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MINERAL RESOURCES

Class TonsI

(millions)

Au

(opt)

Au

(ozs)

Ag

(opt)

Ag

(ozs)

Measured 18.19 0.020    369,000 0.079 1,438,000
Indicated 12.71 0.054    691,000 0.146 1,861,000
Measured + Indicated* 30.90 0.034 1,060,000 0.107 3,299,000
Inferred 1.00 0.041      41,000 0.120    120,000

I in imperial tons
*Grassy Mountain mineral resources are inclusive of the mineral reserves.

 


MINERAL RESOURCES

Class TonnesII

(millions)

Au

(g/T)

Au

(ozs)

Ag

(g/T)

Ag

(ozs)

Measured 16.50 0.69     369,000 2.71 1,438,000
Indicated 11.53 1.85     691,000 5.01 1,861,000
Measured + Indicated* 28.03 1.17 1,060,000 3.67 3,299,000
Inferred 0.91 1.41       41,000 4.11    120,000

IIin metric tonnes
*Grassy Mountain mineral resources are inclusive of the mineral reserves.


MINERAL RESERVES

Class Tonsa

(millions)

Au

(opt)

Au

(ozs)

Ag

(opt)

Ag

(ozs)

Proven 0.26 0.18   46,987 0.26   68,421
Probable 1.65 0.20 333,036 0.29 485,522
Proven & Probable 1.91 0.20 380,023 0.29 553,943
Ore Loss & Dilution 0.16 0.06 9,910 0.15 24,336
P&P + Ore Loss & Dilution 2.07 0.19 389,933 0.28 578,279

a in imperial tons 


MINERAL RESERVES

Class Tonnesb

(millions)

Au

(g/T)

Au

(ozs)

Ag

(g/T)

Ag

(ozs)

Proven 0.24 6.21   46,987 9.04   68,421
Probable 1.49 6.91 333,036 10.08 485,522
Proven & Probable 1.73 6.82 380,023 9.94 553,943
Ore Loss & Dilution 0.14 2.14 9,910 5.26 24,336
Proven & Probable 1.87 6.46 389,933 9.58 578,279

bin metric tonnes

Source: Grassy Mountain Technical Report on FS filed on SEDAR October 29, 2020

Cautionary Note to U.S. Investors Concerning Estimates of Indicated, Inferred Resources and Reserves
This news release uses the terms “measured and indicated resources”, “inferred resources” and “proven and probable reserves”. We advise U.S. investors that while these terms are defined in, and permitted by, Canadian regulations, these terms are not defined terms under SEC Industry Guide 7 and not normally permitted to be used in reports and registration statements filed with the SEC.  “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of a feasibility study or prefeasibility studies, except in rare cases.  The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves”, as in-place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into reserves. U.S. investors are cautioned not to assume that any part or all of an inferred resource exists or is economically or legally minable. Under SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority.