SPRINGPOLE PROJECT

2021 PFS Highlights⁽¹⁾:

The PFS contemplates an open pit mine and milling operation, evaluating recovery of gold and silver from a 30,000 tonne-per-day operation, with a process plant that includes crushing, grinding and flotation, with fine grinding of the flotation concentrate and agitated leaching of both the flotation concentrate and the flotation tails followed by a carbon-in-pulp recovery process to produce doré bullion.

Key PFS highlights include:

• US$1.5 billion pre-tax NPV_5% at US$1,600/oz gold, increasing to US$1.9 billion at US$1,800/oz
• US$995 million after-tax NPV_5% at US$1,600/oz gold, increasing to US$1.3 billion at US$1,800/oz
• 36.4% pre-tax IRR; 29.4% after-tax IRR at US$1600/oz gold
• Life of mine (“LOM”) of 11.3 years, with primary mining and processing during the first 9 years and processing lower grade stockpiles for the balance of the mine life
• After-tax payback of 2.4 years
• Declaration of Reserves: Proven and Probable Reserves of 3.8 Moz Au, 20.5 Moz Ag (121.6 MT at 0.97 g/t Au, 5.23 g/t Ag)
• LOM Metal Recovered 3.2 Moz Au, 18.1 Moz Ag; 3.0 Moz Au, 16.1 Moz Ag (Year 1 to 9)
• Initial capital costs estimated at US$718 million; Sustaining capital at US$55 million; plus another $29 million in closure costs
• Annual payable gold production of 335 koz (Year 1 to 9); 287 koz (LOM)
• Low strip ratio of 2.22 to 1 (Year 1 to 9); 2.36 to 1 (LOM)
• Head grade of 1.12 g/t Au and 5.7 g/t Ag (Year 1 to 9); 0.97 g/t Au and 5.2 g/t Ag (LOM)
• Recoveries of 87% for gold and 90% for silver (Year 1 to 9); 86% for gold and 90% for silver (LOM)
• Total cash operating cost of US$558/oz (Year 1 to 9); US$618/oz (LOM)
• AISC of US$577/oz (Year 1 to 9); AISC US$645 (LOM)

Note: Base case parameters assume a gold price of $1,600/oz and a silver price of $20/, and an exchange rate (C$ to US$) of 0.75. All currencies are reported in U.S. dollars unless otherwise specified. NPV calculated as of the commencement of construction and excludes all pre-construction costs.

(1) Cash costs consist of mining costs, processing costs, mine-level G&A, treatment and refining charges and royalties.

(2) AISC consists of cash costs plus sustaining and closure costs.

Springpole Mineral Resource Estimate for Gold and Silver at Cut-off Grade of 0.4 g/t Au^{(1)(2)(3)(4)(5)}:

Notes:

• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability;
• All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate;
• Open pit mineral resources are reported within an optimized constraining shell using the following parameters:
  • Metal prices of USS 1550 /oz gold, US$ 20/ oz silver, exchange rate of 0.77 USD:CAD
  • Mining cost of CAD$ 1.62 /t, processing cost of CAD$ 15.38 /t milled, G&A of CAD$ 1.00 /t milled
  • Pit slopes varying between 35 and 50 degrees depending on domain
  • Gold recovery of 88% and silver recovery of 93%
• Open Pit resources are reported at a COG of 0.3 g/t gold.

The Mineral Reserves for Springpole are based on the conversion of Measured and Indicated resources within the current Springpole pit design. The Springpole Gold Project Mineral Reserves are shown below:

Springpole Proven and Probable Reserves (effective December 30, 2020)

Note: This mineral reserve estimate is as of December 30, 2020 and is based on the new mineral resource estimate dated July 30, 2020. The mineral reserve calculation was completed under the supervision of Gordon Zurowski, P.Eng of AGP Mining Consultants Inc., who is a Qualified Person as defined under NI 43-101. Mineral reserves are stated within the final design pit based on a US$878/ounce gold price pit shell with a US$1,350 /ounce gold price for revenue. The equivalent cut-off grade was 0.34 g/t Au for all pit phases. The mining cost averaged CAD$ 1.94/tonne mined, processing averages CAD$ 14.50/tonne milled, and G&A was CAD$ 1.06/tonne milled. The process recovery for gold averaged 88% and the silver recovery was 93%. The exchange rate assumption applied was CAD$1.30 equal to US$1.00.