BUILDING SUCCESSFUL MINING PARTNERSHIPS

Transcription

1 BUILDING SUCCESSFUL MINING PARTNERSHIPS Hunter Dickinson Inc. (HDI) is a diversified, global mining group with more than 25 years of mineral development success. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral properties that provide consistently superior returns to shareholders. HDI has both the financial strength and networks to source and acquire mineral assets with significant potential for value growth, and the technical capabilities and management experience to consistently and rapidly advance those properties through exploration, development, permitting, construction and into stable and profitable mine operations. HDI and associated companies have raised more than C$.4 billion in equity financing, while providing consistently superior shareholder returns since 985. SEPTEMBER 204

2 Over 25 years and multiple projects, HDI has developed a business model proven to achieve timely and efficient project advancement and consistently strong returns for shareholders. Years of experience has refined HDI s methodology for sourcing, qualifying and acquiring mineral properties with high potential for value growth. It has also contributed to the development of a multi-disciplinary team of experienced professionals that provide technical expertise from early exploration to mine operations and closure allowing HDI to capture value throughout the mineral development curve. The HDI track record of success includes 9 public and private companies, and dozens of mineral properties on six continents. This has led to the development of a number of mining operations. Interests span a wide range of precious and base metals including gold, copper, platinum group metals, zinc, molybdenum, lead, tungsten, silver as well as diamonds and industrial minerals. OUR KEYS TO SUCCESS: VISION advancing mineral targets by re-interpreting data and recognizing opportunity where others see challenge; TECHNICAL EXCELLENCE integrating advanced technologies with geological insight and modern engineering practices; FINANCIAL ADVANTAGE leveraging corporate capabilities and reputation to achieve advantageous transaction and finance structuring; ENVIRONMENTAL SCIENCE applying the highest quality environmental management standards to all exploration, planning, development, construction and operating activities; MULTI-DISCIPLINARY TEAM applying diverse skills and experience of professional and technical personnel committed to operational excellence to maximize value through efficient project advancement; SOCIAL LICENSE focusing on sustainability and corporate social responsibility, whether a project is located in the developed or developing world. Investing in HDI associated companies presents unique opportunities, values and benefits for shareholders, allowing investors to participate in HDI s successful track record of advancing diverse, high quality mineral projects through permitting, construction and into mining operations. All projects receive executive attention from HDI principals, as well as focused management and technical expertise from recognized personnel and industry experts, and focused financing programs for exploration and capital budgets. HDI associated companies have generated significant value for shareholders regularly achieving premium asset valuations.

3 MINERAL EXPLORATION HDI has advanced numerous mineral projects through aggressive, geology-driven and technologically-progressive drilling campaigns. HDI s in-house team of geologists includes accomplished technical experts and world renowned mine finders, whose expertise is complemented by the group s advanced data collection, geological modeling, resource assessment and quality control capabilities. HDI has the personnel and resources to plan and execute strategic drill programs quickly and cost-effectively. HDI s exploration programs are characterized by technical, environmental, socio-community, financial and project management excellence. PERMITTING HDI has successfully permitted mining projects in a number of international jurisdictions - including Canada, Mexico and South Africa. In virtually all cases, domestic regulations are integrated with international best practice standards. HDI s permitting specialists coordinate expertise from a number of disciplines to achieve and maintain regulatory approvals, while facilitating timely and efficient transition from exploration to development, construction and mine operations. Multi-disciplinary permitting teams combine expertise in geology, engineering, environmental sciences, government and regulatory affairs, public consultation and community/stakeholder relations, among other specialties. PROJECT ENGINEERING HDI personnel include senior mining and process engineers who have collaborated with external specialists on some of the most significant mine development projects of recent decades. Professional engineers work with HDI project managers at every stage of development, from initial viability assessments to feasibility studies prepared to international standards, to project construction, commissioning and operations. HDI s engineering team has experience in designing and operating large surface mines, smaller, high-grade underground mines, underground block-cave operations and alluvial diamond mines. COMMUNITY ENGAGEMENT As part of its commitment to Responsible Mineral Development, HDI has developed a broad internal capacity to ensure that every project, at every stage of development, earns its social license to operate through community engagement. HDI s professional staff includes sustainability and corporate social responsibility specialists, experts in socioeconomic assessment, community and stakeholder relations, government relations, media relations, public consultation, and issues and reputation management. ENVIRONMENTAL STEWARDSHIP HDI s commitment to Responsible Mineral Development means the highest quality environmental management standards are applied to all study, planning, development, construction and operating activities undertaken by its companies. A senior team of environmental scientists, representing a broad range of specialties, ensures that sustainability principles are embedded in every project that HDI undertakes. Taking a comprehensive and integrated approach to environmental considerations from the earliest stages of project development provides material benefits to HDI companies. Not only does it facilitate timely and successful permitting, it also contributes to optimal asset valuation and to a legacy of environmentally sound operations. MINE DEVELOPMENT AND OPERATIONS HDI has successfully built and operated mines with a track record of stable production. Operating capabilities range in scale from large surface mines to smaller, high-grade underground mines, as well as alluvial diamond mines. In all cases, HDI companies have achieved safe and reliable levels of production. Construction projects undertaken by HDI have been delivered on-time and on-budget, while achieving forecast levels of production. Mining and process upgrades at existing facilities have returned significant productivity and profitability gains. CORPORATE FINANCE HDI has raised more than C$.4 billion in equity financing since 985, while providing consistently superior shareholder returns. HDI s track record of efficiently advancing mineral properties and operating profitable mines has established a large and loyal network of institutional and retail investors in the world s leading financial centres. The company has achieved financing success in all market conditions, and has experience with a broad range of financing instruments and creative deal structures - including joint ventures, traditional project finance, convertible debentures, royalty agreements and monetization of future production. MAJOR PARTNERSHIPS HDI and associated companies have formed successful partnerships with many of the world s leading mining and metals businesses. Recent and past partner relationships include Rio Tinto plc, Anglo American plc, Anglo Platinum Limited, Mitsubishi Corporation, and China s Jinchuan Group and Zijin Mining Group.

