exploration
expenditures must be made. The application for another 5-year term on the Sulussugut License was
submitted to the Greenland Mineral Licence & Safety Authority (MLSA)&nbsp;which was effective on April
11, 2016, with December&nbsp;31, 2016 being the sixth year.


<P align="left" style="font-size: 9pt">The Greenland MLSA for the year 2016 has adjusted the minimum required exploration expenditures to
zero. There will be an annual licence fee on the Sulussugut License for year 6 and forward of
approximately DKK 41.


<P align="left" style="font-size: 9pt">Details of required work expenditures and accrued work credits are tabulated and given below.


<P align="left" style="font-size: 9pt"><B>Sulussugut License &#150; 2011/54 </B></FONT><FONT style="font-size: 8pt"><I>(All amounts in table are expressed in thousands of DKK)</I>
</FONT>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="5" style="border-bottom: 1px solid #000000"><B>Exploration Commitment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2013</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2014</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left"><B>Fixed amount</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">4841 km<sup>2</sup> of DKK 1.460 per km<sup>2</sup><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">4841 km<sup>2</sup> of DKK 1.490 per km<sup>2</sup><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">3336 km<sup>2</sup> of DKK 7.760 per km<sup>2</sup><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">2689 km<sup>2</sup> of DKK 7.830 per km<sup>2</sup><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,055</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">2689 km<sup>2</sup> of DKK 7.940 per km<sup>2</sup><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left"><B>Exploration obligation</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,362</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="29" align="left"><B>Total Credits Available</B><BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="29" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left"><B>Approved exploration expenditures</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">Exploration obligation<BR></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,213</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,362</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26,198</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21,368</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21,668</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">Credit from previous year<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total Credit</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">DDK</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,822</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,413</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left"><B>Average Annual Rate DDK to CAD</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 9pt">The accumulated exploration credits held at the end of 2016, DKK 161,413 (approximately
$31,382) can be carried forward as follows:
</FONT>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="5" valign="top" align="left"><B>Carry forward period:</B></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top"><B>a)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DKK 41,154</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">from 2014 until December&nbsp;31, 2019</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top"><B>b)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DKK 59,150</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">from 2015 until December&nbsp;31, 2020</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top"><B>c)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DKK 61,109</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">from 2016 until December&nbsp;31, 2020</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt">On the first 5-year license, the Company completed the exploration requirements of an estimated
minimum of DKK 83,809 (approximately $15,808) between the years ended December&nbsp;31, 2011 to 2015 by
incurring $26,116 on the Sulussugut License.


<P align="left" style="font-size: 9pt">In 2016, there was no exploration commitment. The Company completed approved expenditures for 2016
of DKK 61,109 (approximately $12,032). With a credit from 2014 of DKK 41,154 (approximately
$8,099) and a credit from 2015 of DKK 59,150 (approximately $11,250), a commitment of $nil left the
Company with excess credits of DKK 161,413 (approximately $31,382).


<P align="left" style="font-size: 9pt"><B>Ininngui License &#151; 2012/28</B>


<P align="left" style="font-size: 9pt">Effective March&nbsp;4, 2012, the Company was granted an additional exploration license, No.&nbsp;2012/28
(the &#147;Ininngui License&#148;), by the BMP of Greenland for exclusive exploration rights over an area
covering a total of 142 square kilometres near Ininngui, Greenland. The Ininngui License is
contiguous with the Sulussugut License. The Ininngui License was valid for 5&nbsp;years until December
31, 2016. The application for another 5-year term on the Ininngui License was submitted to the
Greenland Mineral Licence & Safety Authority (MLSA)&nbsp;which was effective March&nbsp;14, 2017, with
December&nbsp;31, 2017 being the sixth year.


<P align="left" style="font-size: 9pt">Details of required work expenditures and accrued work credits are tabulated and given below.


<P align="left" style="font-size: 9pt"><B>Ininngui License &#151; 2012/28 </B></FONT><FONT style="font-size: 8pt"><I>(All amounts in table are expressed in thousands of DKK)</I>
</FONT>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="5" style="border-bottom: 1px solid #000000"><B>Exploration Commitment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2013</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2014</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2015</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left"><B>Fixed amount</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">142 km<sup>2</sup> of DKK 1.490 per km<sup>2</sup><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">211</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">265 km<sup>2</sup> of DKK 1.550 per km<sup>2</sup><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">265 km<sup>2</sup> of DKK 7.830 per km<sup>2</sup><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">296 km<sup>2</sup> of DKK 7.940 per km<sup>2</sup><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">296 km<sup>2</sup> of DKK 8.080 per km<sup>2</sup><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,392</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left"><B>Exploration obligation</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">566</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,668</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,715</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="25" align="left"><B>Total Credits Available</B><BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left"><B>Approved exploration expenditures</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,790</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">Exploration obligation<BR></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(360</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(576</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,388</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,668</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,715</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">Credit from previous year<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">-</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total Credit</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">DDK</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,667</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left"><B>Average Annual Rate DDK to CAD</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1901</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1969</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" align="left">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="66%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="5" valign="top" align="left"><FONT style="font-size: 9pt"><B>Carry forward period:</B></TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top"><B>a)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DKK 2,611</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">from 2014 until December&nbsp;31, 2018</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top"><B>b)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DKK 6,276</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">from 2015 until December&nbsp;31, 2019</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top"><B>c)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>DKK 6,790</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">from 2016 until December&nbsp;31, 2020</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 9pt">On the first 5-year license, the Company completed the exploration requirements of an estimated
minimum of DKK 8,697 (approximately $1,635) between the years ended December&nbsp;31, 2012 to 2016 by
incurring $2,722 on the Ininngui License.


<P align="left" style="font-size: 9pt">In 2016 there was an exploration commitment of DKK 2,715 (approximately $535). The Company
completed approved expenditures for 2016 of DKK 6,790 (approximately $1,337). With a credit from
2015 of DKK 11,602 (approximately $2,242) and commitment of DKK 2,715 for 2016, it results in
excess credits of DKK 15,667 (approximately $3,044).


<P align="left" style="font-size: 9pt">The required minimum exploration expenditures on the Ininngui License for year 5, ending December
31, 2016 was based on an annual approximation of DKK 2,715 (approximately $535). The Ininngui
License area was not reduced in 2016.


<P align="left" style="font-size: 9pt">For both licenses, future required minimum eligible exploration expenses will be adjusted each year
on the basis of the change to the Danish Consumer Price Index.


<P align="left" style="font-size: 9pt">For both licenses, at the expiration of the second licence period (years 6-10), the Company may
apply for a new 3-year licence for years 11 to 13. Thereafter, the Company may apply for additional
3-year licences for years 14 to 16, 17 to 19 and 20 to 22. The Company will be required to pay
additional license fees and will be obligated to incur minimum eligible exploration expenses for
such years.


<P align="left" style="font-size: 9pt">The Company may terminate the licenses at any time; however, any unfulfilled obligations according
to the licenses will remain in force, regardless of the termination.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><B>Exploration History</B>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt"><B><I>Period &#150; 2012-2015</I></B>
</FONT>

<P align="left" style="font-size: 9pt">During the period of 2012 to 2015, the Company undertook numerous exploration activities and
completed various mineralogical studies. The details of the results and areas explored can be
viewed in technical reports and other pertinent information found on the Company&#146;s website at
<U>www.northamericannickel.com</U>.


<P align="left" style="font-size: 9pt"><B><I>Year ended December&nbsp;31, 2016</I></B>


<P align="left" style="font-size: 9pt"><FONT style="font-size: 8pt"><I>(All drill intercepts described in this section refer to core lengths not true widths)</I>
</FONT>

<P align="left" style="font-size: 8pt"><FONT style="font-size: 9pt">On March&nbsp;30, 2016, the Company filed a National Instrument 43-101 Technical Report on the
Maniitsoq property.
</FONT>

<P align="left" style="font-size: 9pt">On April&nbsp;11, 2016, the Company reported the results of QEMSCAN mineralogical analyses from drill
core announcing the potential for high nickel recoveries from Maniitsoq mineralization, similar to
results from previous studies.


<P align="left" style="font-size: 9pt">In 2016, the Company completed an exploration program comprising 9,596 metres of drilling in 30
drill holes and two drill hole extensions, borehole electromagnetic surveys, 13 line-kilometres of
surface electromagnetic surveying, 53 line-kilometre of surface induced polarization (IP)&nbsp;surveying
and ground follow-up of VTEM, geological and remote sensing targets.


<P align="left" style="font-size: 9pt">On September&nbsp;20, 2016, the company announced the first assay results from the 2016 drilling
program. Three drill holes from the P-053 target intersected nickel-copper sulphide mineralization
which extended the area of known mineralization to the east and down plunge and also indicated the
potential for a second mineralized zone. Highlights included:

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">MQ-16-104<BR>
MQ-16-106</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">2.42% nickel, 0.09% copper and 0.12 g/t platinum &#043; palladium &#043; gold over 1.25 metres<BR>
0.65% nickel and 0.25% copper over 20.05 metres including<BR>
1.17% nickel, 0.33% copper and 0.12 g/t platinum &#043; palladium &#043; gold over 6.55 metres</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">MQ-16-107</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">1.10% nickel, 0.19% copper and 0.11 g/t platinum &#043; palladium &#043; gold over 3.45 metres</FONT></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 9pt">On October&nbsp;12, 2016, the Company announced the intersection high grade remobilized massive and
breccia sulphide veins in two drill holes at the P-058 target in the Fossilik area which have
extended the mineralized zone by 150 metres in a down-dip direction:
</FONT>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">MQ-16-105</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">3.41% nickel, 0.28% copper, 0.10% cobalt and 0.13 g/t Platinum &#043; palladium &#043; gold over 10.2 metres including:</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">MQ-16-111</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">4.85% nickel, 0.29% copper, 0.14% cobalt and 0.13 g/t platinum &#043; palladium &#043; gold over 4.1 metres<BR>
3.93% nickel, 0.25% copper, 0.10% cobalt and 0.09 g/t platinum &#043; palladium &#043; gold over 3.06 metres</FONT></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 9pt">On October&nbsp;26, 2016, the Company announced the discovery of a new zone of nickel-copper
sulphide mineralization at the P-013 SE target. Hole MQ-16-109 intersected high grade remobilized
sulphides averaging 2.88% nickel, 0.80% copper, 0.06% cobalt and 0.46 g/t platinum &#043; palladium &#043;
gold over 13.35 metres.
</FONT>

<P align="left" style="font-size: 9pt">On October&nbsp;31, 2016, the Company announced the discovery of a new zone of norite-hosted nickel and
copper mineralization at Mikissoq. The mineralization is located approximately 130 metres below
previously intersected shallow mineralization and was intersected over a dip extent of 105 metres
in three holes completed on the same section:

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">MQ-16-113</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">0.81% nickel and 0.36% copper over 53.25 metres including<BR>
2.56% nickel and 0.37% copper over 5.15 metres</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">MQ-16-117</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">1.08% nickel and 0.54% copper over 74.05 metres including<BR>
1.84% nickel and 0.64% copper over 13.65 metres</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">MQ-16-118</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">0.51% nickel and 0.25% copper over 47.0 metres including<BR>
1.03% nickel and 0.32% copper over 15.0 metres</FONT></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 9pt">On November&nbsp;16, 2016, the Company announced drilling results from Spotty Hill at the IHC. Hole
MQ-16-121 intersected stringer sulphide mineralization averaging 1.59% Ni, 0.30% Cu and 0.66 g/t
Pt&#043;Pd&#043;Au over 4.75 metres. This intersection is located approximately 115 metres down plunge of
existing mineralization and represents an expansion of the Spotty Hill mineralized system. Borehole
electromagnetic (BHEM)&nbsp;surveys also identified new moderate to high conductance off-hole anomalies
which are untested. A gradient array Induced Polarization (IP)&nbsp;survey defined a northwest trend of
elevated chargeability over 1.8 kilometres, extending from G-004 through Spotty Hill to Mikissoq.
These results, coupled with the new discovery at Mikissoq, indicate the strong exploration
potential for this trend of norite-pyroxenite stratigraphy within the IHC area.
</FONT>

<P align="left" style="font-size: 9pt">In December&nbsp;2016, the Company announced results of drilling, IP surveying and surface sampling in
the P-030-032 and Fossilik areas. Highlights included:


<P align="left" style="font-size: 9pt">P-030-032:



<P align="left" style="margin-left:4%; font-size: 9pt">Gradient IP chargeability anomalies coincident with two-kilometre-long P-030-032 norite
intrusion



<P align="left" style="margin-left:4%; font-size: 9pt">Surface grab sample at P-094 target containing 2.26% nickel, 0.67% copper and 0.33 g/t
platinum &#043; palladium &#043; gold



<P align="left" style="margin-left:4%; font-size: 9pt">New drill intersection discovery of norite hosted nickel-copper sulphides at P-094 where
hole MQ-16-124 returned 0.54% nickel and 0.16% copper over 8.0 metres


<P align="left" style="font-size: 9pt">Fossilik Area:



<P align="left" style="margin-left:4%; font-size: 9pt">Intersection of high grade stringer and vein sulphides including 3.05% nickel and 0.22%
copper over 0.5 metres in hole MQ-16-131 confirms continuity of P-058 mineralization from
near surface to a vertical depth of 350 metres



<P align="left" style="margin-left:4%; font-size: 9pt">Gradient IP chargeability anomalies coincident with Fossilik intrusion



<P align="left" style="margin-left:4%; font-size: 9pt">Surface grab samples returning values of up to 2.36% nickel, 0.41% copper and 0.71 g/t
platinum &#043; palladium


<P align="left" style="font-size: 9pt">In late 2016, the Company signed an agreement for QEMSCAN Mineralogy on four samples from
Maniitsoq.


<P align="left" style="font-size: 9pt"><B><I>Exploration and Development Activities during Q1 2017</I></B>


<P align="left" style="font-size: 9pt">On March&nbsp;15, 2017, the Company announced the results of mineralogical studies performed by&nbsp;SGS
Canada Inc.&nbsp;(&#147;SGS&#148;) on four drill core samples of nickel-copper sulphides from the 2016 exploration
program at the Maniitsoq Ni-Cu-Co-PGE sulphide project in southwest&nbsp;Greenland. The representative
samples were obtained from the Mikissoq and P-058 mineralized norite intrusions at the&nbsp;Imiak Hill
Complex&nbsp;and Fossilik area, respectively. The objectives of the study were to determine the modal
mineralogy, mineral texture, nickel, copper and cobalt deportment, and the liberation, association
and exposure of the nickel, copper and iron sulphides of each sample.


<P align="left" style="font-size: 9pt">Highlights from the report include:



<P align="left" style="margin-left:4%; font-size: 9pt">Nickel:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>93.5 to 95.9% of the total nickel in each sample is contained within
pentlandite. Potential pentlandite recoveries range from 94.9 to 96.8% based on
liberation, association and exposure characteristics of crushed samples stage
pulverized to 90% passing 150 micrometres;</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top">o<BR>
&#149;<BR>
Copper
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.3 to 4.4% of the total nickel in each sample is contained within pyrrhotite; and<BR>
Pentlandite D<sub>50&nbsp;</sub>(&#181;m) grain sizes range from 42 to 46 micrometres.<BR>
<BR></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All copper is hosted by chalcopyrite. Potential chalcopyrite recoveries
for the Mikissoq samples range from 90.6 to 94.3% based on liberation, association
and exposure characteristics of crushed samples stage pulverized to 90% passing 150
micrometres. Potential chalcopyrite recovery for the P-058 sample is 75.2%; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chalcopyrite P<sub>50</sub>&nbsp;(&#181;m) grain sizes range from 26 to 34 micrometres.
Cobalt:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pentlandite and pyrite are the main hosts of the cobalt in the samples.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 9pt">Sulphide mineral species identified in each sample are pyrrhotite, pentlandite, pyrite and
chalcopyrite.



<P align="left" style="margin-left:4%; font-size: 9pt">Orthopyroxene, amphibole, feldspar and clinopyroxene are the major silicates. Talc was
identified by QEMSCAN in all samples and confirmed by XRD in two out of the four samples.
Talc abundances (in crushed samples) were 0.88% for the P-058 sample and 4.1 to 10.1% for
the Mikissoq samples.


<P align="left" style="font-size: 9pt">On March&nbsp;29, 2017, the Company announced the granting of a watershed prospecting licence for the
assessment and development of potential hydropower resources on its 100%-owned Maniitsoq nickel
sulphide project in southwest&nbsp;Greenland. The Company intends to assess the watershed as a potential
source of power for its Manitsoq project consistent with the emphasis by the Greenland Government
on securing environmentally friendly energy sources for any industrial development, including
mining.


<P align="left" style="font-size: 9pt">The watershed of interest overlaps with the eastern flank of the Maniitsoq project area and is
characterized by several sites with potential for hydropower development. The Company is currently
reviewing the capacity of Greenlandic and other corporations to assist with the watershed
prospecting activities planned to begin in June of 2017.


<P align="left" style="font-size: 9pt">The licence was awarded by the&nbsp;Ministry of Industry, Labour, Trade and Energy&nbsp;of the Greenland
Government, is renewable for a further three years and can be upgraded to an exploitation licence.


<P align="left" style="font-size: 9pt"><B><I>Outlook &#150; Exploration and Development for 2017</I></B>


<P align="left" style="font-size: 9pt">The success of the 2016 drilling program has expanded several key areas of nickel-copper sulphide
mineralization including Mikissoq and Spotty Hill at the Imiak Hill Complex and P-058 in the
Fossilik area. The Company plans to focus on further step-out drilling and expansion of these areas
in 2017.


<P align="left" style="font-size: 9pt">During 2017, the Company will continue its development of the following infrastructure:


<P align="left" style="font-size: 9pt"><I>Hydroelectric Power Development </I>- North American Nickel&#146;s application to the MLSA for a prospecting
licence for a watershed adjacent to the Maniitsoq project was submitted to the Greenland government
on September&nbsp;16, 2016. The application requested approval for the Company to begin the collation of
available hydrologic, cultural, social and environmental data to assist in the design of future
data gathering on the ground. In the absence of an approval from the MLSA a second application was
submitted October&nbsp;25, 2016 requesting a temporary or limited approval that would permit data
collection to commence. The Ministry of Industry, Labour, Trade and Energy (MILT)&nbsp;responded with
an application which was completed and returned to MILT on February&nbsp;2, 2017. On March&nbsp;29, 2017, the
Company was granted a watershed prospecting licence.


<P align="left" style="font-size: 9pt"><I>Tailings Facility </I>- Discussions were held with the MLSA and the Greenland Department of Nature,
Environment and Energy regarding the process for selecting and developing a tailings facility to
support nickel mining and milling activities. This process is required to be undertaken as part of
the submission of an exploitation licence for extraction of nickel ore. The location of the
tailings facility and the process to assess a suitable site for tailings disposal/storage must be
undertaken subsequent to the delineation of a mineable nickel deposit thereby avoiding long
distance transport of tailings. The development of a tailings facility is considered as a component
of an Environmental Impact Assessment. The process includes the determination of the scope of
disposal (underground or surface), the selection of several potential tailings sites and the review
of these sites for their suitability in terms of environmental impact. Review is done by external
advisors to the Greenland government and may include environmental consultants or experts from
Aarhuis University (Denmark). Subsequent to public consultation a white paper is produced which
will identify any issues that need addressing by the Company. Following this is an abandonment plan
to produce the best possible environmental solution.


