Metals Update 19/05/2021

Troilus Gold completes Urbangold Minerals acquisition

Troilus Gold Corp. has completed the previously announced acquisition of all of the issued and outstanding common shares of Urbangold Minerals Inc. that it does not currently own by way of a three-cornered amalgamation (the “Amalgamation”) under the Canada Business Corporations Act.

Pursuant to the Amalgamation, Troilus acquired all of the issued and outstanding Urbangold Shares that it does not currently own for a consideration (the “Exchange Ratio”) of 0.3004 of a common share of Troilus (“Troilus Shares”) for each outstanding Urbangold Share. Troilus now owns 100% of the outstanding Urbangold Shares. On closing of the Amalgamation, Troilus issued an aggregate of 19,518,273 Troilus Shares to former Urbangold shareholders, who now hold approximately 12.9% of the 151,764,781 Troilus Shares issued and outstanding, on an undiluted basis. Outstanding warrants to acquire Urbangold Shares have been adjusted as a result of the Amalgamation based on the Exchange Ratio and will be exercisable in the aggregate for 4,325,325 Troilus Shares.

The delisting of the Urbangold Shares from the TSX-V is expected to occur at the close of business on or about May 21, 2021.

“In 2020, Troilus significantly expanded its land package to over 107,000 hectares, becoming the largest claims holder in the Frotet-Evans Greenstone Belt. Field exploration work undertaken last summer exceeded our expectations with high-grade gold and copper samples collected across a number of new zones on the expanded property,” stated Justin Reid, Troilus Gold’s Director and CEO. “The acquisition of Urbangold adds another 35,000 hectares to the Troilus property. Drill-ready targets throughout the consolidated land package offer further growth potential to the long-term scale and scope of the Troilus asset, and in particular, our exploration team is excited to do further work on Urbangold’s Cressida target directly adjacent to our Beyan Zone, the Freegold/Bullseye target which is adjacent to Testard and the Pallador Regnault target which is in close proximity to the Tortigny deposit and Goldfield Boulders Zone. We welcome Urbangold shareholders to the Company and look forward to delivering value to all of our shareholders as we continue to explore and develop the highly prospective Frotet-Evans Greenstone Belt.”

Mathieu Stephens, former President and CEO of Urbangold, stated: “The amalgamation of Urbangold with Troilus will be of significant benefit to shareholders of both companies as it will streamline operations in an emerging gold and copper camp, where Troilus already owns key infrastructure. With this acquisition, the entity combines prospective ground and technical expertise with global capital markets reach and a track record to creating shareholder value, all key elements to continue developing a successful outcome in the region.”

Full details of the Amalgamation and certain other matters are set out in the management information circular of Urbangold dated April 9, 2021 (the “Information Circular”). A copy of the Information Circular and the early warning report filed by Troilus in connection with the acquisition of the Urbangold Shares can be found under Urbangold’s profile on SEDAR at http://www.sedar.com or by contacting Troilus at the number shown below. The purpose of the Amalgamation was to acquire all of the issued and outstanding Urbangold Shares.

Urbangold shareholders who have questions or who may need assistance with the completion of letters of transmittal are advised to contact TSX Trust Company, the depository for the Amalgamation, at: North American Toll Free: 1-866-600-5869 or Email:TMXEInvestorServices@tmx.com.

Atico earns $1.25-million (U.S.) in Q1

Atico Mining Corp. has released its financial results for the three months ended March 31, 2021, posting income from mining operations of $5.3-million and net income of $1.2-million. (All amounts expressed in US dollars, unless otherwise stated)

Fernando E. Ganoza, CEO and Director, commented, “This was a particularly challenging quarter given the operational setbacks resulting in loss production and an increase in cash cost, partially mitigated by higher realized metal prices leading to a cash margin of $2.38 per pound of payable copper. The Company closed the quarter showing a strong cash position of US$ 9.2-million and US$ 18-million in trade receivables, which were mostly realized in early April.” Mr. Ganoza continued,” We anticipate that we will be able to make up for the lost production throughout the remainder of this year to meet the annual guidance and take full advantage of the higher metal price environment.”

