CERRO QUEMA

• ### Project Highlights

• ### Oxide Heap Leach Project with Significant Copper-Gold Sulphide Potential

• 100% owned oxide heap-leach gold project
  • 15,000 Ha concession
  • Gold Mineral Reserve: 0.5 Moz Total Proven and Probable (19.7 Mt at 0.77 g/t)
  • Located on the Azuero Peninsula in the Los Santos Province of Southwestern Panama, about 45 km southwest of the city of Chitre
  • Excellent infrastructure: paved road, power, water, year-round access, airport and major highway
  • Prospective geology for discovery of additional oxide and sulphide mineralization
  • Sparsely populated area
  • No rare ecosystems or endangered species
• ### Prefeasibility Study Summary (2014)

In August 2014 Kappes, Cassidy & Associates (KCA) prepared a prefeasibility study of the Cerro Quema Project.

The mineral reserve estimate at Cerro Quema includes the Quemita and La Pava deposits and the PFS supports a technically simple open-pit mine and heap-leach operation that offers low capital and operating costs and rapid payback.

1 Total cash cost and AISC are non-GAAP measures and are net of silver credits and includes royalties payable. See reference below regarding non-GAAP measures.

Exploration

• • Caballito Cu-Au Zone
  • A new zone at Caballito comprised of low-arsenic copper-gold mineralization located south of the Quemita reserve was discovered in 2017.
  • 650 to 800 metre long, 350 to 400 metres wide northwest-southeast trending chargeability anomaly outlined in a 2017 IP survey.
  • Widths in excess of 100 metres grading better than 1% Cu and 0.2 to 0.4 g/t Au in drill holes.
  • IP shows a similar, but steeper dipping, chargeability that could be a down-faulted continuation of the same mineralization to the northwest.
  • Re-examination of core from sulphide intercepts below the Quemita oxide gold reserve (1.2 km to the northwest) have found indications of Caballito style copper-gold mineralization with low arsenic. (There are other gold in oxide and copper-gold sulfide targets on the 15,000 hectare concession.)
• ### Reserves and Resources

Mineral Reserve Notes

1. Effective as of June 30, 2014.

2. Columns may not sum exactly due to rounding.

3. A cut-off grade of 0.21 g/t of gold is used for reporting mineral reserves.

4. Mineral reserves are estimated at a gold price of US$1,300 per ounce.

The Mineral Reserve estimates in this document were prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), as required by Canadian securities regulatory authorities.

For further details with respect to the scientific and technical information contained in this document:

For Cerro Quema: “Cerro Quema Project – Pre-Feasibility Study on the La Pava and Quemita Oxide Gold Deposits” dated August 15, 2014 with an effective date of June 30, 2014;

Mineral Resource Notes:

1. Mineral resources are reported inside an optimized pit shell.

2. Numbers may not add up due to rounding.

3. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

4. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.

5. The mineral resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council.

6. The Mineral Reserve estimates in this document were prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), as required by Canadian securities regulatory authorities.

The Mineral Resource estimates in this document were prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), as required by Canadian securities regulatory authorities