<P align="left" style="font-size: 9pt"><U><B>Corporate Social Responsibility for Greenland</B></U>


<P align="left" style="font-size: 9pt">The Company has completed presentations to the communities bordering the Maniitsoq project,
including Nuuk, Napasoq, Maniitsoq and Sisimiut. Regional associations (Arctic Business Councils,
Fishers and Hunters association and the Greenland Employers Association) and community meetings
have been updated with regards to the Company&#146;s exploration progress and upcoming plans.


<P align="left" style="font-size: 9pt">A compilation of expenditures and suppliers of goods and services made by the Company in Greenland
since 2012 has been prepared by Xploration Services in preparation for presentation to members of
the Town Council of Maniitsoq and Sisimiut. These councils requested the database and a summary of
the Company&#146;s hiring practices of Greenlanders since 2011. The hiring records have been compiled
and forwarded to the town councils. The expenditures compilation for the goods and services sector
will demonstrate the details of the Company&#146;s expenditures in the goods and services sector and
underscore the fact that 60% of all funds raised for the project are spent on Greenlandic
companies.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Canada Nickel Projects &#151; Sudbury, Ontario </B></U>
</FONT>

<P align="left" style="font-size: 10pt"><B>Post Creek Property</B>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">On December&nbsp;23, 2009, the Company executed a letter of intent whereby the Company had an option
to acquire the mineral claim known as the Post Creek Property located within the Sudbury Mining
District of Ontario. On April&nbsp;5, 2010, the Company entered into an option agreement to acquire
rights to Post Creek Property. On March&nbsp;12, 2013, the Post Creek Property Option Agreement was
amended, in order to acquire 100% working interests in the property, subject to certain net smelter
return royalties (&#147;NSR&#148;) and advance royalty payments the Company agreed to the following amended
consideration, which was met, cash payments totalling $138 and the issuance of 1,000,000 common
shares. The Company exercised its option on Post Creek and as of August&nbsp;1, 2015, the Company is
obligated to pay advances on the NSR of $10 per annum, which will be deducted from any payments to
be made under the NSR.
</FONT>

<P align="left" style="font-size: 9pt">The property is located 35 kilometres east of Sudbury in Norman, Parkin, Alymer and Rathburn
townships and consists of 39 unpatented mining claims in two separate blocks, covering a total
area of 912 hectares held by the Company. The center of the property occurs at UTM coordinates
513000mE, 5184500mN (WGS84, UTM Zone 17N). The Post Creek property lies adjacent to the Whistle
Offset Dyke Structure which hosts the past&#150;producing Whistle Offset and Podolsky Cu-Ni-PGM mines.
Post Creek lies along an interpreted northeast extension of the Whistle Offset Dyke trend. Offset
Dykes and Footwall deposits account for a significant portion of all ore mined in the Sudbury
nickel district and, as such, represent favourable exploration targets. Key lithologies are Quartz
Diorite related to Offset Dykes and Sudbury Breccia associated with Footwall deposits.


<P align="left" style="font-size: 9pt"><B><I>Exploration History &#151; 2011 to 2016</I></B>
</FONT><BR>
<FONT style="font-size: 8pt"><I>(All drill intercepts described in this section refer to core lengths not true widths)</I>
</FONT>

<P align="left" style="font-size: 8pt"><FONT style="font-size: 9pt">Previous operators completed geological, geophysical and Mobile Metal Ion soil geochemical
surveys. Highlights of this work included:
</FONT>


<P align="left" style="margin-left:4%; font-size: 9pt">A drill intersection returning 0.48% copper, 0.08% nickel, 0.054 grams/tonne palladium,
0.034 grams/tonne platinum and 0.020 grams/tonne gold over a core length of 0.66 metres;
and



<P align="left" style="margin-left:4%; font-size: 9pt">A grab sample from broken outcrop which returned 0.83% nickel, 0.74% copper, 0.07% cobalt,
2.24 grams/tonne Pt and 1.05 grams/tonne Pd.


<P align="left" style="font-size: 9pt">A NI 43-101 compliant Technical Report was completed by Dr.&nbsp;Walter Peredery, formerly of INCO, in
2011 and subsequently accepted by the Securities Commission.


<P align="left" style="font-size: 9pt">The Company carried out exploration programs comprising ground geophysics (magnetics and
electromagnetics), diamond drilling (1,533 metres in 7 drillholes), borehole electromagnetic
surveys, georeferencing of selected claim posts, prospecting, trenching, geological mapping,
sampling and petrographic studies. This work has identified new occurrences of Quartz Diorite dyke
and Sudbury Breccia, both of which are geologically significant lithologies known to host ore
deposits associated with the Sudbury structure. Ground traverses, trenching and mapping carried
out in 2016 outlined a Sudbury Breccia belt of at least 300 metres by 300 metres in size which
lies along the same trend at the Whistle Offset Dyke located on KGHM property to the southwest.
These findings support the potential for the Post Creek property to host both Footwall and Offset
Dyke type deposits.


<P align="left" style="font-size: 9pt"><B><I>Year ended December&nbsp;31, 2016</I></B>


<P align="left" style="font-size: 9pt">Work completed on the property during 2016 consisted of geological traverses, prospecting, sampling
and trenching carried out in May and June. Selected assay, whole rock and thin section samples were
collected for analysis and study. Results have been received and are being compiled.


<P align="left" style="font-size: 9pt">A final report on an NSERC project completed on the Post Creek Property was received in March&nbsp;2016
and confirmed the identification of Quartz Diorite (&#147;Post Creek Quartz Diorite&#148; or &#147;CJ Quartz
Diorite&#148;) in surface trenches. The authors were unable to verify if the exposed Quartz Diorite
represented an extension of the Whistle Offset Dyke or a separate new Offset Dyke, but favored the
latter. Regardless, the confirmation of Quartz Diorite has significant implications for the
exploration potential of the property.


<P align="left" style="font-size: 9pt">In October&nbsp;2016, three trenches exposed earlier in 2016 were mapped in detail and identified
abundant Sudbury Breccia, locally containing disseminated sulphides. The Sudbury Breccia exposed in
the trenches and nearby outcrops are interpreted to be part of a larger Sudbury Breccia belt which
is at least 300 metres by 300 metres in size. The breccia belt lies approximately along the
projected trend of the Whistle Offset Dyke located on KGHM property to the southwest.


<P align="left" style="font-size: 9pt">In November&nbsp;2016, a georeferencing program was completed involving the acquisition of DGPS
coordinates for claim posts for selected claims. This work will potentially qualify for assessment
work credits.


<P align="left" style="font-size: 9pt"><B><I>Outlook &#150; Exploration and Development for 2017</I></B>


<P align="left" style="font-size: 9pt">The Company plans to file assessment work carried out in 2016. The Company also plans to review and
synthesize all newly obtained data to formulate a work plan aimed at defining the overall extents
footwall breccia zones and quartz diorite dykes and identifying geological and/or geophysical drill
targets.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><B>Halcyon Property</B>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">On April&nbsp;5, 2010, the Company entered into an option agreement to acquire rights to Halcyon
Property. On March&nbsp;12, 2013, the Halcyon Property Option Agreement was amended. In order to acquire
up to a 100% working interest in the property, subject to certain net smelter return royalties
(&#147;NSR&#148;) and advance royalty payments the Company agreed to the following amended consideration,
which was met, cash payments totalling $120 and the issuance of 700,000 common shares. Further,
commencing on the amended date of August&nbsp;1, 2015, if the Company exercises its option, the Company
will be obligated to pay advances on the NSR of $8 per annum, which will be deducted from any
payments to be made under the NSR.
</FONT>

<P align="left" style="font-size: 9pt">The property is located 35 Km northeast of Sudbury in the Parkin and Aylmer townships, and consists
of 53 unpatented mining claims for a total of 864 hectares. It is readily accessible by paved and
all-weather gravel road. Halcyon is adjacent to the Post Creek property and is approximately 2 km
north of the producing Podolsky Mine of FNX Mining. Previous operators on the property defined
numerous conductive zones based on induced polarization (I.P.) surveys with coincident anomalous
Mobile Metal Ions soil geochemistry. Base and precious metal mineralization have been found in
multiple locations on the property but follow-up work was never done. The former producing Jon
Smith Mine (nickel-copper-cobalt-platinum) is situated 1 Km North of the property.


<P align="left" style="font-size: 9pt"><B><I>Exploration History 2011 to 2016</I></B>


<P align="left" style="font-size: 9pt">During the period 2011 to 2016, the Company carried out a small amount of exploration including
ground geophysics (magnetics and electromagnetics), diamond drilling (301 metres in 1 drillhole), a
borehole electromagnetic survey, georeferencing of selected claim posts, prospecting, geological
mapping, sampling and petrographic studies. The single hole located on the southeast corner of the
property was drilled with the purpose of providing geological information and to provide a platform
for borehole pulse EM (&#147;BHPEM&#148;). No anomalies were detected although quartz diorite breccia and
partial melt material with 2-3% disseminated pyrrhotite and chalcopyrite was intersected over short
core lengths. The property is strategically located adjacent to the Company&#146;s Post Creek property,
located immediately to the south, where new occurrences of both Quartz Diorite and Sudbury Breccia
have been identified.


<P align="left" style="font-size: 9pt"><B><I>Year ended December&nbsp;31, 2016</I></B>


<P align="left" style="font-size: 9pt">Work completed on the property during the year ending December&nbsp;31, 2016 consisted of geological
traverses, prospecting and sampling and was carried out on the southern portion of the Halcyon
Property. This program was carried out concurrently with similar work on the Post Creek Property.
Selected assay, whole rock and thin section samples were collected for analysis and study. Results
have been received and are being compiled.


<P align="left" style="font-size: 9pt">In November&nbsp;2016, a georeferencing program was completed involving the acquisition of DGPS
coordinates for claim posts for selected claims. This work will potentially qualify for assessment
work credits.


<P align="left" style="font-size: 9pt"><B><I>Outlook &#150; Exploration and Development for 2017</I></B>


<P align="left" style="font-size: 9pt">Further work of the Halcyon Property will be rationalized with work programs on the adjacent Post
Creek Property.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>US Nickel Project &#151; Michigan </B></U>
</FONT>

<P align="left" style="font-size: 10pt"><B>Section&nbsp;35 Property</B>


<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">On January&nbsp;4, 2016, the Company entered into a 10&nbsp;year Metallic Minerals Lease (the &#147;Lease&#148;)
with the Michigan Department of Natural Resources for an area covering approximately 320 acres. The
terms of the Lease require an annual rental fee at a rate of US $3.00 per acre for years 1-5 and at
a rate of US $6.00 per acre for years 6-10. The Company shall pay a minimum royalty at a rate of US
$10.00 per acre for the 11<sup>th</sup> year onwards, with an increase of an additional US $5.00
per acre per year up to a maximum of US $55.00 per acre per year. A production royalty of between
2% &#151; 2.5% is payable from production of minerals and/or mineral products from an established mining
operation area. To date, the Company paid the rental fees for two years (2016 and 2017), plus the
required reclamation deposit of US $10,000. The Department of Natural Resources shall annually
review the level of the reclamation deposit and shall require the amount to be increased or
decreased to reflect changes in the cost of future reclamation of the leased premises.
</FONT>

<P align="left" style="font-size: 9pt">There was no exploration work performed during the period ended March&nbsp;31, 2017.


<P align="left" style="font-size: 9pt"><B><I>Outlook &#150; Exploration & Development for 2017</I></B>


<P align="left" style="font-size: 9pt">A surface time-domain Electromagnetic survey planned has been deferred until 2017 and will be
contingent on the submission and approval of work permits.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Financial Capability</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">The Company is an exploration and development stage entity and has not yet achieved profitable
operations. The business of the Company entails significant risks. The recoverability of amounts
shown for mineral property costs is dependent upon a number of factors including environmental
risk, legal and political risk, the existence of economically recoverable mineral reserves,
confirmation of the Company&#146;s interests in the underlying mineral claims, the ability of the
Company to obtain necessary financing to complete exploration and development, and to attain
sufficient net cash flow from future profitable production or disposition proceeds.
</FONT>

<P align="left" style="font-size: 9pt">At the end of Q1 2017, the Company had working capital of $2,380 (March&nbsp;31, 2016 &#151; $2,004) and
reported accumulated deficit of $24,926 (December&nbsp;31, 2016 &#151; $23,972). The Company will require
additional funds in order to continue its planned operations and meet its obligations.


<P align="left" style="font-size: 9pt">As at March&nbsp;31, 2017, the Company had $2,388 in available cash, cash equivalents and short term
investments (December&nbsp;31, 2016&#151; $3,330). There are no sources of operating cash flows. Given the
Company&#146;s current financial position and the ongoing exploration and evaluation expenditures, the
Company will need to raise additional capital through the issuance of equity or other available
financing alternatives to continue funding its operating, exploration and evaluation activities,
and eventual development of the mineral properties. Although the Company has been successful in
its past fund-raising activities, there is no assurance as to the success of future fundraising
efforts or as to the sufficiency of funds raised in the future.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Selected Financial Information</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">The amounts are derived from the condensed interim consolidated financial statements prepared
under IFRS.
</FONT>

<P align="center" style="font-size: 9pt"><FONT style="font-size: 8pt"> <B>Three months<BR>
ended March&nbsp;31,</B></FONT>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In thousands of CDN dollars, except per share amounts</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Basic and diluted loss per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Common shares issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,581,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,629,506</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Weighted average shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,778,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,629,506</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Investment in exploration and evaluation assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 9pt"><I>Results of Operations</I>
</FONT>

<P align="left" style="font-size: 9pt">Net loss in Q1 2017 totalled $954 and was $265 higher compared to a loss in Q1 2016 of $689. The
key item contributing to a higher loss in Q1 2017 was share-based payments expense of $451 in Q1
2017 compared to $207 in Q1 2016 resulting in an increase to the loss of $244. The higher
share-based payments expense in Q1 2017 resulted from issuance of 8,137,500 share options in
February&nbsp;2017 and the resultant fair value of the options. The loss in Q1 2017 was further
increased by $21 resulting from the higher administrative costs, mainly the investor relations
expenditures.


<P align="left" style="font-size: 9pt"><I>Total Assets</I>


<P align="left" style="font-size: 9pt">Total assets during the Q1 2017 decreased by a net of $524 from the end of FY 2016. The decrease
is attributed to a decrease in cash and cash equivalents and short term investments of $942 offset
by an increase to exploration and evaluation assets of $421.


<P align="left" style="font-size: 9pt"><I>Investment in Exploration and Evaluation Assets</I>


<P align="left" style="font-size: 9pt">Investment in exploration and evaluation assets relates primarily to the Greenland property.
During the period of Q1 2017, the Company spent a total of $421 in additions to exploration and
evaluation assets, of which $398 related to Greenland and $23 to other properties located in Canada
and in USA.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Quarterly Results of Operations</B></U>
</FONT>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><I>In thousands of CDN dollars,</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2017</B></TD>
    <TD nowrap align="center" colspan="3"><B>2016</B></TD>
    <TD nowrap align="center" colspan="3"><B>2016</B></TD>
    <TD nowrap align="center" colspan="3"><B>2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>except per share amounts</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>1</B><sup><B>st</sup> quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>4</B><sup><B>th</sup> quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>3</B><sup><B>rd</sup> quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>2</B><sup><B>nd</sup> quarter</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Statement of Loss</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">857</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss per share &#151; basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><B>Statement of Financial Position</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash, cash equivalents and short term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,330</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,955</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,548</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,260</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common shares issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,581,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,581,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,581,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,581,886</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,778,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,778,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,604,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,959,176</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><I>In thousands of CDN dollars,</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2016</B></TD>
    <TD nowrap align="center" colspan="3"><B>2015</B></TD>
    <TD nowrap align="center" colspan="3"><B>2015</B></TD>
    <TD nowrap align="center" colspan="3"><B>2015</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><I>except per share amounts</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>1</B><sup><B>st</sup> quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>4</B><sup><B>th</sup> quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>3</B><sup><B>rd</sup> quarter</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>2</B><sup><B>nd</sup> quarter</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Statement of Loss</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">656</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net loss per share &#151; basic and diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><B>Statement of Financial Position</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash, cash equivalents and short term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,825</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,037</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,472</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,868</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,358</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,808</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common shares issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,629,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,629,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,629,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,476,427</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weighted average shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,629,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">188,384,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,759,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,577,183</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 9pt"><B><I>Three Months Ended March&nbsp;31, 2017, and March&nbsp;31, 2016</I></B>
</FONT>

<P align="left" style="font-size: 9pt">A net loss of $954 in Q1 2017 compared to a net loss of $689 in Q1 2016 resulted in an increased
loss of $265 quarter-over-quarter and was due to the following events with share-based compensation
being the most significant:



<P align="left" style="margin-left:4%; font-size: 9pt">Share-based compensation amounted to $451 in Q1 2017 compared to $207 in Q1 2016 resulting
in an increase of $244. During Q1 2017, the Company issued 8,137,500 share options, which
were valued using the Black Scholes Option Pricing model. The fair value of options is
greatly impacted by the assumptions used to fair value the options such as share price
volatility, exercise price, life of the options, vesting conditions and share price of the
Company at the time of grant. In addition, the number of options granted in Q1 2016 was
lower compared to options issued in Q1 2017.



<P align="left" style="margin-left:4%; font-size: 9pt">The loss in Q1 2017 was further increased by $21, resulting from higher general and
administrative expenses in Q1 2017 compared to Q1 2016.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Liquidity, Capital Resources and Going Concern</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt"><I>Liquidity</I>
<BR>
The Company has financed its operations to date primarily through the issuance of common shares and
exercise of stock options and warrants. The Company continues to seek capital through various means
including the issuance of equity and/or debt and the securing of joint venture partners where
appropriate.
</FONT>

<P align="left" style="font-size: 9pt">The Company&#146;s principal requirements for cash over the next twelve months will be to fund the
ongoing exploration costs at its mineral properties, general corporate and administrative costs and
to service the Company&#146;s current trade and other payables.


<P align="left" style="font-size: 9pt">On April&nbsp;6, 2017, the Company announced that it had filed a preliminary short form prospectus in
connection with a proposed marketed offering of units of the Company for gross proceeds of up to
$15,000. This financing transaction will improve the liquidity and will increase the capital
resources of the Company.


<P align="left" style="font-size: 9pt"><I>Working Capital</I>
<BR>
As at March&nbsp;31, 2017, The Company had working capital of $2,380 (December&nbsp;31, 2016 &#151; $3,290),
calculated as a total current assets less total current liabilities. The decrease in working
capital is mainly due to the usage of cash fund exploration expenditures and general corporate
expenses.