First Quarter Financial Highlights

Net income for the three months ended March 31, 2021 (“Q1-2021”) amounted to $1.2-million, compared with a loss of $1.6-million for the comparative period (“Q1-2020”). Net income was significantly affected by a higher realized copper price, partially offset by higher production costs and a negative fair value adjustment on outstanding derivatives, as compared to Q1-2020.

Sales for the period increased 155% to $19.3-million when compared with $7.6-million in Q1-2020. Copper (“Cu”) and gold (“Au”) accounted for 92% and 8% of the 10,125 (Q1-2020: 8,588) dry metric tonnes (“DMT”) shipped and invoiced during Q1-2021. The average realized price per metal on invoicing was $4.05 (Q1-2020 – $2.18) per pound (“lbs”) of copper and $1,728 (Q1-2020 – $1,578) per ounce (“oz”) of gold.

Working capital was $21.3-million (December 31, 2020 – $22.5-million), while the Company had $6.6-million (December 31, 2020 – $6.8-million) in long-term loans payable.

Cash costs(1) were $125.24 per tonne of processed ore and $1.67 per pound of payable copper produced(2), which were increases of 23% and 48% over Q1-2020, respectively. The increase in the cash cost per pound of payable copper net of by products is primarily explained by a higher cost per processed tonne, along with lower by-product credit from gold.

Cash margin(1)(2) was $2.38 (Q1-2020 – $1.04) per pound of payable copper produced, which was an increase of 126% over Q1-2020.

All-in sustaining cash cost per payable pound of copper produced(1)(2) was $2.85 (Q1-2020 – $1.60).

                                   FIRST QUARTER SUMMARY OF FINANCIAL RESULTS

                                                                                           Q1 2021         Q1 2020

Revenue                                                                                 19,303,903       7,563,092
Cost of sales                                                                         (12,356,497)     (8,970,716)
Income from mining operations                                                            6,947,406     (1,407,624)
General and administrative expenses                                                      1,357,573       1,058,570
Income from operations                                                                   5,311,749     (2,560,117)
Income before income taxes                                                               2,753,712     (1,714,920)
Net income (loss)                                                                        1,255,782     (1,555,449)
Operating cash flow before changes in non-cash operating working capital items(1)        7,340,036     (1,644,521)

First Quarter Operational Review

In Q1-2021, the Company produced 4.5-million lbs of copper, 2,134 oz of gold, and 7,870 oz of silver. When compared to Q1-2020, production decreased by 9.0% for copper and 19.7% for gold. The decrease for both copper and gold is mostly explained by 6.9% decrease in processed ore, while for gold an additional factor was a 12.8% decrease in head grade.

Cash costs(1) for the period were $125.24 per tonne of processed ore, and $1.67 per pound of payable copper produced, increases of 23% and 48% over Q1-2020, respectively. All-in sustaining cash cost per payable pound of copper produced(1)(2) was $2.85.

  
 
  
   First Quarter Operational Details
  
                                                            Q1 2021        Q1 2020
Production (Contained in Concentrate)(3)
Copper (000s lbs)                                             4,503          4,959
Gold (oz)                                                     2,134          2,736
Silver (oz)                                                   7,870          9,784
Mine
Tonnes of material mined                                     68,282         72,777
Mill
Tonnes processed                                             73,603         73,374
Tonnes processed per day                                        954            878
Copper grade (%)                                               3.23           3.31
Gold grade (g/t)                                               1.71           1.96
Silver grade (g/t)                                             6.98          10.86
Recoveries
Copper (%)                                                     91.2           91.9
Gold (%)                                                       56.8           59.0
Silver (%)                                                     51.4           38.2
Concentrates
Copper Concentrates (DMT)                                    10,365         10,213
Copper (%)                                                     19.7           21.9
Gold (g/t)                                                      6.4            8.3
Silver (g/t)                                                   23.6           29.8

Payable copper produced (000s lbs)                            4,278          4,680
Cash cost per pound of payable copper ($/lbs)(1)(2)            1.67           1.14

The financial statements and MD&A are available on SEDAR and have also been posted on the company’s website at http://www.aticomining.com/s/FinancialStatements.asp

El Roble Mine The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 1,000 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate. Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.

El Roble has Proven and Probable reserves of 1.47-million tonnes grading 3.40% copper and 1.88 g/t gold, at a cut-off grade of 1.93% copper equivalent as of June 30, 2018. Mineralization is open at depth and along strike and the Company plans to further test the limits of the deposit.

