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Reserves & Resources

Mineral Resource Estimate

The Mineral Resource estimate has an effective date of June 26, 2021, and is presented for each deposit area and in the form of a combined global oxide and sulphide Mineral Resource table below.

Combined Global Resource - Oxide and Sulphide
Classification Tonnes (Mt) Ag grade (g/t) Au grade (g/t) Ag Contained (koz) Au Contained (koz)
Measured 24.14 1.56 0.54 1,210.45 418.21
Indicated 28.15 1.30 0.51 1,180.18 461.58
Measured and Indicated 52.29 1.42 0.52 2,390.63 879.79
Inferred 9.02 0.84 0.45 243.56 129.98


Mineral Resource - Bullfrog
Redox Classification Tonnes (Mt) Ag grade (g/t) Au grade (g/t) Ag Contained (koz) Au Contained (koz)
Oxide Measured 17.87 1.33 0.54 763.11 311.71
Indicated 23.89 1.20 0.51 924.92 391.63
Measured and Indicated 41.75 1.26 0.52 1,688.03 703.34
Inferred 8.07 0.76 0.43 196.95 112.05
Sulphide Measured 0.87 1.12 0.70 31.36 19.49
Indicated 1.39 1.27 0.62 56.74 27.63
Measured and Indicated 2.26 1.21 0.65 88.10 47.12
Inferred 0.46 1.06 0.67 15.72 9.94
Total - Oxide and Sulphide Measured 18.74 1.32 0.55 794.47 331.20
Indicated 25.27 1.21 0.52 981.66 419.26
Measured and Indicated 44.01 1.26 0.53 1,776.13 750.46
Inferred 8.53 0.78 0.44 212.67 122.00
Mineral Resource - Montgomery-Shoshone
Redox Classification Tonnes (Mt) Ag grade (g/t) Au grade (g/t) Ag Contained (koz) Au Contained (koz)
Oxide Measured 3.01 3.74 0.56 362.00 53.78
Indicated 1.66 3.26 0.49 174.10 26.24
Measured and Indicated 4.67 3.57 0.53 536.10 80.02
Inferred 0.25 3.57 0.53 23.12 4.20
Mineral Resource - Bonanza
Redox Classification Tonnes (Mt) Ag grade (g/t) Au grade (g/t) Ag Contained (koz) Au Contained (koz)
Oxide Measured 2.39 0.70 0.43 53.99 33.23
Indicated 1.21 0.63 0.41 24.42 16.08
Measured and Indicated 3.61 0.68 0.43 78.41 49.32
Inferred 0.24 1.00 0.49 7.77 3.77


To ensure reliable sample results, the Company has a rigorous QA/QC program in place that monitors the chain-of-custody of samples and includes the insertion of blanks and certified reference standards at statistically derived intervals within each batch of samples. Core is photographed and split in half with one-half retained in a secured facility for verification purposes.

Sample preparation (crushing and pulverizing) has been performed at Paragon Geochemistry (“Paragon”), an independent ISO/IEC accredited lab located in Sparks, Nevada. Paragon prepares a pulp of all samples for analysis at their analytical lab. Paragon analyzes the pulp sample by 30 g fire assay with an aqua regia digestion and ICP-OES finish, samples in which gold is greater than 3 ppm are re-run using fire assay with a gravimetric finish, reported in ppm. All samples are analyzed by multi-element aqua regia digestion (35AR-OES for 35 elements) with an ICP – OES finish.

In addition, the Company validated the historic gold and silver values by comparing the historic analytical certificates to the digital assay database. All available downhole surveys were digitized and utilized to properly plot analytical data down-hole. Drill holes with questionable data were omitted from the database and were not used to generation the mineral resource estimate. The results of the validation program indicate that the sample database is of sufficient accuracy and precision to be used for the generation of mineral resource estimates.

Cautionary Note to United States Investors Regarding Estimates of Resources and Reserves: The terms “Mineralized Materials” and "Measured," "Indicated" and "Inferred" mineral resources, are defined in Canadian Institute of Metallurgy guidelines, the guidelines widely followed to comply with NI 43-101.We advise U.S. investors that these terms are not recognized by the US SEC. The estimation of measured and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. Mineral resources are not mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. U.S. investors are cautioned not to assume that measured or indicated mineral resources will be converted into reserves. Inferred mineral resources have a high degree of uncertainty as to their existence and their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource might exist or be economically or legally viable. Under Canadian rules, estimates of "inferred mineral resources" may not form the basis of feasibility studies, pre-feasibility studies or other economic studies, except in prescribed cases, such as in a preliminary economic assessment under certain circumstances.

The Company is a reporting issuer in the United States and is required to discuss mineralization estimates in accordance with US reporting standards. In the United States, a mineral reserve is defined as a part of a mineral deposit, which could be economically and legally extracted or produced at the time the reserve determination is made. Accordingly, information contained in this presentation containing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies under the United States federal securities laws and the rules and regulations thereunder. Moreover, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" as in-place tonnage and grade without reference to unit measures. US investors are urged to consider closely the disclosure in our Form 10-K for the year ended December 31, 2019 and other SEC filings. You can review and obtain copies of these filings from the SEC's website at http://www.sec.gov/edgar.

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