<P align="left" style="font-size: 9pt"><I>Going Concern</I>
<BR>
As at March&nbsp;31, 2017 the Company had accumulated losses totaling $24,926. The continuation of the
Company is dependent upon the continued financial support of shareholders, its ability to raise
capital through the issuance of its securities, as well as obtaining long-term financing when the
company concludes an appropriate merger or acquisition agreement.


<P align="left" style="font-size: 9pt">When managing capital, the Company&#146;s objective is to ensure the entity continues as a going concern
as well as to maintain optimal returns to shareholders and benefits for other stakeholders.
Management adjusts the capital structure as necessary in order to support the acquisition and
exploration of mineral properties.


<P align="left" style="font-size: 9pt">The properties in which the Company currently has an interest are in the exploration stage. As
such, the Company is dependent on external financing to fund its activities. In order to carry out
the planned exploration and pay for administrative costs, the Company will spend its existing
working capital and raise additional amounts as needed. The Company will continue to assess new
properties and seek to acquire an interest in additional properties if it feels there is sufficient
geologic or economic potential and if it has adequate financial resources to do so.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Contractual Obligations and Contingencies</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt"><B>Post Creek</B>
</FONT>

<P align="left" style="font-size: 9pt">Commencing August&nbsp;1, 2015, the Company is obligated to pay advances on the NSR of $10 per annum.
In Q1 2017, the Company paid $5 which will be deducted from any payments to be made under the NSR.


<P align="left" style="font-size: 9pt"><B>Halcyon</B>


<P align="left" style="font-size: 9pt">Commencing August&nbsp;1, 2015, the Company is obligated to pay advances on the NSR of $8 per annum. In
Q1 2017, the Company paid $4 which will be deducted from any payments to be made under the NSR.


<P align="left" style="font-size: 9pt">The Company had no contingent liabilities as at March&nbsp;31, 2017.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Off-Balance Sheet Arrangements </B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">There are no off-balance sheet arrangements as at March&nbsp;31, 2017.
</FONT>

<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Transactions with Related Parties</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">The Company&#146;s related parties as defined by International Accounting Standard 24 &#147;Related Party
Disclosures&#148; (IAS 24), include the Company&#146;s subsidiaries, executive and non-executive directors,
senior officers and key management personnel. Transactions with related parties are measured at
fair value, which is the amount of consideration established and agreed upon by the related
parties. All related party transactions entered into by the Company have been approved by the Board
of Directors of the Company and/or shareholders of the Company as required.
</FONT>

<P align="left" style="font-size: 9pt">Key management personnel are defined as directors and senior officers of the Company.


<P align="left" style="font-size: 9pt">Transactions with related parties during Q1 2017 and Q1 2016 are listed below:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transactions with Related Parties:</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:2%; font-size: 9pt">During the three-month period ended March&nbsp;31, 2017, the Company recorded $39 (2016 &#151; $4) in fees
charged by a legal firm in which the Company&#146;s chairman is a consultant.



<P align="left" style="margin-left:2%; font-size: 9pt">During the three-month period ended March&nbsp;31, 2016, the Company recorded $10 in rent and
utilities expense to VMS Ventures Inc., a company that was a significant shareholder and related
through common directors. There were no such fees recorded during the three-month period ended
March&nbsp;31, 2017.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compensation of Key Management Personnel</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="84%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Three Months Ended March 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>In thousands of CDN dollars</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Geological consulting fees &#151; expensed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Geological consulting fees &#150; capitalized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Management fees &#150; expensed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Salaries &#150; expensed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stock based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 7pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">374</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 10pt"><U><B>Financial Instruments </B></U>
</FONT>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" nowrap valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><I>In thousands of CDN dollars</I></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top"><FONT style="font-size: 8pt"><B>Fair Value at<BR>
March&nbsp;31, 2017</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><B>Basis of Measurement</B><BR>
<BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt"><B>Associated Risks</B><BR>
<BR></FONT></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Cash and cash equivalents</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 8pt">688</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Loans and receivables</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">Credit and foreign<BR>
exchange</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Short term investments</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 8pt">1,700</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Loans and receivables</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">Credit</FONT></DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Receivable and other current assets</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 8pt">152</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Loans and receivables</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">Credit, foreign<BR>
exchange</FONT></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Trade, payables and accrued liabilities</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><FONT style="font-size: 8pt">160</FONT></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Amortized cost</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">Foreign exchange</FONT></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 9pt"><B>Loans and receivables</B>&#151; Cash and cash equivalents, short-term deposits, accounts receivables and
other current assets, trade, other payables and accrued liabilities mature in the short term and
their carrying values approximate their fair values.
</FONT>

<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Future Accounting Standards and Pronouncements</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">IFRS 9 &#147;Financial Instruments&#148; (IFRS 9)
</FONT>

<P align="left" style="font-size: 9pt">IFRS 9 addresses classification and measurement of financial assets. It replaces the multiple
category and measurement models in IAS 39 for debt instruments with a new mixed measurement model
having only two categories: amortized cost and fair value through profit and loss. IFRS 9 also
replaces the models for measuring equity instruments. Such instruments are either recognized at
fair value through profit or loss or at fair value through other comprehensive income. Where equity
instruments are measured at fair value through other comprehensive income, dividends are recognized
in the statement of earnings to the extent that they do not clearly represent a return of
investment; however, other gains and losses (including impairments) associated with such
instruments remain in accumulated comprehensive income indefinitely. Requirements for financial
liabilities were added to IFRS 9 in October&nbsp;2010 and they largely carried forward existing
requirements in IAS 39 except that fair value changes due to credit risk for liabilities designated
at fair value through profit and loss are generally recorded in other comprehensive income. This
standard is effective for annual periods beginning on or after January&nbsp;1, 2018. The Company has not
yet assessed the impact of this standard.


<P align="left" style="font-size: 9pt">IFRS 15 &#147;Revenue from Contracts with Customers&#148;


<P align="left" style="font-size: 9pt">IFRS 15 was issued in May&nbsp;2014 to replace IAS 18, Revenue, IAS 11, Construction Contracts, and
related interpretations on revenue. IFRS 15 establishes principles to address the nature, amount,
timing and uncertainty of revenue and cash flows arising from an entity&#146;s contracts with customers.
IFRS 15 will also result in enhanced disclosures about revenue, provide guidance for transactions
that were not previously addressed comprehensively and improve guidance for multiple element
arrangements. Companies can elect to use either a full or modified retrospective approach when
adopting this standard and it is effective for annual periods beginning on or after January&nbsp;1,
2018. The Company has not yet assessed the impact of this standard.


<P align="left" style="font-size: 9pt">IFRS 16 &#147;Leases&#148;


<P align="left" style="font-size: 9pt">IFRS 16 replaces current guidance in IAS 17. Under IAS 17, lessees were required to make a
distinction between a finance lease (on the balance sheet) and an operating lease (off balance
sheet). IFRS 16 now requires lessees to recognize a lease liability reflecting future lease
payments and a &#147;right-of-use asset&#148; for virtually all lease contracts. The IASB has included an
optional exemption for certain short-term leases and leases of low value assets, however this
exemption can only be applied by lessees. The standard applies to annual periods beginning on or
after January&nbsp;1, 2019, with earlier application permitted if IFRS 15, Revenue from Contracts with
Customers, is also applied. The Company has not yet assessed the impact of this standard.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Risk and Uncertainties</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">The business of the Company entails significant risks that may have a material and adverse
impact on the future operations and financial performance of the Company and the value of the
common shares of the Company. These risks that are widespread risks associated with any form of
business and specific risks associated with involvement in the exploration and mining industry.
Hence, investment in the securities of the Company should be considered highly speculative. An
investment in the securities of the Company should only be undertaken by persons who have
sufficient financial resources to enable them to assume such risks.
</FONT>

<P align="left" style="font-size: 9pt">The following is a general description of all material risks and uncertainties



<P align="left" style="margin-left:4%; font-size: 9pt">The Company has negative operating cash flows and might not be able to continue as a going
concern;



<P align="left" style="margin-left:4%; font-size: 9pt">The Company will require additional funding in the future and no assurances can be given
that such funding will be available on the terms acceptable to the Company or at all;



<P align="left" style="margin-left:4%; font-size: 9pt">The speculative nature of resource exploration and development projects;



<P align="left" style="margin-left:4%; font-size: 9pt">The uncertainty of mineral resource estimates and the Company&#146;s lack of mineral reserves;



<P align="left" style="margin-left:4%; font-size: 9pt">The Company&#146;s ability to successfully establish mining operations and profitable production;



<P align="left" style="margin-left:4%; font-size: 9pt">Operations of the Company are carried out in geographical areas that are subject to various
other risk factors;



<P align="left" style="margin-left:4%; font-size: 9pt">The economic uncertainty of operating in a developing country such as PNG, such as the
availability of local labour, local and outside contractors and equipment when required to
carry out the Company&#146;s exploration and development activities;



<P align="left" style="margin-left:4%; font-size: 9pt">Other foreign operations risks; potential changes in applicable laws and government or
investment policies;



<P align="left" style="margin-left:4%; font-size: 9pt">The Company is not insured against all possible risks;



<P align="left" style="margin-left:4%; font-size: 9pt">Environmental risks and hazards;



<P align="left" style="margin-left:4%; font-size: 9pt">The title of the Company&#146;s mineral properties cannot be guaranteed and may be subject to
prior unregistered agreements, transfers and other defects, and the risk of obtaining a
mining permit and the successful renewal of currently pending renewal applications;



<P align="left" style="margin-left:4%; font-size: 9pt">The commodity prices may affect the Company&#146;s value, changes in and volatility of commodity
prices and its hedging policies;



<P align="left" style="margin-left:4%; font-size: 9pt">Increased competition in the mineral resource sector;



<P align="left" style="margin-left:4%; font-size: 9pt">The Company may have difficulty recruiting and retaining key personnel;



<P align="left" style="margin-left:4%; font-size: 9pt">Currency fluctuations risk;



<P align="left" style="margin-left:4%; font-size: 9pt">Repatriation of earnings, no assurances that Greenland or any other foreign country that the
Company may operate in the future will not impose restrictions on repatriation of earnings
to foreign entities;



<P align="left" style="margin-left:4%; font-size: 9pt">No production revenues;



<P align="left" style="margin-left:4%; font-size: 9pt">Stock exchange prices;



<P align="left" style="margin-left:4%; font-size: 9pt">Conflicts of interest;



<P align="left" style="margin-left:4%; font-size: 9pt">Ability to exercise statutory rights and remedies under Canadian securities law;



<P align="left" style="margin-left:4%; font-size: 9pt">Enforceability of foreign judgements;



<P align="left" style="margin-left:4%; font-size: 9pt">Unforeseen litigation;



<P align="left" style="margin-left:4%; font-size: 9pt">The Company&#146;s future sales or issuance of common shares;



<P align="left" style="margin-left:4%; font-size: 9pt">Risk of suspension of public listing due to failure to comply with local securities
regulations;



<P align="left" style="margin-left:4%; font-size: 9pt">The Company&#146;s auditors have indicated that U.S. reporting standards would require them to
raise a concern about the company&#146;s ability to continue as a going concern;



<P align="left" style="margin-left:4%; font-size: 9pt">Risk of fines and penalties; and



<P align="left" style="margin-left:4%; font-size: 9pt">Risk of improper use of funds in local entity.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Share Capital Information</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">As of the date of this MD&A the following number of common shares of the Company and other
securities of the Company exercisable for common shares of the Company are outstanding:
</FONT>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="69%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Common shares on exercise</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,581,886</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Preferred shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,960,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,982,036</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Fully diluted share capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>486,115,353</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 10pt"><U><B>Disclosure Controls and Procedures</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">Management has established processes to provide them sufficient knowledge to support
representations that they have exercised reasonable diligence that (i)&nbsp;the consolidated financial
statements do not contain any untrue statement of material fact or omit to state a material fact
required to be stated or that is necessary to make a statement not misleading in light of the
circumstances under which it is made, as of the date of and for the periods presented by the
consolidated financial statements; and (ii)&nbsp;the consolidated financial statements fairly present in
all material respects the financial condition, results of operations and cash flows of the Company,
as of the date of and for the periods presented.
</FONT>

<P align="left" style="font-size: 9pt">In contrast to the certificate required for non-venture issuers under National Instrument 52-109
Certification of Disclosure in Issuers&#146; Annual and Interim Filings (NI 52-109), this Venture Issuer
Basic Certificate does not include representations relating to the establishment and maintenance of
disclosure controls and procedures (&#147;DC&P&#148;) and internal control over financial reporting (&#147;ICFR&#148;),
as defined in NI 52-109. In particular, the certifying officers filing this certificate are not
making any representations relating to the establishment and maintenance of:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">i.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>controls and other procedures designed to provide reasonable assurance that information
required to be disclosed by the issuer in its annual filings, interim filings or other
reports filed or submitted under securities legislation is recorded, processed, summarized
and reported within the time periods specified in securities legislation; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">ii.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a process to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance
with the issuer&#146;s accounting policies.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt">The issuer&#146;s certifying officers are responsible for ensuring that processes are in place to
provide them with sufficient
<BR>
knowledge to support the representations they are making in this certificate. Investors should be
aware that inherent limitations on the ability of certifying officers of a venture issuer to design
and implement on a cost-effective basis DC&P and ICFR as defined in NI 52-109 may result in
additional risks to the quality, reliability, transparency and timeliness of interim and annual
filings and other reports provided under securities legislation.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Caution Regarding Forward Looking Statements</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">Statements contained in this MD&A that are not historical facts are forward-looking statements
(within the meaning of the Canadian securities legislation and the U.S. Private Securities
Litigation Reform Act of 1995) that involve risks and uncertainties. Forward-looking statements
include, but are not limited to, statements with respect to the future price of metals; the
estimation of mineral reserves and resources, the realization of mineral reserve estimates; the
timing and amount of estimated future production, costs of production, and capital expenditures;
costs and timing of the development of new deposits; success of exploration activities, permitting
time lines, currency fluctuations, requirements for additional capital, government regulation of
mining operations, environmental risks, unanticipated reclamation expenses, title disputes or
claims, limitations on insurance coverage and the timing and possible outcome of pending
litigation. In certain cases, forward-looking statements can be identified by the use of words such
as &#147;plans&#148;, &#147;expects&#148; or &#147;does not expect&#148;, &#147;is expected&#148;, &#147;budget&#148;, &#147;scheduled&#148;, &#147;estimates&#148;,
&#147;forecasts&#148;, &#147;intends&#148;, &#147;anticipates&#148; or &#147;does not anticipate&#148;, or &#147;believes&#148;, or variations of
such words and phrases or state that certain actions, events or results &#147;may&#148;, &#147;could&#148;, &#147;would&#148;,
&#147;might&#148; or &#147;will be taken&#148;, &#147;occur&#148; or &#147;be achieved&#148;. Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such risks and other factors
include, among others, risks related to the integration of acquisitions; risks related to
operations; risks related to joint venture operations; actual results of current exploration
activities; actual results of current reclamation activities; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; future prices of metals; possible
variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays
in obtaining governmental approvals or financing or in the completion of development or
construction activities, as well as those factors discussed in the sections entitled &#147;Risks and
Uncertainties&#148; in this MD&A. Although the Company has attempted to identify important factors that
could affect the Company and may cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The forward-looking statements in this MD&A speak
only as of the date hereof. The Company does not undertake any obligation to release publicly any
revisions to these forward-looking statements to reflect events or circumstances after the date
hereof to reflect the occurrence of unanticipated events.
</FONT>

<P align="left" style="font-size: 9pt">Forward-looking statements and other information contained herein concerning the mining industry
and general expectations concerning the mining industry are based on estimates prepared by the
Company using data from publicly available industry sources as well as from market research and
industry analysis and on assumptions based on data and knowledge of this industry which the Company
believes to be reasonable. However, this data is inherently imprecise, although generally
indicative of relative market positions, market shares and performance characteristics. While the
Company is not aware of any misstatements regarding any industry data presented herein, the
industry involves risks and uncertainties and is subject to change based on various factors.


<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Additional Information</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">Additional information about the Company and its business activities is available under the
Company&#146;s profile on the Canadian SEDAR website at <U>www.sedar.com</U>.
</FONT>

<P align="left" style="font-size: 9pt"><FONT style="font-size: 10pt"><U><B>Qualified Person and Technical Information</B></U>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 9pt">The scientific and technical information contained in this MD&A was prepared by or under the
supervision of and reviewed and approved by Patricia Tirschmann, P. Geo, the qualified person for
the Company under National Instrument 43-101. Ms.&nbsp;Tirschmann is a &#147;<B>Qualified Person</B>&#148; as defined by
NI 43-101. Ms.&nbsp;Tirschmann verified the data underlying the information in this MD&A.
</FONT>

<P align="left" style="font-size: 9pt">For further information relating to the Maniitsoq Project in southwest Greenland, please see the
technical report titled <I>Updated Independent Technical Report for the Maniitsoq
Nickel-Copper-Cobalt-PGM Project,&nbsp;Greenland"</I>&nbsp;dated February&nbsp;1, 2017 prepared by SRK Consulting (US)
Inc. which is available under the Company&#146;s issuer profile on SEDAR at&nbsp;<U>www.sedar.com</U>.



<P align="center" style="font-size: 10pt; display: none">


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<SEQUENCE>4
<FILENAME>exhibit3.htm
<DESCRIPTION>EX-99.3
<TEXT>
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<HEAD>
<TITLE>
Exhibit&nbsp;&nbsp;EX-99.3
</TITLE>
</HEAD>
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>Form&nbsp;52-109FV2</B><BR>
<B><I>Certification of Interim Filings<BR>
Venture Issuer Basic Certificate</I></B></FONT>



<P align="left" style="font-size: 11pt">I, <B>Keith Morrison, </B>President and Chief Executive Officer of <B>North American Nickel Inc.</B>, certify the
following:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Review: </I></B>I have reviewed the interim financial report and interim MD&A (together, the &#147;interim
filings&#148;) of <B>North American Nickel Inc. </B>(the &#147;issuer&#148;) for the interim period ended <B>March&nbsp;31,
2017</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>No misrepresentations: </I></B>Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a
material fact required to be stated or that is necessary to make a statement not misleading in
light of the circumstances under which it was made, with respect to the period covered by the
interim filings.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><I>3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Fair presentation: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings
fairly present in all material respects the financial condition, financial performance and
cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">Date: <B>May&nbsp;25, 2017</B>


<P align="left" style="font-size: 11pt"><U>(signed)&nbsp;Keith Morrison</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Keith Morrison
<BR>
Chief Executive Officer


<P align="center" style="font-size: 11pt"><FONT style="font-size: 9pt"><U><B>NOTE TO READER</B></U></FONT>



<P align="left" style="font-size: 9pt">In contrast to the certificate required for non-venture issuers under National Instrument 52-109
<I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings </I>(NI 52-109), this Venture Issuer
Basic Certificate does not include representations relating to the establishment and maintenance of
disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as
defined in NI 52-109. In particular, the certifying officers filing this certificate are not making
any representations relating to the establishment and maintenance of


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>controls and other procedures designed to provide reasonable assurance that information
required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted under securities legislation is recorded, processed, summarized and
reported within the time periods specified in securities legislation; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a process to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with the
issuer&#146;s GAAP.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt">The issuer&#146;s certifying officers are responsible for ensuring that processes are in place to
provide them with sufficient knowledge to support the representations they are making in this
certificate. Investors should be aware that inherent limitations on the ability of certifying
officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as
defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and
timeliness of interim and annual filings and other reports provided under securities legislation.