On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on volcanogenic massive sulfide (“VMS”) mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.

La Plata Overview

The La Plata project is a gold rich volcanogenic massive sulphide deposit that was the subject of small-scale mining from 1975-1981 by Outokumpu Finland. The project benefits from a modern drill and exploration database which was completed by Cambior Inc. from 1996-1999, Cornerstone Capital from 2006-2009 and Toachi from 2016-2019. In total, there is drill core and logs from more than 28,300 metres of drilling.

Historic resources based on drilling by Cambior and Cornerstone were estimated at 913,977 tonnes grading 8.01 grams gold per tonne, 88.3 grams silver per tonne, 5.01% copper, 6.71% zinc and 0.78% lead per tonne in the inferred category. More recently, Toachi Mining completed a PEA estimating an inferred resource of 1.85-million tonnes grading 4.10 grams gold per tonne, 50.0 grams silver per tonne, 3.30% copper, 4.60% zinc and 0.60% lead per tonne.

The La Plata project consists two concessions covering a total area of 2,300 hectares along its 4-kilometer length, which contains known mineralization in two VMS lenses and nine priority exploration targets.

The Company has a binding option agreement with a private Ecuadorean company to earn up to 75% in the La Plata project, of which the first option to acquire the initial 60% ownership has been exercised. Please refer to the Company’s MD&A for the year ended December 31, 2020 for further details.

Kincora neighbour begins drilling Big Hill

Kincora Copper Ltd. notes that Sultan Resources Ltd. has commenced drilling of its Big Hill copper-gold porphyry target that sits on the licence boundary of Kincora’s Cundumbul project (2). Permits for up to 4,500 metres of diamond drilling are in place with a first-pass three-hole program for 1,200 metres commenced and expected to take only four weeks, with drill collars within 300 metres of the Cundumbul licence boundary (1) (2).

  • First-pass drilling commenced by Sultan Resources Ltd. within 300 metres of the licence boundary of Kincora’s Cundumbul project testing the Big Hill porphyry target.
  • The Big Hill target has been described by Sultan as “the standout, undrilled porphyry copper-gold target in the central Lachlan fold belt” (1).
  • The Big Hill magnetic complex is approximately five kilometres long by 2.5 km wide situated within both the Sultan and Kincora licences with continuing drilling to test co-incident induced polarization, magnetic and geochemical anomalies (1) (2).
  • Kincora-operated drilling programs are continuing at the Trundle and Nyngan copper-gold projects with preparations to commence drilling at the Fairholme gold project.

Sultan states that the Big Hill target displays co-incident and complementary magnetic and induced polarization (IP) responses, high-grade copper and gold rock chips, distinct gold and copper plus pathfinder element geochemical soil anomalism and porphyry-style alteration within host-rock geology, and a structural setting consistent with the upper or outer parts of an alkalic porphyry copper-gold system such as Cadia and Boda (1) (2). The Big Hill target is located approximately 50 km in equal distance to both Cadia and Boda in the Molong belt of the Macquarie Arc of the Lachlan fold belt.

The Big Hill magnetic complex is approximately five km long by 2.5 km wide situated within both the Sultan and Kincora licences. A recent IP survey by Sultan has identified a large-scale IP chargeability anomaly approximately one km long by 650 metres wide, extending to 500 m (1) on its portion of the Big Hill magnetic complex straddling the licence boundary.

Sam Spring, president and chief executive officer, commented: “Since Sultan secured its portfolio in the Lachlan fold belt in March, 2020, it has been actively advancing the Big Hill target as a priority with boots on the ground exploration. This has resulted in the recently commenced first pass three-hole program, with all holes collared within 300 metres of our licence boundary and one proposed to be drilled up to the Cundumbul boundary.

“Sultan’s exploration approach and common large-scale magnetic complex target, of which up to 40 per cent potentially sits on our ground, provides a template for Kincora to adopt should their drilling prove successful. We are watching with keen interest, wishing Sultan all the best. The last exploration undertaking at the Cundumbul project was funded by Mitsubishi in 2015 and included only 844 m of prior shallow drilling at other targets within the license.

