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Reserves & Resources

2017 Mineral Resources

Deposit Tonnes
Gold Oz
Silver Oz
Measured and Indicated
Bullfrog 14.9 1.02 489 2.50 1,198
M-S 1.1 1.00 36 4.02 146
Total/Avg. 16.0 1.02 525 2.61 1,344
Bullfrog 2.80 1.20 108 2.59 235
M-S 0.04 1.17 2 5.53 8
Total/Avg. 2.84 1.20 110 2.64 243

Estimated by Tetra Tech Inc. in August 2017 per Canadian 43-101 standards using a $1,200/oz gold price, 72% heap recovery and a 0.36 g/t cut off grade. Excludes significant additional lower grade mineralization within base case pit shells. Refer to the 43-101 technical report titled ‘NI 43-101 Technical Report Mineral Resource Estimate Bullfrog Gold Project, Nye County, Nevada’ dated August 17, 2017 which can be found here and is filed on SEDAR at www.sedar.com for further information.

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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