<P align="center" style="font-size: 10pt; display: none">


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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit4.htm
<DESCRIPTION>EX-99.4
<TEXT>
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<HEAD>
<TITLE>
Exhibit&nbsp;&nbsp;EX-99.4
</TITLE>
</HEAD>
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>Form&nbsp;52-109FV2</B><BR>
<B><I>Certification of Interim Filings<BR>
Venture Issuer Basic Certificate</I></B></FONT>



<P align="left" style="font-size: 11pt">I, <B>Alexander Dann, </B>Chief Financial Officer of <B>North American Nickel Inc.</B>, certify the following:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Review: </I></B>I have reviewed the interim financial report and interim MD&A (together, the &#147;interim
filings&#148;) of <B>North American Nickel Inc. </B>(the &#147;issuer&#148;) for the interim period ended <B>March&nbsp;31,
2017</B>.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>No misrepresentations: </I></B>Based on my knowledge, having exercised reasonable diligence, the
interim filings do not contain any untrue statement of a material fact or omit to state a
material fact required to be stated or that is necessary to make a statement not misleading in
light of the circumstances under which it was made, with respect to the period covered by the
interim filings.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><I>3.</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Fair presentation: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim
financial report together with the other financial information included in the interim filings
fairly present in all material respects the financial condition, financial performance and
cash flows of the issuer, as of the date of and for the periods presented in the interim
filings.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">Date: <B>May&nbsp;25, 2017</B>


<P align="left" style="font-size: 11pt"><U>(signed)&nbsp;Alexander Dann</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Alexander Dann
<BR>
Chief Financial Officer


<P align="center" style="font-size: 11pt"><FONT style="font-size: 9pt"><U><B>NOTE TO READER</B></U></FONT>



<P align="left" style="font-size: 9pt">In contrast to the certificate required for non-venture issuers under National Instrument 52-109
<I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings </I>(NI 52-109), this Venture Issuer
Basic Certificate does not include representations relating to the establishment and maintenance of
disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as
defined in NI 52-109. In particular, the certifying officers filing this certificate are not making
any representations relating to the establishment and maintenance of


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>controls and other procedures designed to provide reasonable assurance that information
required to be disclosed by the issuer in its annual filings, interim filings or other reports
filed or submitted under securities legislation is recorded, processed, summarized and
reported within the time periods specified in securities legislation; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a process to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with the
issuer&#146;s GAAP.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt">The issuer&#146;s certifying officers are responsible for ensuring that processes are in place to
provide them with sufficient knowledge to support the representations they are making in this
certificate. Investors should be aware that inherent limitations on the ability of certifying
officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as
defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and
timeliness of interim and annual filings and other reports provided under securities legislation.



<P align="center" style="font-size: 10pt; display: none">


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Exhibit&nbsp;&nbsp;EX-99.5
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt"><FONT style="font-family: Symbol">&#060;</FONT><FONT style="font-family: Symbol">&#073;</FONT><FONT style="font-family: Symbol">&#077;</FONT><FONT style="font-family: Symbol">&#071;</FONT><FONT style="font-family: Symbol">&#043;</FONT><FONT style="font-family: Symbol">&#115;</FONT><FONT style="font-family: Symbol">&#114;</FONT><FONT style="font-family: Symbol">&#099;</FONT><FONT style="font-family: Symbol">&#061;</FONT><FONT style="font-family: Symbol">&#034;</FONT><FONT style="font-family: Symbol">&#101;</FONT><FONT style="font-family: Symbol">&#057;</FONT><FONT style="font-family: Symbol">&#057;</FONT><BR>
<FONT style="font-family: Symbol">&#056;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#045;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#055;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#053;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#057;</FONT><FONT style="font-family: Symbol">&#051;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#053;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#053;</FONT><BR>
<FONT style="font-family: Symbol">&#048;</FONT><FONT style="font-family: Symbol">&#050;</FONT><FONT style="font-family: Symbol">&#097;</FONT><FONT style="font-family: Symbol">&#097;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#054;</FONT><FONT style="font-family: Symbol">&#051;</FONT><FONT style="font-family: Symbol">&#056;</FONT><FONT style="font-family: Symbol">&#095;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#046;</FONT><FONT style="font-family: Symbol">&#106;</FONT><FONT style="font-family: Symbol">&#112;</FONT><FONT style="font-family: Symbol">&#103;</FONT><BR>
<FONT style="font-family: Symbol">&#034;</FONT><FONT style="font-family: Symbol">&#062;</FONT></FONT>



<P align="center" style="font-size: 11pt"><FONT style="font-size: 10pt">Suite&nbsp;2200, 1055 West Hastings Street<BR>
Vancouver, BC, V6E 2E9<BR>
Phone: (604)&nbsp;770-4334</FONT>



<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt"><U><B>NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS</B></U></FONT>



<P align="left" style="font-size: 11pt"><B>TAKE NOTICE </B>that the annual and special meeting (the <I>"</I><B>Meeting</B>&#148;) of shareholders (&#147;<B>Shareholders</B>&#148;) of
North American Nickel Inc. (hereinafter called the &#147;<B>Company</B>&#148;) will be held at the offices of
Bennett Jones LLP, 100 King Street West, Suite&nbsp;3400, Toronto, Ontario, M5X 1A4, Canada, on
Wednesday, June&nbsp;29, 2017 at 10:00&nbsp;a.m. (Toronto time) for the following purposes:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to receive the report of the directors;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to receive the financial statements of the Company for its fiscal year ended December
31, 2016 and the report of the auditors thereon;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to determine the number of directors and to elect directors;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to appoint auditors for the ensuing year and to authorize the directors to fix their
remuneration;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to consider and, if thought fit, to approve the Company&#146;s stock option plan, which
makes a total of 10% of the issued and outstanding shares of the Company available for
issuance thereunder, as described in the accompanying management information circular; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to transact such other business as may properly come before the Meeting.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">Accompanying this notice is a management information circular and form of proxy. A Shareholder
entitled to attend and vote at the Meeting is entitled to appoint a proxy holder to attend and vote
in his or her stead. If you are unable to attend the Meeting, or any adjournment thereof in person,
please read the notes accompanying the form of proxy enclosed and then complete and return the form
of proxy within the time set out in the notes. The enclosed form of proxy is solicited by
management of the Company but, as set out in the notes, you may amend it if you so desire by
striking out the names listed therein and inserting in the space provided the name of the person
you wish to represent you at the Meeting.


<P align="left" style="font-size: 11pt"><B>DATED </B>at Vancouver, British Columbia as of the 25<sup>th</sup> day of May, 2017.


<P align="left" style="font-size: 11pt"><B>BY ORDER OF THE BOARD OF DIRECTORS</B>


<P align="left" style="font-size: 11pt"><I>&#147;Keith Morrison&#148;</I>
<BR>
Chief Executive Officer
<BR>
North American Nickel Inc.


<P align="center" style="font-size: 11pt"><FONT style="font-family: Symbol">&#060;</FONT><FONT style="font-family: Symbol">&#073;</FONT><FONT style="font-family: Symbol">&#077;</FONT><FONT style="font-family: Symbol">&#071;</FONT><FONT style="font-family: Symbol">&#043;</FONT><FONT style="font-family: Symbol">&#115;</FONT><FONT style="font-family: Symbol">&#114;</FONT><FONT style="font-family: Symbol">&#099;</FONT><FONT style="font-family: Symbol">&#061;</FONT><FONT style="font-family: Symbol">&#034;</FONT><FONT style="font-family: Symbol">&#101;</FONT><FONT style="font-family: Symbol">&#057;</FONT><FONT style="font-family: Symbol">&#057;</FONT><BR>
<FONT style="font-family: Symbol">&#056;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#045;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#055;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#053;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#057;</FONT><FONT style="font-family: Symbol">&#051;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#053;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#053;</FONT><BR>
<FONT style="font-family: Symbol">&#048;</FONT><FONT style="font-family: Symbol">&#050;</FONT><FONT style="font-family: Symbol">&#097;</FONT><FONT style="font-family: Symbol">&#097;</FONT><FONT style="font-family: Symbol">&#049;</FONT><FONT style="font-family: Symbol">&#054;</FONT><FONT style="font-family: Symbol">&#051;</FONT><FONT style="font-family: Symbol">&#056;</FONT><FONT style="font-family: Symbol">&#095;</FONT><FONT style="font-family: Symbol">&#050;</FONT><FONT style="font-family: Symbol">&#046;</FONT><FONT style="font-family: Symbol">&#106;</FONT><FONT style="font-family: Symbol">&#112;</FONT><FONT style="font-family: Symbol">&#103;</FONT><BR>
<FONT style="font-family: Symbol">&#034;</FONT><FONT style="font-family: Symbol">&#062;</FONT>



<P align="center" style="font-size: 11pt">Suite&nbsp;2200, 1055 West Hastings Street<BR>
Vancouver, BC, V6E 2E9<BR>
Phone: (604)&nbsp;770-4334



<P align="center" style="font-size: 11pt"><U><B>INFORMATION CIRCULAR</B></U>



<P align="center" style="font-size: 11pt"><B>SOLICITATION OF PROXIES BY MANAGEMENT</B>



<P align="left" style="font-size: 11pt"><B>This management information circular (this &#147;Circular&#148;) is furnished in connection with the
solicitation of proxies by or on behalf of the management of North American Nickel Inc. (the
&#147;Company&#148;) for use at the annual general meeting (the &#147;Meeting&#148;) of the shareholders of the Company
(&#147;Shareholders&#148;) to be held at 100 King Street West, Suite&nbsp;3400, Toronto, Ontario, M5X 1A4, Canada,
on: Wednesday, June&nbsp;29, 2017 at 10:00&nbsp;a.m. (Toronto time) and at any adjournments thereof for the
purposes set out in the accompanying Notice of Meeting. </B>Although it is expected that the
solicitation of the proxies will be primarily by mail, proxies may also be solicited personally or
by telephone by directors or officers of the Company. Arrangements will also be made with clearing
agencies, brokerage houses and other financial intermediaries to forward proxy solicitation
material to the beneficial owners of common shares of the Company (the &#147;<B>Common Shares</B>&#148;) pursuant to
the requirements of National Instrument 54-101 <I>Communication with Beneficial Owners of Securities
of a Reporting Issuer </I>(&#147;<B>NI 54-101</B>&#148;). The cost of any such solicitation will be borne by the
Company.


<P align="left" style="font-size: 11pt">Unless otherwise stated, the information contained in this Circular is given as at May
25<sup>th</sup>, 2017. Unless otherwise indicated, all references in this Circular to &#147;$&#148; refer to
Canadian dollars.


<P align="center" style="font-size: 11pt"><B>APPOINTMENT OF PROXY HOLDERS<BR>
AND COMPLETION AND REVOCATION OF PROXIES</B>



<P align="left" style="font-size: 11pt">The purpose of a proxy is to designate persons who will vote the proxy on a Shareholder&#146;s behalf in
accordance with the instructions given by the Shareholder in the proxy. The persons (the
"<B>Management Designees</B>&#148;) named in the enclosed form of proxy (the &#147;<B>Proxy</B>&#148;) have been selected by the
directors of the Company.


<P align="left" style="font-size: 11pt"><B>A Shareholder has the right to designate a person (who need not be a Shareholder), other than the
Management Designees to represent the Shareholder at the Meeting. Such right may be exercised by
inserting in the space provided for that purpose on the proxy the name of the person to be
designated, and by deleting from the proxy the names of the Management Designees, or by completing
another proper form of proxy and delivering the same to the transfer agent of the Company. </B>Such
Shareholder should notify the nominee of the appointment, obtain the nominee&#146;s consent to act as
proxy holder and attend the Meeting, and provide instructions on how the Shareholder&#146;s shares are
to be voted. The nominee should bring personal identification with them to the Meeting.


<P align="left" style="font-size: 11pt">To be valid, the proxy must be dated and executed by the Shareholder or an attorney authorized in
writing, with proof of such authorization attached (where an attorney executed the proxy). The
proxy must then be delivered to the Company&#146;s registrar and transfer agent, Computershare Investor
Services Inc., Proxy Department, 100 University Avenue, 8th Floor, Toronto, Ontario, M5J 2Y1, or by
fax within North America to 1-866-249-7775, and outside North America to (416)&nbsp;263-9524, at least
48 hours, excluding Saturdays, Sundays and holidays, before the time of the Meeting or any
adjournment thereof. Proxies received after that time may be accepted by the Chairman of the
Meeting at the Chairman&#146;s discretion, but the Chairman is under no obligation to accept late
proxies.


<P align="left" style="font-size: 11pt">Any registered Shareholder who has returned a proxy may revoke it at any time before it has been
exercised. A proxy may be revoked by a registered Shareholder personally attending at the Meeting
and voting their shares. A Shareholder may also revoke their proxy in respect of any matter upon
which a vote has not already been cast by depositing an instrument in writing, including a proxy
bearing a later date executed by the registered Shareholder or by their authorized attorney in
writing, or, if the Shareholder is a corporation, under its corporate seal by an officer or
attorney thereof duly authorized, either at the office of the Company&#146;s registrar and transfer
agent at the foregoing address or the head office of the Company at Suite&nbsp;2200, 1055 West Hastings
Street, Vancouver, BC, V6E 2E9, Phone: (604)&nbsp;770-4334, at any time up to and including the last
business day preceding the date of the Meeting, or any adjournment thereof at which the proxy is to
be used, or by depositing the instrument in writing with the Chairman of such Meeting, or any
adjournment thereof. <B>Only registered Shareholders have the right to revoke a proxy. Non-registered
Shareholders who wish to change their vote must, at least seven days before the Meeting, arrange
for their respective nominees to revoke the proxy on their behalf.</B>


<P align="center" style="font-size: 11pt"><B>VOTING OF PROXIES</B>



<P align="left" style="font-size: 11pt">Voting at the Meeting will be by a show of hands, each registered Shareholder and each proxy holder
(representing a registered or unregistered Shareholder) having one vote, unless a poll is required
or requested, whereupon each such Shareholder and proxy holder is entitled to one vote for each
Common Share held or represented, respectively. Each Shareholder may instruct their proxy holder
how to vote their Common Shares by completing the blanks on the proxy. All Common Shares
represented at the Meeting by properly executed proxies will be voted or withheld from voting when
a poll is required or requested and, where a choice with respect to any matter to be acted upon has
been specified in the form of proxy, the Common Shares represented by the proxy will be voted in
accordance with such specification. <B>In the absence of any such specification as to voting on the
proxy, the Management Designees, if named as proxy holder, will vote in favour of the matters set
out therein.</B>


<P align="left" style="font-size: 11pt"><B>The enclosed proxy confers discretionary authority upon the Management Designees, or other person
named as proxy holder, with respect to amendments to or variations of matters identified in the
Notice of Meeting and any other matters which may properly come before the Meeting. As of the date
hereof, the Company is not aware of any amendments to, variations of or other matters which may
come before the Meeting. If other matters properly come before the Meeting, then the Management
Designees intend to vote in a manner which in their judgment is in the best interests of the
Company.</B>


<P align="left" style="font-size: 11pt">In order to approve a motion proposed at the Meeting, a majority of greater than 50% of the votes
cast will be required (an &#147;<B>ordinary resolution</B>&#148;), unless the motion requires a &#147;<B>special resolution</B>&#148;
in which case a majority of 66 2/3% of the votes cast will be required.


<P align="center" style="font-size: 11pt"><B>BENEFICIAL HOLDERS</B>



<P align="left" style="font-size: 11pt">Only registered shareholders or duly appointed proxy holders are permitted to vote at the Meeting.
Most shareholders of the Company are &#147;non-registered&#148; or &#147;beneficial&#148; shareholders because the
shares they own are not registered in their names, but are instead registered in the name of the
brokerage firm, bank or trust company through which they purchased the shares. More particularly, a
person is not a registered shareholder in respect of shares which are held on behalf of that person
(the &#147;<B>Beneficial Holder</B>&#148;) but which are registered either: (a)&nbsp;in the name of an intermediary that
the Beneficial Holder deals with in respect of the shares (Intermediaries include, among others,
banks, trust companies, securities dealers or brokers and trustees or administrators of
self-administered RRSP&#146;s, RRIF&#146;s, RESP&#146;s and similar plans (an &#147;<B>Intermediary</B>&#148;)); or (b)&nbsp;in the name
of a clearing agency (such as The Canadian Depository for Securities Limited (&#147;<B>CDS</B>&#148;)) of which the
Intermediary is a participant. In accordance with the requirements of NI 54-101, the Company has
distributed copies of the Notice of Meeting, this Circular and the Proxy (collectively, the
"<B>Meeting Materials</B>&#148;) to the clearing agencies and Intermediaries for onward distribution to
Beneficial Holders.


<P align="left" style="font-size: 11pt">Intermediaries are required to forward the Meeting Materials to Beneficial Holders unless a
Beneficial Holder has waived the right to receive them. Typically, Intermediaries will use service
companies to forward the Meeting Materials to Beneficial Holders. Generally, Beneficial Holders who
have not waived the right to receive Meeting Materials will either:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>be given a form of proxy <B>which has already been signed by the Intermediary </B>(typically by a
facsimile, stamped signature), which is restricted as to the number of shares beneficially
owned by the Beneficial Holder but which is otherwise not completed. Because the Intermediary
has already signed the form of proxy, this form of proxy is not required to be signed by the
Beneficial Holder when submitting the proxy. In this case, the Beneficial Holder who wishes to
submit a proxy should otherwise properly complete the form of proxy and <B>deposit it with the
Company&#146;s transfer agent as provided above</B>; <B>or</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>more typically, be given a voting instruction form <B>which is not signed by the Intermediary</B>,
and which, when properly completed and signed by the Beneficial Holder and <B>returned to the
Intermediary or its service company</B>, will constitute voting instructions (often called a
&#147;<B>proxy authorization form</B>&#148;) which the Intermediary must follow. Typically, the proxy
authorization form will consist of a one page pre-printed form. Sometimes, instead of the one
page pre-printed form, the proxy authorization form will consist of a regular printed proxy
form accompanied by a page of instructions which contains a removable label containing a
bar-code and other information. In order for the form of proxy to validly constitute a proxy
authorization form, the Beneficial Holder must remove the label from the instructions and
affix it to the form of proxy, properly complete and sign the form of proxy and return it to
the Intermediary or its service company in accordance with the instructions of the
Intermediary or its service company.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">In either case, the purpose of this procedure is to permit Beneficial Holders to direct the voting
of the shares which they beneficially own. Should a Beneficial Holder who receives one of the above
forms wish to vote at the Meeting in person, the Beneficial Holder should strike out the names of
the Management Designees named in the form and insert the Beneficial Holder&#146;s name in the blank
space provided. <B>In either case, Beneficial Holders should carefully follow the instructions of
their Intermediary, including those regarding when and where the proxy or proxy authorization form
is to be delivered.</B>


<P align="center" style="font-size: 11pt"><B>INTEREST OF CERTAIN PERSONS OR COMPANIES<BR>
IN MATTERS TO BE ACTED UPON</B>



<P align="left" style="font-size: 11pt">Other than as set forth herein, management of the Company is not aware of any material interest,
direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be
acted upon at the Meeting, other than the election of directors, the appointment of auditors, and
the approval of the related party transaction, of any person or company who has been: (a)&nbsp;if the
solicitation is made by or on behalf of management of the Company, a director or executive officer
of the Company at any time since the beginning of the Company&#146;s last financial year; (b)&nbsp;if the
solicitation is made other than by or on behalf of management of the Company, any person or company
by whom or on whose behalf, directly or indirectly, the solicitation is made; (c)&nbsp;each proposed
nominee for election as a director of the Company; or (d)&nbsp;any associate or affiliate of any of the
foregoing persons or companies.<sup></sup>


<P align="center" style="font-size: 11pt"><B>VOTING SECURITIES AND PRINCIPAL HOLDERS THEREOF</B>



<P align="left" style="font-size: 11pt">The Company is authorized to issue unlimited Common Shares, without nominal or par value, of which
as at the date hereof 368,581,886 Common Shares are issued and outstanding.


