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1 LEAGOLD MINING IS BUILDING A NEW MID-TIER GOLD PRODUCER FOCUSED ON LATIN AMERICA Corporate Presentation January 2018 TSX: LMC

2 Disclaimer This presentation contains "forward-looking statements" and forward looking information (as defined under applicable securities laws), including but not limited to, statements with respect to Leagold's plans and operating performance, including in respect of growth potential of the Los Filos Mine, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, future financing sources, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward-looking statements and information, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks including receipt of all necessary approvals, risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Leagold operates. Although Leagold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward looking information are made as of the date hereof and Leagold disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward looking statements or forward looking information contained herein to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information. Please refer to Leagold's most recent filings under its profile at for further information respecting the risks affecting Leagold and its business. The TSX Exchange has neither approved nor disapproved the contents of this presentation. Neither the TSX Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this presentation. All of the individual comparables presented herein are speculative and have inherent risks that are associated with each comparable company. Investment decisions should not be based solely on the comparables provided in this presentation due to the inherent risks associated with each such company. The historic information presented with respect to each comparable company is not indicative of future performance of results. If any of the comparables herein contain a misrepresentation, an investor does not have a remedy under applicable securities legislation. Information about comparable companies was obtained from public sources.the comparables were selected based on their status as gold producers, with some companies with operations within Latin America. Cash costs, AISC, Mine EBITDA, and EBITDA margin are non-gaap financial performance measures with no standard meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. The authors of the NI Technical Report and Preliminary Economic Assessment, Los Filos Gold Mine, Guerrero State, Mexico (the Technical Report ), William A. Glover, P.Eng., Allan L. Schappert, CPG, and Dawn H. Garcia, PG, CPG of Stantec Consulting International LLC. ( Stantec ) and Alfred S. Hayden, P.Eng. of EHA Engineering Ltd., are each a qualified person as defined in NI and independent of the Company, and have prepared or supervised the preparation of the technical information upon which this presentation is based. The Preliminary Economic Assessment for the Bermejal Underground Expansion Project (The Bermejal Underground PEA or PEA ) is a conceptual study of the potential viability of Mineral Resources of the Bermejal Underground project. The PEA is not a Prefeasibility Study or Feasibility Study, as the economics and technical viability of the Bermejal Underground project have not been demonstrated at this time. The PEA is preliminary in nature, and is based on inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Doug Reddy, P.Geo, Leagold s Senior Vice President Technical Services, is a Qualified Person under NI , and has reviewed and approved the technical contents of this presentation on behalf of Leagold. All amounts in US$ unless otherwise stated. 1

3 Introduction Leagold s strategy is to create a significant Latin American gold producer through a Buy and Build strategy In April 2017 Leagold acquired Los Filos, a +200,000 oz/yr gold mine in Mexico Leagold is now focused on its next acquisition Leagold has the team, skills, relationships, and financial support to execute its strategy 2

4 Leagold Company Profile Los Filos Gold Mine Location Key Data As of January 22, 2018 Head Office: Ticker: Share price: Vancouver, BC TSX: LMC OTCQX: LMCNF C$3.01 Issued shares: 151.5M Market cap: Cash balance (as of Dec 31, 2017): Senior debt: Interest only until 03/31/19 (greater of LIBOR or 1%, plus 7%), then quarterly repayments until 03/31/22 Mineral Reserves 1 : Mineral Resources 1 M&I: Inferred: C$456M US$54M US$150M 1.7Moz 11.5Moz 4.0Moz USA Key Shareholders Shares (M) Ownership Mexico Guerrero Goldcorp % Orion Resource Partners % Neil Woodyer, CEO and Director % Los Filos Guatemala Frank Giustra, Chairman % Other Leagold Officers and Directors % 1 See Appendix for detailed Mineral Reserve and Mineral Resource tables. Mineral Resources inclusive of Reserves 3