“With our drilling ongoing at Trundle and Nyngan copper-gold porphyry projects, and preparations to commence drilling our Fairholme gold project in July, Kincora is set to enjoy significant news flow across four strategically placed projects in the Macquarie Arc.”

(1) Refer to Sultan Resources press release dated April 29, 2021, “Big Hill IP results define ‘classic’ East Lachlan porphyry Au-Cu priority drill target.”

(2) Refer to Sultan Resources press release dated May 18, 2021, “Maiden drill program at priority Big Hill porphyry Au-Cu target commences.”

Klondike Gold begins drill program at Klondike district

Klondike Gold Corp. has begun phase 1 diamond drilling began at the Virgin target area, part of a three-phase drill program on the company’s wholly owned 586-square-kilometre Klondike district property near Dawson City, Yukon Territory.

Program highlights

  • 2021 exploration/resource drilling program of approximately 6,500 metres will be distributed over three phases and test multiple target areas;
  • Phase 1 exploration drilling is under way and focuses on discovering bedrock sources of gold at the historic the Virgin/Lindow target areas;
  • Phase 2 drilling at the Lone Star zone to begin shortly focuses on outlining a maiden resource;
  • Phase 3 drilling to focus on expanding the discovery at the Stander zone.

Peter Tallman, Klondike Gold’s chief executive officer, stated: “The primary objective of the 2021 exploration season is to expand known mineralized zones to advance a maiden resource at Lone Star. Additionally we have identified and will test significant new drill targets within the district that could rapidly open up the possibilities for additional discoveries. Our full crew complement is in the field and work is moving along smoothly.”

Phase 1 diamond drilling is under way testing the Virgin and Lindow target areas along Bear Creek, one of the significant placer gold-producing creeks during the Klondike gold rush, located 10 km north of the Lone Star and Stander zones and six km from the company’s Dawson City office (see news release dated May 4, 2021, for target details). The phase 1 program now includes three holes to test the Virgin target and at least two holes to test the Lindow target. A follow-up drill program to further test Bear Creek targets is scheduled for September contingent upon positive results.

Phase 2 drilling work at the Lone Star zone, expected to be the main focus of the company’s 2021 field activity, will follow completion of phase 1. Phase 2 drill holes will test for parallel gold-bearing structures as imbricate repeats of the Bonanza fault which hosts the Lone Star gold zone as an attempt to significantly expand the footprint of gold mineralization. Phase 2 drilling will also include infill and step-out expansion tests of the main Lone Star zone for inclusion in a planned 2022 mineral resource estimate. Deeper tests beneath the shallow drilling that has so far defined the Lone Star zone are also planned as an attempt to follow gold mineralization to depth.

Phase 3 drilling at the Stander zone is planned to test for lateral expansions of gold mineralization and to infill between gold mineralized intersections for possible inclusion in a planned 2022 mineral resource estimate.

Qualified persons review

The technical and scientific information contained within this news release has been reviewed and approved by Ian Perry, PGeo, vice-president of exploration of Klondike Gold and qualified person as defined by National Instrument 43-101 policy. Detailed technical information, specifications, analytical information and procedures can be found on the company’s website.

Highgold receives $1.9-million from warrant exercises

Highgold Mining Inc. has received $1.9-million from the exercise of 2,709,027 warrants held by key strategic shareholders, including a senior gold producer. The exercised warrants priced at $0.70 were originally issued as part of Highgold’s go-public financing. Of the 8,500,000 two-year warrants that were issued, approximately 2,800,000 remain unexercised. Holders of the remaining warrants are encouraged to exercise before their September 19, 2021 expiry.

“With the proceeds from the warrant exercise Highgold’s working capital now stands at approximately C$18 million, providing the Company with excellent financial footing and flexibility as we launch our 2021 Johnson Tract drill program,” commented President and CEO Darwin Green. “We are grateful for the ongoing support of key strategic shareholders and very much look forward to an exciting year ahead.”

Grant of Stock Options

The Company also announces the issuance of 1,682,500 stock options with an exercise price of C$1.43 per share for the purchase of up to 1,682,500 shares of the Company. Forty thousand of the stock options have a two-year term and the remaining 1,642,500 options have a five-year term. All the stock options are subject to vesting conditions over a two-year period. The stock options are being issued to directors, officers, employees and consultants of the Company and are subject to approval by regulatory authorities.