<P align="left" style="font-size: 11pt">The holders of Common Shares of record at the close of business on the record date, set by the
directors of the Company to be May&nbsp;25, 2017, are entitled to vote such Common Shares at the Meeting
on the basis of one vote for each Common Shares held.


<P align="left" style="font-size: 11pt">The articles of the Company provide that a quorum for the transaction of business at the Meeting is
two Shareholders, or one or more proxy holders representing two Shareholders, or one Shareholder
and a proxy holder representing another Shareholder.


<P align="left" style="font-size: 11pt">The directors have determined that all shareholders of record as of May&nbsp;25<sup>th</sup>, 2017 will
be entitled to receive notice of and to vote at the Meeting. Those Shareholders so desiring may be
represented by proxy at the Meeting.


<P align="left" style="font-size: 11pt">To the knowledge of the directors and senior officers of the Company, no person or company
beneficially owns, directly or indirectly, or exercises control or direction over, voting
securities carrying more than 10% of the outstanding voting rights of the Company other than as set
out below.

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="63%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name of shareholder</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number of shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Percentage of issued and outstanding</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sentient Executive GP IV, Limited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">223,143,155</FONT></TD>
    <TD><FONT style="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 10pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 10pt">60.54</FONT></TD>
    <TD nowrap><FONT style="font-size: 10pt">%</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><FONT style="font-size: 11pt"><B>PARTICULARS OF MATTERS TO BE ACTED UPON</B></FONT>



<P align="left" style="font-size: 11pt">TO THE KNOWLEDGE OF THE COMPANY&#146;S DIRECTORS, THE ONLY MATTERS TO BE PLACED BEFORE THE MEETING ARE
THOSE REFERRED TO IN THE NOTICE OF MEETING ACCOMPANYING THIS CIRCULAR. HOWEVER, SHOULD ANY OTHER
MATTERS PROPERLY COME BEFORE THE MEETING, THE SHARES REPRESENTED BY THE PROXY SOLICITED HEREBY WILL
BE VOTED ON SUCH MATTERS IN ACCORDANCE WITH THE BEST JUDGMENT OF THE PERSONS VOTING THE SHARES
REPRESENTED BY THE PROXY.


<P align="left" style="font-size: 11pt">Additional detail regarding each of the matters to be acted upon at the Meeting is set forth below.


<P align="left" style="font-size: 11pt"><B>A.&nbsp;Financial Statements</B>


<P align="left" style="font-size: 11pt">The audited financial statements of the Company for the financial year ended December&nbsp;31, 2016 (the
"<B>Financial Statements</B>&#148;), together with the auditors&#146; report thereon, will be presented to the
Shareholders at the Meeting.


<P align="left" style="font-size: 11pt"><B>B.&nbsp;Election of Directors</B>


<P align="left" style="font-size: 11pt">The board of directors of the Company (the &#147;<B>Board</B>&#148; or the &#147;<B>Board of Directors</B>&#148;) currently consists
of six directors, all of whom are elected annually. The term of office for each of the present
directors of the Company expires at the Meeting. Each of the current directors of the Company will
be standing for re-lection. At the Meeting, the Shareholders will be asked to consider and, if
thought fit, approve an ordinary resolution fixing the number of directors to be elected at the
Meeting at six.


<P align="left" style="font-size: 11pt">It is proposed that the persons named below will be nominated at the Meeting. Each director elected
will hold office until the next annual general meeting of the Company or until his successor is
duly elected or appointed pursuant to the Articles of the Company unless his office is earlier
vacated in accordance with the provisions of the <I>Business Corporations Act </I>(British Columbia) or
the Company&#146;s Articles.


<P align="left" style="font-size: 11pt"><B>Unless the Shareholder has specifically instructed in the form of proxy that the Common Shares
represented by such proxy are to be withheld or voted otherwise, the persons named in the proxy
will vote FOR the election of each of the proposed nominees set forth below as directors of the
Company. Management does not contemplate that any of the nominees will be unable to serve as a
director.</B>


<P align="left" style="font-size: 11pt">The following information relating to the nominees for election to the Board of Directors is based
on information received by the Company from said nominees.

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Common</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>owned, directly or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>indirectly, or over</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>which control or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Principal occupation and</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>direction is</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>if not at present an</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercised at the</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>elected director,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name, present office held and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>date of this</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>occupation during the</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>province or state of residency</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>since</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Circular</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>past five (5) years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top">Gilbert Percy Clark<sup>(3)(5)</sup><BR>
Director<BR>
Quebec, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">May&nbsp;22, 2012
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100,046</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Geologist, Former<BR>
Director Mawson<BR>
Resources, Former<BR>
Director &#038; Senior<BR>
Investment Advisor<BR>
Sentient Asset Management<BR>
Canada, a Private<BR>
Management Company</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top">James Clucas<sup>(1)(3)(5)</sup><BR>
Director<BR>
British Columbia, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Apr. 2010
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">385,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Executive Chairman and<BR>
Director &#151; Search<BR>
Minerals; Director &#151; INV<BR>
Metals</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top">Christopher Messina<sup>(1) (5)</sup><BR>
Director<BR>
Florida, USA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oct. 2015
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">160,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Former CEO and Co-Founder<BR>
of RPA Capital, LLC,<BR>
Managing Partner of<BR>
Mannahatta Partners LLC</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top">Douglas E. Ford<sup>(1)</sup><BR>
Director<BR>
British Columbia, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sept. 1992
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">242,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">General Manager -<BR>
Dockside Capital Group<BR>
Inc.; CFO and Director<BR>
Whattozee Networks Inc,<BR>
and Avanti Energy Inc.</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top">Keith Morrison <sup>(2)(4)</sup><BR>
CEO and Director<BR>
Ontario, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dec. 2014
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">533,333</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CEO &#151; Gedex Inc; Chairman<BR>
- Security Devices Inc;<BR>
Director &#151; Marengo Mining<BR>
Ltd.</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top">John Sabine<BR>
Chairman and Director<BR>
Ontario, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nov. 2014<BR>
<BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">893,942<BR>
<BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Counsel, Bennett Jones LLP<BR>
<BR>
<BR></DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notes:</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Member of the Audit Committee.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Member of the Disclosure Compliance Committee.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Member of the Corporate Governance Committee.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Member of the Technical Oversight Committee.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Member of the Compensation Committee.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 8pt"><FONT style="font-size: 11pt"><B><I>Cease Trade Orders, Bankruptcies, Penalties and Sanctions</I></B>
</FONT>

<P align="left" style="font-size: 11pt">Other than as disclosed below, to the knowledge of the Company,


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of the nominees for election as a director of the Company is, or was within the ten
years prior to the date hereof, a director, chief executive officer or chief financial officer
of any company that was subject to a cease trade order, an order similar to a cease trade
order or an order that denied such company access to any exemption under securities
legislation that was in effect for a period of more than 30 consecutive days and that was
issued while that person was acting in such capacity or that was issued after that person
ceased to act in such capacity and which resulted from an event that occurred which that
person was acting in such capacity;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of the nominees for election as a director of the Company is, or was within the ten
years prior to the date hereof, a director or executive officer of any company that, while
that person was acting in such capacity, or within a year of that person ceasing to act in
such capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy
or insolvency or was subject to or instituted any proceedings, arrangements or compromise with
creditors or had a receiver, receiver manager or trustee appointed to hold its assets;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of the nominees for election as director of the Company has within the ten years prior
to the date hereof become bankrupt, made a proposal under any legislation relating to
bankruptcy or insolvency or was subject to or instituted any proceedings, arrangements or
compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its
assets; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>none of the nominees for election as a director of the Company has been subject to (a)&nbsp;any
penalties or sanctions imposed by a court relating to securities legislation or by a
securities regulatory authority or has entered into a settlement agreement with a securities
regulatory authority, or (b)&nbsp;any other penalties or sanctions imposed by a court or regulatory
body that would likely be considered important to a reasonable shareholder in deciding whether
to vote for a proposed director.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 11pt">Douglas E. Ford was an officer of Casey Container Corp., formerly Sawadee Ventures, Inc. (&#147;<B>Casey</B>&#148;)
from September, 2006 to September&nbsp;12, 2008, a director from September&nbsp;2006 until January&nbsp;19, 2009;
and was a control person from September&nbsp;2006 until July&nbsp;2010. On January&nbsp;20, 2009, the British
Columbia Securities Commission issued a cease trade order against Casey as a result of a failure to
file interim financial statements and related management&#146;s discussion and analysis for the
financial period ended September&nbsp;30, 2008. Casey subsequently filed the required financial
statements and related documents and the cease trade order was revoked on June&nbsp;10, 2010.


<P align="left" style="font-size: 11pt">The Ontario Securities Commission issued a Cease Trade Order against the Company on June&nbsp;22, 1992
as a result of a failure to file annual financial statements for the year ended December&nbsp;31, 1991
and interim financial statements for the financial period ended March&nbsp;31, 1992. Subsequent to the
issuance of the Cease Trade Order, Douglas E. Ford became a director of the Company in September of
1992. The Company subsequently filed the required financial statements and the Cease Trade Order
was revoked by the Ontario Securities Commission on July&nbsp;22, 2010.


<P align="left" style="font-size: 11pt"><B>C.&nbsp;Appointment of Auditors</B>


<P align="left" style="font-size: 11pt">Management proposes the reappointment of Dale Matheson Carr-Hilton LaBonte, Chartered Accountants
as auditors of the Company at remuneration to be fixed by the Board.


<P align="left" style="font-size: 11pt"><B>Unless the Shareholder has specifically instructed in the form of proxy that the Common Shares
represented by such proxy are to be withheld or voted otherwise, the persons named in the
accompanying proxy will vote FOR the re-appointment of Dale Matheson Carr-Hilton LaBonte, Chartered
Accountants as auditors of the Company to hold office until the next annual meeting of Shareholders
or until a successor is appointed and to authorize the Board to fix the remuneration of the
auditors.</B>


<P align="left" style="font-size: 11pt"><B>D.&nbsp;Approval of Incentive Stock Option Plan</B>


<P align="left" style="font-size: 11pt"><B>Summary of the Stock Option Plan</B>


<P align="left" style="font-size: 11pt">The Company has a rolling stock option plan (the &#147;<B>Stock Option Plan</B>&#148;), which was first approved by
Shareholders in 2005, authorizing the issuance of incentive stock options to eligible persons for
up to an aggregate of 10% of the issued shares of the Company from time to time. The policies of
the TSX Venture Exchange (the &#147;<B>TSXV</B>&#148;) require the approval of the Stock Option Plan by Shareholders
on an annual basis. There are currently 368,581,886 Common Shares issued and outstanding, and as
such the current 10% threshold under the Stock Option Plan is 36,858,188 shares available for
incentive stock option grants (&#147;<B>Options</B>&#148;).


<P align="left" style="font-size: 11pt">Incentive Options under the Stock Option Plan may be granted by the Board to eligible persons, who
are directors, officers, consultants of the Company or its subsidiaries (if any), eligible persons
who are employees of a company providing management services to the Company, or charitable
organizations. Options granted under the Stock Option Plan have a maximum exercise period of up to
10&nbsp;years, as determined by the board of directors of the Company.


<P align="left" style="font-size: 11pt">The Stock Option Plan limits the number of stock options which may be granted to any one individual
to not more than 5% of the total Common Shares of the Company in any 12&nbsp;month period (unless
otherwise approved by the &#147;disinterested shareholders&#148; of the Company). A &#147;<B>disinterested
shareholder</B>&#148; is a Shareholder who is not a director, officer, promoter, or other insider of the
Company, or its associates or affiliates, as such terms are defined under the <I>Securities Act</I>
(British Columbia).


<P align="left" style="font-size: 11pt">The number of Options granted to any one consultant or person employed to provide investor
relations activities in any 12-month period must not exceed 2% of the total issued Common Shares
Company. Any Options granted under the Stock Option Plan will not be subject to any vesting
schedule, unless otherwise determined by the board of directors of the Company or required by the
policies of the TSXV.


<P align="left" style="font-size: 11pt">Options under the Stock Option Plan may be granted at an exercise price which is at or above the
current discounted market price (as defined under the policies of the Exchange) on the date of the
grant. In the event of the death or permanent disability of an optionee, any option granted to such
optionee will be exercisable upon the earlier of 365&nbsp;days from the date of death or permanent
disability, or the expiry date of the Option. In the event of the resignation, or the termination
or removal of an optionee without just cause, any Option granted to such optionee will be
exercisable for a period of 90&nbsp;days thereafter. In the event of termination for cause, any Option
granted to such optionee will be cancelled as at the date of termination.


<P align="left" style="font-size: 11pt"><B>Shareholder Approval</B>


<P align="left" style="font-size: 11pt">At the Meeting, Shareholders will be asked to consider and vote on the following ordinary
resolution (the &#147;<B>Option Plan Resolution</B>&#148;) to ratify and approve the continuation of the Stock
Option Plan:



<P align="left" style="margin-left:4%; font-size: 11pt"><I>"</I><B><I>BE IT RESOLVED THAT </I></B><I>the Company&#146;s stock option plan be and is hereby ratified and approved
as the stock option plan of the Company until the next annual general meeting of the
Company.&#148;</I>


<P align="left" style="font-size: 11pt">The Board is of the view that the Stock Option Plan provides the Company with the flexibility to
attract and maintain the services of executives, employees and other services providers in
competition with the other companies the industry. A copy of the Stock Option Plan will be
available for inspection at the Meeting. A Shareholder may also obtain a copy of the Stock Option
Plan by contacting the Company by telephone at (604)&nbsp;770-4334.


<P align="left" style="font-size: 11pt"><B>The Board unanimously recommends that Shareholders vote in favour of the continuation of the Stock
Option Plan. Unless otherwise directed, the persons named in the accompanying proxy intend to vote
FOR the Option Plan Resolution.</B>


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->

<P align="center" style="font-size: 11pt"><B>EXECUTIVE COMPENSATION<BR>
(for the financial year ended December&nbsp;31, 2016)</B>



<P align="left" style="font-size: 11pt">For purposes of this Circular, &#147;named executive officer&#148; of the Company means an individual who, at
any time during the year, was:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s chief executive officer (&#147;<B>CEO</B>&#148;);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s chief financial officer (&#147;<B>CFO</B>&#148;);</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company&#146;s most highly compensated executive officer, other than the CEO and
CFO, at the end of the Company&#146;s financial year ended December&nbsp;31, 2016 and whose total
compensation was, individually, more than $150,000 for that financial year; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 11pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each individual who would be a named executive officer under paragraph (3)&nbsp;but
for the fact that the individual was neither an executive officer of the Company, nor
acting in a similar capacity, at the end of the Company&#146;s financial year ended December
31, 2016;</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 11pt">(each a &#147;<B>Named Executive Officer</B>&#148; or &#147;<B>NEO</B>&#148;).


<P align="left" style="font-size: 11pt">Based on the foregoing definition, during the Company&#146;s financial year ended December&nbsp;31, 2016 of
the Company, there were four Named Executive Officers, namely, its Chief Executive Officer, Keith
Morrison, its President, Mark Fedikow, its Chief Financial Officer, Cheryl Messier and its Vice
President of Exploration, Patricia Tirschmann.


<P align="left" style="font-size: 11pt"><B>Compensation Discussion and Analysis</B>


<P align="left" style="font-size: 11pt">Prior to establishing the Compensation Committee, the Company did not have in place any formal
objectives, criteria or analysis; instead, it relied mainly on Board discussion.


<P align="left" style="font-size: 11pt">The Company&#146;s executive compensation program has three principal components: base salary, incentive
bonus plan and stock options.



<P align="left" style="margin-left:4%; font-size: 11pt"><B><I>Base Salary</I></B>


<P align="left" style="font-size: 11pt">The Company provides senior officers with base salaries or consulting fees which represent their
minimum compensation for services rendered, or expected to be rendered. NEOs&#146; base compensation
depends on the scope of their experience, responsibilities, leadership skills, performance, length
of service, general industry trends and practices, competitiveness, and the Company&#146;s existing
financial resources.


<P align="left" style="font-size: 11pt">Base salary is a fixed element of compensation that is payable to each NEO for performing the
specific duties of his or her position. The amount of base salary is determined through negotiation
of employment terms with each NEO and is determined on an individual basis. While base salary is
intended to fit into the Company&#146;s overall compensation objectives by serving to attract and retain
talented executive officers, the size of the Company and the nature and stage of its business also
impacts the level of base salary. Compensation is set with informal reference to the market for
similar jobs in Canada and internationally.



<P align="left" style="margin-left:4%; font-size: 11pt"><B><I>Incentive Bonuses</I></B>


<P align="left" style="font-size: 11pt">Incentive bonuses, in the form of cash payments, are designed to add a variable component of
compensation based on corporate and individual performances for executive officers and employees.
As the Company grows and develops its projects, it is expected that an annual incentive award
program will be formalized that will clearly articulate performance objectives and specific
measurable goals that will be linked to individual performance criteria set for the NEOs and other
executive officers. No bonuses were paid to executive officers and employees during the Company&#146;s
financial years ended December&nbsp;31, 2016 or 2015.