5 Leagold s Board of Directors Leagold has a Board of Directors with an extensive and wide range of experience Frank Giustra, Chairman President and CEO of Fiore Financial Corporation, Chairman of Endeavour Financial from , former CEO of Yorkton Securities Established track record of building natural resource companies Philanthropist General Wesley K. Clark, Director Retired 4-star U.S. Army General, held several Commands including Supreme Allied Commander Europe of NATO and Commander, U.S. Southern Command responsible for Latin America and the Caribbean Currently heads a strategic advisory and consulting firm Gordon Campbell, Director Former Canadian High Commissioner to the United Kingdom from 2011 to 2016, 34th Premier of British Columbia from 2001 to 2011 and leader of the Official Opposition in British Columbia from 1994 to 2001 From 1986 to 1993, he was Mayor of Vancouver, British Columbia Russell Ball, Director Former Executive Vice President, Corporate Development and Chief Financial Officer of Goldcorp Former Executive Vice President and Chief Financial Officer for Newmont Mining Corporation. He was with Newmont for over 19 years The Rt Hon. the Lord Garel-Jones PC, Director Retired Chairman of UBS Latin America In 1979 elected Conservative MP for Watford, England. In 1983 joined Whip's Office and was succesively Lord commissioner of the Treasury, Vice-Chamberlain, Controller of the Household and Treasurer of Her Majesty's Household In 1990 appointed Minister of State at the Foreign and Commonwealth Office with responsibility for Europe and Latin America. He was made a life peer in 1997 Neil Woodyer, Non-independent Director, CEO Founder and CEO of Endeavour Mining, until June 2016 Previously Managing Director of Endeavour Financial, a merchant bank focused on the natural resource sector founded in 1988 Miguel Rodriguez, Director Former director of Endeavour Mining from 2013 to 2016 Former Governor to the IMF, the World Bank, and the Inter-American Development Bank, and President of the Central Bank of Venezuela, and Economic Minister of Venezuela from 1989 to

6 Leagold Management Team Neil Woodyer, CEO Founder and CEO of Endeavour Mining, until June 2016 Previously Managing Director of Endeavour Financial, a merchant bank focused on the natural resource sector founded in 1988 Doug Reddy, P.Geo, Senior VP Technical Services Over 30 years of industry experience in exploration, mine geology, resource development and consulting Previously with Endeavour Mining for 10 years in technical services, business development and investor relations Richard Thomas, Senior VP - Operations Previously VP of operations and EVP of Technical Services at Endeavour Mining Over 25 years of mining manager experience, including work with Avocet Mining, AngloGold and Endeavour Harpreet Dhaliwal, CA, VP Finance, CFO CPA (CA) with over 9 years experience in the resource sector, including CFO of several natural resource companies Experience with international operating resource companies including Endeavour Mining and Uranium One Doug Bowlby, CFA, Senior VP Corporate Development Previously EVP Corporate Development with Endeavour Mining, responsible for the analysis and implementation of corporate transactions and other growth projects Wide range of experience in corporate finance and M&A Peter Burger, Los Filos General Manager Previously GM for the Tabakoto Mine with Endeavour Mining University of Johannesburg, degree in Mining Engineering Over 25 years experience with Anglogold Ashanti, Eastplats, Aquarius Platinum, and African Barrick Graham Parsons, Projects Director Previously Acting GM of El Mochito Mine (Honduras) GM of Santa Elena (Mexico) and Guanajuato Mine (Mexico) Extensive mining and project management experience in Latin America Ashley Baker, Director Legal Affairs Previously in the Securities practice group at Blake, Cassels & Graydon LLP Extensive experience representing publicly listed mining companies with M&A, corporate finance, and governance needs Kelly Boychuk, VP Technical Services Over 25 years experience in engineering design, construction supervision, execution, operations support in the Americas Previous experience with engineering consultancy, civil & industrial construction, and mining owner/developer Jeff Leung, CFA, VP Corporate Development Previously VP Corporate Development with Endeavour Mining Extensive experience with economic analysis and valuations of gold mining assets and transactions Bernadette D Silva, VP Corporate Services, Corporate Secretary Extensive Corporate Finance experience spanning over 20 years During past 12 years, advised Canadian public companies (including Endeavour Mining) with disclosure obligations, regulatory compliance requirements, and corporate governance Meghan Brown, VP Investor Relations 25 years experience in Investor Relations in the resource sector Over past 10 years has focused on precious metals mining, primarily in Mexico and Latin America Former Chair of the Canadian Investor Relations Institute 5

