AJAX MINE

Cornerstone B.C. Porphyry Asset: Ajax

• 20% ownership interest in the advanced stage Ajax copper-gold porphyry project located near Kamloops, managed by 80% partner KGHM Polska Miedź S.A.
• Abacus carried through production

Project Summary from 2016 Feasibility Study:

• Total proven and probable mineral reserves of 2.7 bil lbs Cu, 2.6 mil oz Au and 5.3 mil oz Ag at 0.29% Cu, 0.19 g/t Au and 0.39 g/t Ag.*
• 18 year mine life at avg processing rate of 65,000 tpd; overall stripping ratio of 2.65:1
• Avg annual production of Cu and Au in concentrate of 58,000t Cu and 125,000 oz Au
• Initial capital expenditures of $1.307 billion
• Pre-tax NPV (8%) = $429.4 M Pre-tax NPV (5%) = $872.5 M
• Pre-Tax IRR 13.4%; payback (years) 6.5

Based on LOM metal prices of Cu: US$3.21/lb, Au: US$1,200/oz, Ag: US$17/oz*