<P align="left" style="margin-left:4%; font-size: 11pt"><B><I>Option-Based Awards</I></B>


<P align="left" style="font-size: 11pt">Stock options are granted to provide an incentive to the directors, officers, employees and
consultants of the Company to achieve the longer-term objectives of the Company; to give suitable
recognition to the ability and industry of such persons who contribute materially to the success of
the Company; and to attract and retain persons of experience and ability, by providing them with
the opportunity to acquire an increased proprietary interest in the Company. The Company awards
stock options to its executive officers based upon the recommendation of the Compensation
Committee, which recommendation is based on the Compensation Committee&#146;s review of a proposal from
the Chief Executive Officer. Previous grants of incentive stock options are taken into account when
considering new grants.


<P align="left" style="font-size: 11pt">Implementation of a new incentive stock option plan and amendments to the existing stock option
plan are the responsibility of the Compensation Committee.



<P align="left" style="margin-left:4%; font-size: 11pt"><B><I>Other Compensation</I></B>


<P align="left" style="font-size: 11pt">Other than as described below under &#147;<I>Termination and Change of Control Benefits</I>&#148; the Company has no
other forms of compensation, although payments may be made from time to time to individuals or
companies they control for the provision of consulting services. Such consulting services are paid
for by the Company at competitive industry rates for work of a similar nature by reputable arm&#146;s
length services providers.



<P align="left" style="margin-left:4%; font-size: 11pt"><B><I>Compensation Risks</I></B>


<P align="left" style="font-size: 11pt">The Compensation Committee is responsible for considering, establishing and reviewing executive
compensation programs, and whether the programs encourage unnecessary or excessive risk taking. The
Company believes the programs are balanced and do not motivate unnecessary or excessive risk
taking.


<P align="left" style="font-size: 11pt">Base salaries are fixed in amount thus do not encourage risk taking. While annual incentive awards
and bonuses focus on the achievement of short term or annual goals and short term goals may
encourage the taking of short-term risks at the expense of long term results, the Company&#146;s annual
incentive award program is designed to represent a small percentage of employees&#146; total
compensation opportunities. No bonuses were paid to executive officers and employees during the
Company&#146;s financial years ended December&nbsp;31, 2016 or 2015.


<P align="left" style="font-size: 11pt">Option awards are important to further align NEOs&#146; interests with those of the Shareholders. The
ultimate value of the awards is tied to the Company&#146;s stock price and, since awards are staggered
and subject to long-term vesting schedules, they help ensure that NEOs have significant value tied
to long-term stock price performance.



<P align="left" style="margin-left:4%; font-size: 11pt"><B><I>Hedging</I></B>


<P align="left" style="font-size: 11pt">The Company has not established any policies related to the purchase by directors or executive
officers of the Company of financial instruments (including prepaid variable forward contracts,
equity swaps, collars, or units of exchange funds) that are designed to hedge or offset a decrease
in market value of equity securities granted as compensation or held, directly or indirectly, by
any director or executive officer of the Company.


<P align="left" style="font-size: 11pt"><B>Summary Compensation Table</B>


<P align="left" style="font-size: 11pt">The following table sets forth the total compensation paid to or earned by the Named Executive
Officers for the Company&#146;s three most recent completed financial years:

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD stub width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD stub width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD colspan="3" valign="top" align="center"><FONT style="font-size: 8pt"><B>Name and principal
position</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center"><FONT style="font-size: 8pt"><B></FONT><FONT style="font-size: 8pt">Year ended Dec. 31</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center"><FONT style="font-size: 8pt"><B></FONT><FONT style="font-size: 8pt">Salary
($)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center"><FONT style="font-size: 8pt"><B></FONT><FONT style="font-size: 8pt">Share-based awards
($)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="center"><FONT style="font-size: 8pt"><B></FONT><FONT style="font-size: 8pt">Option- based
awards</B><sup><B>(1)</sup>
($)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" align="left"><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt"><B></FONT>
<BR></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 1px solid #000000">&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt"><B>Annual incentive</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>Long- term</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt"><B>plans</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>incentive plans</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2016</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">351,250</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">46,741</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">397,991</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="3" valign="top" align="center"><FONT style="font-size: 8pt"><B>Keith Morrison</B><sup>(2)</sup></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2015</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">325,000</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">325,000</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Chief Executive Officer<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2014</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">27,083</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">208,006</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">235,089</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="3" valign="top" align="center"><FONT style="font-size: 8pt"><B>Mark Fedikow</B><sup>(3)</sup></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">President and former<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2016</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">272,436</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">14,022</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">286,458</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Interim Chief Executive<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2015</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">114,667</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">114,667</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Officer<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2014</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">72,000</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">167,215</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">239,215</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="3" valign="top" align="center"><FONT style="font-size: 8pt"><B>Cheryl Messier</B><sup>(5)</sup></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2016</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">102,788</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">7,011</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">109,799</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Chief Financial Officer and<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2015</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">69,000</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">69,000</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Secretary<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2014</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">69,000</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">158,366</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">227,366</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="3" valign="top" align="center"><FONT style="font-size: 8pt"><B>Patricia Tirschmann</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2016</FONT>
</TD>
    <TD valign="top"><FONT style="font-size: 8pt"></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Vice President of<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2015</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">203,847</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">17,528</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">221,375</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Exploration<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">2014</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">200,000</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">111,095</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">311,095</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD valign="top" align="right"><FONT style="font-size: 8pt">115,461</FONT></TD>
    <TD valign="top"><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt">Nil</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">Nil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">115,461</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notes:</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The value of the option-based awards was calculated based on the fair value of the options on
their grant date using the Black Scholes option pricing model. The Company chose the
Black-Scholes model because it is a widely recognized and utilized model for option pricing.
In calculating the fair value of options for the 2016 option grants, management assumed an
average risk-free interest rate of 068%-0.79<B>% </B>an expected dividend yield of <B>0%</B>, an expected
life of five years and an average share price volatility of 110.60%-113.17%. In calculating
the fair value of options for the options granted in 2015, management assumed an average
risk-free interest rate of 0.64%-0.79%, an expected dividend yield of 0%, an expected life of
five years and an average share price volatility of 110.60%-115.88%. In calculating the fair
value of options for the 2014 option grants, management assumed an average risk-free interest
rate of 1.54%-1.67%, an expected dividend yield of 0%, an expected life of five years and an
average share price volatility of 168.57%-170.23%.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Keith Morrison was appointed Chief Executive Officer of the Company on December&nbsp;18, 2014.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mark Fedikow, President of the Company, also served as the Interim Chief Executive Officer of
the Company during the period following the resignation of Richard J. Mark on June&nbsp;17, 2014
and prior to the appointment of Keith Morrison as Chief Executive Officer of the Company on
December&nbsp;18, 2014.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to a management services arrangement, the Company paid or accrued $72,000 in both
2015 and 2014 in management fees to Mount Morgan Resources Ltd. for management services. Mount
Morgan Resources Ltd. is a private company controlled by Mark Fedikow.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alex Dann replaced Cheryl Messier as Chief Financial Officer on March&nbsp;1, 2017.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 11pt"><B>Incentive Plan Awards</B>
</FONT>


<P align="left" style="margin-left:4%; font-size: 11pt"><B><I>Outstanding Share -Based Awards and Option -Based Awards</I></B>


<P align="left" style="font-size: 11pt">The following table sets forth the options granted to the Named Executive Officers to purchase or
acquire securities of the Company outstanding at the end of the Company&#146;s financial year ended
December&nbsp;31, 2016.

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Value of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Unexercised</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Option Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>In-the-Money</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Unexercised Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Option Expiration</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Options</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>($)</B><sup><B>(1)</B></sup></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Keith Morrison, </B>Chief</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">$0.22</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">December 19, 2019</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Nil</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">1,000,000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">$0.21</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">January 28, 2021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><B>Mark Fedikow</B>, President
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">75,000<BR>
265,000<BR>
50,000<BR>
300,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$0.24<BR>
$0.62<BR>
$0.26<BR>
$0.21
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">August&nbsp;13, 2017<BR>
July&nbsp;9, 2019<BR>
September&nbsp;26, 2019<BR>
January&nbsp;28, 2021
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil<BR>
<BR>
<BR>
<BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><B>Cheryl Messier</B>, Chief<BR>
Financial Officer and<BR>
Secretary<sup>(2)</sup>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">200,000<BR>
243,000<BR>
35,000<BR>
150,000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$0.24<BR>
$0.62<BR>
$0.62<BR>
$0.21
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">August&nbsp;13, 2017<BR>
July&nbsp;9, 2019<BR>
July&nbsp;9, 2019<BR>
January&nbsp;28, 2021
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil<BR>
<BR>
<BR>
<BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><B>Patricia Tirschmann</B>,<BR>
Vice President of<BR>
Exploration
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">500,000<BR>
372,000<BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$0.275<BR>
$0.21<BR>
<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">February&nbsp;03, 2020<BR>
January&nbsp;28, 2021<BR>
<BR>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil<BR>
<BR>
<BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notes:</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculated based on the difference between the closing market price of the Common Shares on
the last trading day of the most recently completed financial year (being $0.09 on December
30, 2016) and the exercise price of the options on that date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alex Dann replaced Cheryl Messier as Chief Financial Officer on March&nbsp;1, 2017.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 8pt"><FONT style="font-size: 11pt"><B><I>Incentive Plan Awards &#151; Value Vested or Earned During the Year</I></B>
</FONT>

<P align="left" style="font-size: 11pt">The following table sets forth the value vested or earned during the year of option-based awards,
share-based awards and non-equity incentive plan compensation paid to Named Executive Officers
during the Company&#146;s financial year ended December&nbsp;31, 2016. The aggregate value of the
option-based awards vested during the year is based on the difference between the Company share
price on the vesting day of any options that vested during the financial year ended December&nbsp;31,
2016 and the exercise price of the options.

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="84%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Non-Equity</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incentive Plan</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Option-based Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Compensation -</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>- Value Vested</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Value Earned During</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>During the Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>the Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Keith Morrison, </B>Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mark Fedikow</B>, President and former Interim Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Cheryl Messier</B>, Chief Financial Officer and Secretary<sup>(1)</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Patricia Tirschmann, </B>Vice President of Exploration
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt">Notes:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alex Dann replaced Cheryl Messier as Chief Financial Officer on March&nbsp;1, 2017.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 11pt"><B>Termination and Change of Control Benefits</B>
</FONT>


<P align="left" style="margin-left:4%; font-size: 11pt"><B><I>Keith Morrison Employment Agreement</I></B>


<P align="left" style="font-size: 11pt">Keith Morrison and the Company entered into an employment agreement dated December&nbsp;15, 2014,
setting out the terms and conditions of Mr.&nbsp;Morrison&#146;s employment as Chief Executive Officer of the
Company.


<P align="left" style="font-size: 11pt">Under the employment agreement, Mr.&nbsp;Morrison is entitled to a base annual salary of $250,000.


<P align="left" style="font-size: 11pt">Under the employment agreement, the Company also agreed to grant to Mr.&nbsp;Morrison 1,000,000 options,
each with a five-year term. Such options were granted to Mr.&nbsp;Morrison on December&nbsp;22, 2014 (see
&#147;Executive Compensation &#150; Incentive Plan Awards&#148;). Under the employment agreement, the Company also
agreed to grant to Mr.&nbsp;Morrison $75,000 per year in restricted share units (RSUs), each with a
duration of three years. However, pending granting the RSUs it was agreed that Mr.&nbsp;Morrison&#146;s base
salary will be calculated on the basis of an annual amount of $325,000.


<P align="left" style="font-size: 11pt">If the employment agreement is terminated without cause by the Company during a Window Period (as
defined below), or by Mr.&nbsp;Morrison for Good Reason (as defined below) during a Window Period, the
Company shall pay to Mr.&nbsp;Morrison on the severance date, as his whole entitlement to severance pay,
a lump sum cash amount equal to the total of twenty-four months pay at Mr.&nbsp;Morrison&#146;s base salary
in effect at the date of termination. If the employment agreement is terminated without cause by
the Company outside a Window Period following a change of control, or by Mr.&nbsp;Morrison for Good
Reason outside of Window Period, the Company shall pay to Mr.&nbsp;Morrison on the severance date, as
his whole entitlement to severance pay, a lump sum cash amount equal to the total of eighteen (18)
months&#146; pay at Mr.&nbsp;Morrison&#146;s base salary in effect at the date of termination.


<P align="left" style="font-size: 11pt">In the event of any severance termination listed above, to the extent that any RSUs or options that
have been granted, but that have not vested, would have, but for such termination, vested during
the 24-month period following such termination, such RSUs or options shall immediately vest
effective on the severance date subject to the terms of the Share Award Plan or Stock Option Plan,
as the case may be. All such options (together with RSUs or options vested on or prior to the
severance date) may be exercised following the severance date in accordance with the terms of the
Stock Option Plan or Share Award Plan, as the case may be.


<P align="left" style="font-size: 11pt">Under the employment agreement, a <B>&#147;Window Period&#148; </B>means the period surrounding a Change of Control
(as defined in the employment agreement) commencing on the earlier of (i)&nbsp;the public announcement
of a Change of Control, (ii)&nbsp;the entry by the Company of an agreement with an Acquiror that will
result in a Change of Control, or (ii)&nbsp;occurrence of such Change of Control, and ending twelve
months after the closing of such Change of Control (provided that the Window Period shall not apply
if the Change of Control transaction does not ultimately occur).


<P align="left" style="font-size: 11pt">Under the employment agreement, <B>&#147;Good Reason&#148; </B>means, without Mr.&nbsp;Morrison&#146;s consent, any of the
following: (i)&nbsp;any material adverse change in Mr.&nbsp;Morrison&#146;s status, position, authority or
responsibilities in effect under the employment agreement; (ii)&nbsp;any action of or inaction by the
company that would give rise to constructive dismissal at common law in British Columbia; (iii)&nbsp;any
reduction by the Company of Mr.&nbsp;Morrison&#146;s base salary or material adverse change in Mr.&nbsp;Morrison&#146;s
entitlement to benefits or other form of non-discretionary remuneration; or (iv)&nbsp;any failure by the
Company to comply and satisfy its obligations under the employment agreement to have any successor
company assume the Company&#146;s obligations under the employment agreement.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B><I>Mark Fedikow Employment Agreement</I></B>


<P align="left" style="font-size: 11pt">Mark Fedikow and the Company entered into an employment agreement dated September&nbsp;1, 2015, setting
out the terms and conditions of Mr.&nbsp;Fedikow&#146;s employment as President of the Company.


<P align="left" style="font-size: 11pt">Under the employment agreement Mr.&nbsp;Fedikow&#146;s employment commenced on September&nbsp;1, 2015, however,
for any purpose requiring a calculation involving his start date, his start date is deemed to be
May&nbsp;1, 2010. May&nbsp;1, 2010 represents the beginning of Mr.&nbsp;Fedikow&#146;s relationship with the Company
through Mount Morgan Resources Ltd.


<P align="left" style="font-size: 11pt">Under the employment agreement, Mr.&nbsp;Fedikow is entitled to a base annual salary of $200,000.


<P align="left" style="font-size: 11pt">Under the employment agreement, the Company also agreed to grant to Mr.&nbsp;Fedikow $50,000 per year in
restricted share units, each with a duration of three years. However, pending the issuance of the
RSUs, it was agreed that Mr.&nbsp;Fedikow&#146;s base salary will be calculated on the basis of an annual
amount of $250,000.


<P align="left" style="font-size: 11pt">Under the employment agreement, if Mr.&nbsp;Fedikow is terminated without cause, the Company shall pay a
lump sum payment or salary continuance at the Company&#146;s sole discretion equal to eighteen months
pay at Mr.&nbsp;Fedikow&#146;s base salary.


<P align="left" style="font-size: 11pt">In the event of a change of control, if Mr.&nbsp;Fedikow terminates the employment agreement during the
six month period following such event, the Company shall pay a lump sum payment or salary
continuation at the Company&#146;s sole discretion equal to twenty-four months pay at Mr.&nbsp;Fedikow&#146;s base
salary.


<P align="left" style="font-size: 11pt; text-indent: 4%"><B><I>Patricia Tirschmann Employment Agreement</I></B>


<P align="left" style="font-size: 11pt">Patti Tirschmann and the Company are parties to an employment agreement dated January&nbsp;15, 2015,
setting out the terms and conditions of Ms.&nbsp;Tirschmann&#146;s employment as Vice-President, Exploration
of the Company. Under the employment agreement, Ms.&nbsp;Tirschmann is entitled to a base salary of
$200,000.


<P align="left" style="font-size: 11pt">Under the employment agreement Ms.&nbsp;Tirschmann&#146;s employment commenced on January&nbsp;15, 2015, however,
for any purpose requiring a calculation involving her start date, her start date is deemed to be
May&nbsp;12, 2014 which represents the beginning of Ms.&nbsp;Tirschmann&#146;s relationship with the Company.


<P align="left" style="font-size: 11pt">Under the employment agreement, if Ms.&nbsp;Tirschmann is terminated without cause, the Company shall
pay a lump sum payment or salary continuance at the Company&#146;s sole discretion equal to six month&#146;s
salary plus an additional one month for each consecutive year of service since Ms.&nbsp;Tirschmann&#146;s
start date, to a cumulative maximum of twelve months.


<P align="left" style="font-size: 11pt">In the event of a change of control, if Ms.&nbsp;Tirschmann terminates the employment agreement during
the six month period following such event, the Company shall pay a lump sum payment or salary
continuance at the Company&#146;s sole discretion equal to twelve month&#146;s pay at Ms.&nbsp;Tirschmann&#146;s base
salary.