7 Defining Leagold s Strategy Buy and Build in Latin America Acquire operating gold mines and projects nearing construction Target medium-sized dislocated mines or seniors non-core assets Buy assets with upside from optimization and de-risking of: Current operations Development projects Exploration Optimize assets in portfolio to provide strong growth profile Target assets with existing or near-term cash flow Rapid Start in Latin America 1 acquisition 1 mine expansion under way Now developing next acquisitions Build - Bermejal Underground Expansion Improve quality of portfolio as we progress Implement clear decision making with conservative financial management Buy - Los Filos Current Operations Cost control, cash flow generation, and conservative balance sheet Flat organizational structure with clear authority levels Tightly controlled corporate G&A Mines to run as individual profit centres 2017 First acquisition provides growth to +350,000 oz/yr and supports Buy and Build strategy 6

8 Los Filos Open Pit and Underground Mining Currently producing at an annualized rate of ~200,000 oz/yr with AISC/oz of ~$900 With Bermejal Underground, production rate expected to be ~350,000 oz/yr with AISC/oz ~$800 OP 20,000 TPD ore (7.2 Mt/a) Owner-operated mining, load and haul LOM strip ratio of 3:1 UG Currently ~1,100 TPD (0.36 Mt/a) Overhand and underhand cut and fill mining Norte mine owner-operated Sur mine contractor-operated BERMEJAL UNDERGROUND EXPANSION ~8 years 1 BERMEJAL OPEN PIT 8 years 26.6 Mt at 0.76 g/t LOS FILOS OPEN PIT 2 years 11.9 Mt at 0.63 g/t Offices/ Workshops Crusher ROM Leach Pad #1 ADR Plant Crush Leach Pad #2 Norte Underground Mine LOS FILOS UNDERGROUND 7 years 2.2 Mt at 7.97 g/t Sur Underground Mine 1 The Bermejal PEA is preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that the PEA will be realized 7

9 Los Filos Transition and Improvements Commenced six-month transition plan in April 2017 Numerous improvements either completed or underway in mining and processing New site management team in place Los Filos is now independent and self-managed Capital investment programs benefits expected in 2018 Installing agglomerator Extending overland conveyor Bermejal Underground Accelerated integration of Bermejal Underground into the mine s near term operating plan 8

10 Los Filos Operating Highlights Operating Highlights Post Leagold Acquisition Q Q Q Q Full Year Ore mined Mt Waste mined Mt Total material mined Mt Strip ratio w:o Ore processed Mt Avg grade processed g/t Gold production koz Gold sales koz Strong cash balance of $54 million at December 31, Sourced from Goldcorp Q1/17 MD&A 2 For the period April 8/17 to June 30/17 3 Includes gold production from April 1/17 to June 30/17 9

11 Gold Production (quarterly, oz) Los Filos 2018 Guidance Highlights 215,000 to 240,000 ounces of gold production 12-25% higher than 2017 All-in sustaining costs (AISC) of $875 to $925 per oz Growth capital programs of $9 million for current operations, including the remaining amounts to complete the overland conveyor and agglomerator Exploration program at Los Filos Underground of $13 million, totaling 62,000 metres of drilling Bermejal Underground development continues, with $12 million budgeted to complete the ramp into the test mining area by mid Detailed mine engineering and plant design optimizations anticipated to be completed in mid-2018 Now evaluating the benefits of building a carbon-in-leach processing plant 2018 Production Guidance Range 70, gold production: 215,000 to 240,000 oz 60,000 50,000 53,446 40,000 43,885 46,098 47,766 30,000 20,000 10,000 0 Q1/2017 Q2/2017 Q3/2017 Q4/2017 Q1/ Q2/ Q3/ Q4/ Production 2018 Production Guidance Range 10

12 Los Filos Expansion Opportunity at Bermejal Underground Potential to add +150,000 oz/yr while lowering overall AISC Leverage existing infrastructure and processing facilities Additional capital of approx. US$60 million, self-financed from mine cash flows 2.1 Moz of M&I Resources and 0.7 Moz of Inferred Resources 1 56,000 metre drill program now complete 111 holes drilled in 2017 Exploration portal and ramp construction under way, with ~ 320 metres of development completed 1 SRK, effective November 20, 2017; see news release dated December 22, 2017 on or 11