Southern Silver begins trading on OTCQX Best Market

Southern Silver Exploration Corp. has qualified to trade on the OTCQX Best Market. Southern Silver Exploration Corp. upgraded to OTCQX from the OTCQBtrademark market,

Southern Silver Exploration Corp. begins trading today on OTCQX under the symbol “SSVFF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on http://www.otcmarkets.com.

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

Lawrence Page, Q. C., President and Chief Executive Officer of Southern Silver stated, “We are extremely pleased to have met the qualifications for OTCQX where we will now be able to enhance our liquidity while strengthening our shareholder base. We look forward to engaging with new US investors as we continue to develop the Company for the benefit of all stakeholders.”

About Southern Silver Exploration Corp.

Southern Silver Exploration Corp. is a precious/base metal exploration and development company with a focus on the discovery of world-class mineral deposits in north-central Mexico and the southern USA. Our specific emphasis is the 100% owned Cerro Las Minitas silver-lead-zinc project (272Mozs AgEq) located in the heart of Mexico’s Faja de Plata. The Company has assembled a team of highly experienced technical, operational and transactional professionals to support our exploration efforts in developing the Cerro Las Minitas project into a premier, high-grade, silver-lead-zinc mine. Cerro las Minitas is one of the Largest and Highest Grade Undeveloped Silver Projects in the World.The Company engages in the acquisition, exploration and development either directly or through joint-venture relationships in mineral properties in major jurisdictions. Our property portfolio also includes the Oro porphyry copper-gold project located in southern New Mexico, USA.

Fiore Gold earns $4.49-million (U.S.) in fiscal Q2 2021

Fiore Gold Ltd.’s financial statements and management’s discussion and analysis for the second fiscal quarter ended March 31, 2021, have been filed with the securities regulatory authorities and are available on SEDAR and on the company’s website.

Fiscal Q2 2021 Highlights

(all figures in U.S. dollars unless otherwise indicated)

Operating & FinancialNet income of $4.5 million and $0.05 net earnings per share, putting Fiore Gold at or above $0.05 net earnings per share for four consecutive quartersQ2 gold production of 10,915 ounces, a 19% increase compared to Q1 2021 as heap leach pH and alkalinity levels improved during the quarterGold sales of 10,884 ounces at an average realized price of $1,770 per ounceMined ore production in Q2 of 12,351 tons per day with a stripping ratio of 1.6:1.0 and grade of 0.45 grams per tonne ("g/t") or 0.013 ounces/ton ("opt")One-million hours worked at the Pan Mine without a lost time injury81,542 total site hours worked in Q1 with zero lost-time injuries and no reportable environmental incidentsQ2 cash costs per ounce sold1 of $979Q2 Pan Mine AISC1 per ounce sold of $1,020 and Fiore consolidated AISC1 of $1,186Recorded quarterly revenues of $19.3 million with mine operating income of $7.1 millionGenerated Pan operating cash flow1 of $5.2 million and consolidated operating cash flow of $3.6 millionClosing cash balance of $17.5 million at March 31, 2021, a reduction in cash from September 30, 2020 as we invest in the expansion of the Pan heap leach pad to accommodate added mine life and on-going drilling and Feasibility Study activities to advance Gold Rock

Organic GrowthThe Pan heap leach pad expansion project is progressing well with first ore expected to be placed on the new portion of the pad in fiscal Q3At Gold Rock, additional drill results from the resource expansion and exploration drilling program showed:several holes with wide, higher-grade gold intercepts have defined mineralization extending at least 400 m beyond the northern end of the currently defined Gold Rock mineralization, and;a new discovery of oxide gold mineralization at Jasperoid Creek approximately 1.4 km north of the current Gold Rock Preliminary Economic Assessment ("PEA") pits.intervals of oxide gold mineralization both within and outside of the current resource pit shellsHighlights from drilling during the quarter included:45.7 metres of 2.01 g/t gold42.7 metres of 1.17 g/t gold19.8 metres of 1.33 g/t gold12.2 metres of 1.75 g/t gold

1 This is a non-IFRS financial measure. Please refer to "Non-IFRS Financial Measures" at the end of this news release for a description of these non-IFRS financial measures and to the Non-IFRS Financial measures in the March 31, 2021 Management's Discussion and Analysis for a reconciliation to operating costs from the Company's interim financial statements.