<P align="left" style="margin-left:4%; font-size: 11pt"><B><I>Estimated Termination and Change of Control Payments</I></B>


<P align="left" style="font-size: 11pt">The following shows the estimated incremental payments that would be payable to each of the NEOs of
the Company in the event of a change of control or termination without cause of such NEOs on
December&nbsp;31, 2016.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Payment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Payment</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>for a Termination</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>for a Termination</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>without Cause or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>without Cause or</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>resignation for</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>resignation for</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Good Reason during</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Good Reason outside</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>a Window</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>a Window</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Period</B><sup><B>(1)</B></sup></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Period</B><sup><B>(2)</B></sup></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt"><B>Name</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>($</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 8pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>($</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 8pt"><B>)</B></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt"><B>Keith Morrison, </B>Chief Executive Officer</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">650,000</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">487,500</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notes:</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents 24&nbsp;months&#146; salary at $325,000 per annum, as well as the value of $nil options that
would become vested as a result of such event, based on the closing price of the Common Shares
of $0.09 on December&nbsp;31, 2016.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Represents 18&nbsp;months&#146; salary at $325,000 per annum, as well as the value of $nil options that
would become vested as a result of such event, based on the closing price of the Common Shares
of $0.09 on December&nbsp;31, 2016.<FONT style="font-size: 9pt"></FONT></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Change of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Termination Without</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Control Payment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cause Payment</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Mark Fedikow</B>, President and former Interim Chief Executive Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Cheryl Messier</B>, Chief Financial Officer and Secretary<sup>(1)</sup></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Patricia Tirschmann, </B>Vice President of Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><B>Notes:</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alex Dann replaced Cheryl Messier as Chief Financial Officer on March&nbsp;1, 2017.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 11pt"><B>Director Compensation</B>
</FONT>


<P align="left" style="margin-left:4%; font-size: 11pt"><B><I>Director Compensation Table</I></B>


<P align="left" style="font-size: 11pt">The following table sets forth the value of all compensation provided to directors, not including
those directors who are also Named Executive Officers, for the Company&#146;s financial year ended
December&nbsp;31, 2016.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Option-Based</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Fees Earned</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Awards</B><sup><B>(1)</B></sup></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Total</B></TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt"><B>Name</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>($</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 8pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>($</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 8pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>($</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 8pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>($</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 8pt"><B>)</B></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt">Gilbert Percy Clark</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>&#151;</B></FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">12,153</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">12,153</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt">James Clucas</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">24,000</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">15,471</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">39,471</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt">Douglas E. Ford</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">24,000<sup>(2)</sup></FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">15,471</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">51,471</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt">Christopher Messina</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">24,000</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">12,386</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">36,386</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt">John Sabine</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">36,000</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">21,033</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">57,033</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt">Neil Richardson<sup>(3)</sup></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">54,548</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">14,022</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">68,570</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt">Edward D. Ford<sup>(4)</sup></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">12,000<sup>(2)</sup></FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">15,471</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">27,471</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt">John Roozendaal<sup>(4)</sup></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">12,000</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">12,386</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Nil<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">24,386</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notes:</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The value of the option-based awards was calculated based on the fair value of the options on
their grant date using the Black-Scholes option pricing model. The Company chose the
Black-Scholes model because it is a widely recognized and utilized model for option pricing.
In calculating the fair value of options for the options granted in 2016, management assumed
an average risk-free interest rate of 0.68%-0.79%, an expected dividend yield of 0%, an
expected life of five years and an average share price volatility of 110.60%-113.17%.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to an Amended Management Services Agreement dated as of May&nbsp;1, 2010, the Company
engaged Dockside Capital Group Inc. (&#147;<B>Dockside</B>&#148;) for management services. Dockside is a
management services company controlled, in part, by Edward D. Ford and Douglas E. Ford, each
of whom was a director of the Company during the financial year ended December&nbsp;31, 2016. The
monthly management fee payable under the Agreement is $4,000, plus applicable taxes.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neil Richardson resigned from the Company on May&nbsp;31, 2016. <FONT style="font-size: 9pt"></FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 8pt">(4)</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 8pt">Edward D. Ford and John Roozendaal did not stand for re-election at the 2015 annual meeting
of Shareholders.</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 8pt"><FONT style="font-size: 11pt"><B><I>Outstanding Share -Based Awards and Option -Based Awards</I></B>
</FONT>

<P align="left" style="font-size: 11pt">The following table sets forth the options granted to the directors of the Company, not including
those directors who are also Named Executive Officers, to purchase or acquire securities of the
Company outstanding at the end of the Company&#146;s financial year ended December&nbsp;31, 2016.

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Option-Based</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Awards-Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Value of Unexercised</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Underlying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>In-the-Money</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><B>Name</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><B>Unexercised Options<BR>
(#)</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><B>Option Exercise Price<BR>
($)</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt"><B>Option Expiration<BR>
Date</B></FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><B>Options</B><sup><B>(1)</sup><BR>
($)</B></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Gilbert Percy Clark</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">375,000<BR>
136,000<BR>
260,000</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">$0.24<BR>
$0.62<BR>
$0.21</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">August&nbsp;13, 2017<BR>
July&nbsp;9, 2019<BR>
January&nbsp;28, 2021</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Nil<BR>
Nil<BR>
Nil</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">James Clucas</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">75,000<BR>
265,000<BR>
331,000</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">$0.24<BR>
$0.62<BR>
$0.21</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">August&nbsp;13, 2017<BR>
July&nbsp;9, 2019<BR>
January&nbsp;28, 2021</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Nil<BR>
Nil<BR>
Nil</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Douglas E. Ford</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">75,000<BR>
265,000<BR>
50,000<BR>
331,000</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">$0.24<BR>
$0.62<BR>
$0.26<BR>
$0.21</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">August&nbsp;13, 2017<BR>
July&nbsp;9, 2019<BR>
September&nbsp;26, 2019<BR>
January&nbsp;28, 2021</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Nil<BR>
Nil<BR>
Nil<BR>
Nil</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Christopher Messina</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">250,000<BR>
265,000</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">$0.20<BR>
$0.21</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">October&nbsp;5, 2020<BR>
January&nbsp;28, 2021</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Nil<BR>
Nil</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">John Sabine</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">350,000<BR>
450,000</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">$0.21<BR>
$0.21</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">November&nbsp;5, 2019<BR>
January&nbsp;28, 2021</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Nil<BR>
Nil</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Neil Richardson<sup>(2)</sup></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Nil</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Nil</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">Nil</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Nil</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Edward D. Ford<sup>(3)</sup></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">75,000<BR>
265,000<BR>
331,000</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">$0.24<BR>
$0.62<BR>
$0.21</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">August&nbsp;13, 2017<BR>
July&nbsp;9, 2019<BR>
January&nbsp;28, 2021</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Nil<BR>
Nil<BR>
Nil</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top"><FONT style="font-size: 8pt">John Roozendaal<sup>(3)</sup></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">75,000<BR>
265,000<BR>
265,000</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">$0.24<BR>
$0.62<BR>
$0.21</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">August&nbsp;13, 2017<BR>
July&nbsp;9, 2019<BR>
January&nbsp;28, 2021</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Nil<BR>
Nil<BR>
Nil</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notes:</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculated based on the difference between the closing market price of the Common Shares on
the last trading day of the most recently completed financial year (being $0.09 on December
30, 2016) and the exercise price of the options on that date.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neil Richardson resigned from the Company on May&nbsp;31, 2016.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Edward E. Ford and John Roozendaal did not stand for re-election at the 2015 annual meeting
of Shareholders.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:4%; font-size: 8pt"><FONT style="font-size: 11pt"><B><I>Incentive Plan Awards &#151; Value Vested or Earned During the Year</I></B>
</FONT>

<P align="left" style="font-size: 11pt">The following table sets forth the value vested or earned during the year of option-based awards
and non-equity incentive plan compensation paid to the directors of the Company, not including
those directors who are also Named Executive Officers, during the financial year ended December&nbsp;31,
2016. The aggregate value of the option-based awards vested during the year is based on the
difference between the Company&#146;s share price on the vesting day of any options that vested during
the financial year ended December&nbsp;31, 2016 and the exercise price of the options.

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Non-Equity Incentive</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Option-Based Awards -</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Plan Compensation -</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Value Vested During</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Value Earned During</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>the Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>the Year</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gilbert Percy Clark
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James Clucas
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Douglas E. Ford
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Christopher Messina
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Sabine
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Neil Richardson<sup>(1)</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Edward D. Ford<sup>(2)</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Roozendaal<sup>(2)</sup>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt">Notes:
<BR>
(1)&nbsp;Neil Richardson resigned from the Company on May&nbsp;31, 2016.</FONT><FONT style="font-size: 11pt">
</FONT><BR>
<FONT style="font-size: 8pt">(2)&nbsp;Edward E. Ford and John Roozendaal did not stand for re-election at the 2015 annual meeting
of Shareholders.
</FONT>

<P align="center" style="font-size: 8pt"><FONT style="font-size: 11pt"><B>EQUITY COMPENSATION PLAN INFORMATION</B></FONT>



<P align="left" style="font-size: 11pt">The following table sets forth certain information pertaining to the Company&#146;s equity compensation
plan as at the end of the Company&#146;s financial year ended December&nbsp;31, 2016:

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>remaining available</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>for future issuance</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>under equity</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>issued upon</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Weighted-average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>compensation plans</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>exercise price of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(excluding</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>securities</B></TD>
</TR>
<TR style="font-size: 11pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options, warrants</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>options, warrants</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>reflected in column</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>and rights</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>and rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>(A))</B><sup><B>(1)</B></sup></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11pt">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><FONT style="font-size: 8pt"><B>Plan Category</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>(A</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 8pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>(B</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 8pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt"><B>(C</B></FONT></TD>
    <TD nowrap><FONT style="font-size: 8pt"><B>)</B></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt">Equity compensation</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Options: 12,823,000<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">0.37</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">24,035,188</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt">plans approved by</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-size: 8pt">Warrants: 47,991,018<BR></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">0.49</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt">security holders</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT style="font-size: 8pt"><B>Total</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">60,814,018</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt">$</FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">0.46</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-size: 8pt"></FONT></TD>
    <TD align="right"><FONT style="font-size: 8pt">24,035,188</FONT></TD>
    <TD><FONT style="font-size: 8pt"></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Note:</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on a total of 36,858,188 options issuable pursuant to the stock option plan,
representing 10% of the Company&#146;s issued and outstanding share capital of 368,581,886 Common
Shares as at December&nbsp;31, 2016.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 8pt"><FONT style="font-size: 11pt"><B>INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS</B></FONT>



<P align="left" style="font-size: 11pt">None of the directors or executive officers of the Company, no proposed nominee for election as a
director of the Company, and no associates or affiliates of any of them, is or has been indebted to
the Company or its subsidiaries at any time since the beginning of the Company&#146;s last completed
financial year.


<P align="center" style="font-size: 11pt"><B>INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS</B>



<P align="left" style="font-size: 11pt">Other than as otherwise described in this Circular, no informed person of the Company, no proposed
nominee for election as a director of the Company and no associate or affiliate of any of the
foregoing, has any material interest, direct or indirect, in any transaction since the commencement
of the Company&#146;s last financial year or in any proposed transaction, which, in either case, has
materially affected or will materially affect the Company or any of its subsidiaries.


<P align="center" style="font-size: 11pt"><B>MANAGEMENT CONTRACTS</B>



<P align="left" style="font-size: 11pt">Management functions of the Company and its subsidiaries are substantially performed by the
Company&#146;s directors and executive officers. Other than as described above under <I>&#147;Termination and
Change of Control Benefits&#148; </I>the Company has not entered into any contracts, agreements or
arrangements with parties other than its directors and executive officers for the provision of such
management functions.<sup> </sup>


<P align="center" style="font-size: 11pt"><B>CORPORATE GOVERNANCE</B>



<P align="left" style="font-size: 11pt"><B>General</B>


<P align="left" style="font-size: 11pt">The Board believes that good corporate governance improves corporate performance and benefits all
shareholders. National Policy 58-201 &#150; <I>Corporate Governance Guidelines </I>provides non-prescriptive
guidelines on corporate governance practices for reporting issuers such as the Company. In
addition, National Instrument 58-101 &#150; <I>Disclosure of Corporate Governance Practices </I>(&#147;<B>NI 58-101</B>&#148;)
prescribes certain disclosure by the Company of its corporate governance practices. This disclosure
is presented below.


<P align="left" style="font-size: 11pt"><B>Board of Directors</B>


<P align="left" style="font-size: 11pt">The Board facilitates its exercise of independent supervision over the Company&#146;s management through
frequent meetings of the Board.


<P align="left" style="font-size: 11pt">The Board will, assuming the election of management&#146;s nominees for appointment to the Board as
described in this Circular, be comprised of six directors, five of whom will be independent for the
purposes of NI 58-101. Keith Morrison is not independent as he is Chief Executive Officer of the
Company.


<P align="left" style="font-size: 11pt"><B>Directorships</B>


<P align="left" style="font-size: 11pt">Certain of the directors and proposed directors are also directors of other reporting issuers, as
follows:

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Director</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Other Reporting Issuers</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James Clucas
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Search Minerals Inc.; INV Metals Inc.</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Douglas E. Ford
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Whattozee Networks Inc.; Avanti Energy Inc.</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Keith Morrison
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Era Resources Inc.; Security Devices International</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Sabine
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seabridge Gold Inc.</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 11pt"><B>Orientation and Continuing Education</B>
</FONT>

<P align="left" style="font-size: 11pt">New Board members receive an orientation package which includes reports on operations and results,
and public disclosure filings by the Company. Board meetings are sometimes held at the Company&#146;s
offices and, from time to time, are combined with presentations by the Company&#146;s management to give
the directors additional insight into the Company&#146;s business. In addition, management of the
Company makes itself available for discussion with all Board members.


<P align="left" style="font-size: 11pt"><B>Ethical Business Conduct</B>


<P align="left" style="font-size: 11pt">The Board has found that the fiduciary duties placed on individual directors by the Company&#146;s
governing corporate legislation and the common law and the restrictions placed by applicable
corporate legislation on an individual director&#146;s participation in decisions of the Board in which
the director has an interest have been sufficient to ensure that the Board operates independently
of management and in the best interests of the Company.


<P align="left" style="font-size: 11pt"><B>Nomination of Directors</B>


<P align="left" style="font-size: 11pt">The Board considers its size each year when it considers the number of directors to recommend to
the shareholders for election at the annual meeting of shareholders, taking into account the number
required to carry out the Board&#146;s duties effectively and to maintain a diversity of view and
experience.


<P align="left" style="font-size: 11pt">The Board does not have a nominating committee, and these functions are currently performed by the
Board as a whole. However, if there is a change in the number of directors required by the Company,
this policy will be reviewed.


<P align="left" style="font-size: 11pt"><B>Compensation Committee</B>


<P align="left" style="font-size: 11pt">Prior to March&nbsp;27, 2014, the Company did not have a separate Compensation Committee and
compensation matters were dealt with by the entire Board.


<P align="left" style="font-size: 11pt">Effective March&nbsp;27, 2014, a Compensation Committee was created. The Compensation Committee is
responsible for, among other things, evaluating the performance of the Company&#146;s executive
officers, determining or making recommendations to the Board with respect to the compensation of
the Company&#146;s executive officers, making recommendations to the Board with respect to director
compensation, incentive compensation plans and equity-based plans, making recommendations to the
Board with respect to the compensation policy for the employees of the Company or its subsidiaries
and ensuring that the Company is in compliance with all legal requirements with respect to
compensation disclosure. In performing its duties, the Compensation Committee has the authority to
engage such advisors, including executive compensation consultants, as it considers necessary.


<P align="left" style="font-size: 11pt">The Compensation Committee is currently composed of James Clucas (Chair), Gilbert Percy Clark and
Christopher Messina. Mr.&nbsp;Clucas, Clark and Messina are independent directors within the meaning
set out in NI 58-101. Each of the members of the Compensation Committee are experienced
participants in business or finance, and have sat on the boards of directors of other companies,
charities or business associations, in addition to the Board of the Company.


<P align="left" style="font-size: 11pt">The recommendations of the Compensation Committee are based primarily on analysis which compares
the Company&#146;s pay levels and compensation practices with other reporting issuers of the same size
as and which are active in the industry and/or market in which the Company competes for talent.
This analysis provides valuable information that will allow the Company to make adjustments, if
necessary, to attract and retain the best individuals to meet the Company&#146;s needs and provide value
to the Company&#146;s shareholders.


<P align="left" style="font-size: 11pt"><B>Other Board Committees</B>


<P align="left" style="font-size: 11pt">In addition to the Audit Committee and the Compensation Committee, effective March&nbsp;27, 2014, the
Board formed the following committees with the members indicated:

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="29%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Committee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Director/Officer Members</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Function of Committee</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top">Disclosure Compliance<BR>
Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Fedikow (Chair),<BR>
Keith Morrison
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Disclosure Committee (the<BR>
<B>&#147;Committee</B>&#148;) shall assist the<BR>
Company&#146;s officers and directors<BR>
(collectively, the &#147;<B>Senior<BR>
Officers</B>&#148;) fulfilling the Company&#146;s<BR>
and their responsibilities<BR>
regarding (i)&nbsp;the identification<BR>
and disclosure of material<BR>
information about the Company and<BR>
(ii)&nbsp;the accuracy, completeness and<BR>
timeliness of the company&#146;s<BR>
financial reports.</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top">Corporate Governance<BR>
Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Douglas E. Ford<BR>
(Chair), James Clucas,<BR>
Gilbert Clark
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maintain the system of rules,<BR>
practices and processes by which<BR>
the Company is directed and<BR>
controlled.</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD align="left" valign="top">Technical Oversight Committee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark Fedikow (Chair),<BR>
Keith Morrison
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Discussing, developing and applying<BR>
specialist geotechnical knowledge<BR>
related to the Company&#146;s materials<BR>
and disclosure.</DIV></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 11pt"><B>Assessments</B>
</FONT>

<P align="left" style="font-size: 11pt">Due to the minimal size of the Company&#146;s Board of directors, no formal policy has been established
to monitor the effectiveness of the directors, the Board and its committees.


<P align="center" style="font-size: 11pt"><B>AUDIT COMMITTEE</B>



<P align="left" style="font-size: 11pt">Under National Instrument 52-110 &#150; <I>Audit Committees </I>(&#147;<B>NI 52-110</B>&#148;), reporting issuers are required
to provide disclosure with respect to their Audit Committee including the text of the Audit
Committee&#146;s Charter, composition of the Committee, and the fees paid to the external auditor. The
Board adopted an audit committee charter on May&nbsp;2, 2006. The Company provides the following
disclosure with respect to its Audit Committee:


<P align="left" style="font-size: 11pt"><B>Audit Committee Charter</B>


<P align="left" style="font-size: 11pt">The Audit Committee has adopted an audit committee charter, a copy of which is available on SEDAR
under the Company&#146;s issuer profile at <U>www.sedar.com</U>.


<P align="left" style="font-size: 11pt"><B>Composition of Audit Committee</B>


<P align="left" style="font-size: 11pt">The following are the members of the Audit Committee:

<DIV align="center">
<TABLE style="font-size: 11pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt"><B>Name</B></FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><B>Whether Independent</B><sup><B>(1)</B></sup></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><B>Whether Financially Literate</B><sup><B>(2)</B></sup></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">Douglas E. Ford</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Independent</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Financially Literate</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">James Clucas</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Independent</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Financially Literate</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt">Christopher Messina</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Independent</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt">Financially Literate</FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Notes:</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A member of an audit committee is independent if the member has no direct or indirect
material relationship with the Company, which could, in the view of the Board of Directors,
reasonably interfere with the exercise of a member&#146;s independent judgment.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An individual is financially literate if he has the ability to read and understand a set of
financial statements that present a breadth of complexity of accounting issues that are
generally comparable to the breadth and complexity of the issues that can reasonably be
expected to be raised by the Company&#146;s financial statements.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 11pt"><B>Relevant Education and Experience</B>
</FONT>

<P align="left" style="font-size: 11pt">The relevant education and/or experience of each member of the Audit Committee is as follows:


<P align="left" style="font-size: 11pt">Mr.&nbsp;Douglas E. Ford holds a BA in Political Science from the University of British Columbia in
1986. Mr.&nbsp;Ford is also directly responsible for the financial reporting of several public and
private companies and has over 25&nbsp;years&#146; experience in financial reporting.


<P align="left" style="font-size: 11pt">Mr.&nbsp;Clucas has over 31&nbsp;years of experience and expertise in mining exploration and production. Mr.
Clucas obtained a Chartered Management Accountant designation in the United Kingdom. From 1970 to
1979, Mr.&nbsp;Clucas was the Chief Financial Officer for the Manitoba Division of Inco Ltd., and
subsequently served in the same capacity with the Ontario Division of Inco Ltd.