13 Pueblo Viejo Veladero Yanacocha Paracatu Merian Penasquito Cerro Negro Lagunas Norte El Limon-Guajes Los Filos (with Bermejal UG) Rosebel Los Filos (Current) Orcopampa Pinos Altos Aurora Mulatos Cerro Corona La Arena Tantahuatay Tucano Gualcamayo 2017E Production (oz)* Los Filos Latin American Positioning 1,200,000 1,000, , ,000 Los Filos is Mexico s 3 rd largest gold mine and 11 th largest in Latin America With Bermejal Underground, Los Filos is expected to be a top-10 gold producer in Latin America 400, ,000 0 *Source: SNL, company reports 12

14 Enterprise Value (US$M) Leagold Re-rating Potential Compared to Company Peers Enterprise Value 1 Enterprise Value to 2017 Production 1,2 $1,728M Leagold Enterprise Value (Jan 15, 2018) US$M $1,800M $1,600M Market Cap (at C$3.03/sh) $365M Regis Resources Senior Debt +$150M $1,400M Cash (Dec 31/17) -$54M Enterprise Value $461M $1,200M $999M $968M $1,000M Torex Gold Leagold, with Bermejal U/G $747M $678M $800M Guyana Goldfields Saracen SSR Mining $600M $461M Leagold Regis Saracen Resources SSR Mining Torex Gold $473M $376M $266M $176M$163M $42M Guyana Dundee Argonaut Brio Gold Beadell Alio Gold Primero Goldfields $400M $200M Alio Gold Beadell Argonaut Primero Leagold Dundee Brio Gold $M 50,000oz 100,000oz 150,000oz 200,000oz 250,000oz 300,000oz 350,000oz 400,000oz 2017 Gold Production (oz) 1 Peer EV sourced from Bloomberg and TSX as of January 15, production data based on company guidance or annualization of H results 13

15 Leagold Corporate Achievements Leagold has made rapid progress July 2016 Acquired a Canadian shell company and launched the Latin American gold growth strategy August 2016 September 2016 January 2017 March 2017 April 7, 2017 April 12, 2017 September 2017 September 2017 December 2017 January 2018 Completed C$35 million equity financing to fund target identification and due diligence Entered Goldcorp s sale process for the Los Filos mine Signed purchase agreement to acquire Los Filos for US$350 million (US$71 million in Leagold shares and US$279 million in cash) Raised US$183 million in equity and US$150 in debt Completed the acquisition of Los Filos with US$76 million in cash on the balance sheet Commenced 56,000 metre Bermejal Underground drill program Commenced Bermejal Underground portal and ramp development Corporate team focused on pursuing next acquisition Completed 56,000 metre Bermejal Underground drill program; announced 2.1 Moz of M&I Resources and 0.7 Moz of Inferred Resources 1 Reported 2017 production of 191,195 ounces of gold, in line with guidance 1 SRK, effective November 20, 2017; see news release dated December 22, 2017 on or 14

16 Upcoming Catalysts Bermejal Underground portal and ramp development commenced September 25, 2017 Bermejal Underground resource estimate update Q Drill results from Bermejal Underground drilling program complete Update Los Filos Mine reserves and resources Q Bermejal Underground mine engineering and design Q File Los Filos Mine Technical report Q Access to first Bermejal Underground test mining area H Completion of ramp to high-grade sub-sill portion of Bermejal Underground Q

17 Conclusion Experienced management team with a history of creating shareholder value and operational success Los Filos is an excellent cornerstone asset for our Latin American buy and build strategy Los Filos is a sizable, profitable mine with longestablished operations, best-in-class infrastructure and workforce Valuable mine development opportunity at Bermejal Underground provides significant upside, extends mine life, and brings production to 350,000 oz/yr Latin America provides attractive prospects for the next transaction. Our experience and approach allows us to capitalize on these opportunities 16