Tim Warman, Fiore's CEO commented, "We pride ourselves on consistent and safe operations at the Pan Mine, so we are particularly pleased to have reached one million hours worked without a lost time injury, while at the same time consistently delivering our shareholders strong net earnings and cash flow. It is this operating discipline we expect to apply to our federally-permitted Gold Rock project where we continue to see promising drill results and new targets. We look forward to advancing our goal of becoming the only multi-asset, 100% domestic US gold producer."

Q2 gold production of 10,915 ounces was a 19% increase over Q1 2021, although lower than fiscal Q2 2020. Our team responded well to the leach pad issues we experienced in Q1 with the application of additional lime, bringing the leach solution pH and alkalinity back towards optimal levels for effective gold leaching. Gold loaded to carbon, which is reflective of gold production, trended upward toward normal levels with monthly figures of 3,294 ounces in January, 3,483 ounces in February and 4,155 ounces in March.

As guided, 2021 will be a year of significant reinvestment to support the longevity of the Pan Mine and to continue advancing Gold Rock. We recently announced a two-year mine life extension at Pan, and we are investing in expanding the heap leach capacity to support this extension. We spent $4.0 million on capital additions in the quarter, primarily the Pan Mine heap leach pad expansion, which is expected to be ready for ore stacking in fiscal Q3. At Gold Rock, we continued with our resource expansion drilling and related Feasibility Study work spending $0.9 million in the quarter. We are pleased with initial drill results as they continue to expand the oxide mineralization and identify new targets at Gold Rock.

Ore tons mined was lower was lower than our normal run rate but was offset by higher grade compared to mine plan. This allowed up to place the targeted ounces on the pad as well as increase our waste tonnage compared to mine plan. At a gold grade of 0.449 g/t, we mined 14,571 ounces in the quarter. All cost metrics remained largely in line with prior year.

1 This is a non-IFRS financial measure. Please refer to "Non-IFRS Financial Measures" at the end of this news release for a description of these non-IFRS financial measures and to the Non-IFRS Financial measures in the March 31, 2021 Management's Discussion and Analysis for a reconciliation to operating costs from the Company's interim financial statements.

Relative to the prior year quarter, Fiore demonstrated improvements on all profitability measures noted above. This was primarily due to higher realized gold prices and lower operating costs as the stripping ratio decreased.

Our liquidity and financial position remain strong with a cash balance of $17.5 million and working capital of $40.6 million. Refer to the Company's MD&A and Financial Statements for additional information. Our financial strength puts Fiore in a good position to continue to progress our growth assets.

Treasury Metals hires Ausenco as consultant for Goliath

Treasury Metals Inc. has appointed Ausenco Engineering Canada Inc. as the lead consultant for the technical studies at the Goliath gold complex, which consists of the Goliath Gold Mine and Mill Project, the Goldlund Mine Project and the Miller Mine Project, in Northwestern Ontario.

“We are excited to announce Ausenco’s participation in advancing the Goliath Gold Complex through its next stage of development,” said Jeremy Wyeth, Treasury’s President and CEO. “Ausenco’s engineering team has a wide range of Canadian mine development expertise that is well aligned to the development of the Goliath Gold Complex, particularly with the current development of Magino (Argonaut Gold), First Cobalt’s refinery restart, recent studies completed for Springpole (First Mining) and previous development of the Moose River Gold Mine by Atlantic Gold Corporation (now St. Barbara Ltd).”

As lead consultant, Ausenco will build upon work completed in the Preliminary Economic Assessment (March 2021) and undertake key trade-off studies to greater refine the optimal value, scope and execution strategy for the project, which could incorporate updates to operating and capital cost estimates, facilities design and production schedule. For resource and mine design, Ausenco will be assisted by SRK, which has previously played a significant role in the peer review process throughout the transition of resources from previous studies. SLR Consulting (Canada) Ltd. has been selected for tailings facility and water management design. Wood will be assisting the Company on its permitting activities for the Goliath Mine and Mill project, and Stantec will provide permitting assistance for the Goldlund and Miller Mine projects.