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LEMARCHANT PROPERTY

  1. (1)  Based on a 4.0% ZnEq Cutoff from the technical report entitled “NI 43-101 Technical Report and Updated Mineral Resource Estimate on the Lemarchant Deposit South Tally Pond Property, Central Newfoundland, Canada” prepared for NorZinc Ltd., Report Date: October 22, 2018, Effective Date: September 20, 2018, as prepared by Michael Cullen, P.Geo., Matthew Harrington, P.Geo. and Michael J. Vande Guchte, P.Geo. All figures have been rounded to reflect the relative accuracy of the estimates.
  2. (2)  Based on a 1.0% Zn Cutoff from the technical report entitled “Messina Minerals Inc.: Tulks South Property, Central Newfoundland, Canada Technical Report” prepared for Messina Minerals Inc., Report Date: August, 2007, as prepared by Snowden. All figures have been rounded to reflect the relative accuracy of the estimates.
  3. (3)  Based on a 7.0% ZnEq Cutoff from the technical report entitled “Independent Technical Report for the Main Zone of the Long Lake Volcanic Massive Sulphide Project, Newfoundland and Labrador, Canada” prepared for Messina Minerals Inc., Report Date: April 16, 2012, Effective Date: March 13, 2012, as prepared by SRK Consulting (Canada) Inc. All figures have been rounded to reflect the relative accuracy of the estimates.

The four properties acquired are the South Tally Pond property (hosting the Lemarchant deposit), the Tulks South property (hosting the Boomerang-Domino and Tulks East deposits), the Long Lake property (hosting the Long Lake “Main Zone” deposit) and the Victoria Mine property (host to a historical copper mine) (collectively, the “Properties”). The location of the Properties are shown on the map below:

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Location of the Properties

The Consideration Shares are subject to contractual lock-up requirements pursuant to which, except in certain circumstances, 3,000,000 Consideration Shares may not be transferred until the date that is six months following closing (May 15, 2022), and the remaining 3,625,000 Consideration Shares may not be transferred until the date that is 12 months following closing (November 15, 2022). The Consideration Shares are also be subject to a statutory hold period expiring four months and one day from the closing (March 16, 2022).