18 Appendix 17

19 Los Filos Infrastructure and Process Facilities Infrastructure Access ~4 hour drive from Mexico City by paved roads 30 minute flight to onsite paved airstrip Workforce and nearby communities ~1,600 workers (union, non union, contractors) Closest communities are Mezcala, Mazapa, Carrizalillo, Zumpango, Chilpancingo, and Iguala Power: Supplied by InterGen and Comision Federal de Electricidad (CFE); 20MVA substation Process and potable water: Sourced from a large well on the Rio Balsas located 1.5 km west of Mezcala Site facilities: include maintenance shops, admin buildings, core facility, assay lab, explosive and fuel storage, electrical substation, camp (294 persons) Heap Leach Processing Facilities Crushed and run-of-mine ore placed on heap leach pads Open pit ore ROM recovery is 53% Open pit ore crush recovery is 64% Underground ore recovery is 80% - all underground ore is crushed Post acquisition improvements include: Increased lift heights Better control of flow rates Optimization of CN and ph levels Modification of leaching cycle Reducing losses on carbon fines Capital improvements under way: Agglomerator due for completion in Q ($1.3 million) Conveyor extension scheduled for operation in Q ($5.0 million) 18

20 Regional and Local Geology Highly prospective Guerrero Gold belt of skarn deposits within carbonates Regional Geology Guerrero Gold belt is a north to northwest trending series of intrusives Large land package includes Robust exploration potential with ~150k hectares Neighbouring operations Regional producers and projects include Torex, Alio Gold, Telson, Agnico Eagle and Peñoles Geology and Exploration at Los Filos Los Filos and Bermejal mineralization predominantly oxide mineralization is amenable to heap leaching Extensive exploration opportunities At contacts and within intrusive bodies with several kilometres of strike Intrusives are easily identified geological and geophysical targets for drilling Exploration targets along the same granitic/carbonate contact hosting known gold mineralization Bermejal Underground (step-out and infill drilling) Los Filos Underground (step-out and infill drilling) Bermejal East and West 1 : 5.8 Mt at 6 g/t to 13.1 Mt at 7 g/t (1.1 to 2.9 Moz) Guadalupe 1 : 2.6Mt at 4 g/t to 7.7 Mt at 5.3 g/t (0.3 to 1.1 Moz) San Pablo 1 : 6.5 Mt at 1 g/t to 10.3 Mt at 1.5 g/t (0.2 to 0.5 Moz) 1 Technical Report by Stantec, March

21 Los Filos Safety & Environment, Community & Social Responsibility Strong safety and environmental practices aligned with international standards Los Filos mine has strong safety and environmental practices in place that are aligned with international standards The workforce is comprised of union and non-union personnel and contractors, of which over 60% is from local communities, and less than 0.5% are expatriates Strong relationships with local communities Mazapa (1.1 km, 315 people), Carrizalillo (1.5 km, 1,087 people), Mezcala (8.8 km, 3,382 people) Total value of local procurement: US$8.7M (~5% of spend) Land access agreements contribute US$14M per year to the 3 local communities Additional US$1M per year in social collaboration agreements Security is actively managed Perimeter security and access control, personnel security, gold security, explosives security, crisis management Leagold plans to continue proactive and co-planning approach with community engagement and involvement with the three local communities surrounding the mine 20

22 Los Filos Mineral Reserves and Resources Mineral Reserves 1 (Dec 31, 2016) Classification Tonnes (000s) Grade (g/t) Contained oz Au (000s) Proven 23, Probable 16, Proven + Probable 40, ,466 Mineral Resources 1 (Dec 31, 2016) Classification Tonnes (000s) Grade (g/t) Contained oz Au (000s) Measured 135, ,451 Indicated 286, ,028 Measured + Indicated 422, ,479 Inferred 162, ,995 1 Source: Technical Report. Mineral resources are inclusive of mineral reserves. Reserves are reported using US$1,200/oz and resources are reported using US$1,400/oz. Refer to notes on mineral reserves and mineral resources on following page. 21