<P align="left" style="font-size: 11pt">Mr.&nbsp;Messina is an experienced investment banker with over 20&nbsp;years&#146; experience in the capital
markets. He has advised multiple global exchanges, commodity producers and traders, private equity
firms, corporations and sovereign wealth funds. He is currently an advisor to artificial
intelligence and big data software companies focused on applying advanced computational techniques
to the global capital and cyber security markets. He has a BA in Anthropology from the University
of Chicago, where he was a National Merit Scholar, and an MBA in Finance from the Australian
Graduate School of Management.


<P align="left" style="font-size: 11pt"><B>Audit Committee Oversight</B>


<P align="left" style="font-size: 11pt">At no time since the commencement of the Company&#146;s financial year ended December&nbsp;31, 2016 was a
recommendation of the Audit Committee to nominate or compensate an external auditor not adopted by
the Board of Directors.


<P align="left" style="font-size: 11pt"><B>Reliance on Certain Exemptions</B>


<P align="left" style="font-size: 11pt">At no time since the commencement of the Company&#146;s financial year ended December&nbsp;31, 2016 has the
Company relied on the exemption in Section&nbsp;2.4 of NI 52-110 (De Minimis Non-Audit Services), or an
exemption from NI 52-110, in whole or in part, granted under Part&nbsp;8 of National Instrument 52-110.


<P align="left" style="font-size: 11pt"><B>Pre-Approval Policies and Procedures</B>


<P align="left" style="font-size: 11pt">The Audit Committee is authorized by the Board to review the performance of the Company&#146;s external
auditors and approve in advance provision of services other than auditing and to consider the
independence of the external auditors, including a review of the range of services provided in the
context of all consulting services bought by the Company. The Audit Committee is authorized to
approve in writing any non-audit services or additional work which the Chairman of the Audit
Committee deems is necessary, and the Chairman of the Audit Committee will notify the other members
of the Audit Committee of such non-audit or additional work and the reasons for such non-audit work
for the Audit Committee&#146;s consideration and, if thought fit, approval in writing.


<P align="left" style="font-size: 11pt"><B>External Auditor Service Fees</B>


<P align="left" style="font-size: 11pt">The fees billed by the Company&#146;s external auditors in each of the last two financial years for
audit and non-audit related services provided to the Company or its subsidiaries are as follows:

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Financial Year Ending Dec 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Audit Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Audit-Related Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tax Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>All Other Fees</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2016</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">$25,500</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Nil</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">$1,250</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">$14,500</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 8pt">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2015</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">30,500</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Nil
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,250</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nil</TD>
</TR>
<TR style="font-size: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 8pt"><FONT style="font-size: 11pt"><B>Exemption</B>
</FONT>

<P align="left" style="font-size: 11pt">The Company is a &#147;venture issuer&#148; as defined in NI 52-110 and as such is exempt from the
requirements of Part&nbsp;3 <I>Composition of the Audit Committee </I>and Part&nbsp;5 <I>Reporting Obligations </I>of NI
52-110.


<P align="center" style="font-size: 11pt"><B>ADDITIONAL INFORMATION</B>



<P align="left" style="font-size: 11pt">Financial information is provided in the Company&#146;s audited annual financial statements and
accompanying management&#146;s discussion and analysis (&#147;<B>MD&A</B>&#148;) for the year ended December&nbsp;31, 2016.
Any person or company who wishes to receive interim financial statements from the Company may
deliver a written request for such material to the Company or the Company&#146;s agent, together with a
signed statement that the persons or company is the owner of securities of the Company.
Shareholders who wish to receive interim financial statements are encouraged to send the enclosed
mail card, together with the completed form of proxy, in the addressed envelope provided, to the
Company&#146;s registrar and transfer agent, Computershare Investor Services Inc., Suite&nbsp;300, 510
Burrard Street, Vancouver, British Columbia, V6C 3B9.<sup></sup> The Company will maintain a
supplemental mailing list of persons or companies wishing to receive interim financial statements.


<P align="left" style="font-size: 11pt">Shareholders wishing to obtain copies of the Company&#146;s financial statements and related MD&A can do
so by contacting the Company at Suite&nbsp;2200, 1055 West Hastings Street, Vancouver, BC, V6E 2E9
Phone: (604)&nbsp;770-4334. Additional information relating to the Company is available on SEDAR under
the Company&#146;s issuer profile at <U>www.sedar.com</U>.


<P align="center" style="font-size: 11pt"><B>GENERAL</B>



<P align="left" style="font-size: 11pt">Unless otherwise specified, all matters referred to herein for approval by the Shareholders require
a simple majority of the Shareholders voting, in person or by proxy, at the Meeting. Where
information contained in this Circular rests specifically within the knowledge of a person other
than the Company, the Company has relied upon information furnished by such person.


<P align="left" style="font-size: 11pt">The contents of this Circular have been approved and this mailing has been authorized by the
Directors of the Company.


<P align="left" style="font-size: 11pt">DATED at Vancouver, British Columbia as of the 25<sup>th</sup> day of May, 2017.


<P align="left" style="font-size: 11pt">BY ORDER OF THE BOARD OF DIRECTORS
<BR>
<I>&#147;Keith Morrison&#148;</I>
<BR>
Chief Executive Officer
<BR>
North American Nickel Inc.


<P align="left" style="font-size: 11pt"><FONT style="font-size: 12pt">
</FONT><FONT style="font-size: 12pt">
</FONT>


<P align="center" style="font-size: 10pt; display: none">2


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</HTML>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit6.htm
<DESCRIPTION>EX-99.6
<TEXT>
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<HTML>
<HEAD>
<TITLE>
Exhibit&nbsp;&nbsp;EX-99.6
</TITLE>
</HEAD>
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<!-- ExhibitContentPage -->

<BODY style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="margin-left:8%; font-size: 10pt"><FONT style="font-size: 10pt">SAM SAMPLE
</FONT>


<P align="left" style="margin-left:2%; font-size: 10pt"><FONT style="font-size: 8pt">IGTQ 000001
</FONT>


<P align="left" style="margin-left:8%; font-size: 8pt"><FONT style="font-size: 10pt">123 SAMPLES STREET SAMPLETOWN SS X9X X9X CANADA
</FONT>

<P align="left" style="margin-left:8%; margin-right:13%; font-size: 10pt"><FONT style="font-size: 9pt"><B>Security Class&nbsp;COMMON SHARES</B>
</FONT>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="79%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Holder Account Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top"><FONT style="font-size: 14pt">C9999999999</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 14pt">IND</FONT></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 14pt"><FONT style="font-size: 6pt">&#151;<BR>
Fold</FONT>



<P align="left" style="font-size: 6pt"><FONT style="font-size: 14pt"><B>Form of Proxy &#151; Annual General and Special Meeting to be held on June&nbsp;29, 2017</B>
</FONT>

<P align="left" style="font-size: 14pt"><B>This Form of Proxy is solicited by and on behalf of Management.</B>


<P align="left" style="font-size: 14pt"><FONT style="font-size: 12pt"><B>Notes to proxy</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 8pt"><B>1.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 8pt">Every holder has the right to appoint some other person or company of their choice, who
<B>need not be a holder, to attend and act on their behalf at the meeting or any adjournment
or postponement thereof. If you wish to appoint a person or company other than the persons
whose names are printed herein, please insert the name of your chosen proxyholder in the
space provided (see reverse).</B></FONT></TD>
    <TD width="1%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the securities are registered in the name of more than one owner (for example, joint
ownership, trustees, executors, etc.), then all those registered should sign this proxy. If
you are voting on behalf of a corporation or another individual you must sign this proxy
with signing capacity stated, and you may be required to provide documentation evidencing
your power to sign this proxy.</TD>
    <TD width="1%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If this proxy is not dated, it will be deemed to bear the date on which it is mailed by
Management to the holder.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The securities represented by this proxy will be voted as directed by the holder, however,
if such a direction is not made in respect of any matter, this proxy will be voted as
recommended by Management.</B></TD>
    <TD width="1%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The securities represented by this proxy will be voted in favour or withheld from voting or
voted against each of the matters described herein, as applicable, in accordance with the
instructions of the holder, on any ballot that may be called for and, if the holder has
specified a choice with respect to any matter to be acted on, the securities will be voted
accordingly.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This proxy confers discretionary authority in respect of amendments or variations to matters
identified in the Notice of Meeting or other matters that may properly come before the
meeting or any adjournment or postponement thereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This proxy should be read in conjunction with the accompanying documentation provided by
Management.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:11%; font-size: 8pt"><FONT style="font-size: 10pt"><B>Proxies submitted must be received by 10:00 AM (Eastern Time) on June&nbsp;27,
2017.</B>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK!</B>
</FONT>

<P align="left" style="font-size: 12pt"><FONT style="font-size: 6pt">&#151;
<BR>
Fold
</FONT>

<P align="center" style="font-size: 6pt"><FONT style="font-size: 8pt"><B>To Vote Using the Internet</B></FONT>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>&#149;</B></FONT></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 8pt">Call the number listed BELOW from a touch tone telephone.</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:1%; font-size: 8pt"><FONT style="font-size: 10pt"><B>1-866-732-VOTE (8683)&nbsp;Toll Free</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD></TD>
    <TD width="26%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P align="left" style="margin-left:1%; margin-right:26%; font-size: 10pt"><FONT style="font-size: 8pt">Go to the following web site:
www.investorvote.com
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>&#149;</B></FONT></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 8pt"><B>Smartphone?</B></FONT></TD>
</TR>

</TABLE>


<P align="right" style="font-size: 8pt"><B>For Against</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt"><B>1.</B></FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Number of Directors</B></TD>
</TR>

</TABLE>


<P align="left" style="margin-right:4%; font-size: 9pt">To set the number of Directors at six (6).


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Election of Directors</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>John Sabine</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt"><FONT style="font-size: 8pt"><B>For Withhold</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 9pt">2.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">Keith Morrison</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt"><FONT style="font-size: 8pt"><B>For Withhold</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 9pt">3.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">Gilbert Percy Clark</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt"><FONT style="font-size: 8pt"><B>For Withhold</B>
</FONT>

<P align="left" style="font-size: 8pt"><FONT style="font-size: 6pt">&#151;
<BR>
Fold
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 6pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">4.</FONT></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="3" valign="top" align="left">James Clucas<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">05. Douglas E. Ford</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">06. Christopher Messina</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt"><B>For</B></FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><B>Withhold</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><BR></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 9pt"><B>3.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">Appointment of Auditors</FONT></TD>
</TR>

</TABLE>


<P align="left" style="margin-right:4%; font-size: 9pt">Appointment of Dale Matheson Carr-Hilton LaBonte LLP as Auditors of the Company for the
ensuing year and authorizing the Directors to fix their remuneration.


<P align="right" style="font-size: 9pt"><FONT style="font-size: 8pt"><B>For Against</B></FONT>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 9pt"><B>4.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">Stock Option Plan</FONT></TD>
</TR>

</TABLE>


<P align="left" style="margin-right:4%; font-size: 9pt">Approve the Company&#146;s Stock Option Plan, which makes a total of 10% of the issued and
outstanding shares of the Company available for issuance thereunder.


<P align="right" style="font-size: 9pt"><FONT style="font-size: 6pt">&#151;<BR>
Fold</FONT>



<P align="left" style="margin-right:1%; font-size: 6pt"><FONT style="font-size: 10pt"><B>Authorized Signature(s) &#151; This section must be completed for your instructions to be
executed.</B>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 8pt">I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby
revoke any proxy previously given with respect to the Meeting. <B>If no voting instructions are
indicated above, this Proxy will be voted as recommended by Management.</B>
</FONT>

<P align="left" style="font-size: 8pt"><FONT style="font-size: 7.5pt"><B>Signature(s) Date</B>
</FONT>


<P align="left" style="margin-left:8%; font-size: 7.5pt"><FONT style="font-size: 10pt">SAM SAMPLE
</FONT>


<P align="left" style="margin-left:2%; font-size: 10pt"><FONT style="font-size: 8pt">IGTQ 000002
</FONT>


<P align="left" style="margin-left:8%; font-size: 8pt"><FONT style="font-size: 10pt">123 SAMPLES STREET SAMPLETOWN SS X9X X9X AUSTRALIA
</FONT>

<P align="left" style="margin-left:8%; margin-right:13%; font-size: 10pt"><FONT style="font-size: 9pt"><B>Security Class&nbsp;COMMON SHARES</B>
</FONT>
<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="74%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 9pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Holder Account Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD align="left" valign="top"><FONT style="font-size: 14pt">C9999999999</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 14pt">IND</FONT></DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="right" style="font-size: 14pt"><FONT style="font-size: 6pt">&#151;<BR>
Fold</FONT>



<P align="left" style="font-size: 6pt"><FONT style="font-size: 14pt"><B>Form of Proxy &#151; Annual General and Special Meeting to be held on June&nbsp;29, 2017</B>
</FONT>

<P align="left" style="font-size: 14pt"><B>This Form of Proxy is solicited by and on behalf of Management.</B>


<P align="left" style="font-size: 14pt"><FONT style="font-size: 12pt"><B>Notes to proxy</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 12pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 8pt"><B>1.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 8pt">Every holder has the right to appoint some other person or company of their choice, who
<B>need not be a holder, to attend and act on their behalf at the meeting or any adjournment
or postponement thereof. If you wish to appoint a person or company other than the persons
whose names are printed herein, please insert the name of your chosen proxyholder in the
space provided (see reverse).</B></FONT></TD>
    <TD width="1%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the securities are registered in the name of more than one owner (for example, joint
ownership, trustees, executors, etc.), then all those registered should sign this proxy. If
you are voting on behalf of a corporation or another individual you must sign this proxy
with signing capacity stated, and you may be required to provide documentation evidencing
your power to sign this proxy.</TD>
    <TD width="1%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This proxy should be signed in the exact manner as the name(s) appear(s) on the proxy.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If this proxy is not dated, it will be deemed to bear the date on which it is mailed by
Management to the holder.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The securities represented by this proxy will be voted as directed by the holder, however,
if such a direction is not made in respect of any matter, this proxy will be voted as
recommended by Management.</B></TD>
    <TD width="1%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The securities represented by this proxy will be voted in favour or withheld from voting or
voted against each of the matters described herein, as applicable, in accordance with the
instructions of the holder, on any ballot that may be called for and, if the holder has
specified a choice with respect to any matter to be acted on, the securities will be voted
accordingly.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This proxy confers discretionary authority in respect of amendments or variations to matters
identified in the Notice of Meeting or other matters that may properly come before the
meeting or any adjournment or postponement thereof.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This proxy should be read in conjunction with the accompanying documentation provided by
Management.</TD>
</TR>

</TABLE>



<P align="left" style="margin-left:11%; font-size: 8pt"><FONT style="font-size: 10pt"><B>Proxies submitted must be received by 10:00 AM (Eastern Time) on June&nbsp;27,
2017.</B>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>VOTE USING THE TELEPHONE OR INTERNET 24 HOURS A DAY 7 DAYS A WEEK!</B>
</FONT>

<P align="left" style="font-size: 12pt"><FONT style="font-size: 6pt">&#151;
<BR>
Fold
</FONT>


<P align="left" style="margin-left:3%; font-size: 6pt"><FONT style="font-size: 8pt"><B>To Vote Using the Telephone</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>&#149;</B></FONT></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 8pt">Call the number listed BELOW from a touch tone telephone.</FONT></TD>
</TR>

</TABLE>



<P align="left" style="margin-left:1%; font-size: 8pt"><FONT style="font-size: 10pt"><B>312-588-4290 Direct Dial</B>
</FONT>


<P align="left" style="margin-left:4%; font-size: 10pt"><FONT style="font-size: 8pt"><B>To Vote Using the Internet</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>&#149;</B></FONT></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 8pt">Go to the following web site:
www.investorvote.com</FONT></TD>
    <TD width="26%" style="background: transparent">&nbsp;</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right"><FONT style="font-size: 10pt"><B>&#149;</B></FONT></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><FONT style="font-size: 10pt"></FONT><FONT style="font-size: 8pt"><B>Smartphone?</B></FONT></TD>
</TR>

</TABLE>


<P align="right" style="font-size: 8pt"><B>For Against</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt"><B>1.</B></FONT></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Number of Directors</B></TD>
</TR>

</TABLE>


<P align="left" style="margin-right:4%; font-size: 9pt">To set the number of Directors at six (6).


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Election of Directors</B></TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>John Sabine</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt"><FONT style="font-size: 8pt"><B>For Withhold</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 9pt">2.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">Keith Morrison</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt"><FONT style="font-size: 8pt"><B>For Withhold</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 9pt">3.</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">Gilbert Percy Clark</FONT></TD>
</TR>

</TABLE>


<P align="left" style="font-size: 9pt"><FONT style="font-size: 8pt"><B>For Withhold</B>
</FONT>

<P align="left" style="font-size: 8pt"><FONT style="font-size: 6pt">&#151;
<BR>
Fold
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 6pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">4.</FONT></TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 9pt">
    <TD colspan="3" valign="top" align="left">James Clucas<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">05. Douglas E. Ford</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">06. Christopher Messina</TD>
</TR>
<TR valign="bottom" style="font-size: 9pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 8pt"><B>For</B></FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><B>Withhold</B></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 8pt"><BR></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 9pt"><B>3.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">Appointment of Auditors</FONT></TD>
</TR>

</TABLE>


<P align="left" style="margin-right:4%; font-size: 9pt">Appointment of Dale Matheson Carr-Hilton LaBonte LLP as Auditors of the Company for the
ensuing year and authorizing the Directors to fix their remuneration.


<P align="right" style="font-size: 9pt"><FONT style="font-size: 8pt"><B>For Against</B></FONT>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right"><FONT style="font-size: 9pt"><B>4.</B></FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT style="font-size: 9pt">Stock Option Plan</FONT></TD>
</TR>

</TABLE>


<P align="left" style="margin-right:4%; font-size: 9pt">Approve the Company&#146;s Stock Option Plan, which makes a total of 10% of the issued and
outstanding shares of the Company available for issuance thereunder.


<P align="right" style="font-size: 9pt"><FONT style="font-size: 6pt">&#151;<BR>
Fold</FONT>



<P align="left" style="margin-right:1%; font-size: 6pt"><FONT style="font-size: 10pt"><B>Authorized Signature(s) &#151; This section must be completed for your instructions to be
executed.</B>
</FONT>

<P align="left" style="font-size: 10pt"><FONT style="font-size: 8pt">I/We authorize you to act in accordance with my/our instructions set out above. I/We hereby
revoke any proxy previously given with respect to the Meeting. <B>If no voting instructions are
indicated above, this Proxy will be voted as recommended by Management.</B>
</FONT>

<P align="left" style="font-size: 8pt"><FONT style="font-size: 7.5pt"><B>Signature(s) Date</B>
</FONT>


<P align="center" style="font-size: 10pt; display: none">


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</DOCUMENT>
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