23 Notes to Mineral Reserves and Resources Notes for Mineral Reserves Total Open Pit Mineral Reserve Statement 1. Los Filos Open Pit and Bermejal Open Pit deposits included. 2. Mineral Reserves are contained within Measured and Indicated pit designs and supported by a mine plan, featuring variable throughput rates (depending on the pit being mined), variable metallurgical recoveries (depending on geometallurgical domain), and cutoff optimization. 3. Mineralization reported for Los Filos Open Pit includes the mineralization within the planned 4P pit extension. Mineralization reported for Bermejal Open Pit includes the mineralization within the planned Guadalupe pit extension. 4. Metal price assumption for gold was US$1,200/oz. 5. The Los Filos Open Pit crush-leach ore is based on an operational g/t Au cutoff grade; ROM ore is based on a variable to g/t Au operational cutoff grade that is determined by lithology. The Los Filos Mineral Reserve is based on a g/t Au cutoff grade. The Bermejal Open Pit crush-leach ore is based on an operational g/t Au cutoff grade; ROM ore is based on a variable to g/t Au operational cutoff grade that is determined by lithology. 6. Process gold recoveries vary from 64% to 77% for crush-leach ore and from 49% to 59% for ROM ore at Los Filos Open Pit; recoveries at Bermejal Open Pit vary from 53% to 73%. A 5% silver recovery is assumed from all geometallurgical domains. 7. Rounding, as required by reporting guidelines, may result in apparent summation differences between tonnes, grade, and contained metal content. 8. Tonnage and grade measurements are in metric units. Contained gold and silver ounces are reported as troy ounces. Total Underground Mineral Reserve Statement 1. Includes Los Filos Underground deposits only. 2. Mineral Reserves are contained within stope designs that have a minimum horizontal continuity of 10 m, a height of 3 m, and supported by a mine plan that features variable stope mining width from 3m to a design width depending on zone and cutoff optimization. 3. Metal price assumption for gold was US$1,200/oz. 4. Mineral Reserves are reported based on a cutoff grade of 3.77 g/t Au for stopes within 100 m of a planned ramp and 4.44 g/t Au for stopes further from the ramp. 5. Dilution is assigned a zero grade and assumed to be 0.80 m thickness on average. 6. Mining recovery is variable, based on stope width and can range from 75% to 100%. 7. Process gold recoveries are estimated at 80%. A 5% silver recovery is assumed from all zones. 8. Rounding, as required by reporting guidelines, may result in apparent summation differences between tonnes, grade, and contained metal content. 9. Tonnage and grade measurements are in metric units. Contained gold and silver ounces are reported as troy ounces. Notes for Mineral Resources Total Mineral Resources Amenable to Open Pit Mining Methods 1. Los Filos Open Pit and Bermejal Open Pit deposits included. 2. Mineral Resources are inclusive of Mineral Reserves. 3. Mineral Resources do not include recovery or dilution factors. 4. Mineral Resources are reported to a gold price of US$1,400/oz. 5. Mineral Resources are defined with Lerchs-Grossman pit shells that use variable mining and recovery estimates, depending on the geometallurgical domain and whether mineralization is projected to report to crush-leach or is considered typical ROM for processing requirements. 6. Tonnages are rounded to the nearest 1 kt, grades are rounded to two decimal places for gold and silver; rounding, as required by reporting guidelines, may result in apparent summation differences between tonnes, grade, and contained metal content. 7. Tonnage and grade measurements are in metric units. Gold and silver contained ounces are reported as troy ounces. 8. Oxide and sulfide materials are included in the resource estimation. Total Mineral Resources Amenable to Underground Mining Methods, Bermejal Underground Mineral Resource in the PEA 1. Los Filos Underground and Bermejal Underground deposits included. 2. Mineral Resources are inclusive of Mineral Reserves. 3. Mineral Resources do not include recovery or dilution factors. 4. Mineral Resources are reported to a gold price of US$1,400/oz. 5. Tonnages are rounded to the nearest 1 kt, grades are rounded to two decimal places for gold and silver; rounding, as required by reporting guidelines, may result in apparent summation differences between tonnes, grade, and contained metal content. 6. Tonnage and grade measurements are in metric units. Gold and silver contained ounces are reported as troy ounces. 7. Oxide and sulfide materials are included in the resource estimation. 22