4 HDI has successfully acquired, advanced and developed mineral properties for the benefit of shareholders, business partners, employees and communities since 985. HDI focuses on establishing discrete public companies dedicated to advancing a single project or collection of like projects. HDI provides management and technical services to companies, which (as they mature) often develop their own independent management and operating capabilities. Companies associated with HDI rely upon the multi-disciplinary experts within the group to drive their business success. HDI takes great pride in a business model that has delivered consistent mineral development success over many years and market cycles. AN ADVANCED STAGE TUNGSTEN-MOLYBDENUM PROJECT IN CANADA Northcliff Resources Ltd. (TSX: NCF) is a mineral development company focused on advancing the Sisson Tungsten-Molybdenum Project located in New Brunswick, Canada. The property hosts a large near-surface tungsten-molybdenum deposit amenable to open pit mining. The Sisson Project has excellent potential to be a near-term metal producer, with the capability to meet increasing tungsten demand from North American and European markets. In January 203, Northcliff announced positive feasibility results for the Sisson Project. Based on a 30,000 tonnes per day open pit mining and milling operation, a total of 28 million tonnes of ore would be processed over 27 year mine life with an average strip ratio of :. An ammonium paratungstate (APT) plant will be constructed at the site adding significant value to the project. Highlights from the Sisson Project Feasibility Study include: 334 million tonne proven and probable mineral reserve containing 22.2 million metric tonne units (mtu) of tungsten trioxide (WO3) and 54 million pounds of molybdenum (Mo) at an $8.83/t Net Smelter Return cut-off Pre-tax net present value (NPV) of $74 million at an 8% discount rate, an internal rate of return (IRR) of 20.4% and a 4.-year payback on initial capital expenditures of $579 million 2 Post-tax NPV of $48 million, IRR of 6.3% IRR and payback of 4.5 years Northcliff submitted an Environmental Impact Assessment report on the Sisson Project to federal and provincial regulatory agencies in July 203. Grading 0.066% WO3 and 0.02% Mo and Contained within Ultimate Pit Limit. Metal Prices: WO3 US$350/mtu, Mo US$5/lb; Assumed Concentrator Recoveries: WO3 variable with feed grade, Mo 82%; APT Plant Recovery of WO3 97%; US$:C$0.9:; NSR = (WO3% * NSP WO3*Recovery WO3*22.046) + (Mo%*NSP Mo Recovery Mo*22.046); Net Smelter Price (NSP) WO3 = CDN$7.46/lb; Mo = C$4.50/lb. 2 Exchange rate assumptions for US$:C$ are Capital cost.0:; Years :; Years : BUILDING A NEXT GENERATION COPPER PRODUCER Curis Resources Ltd. (TSX: CUV) is a mineral exploration and development company whose goal is to acquire and develop highquality copper properties around the world, and become a global leader in advanced copper production technologies. Curis holds a 00% interest in Florence Copper - an advanced-stage in-situ copper recovery (ISCR) project in central Arizona. Located midway between Phoenix and Tucson near the community of Florence, the property comprises,82 acres of patented land, of which 60 acres is on state mineral leases. In early 203, Curis announced positive economics (US dollars) from a Prefeasibility Study for the Florence Copper Project. Using a $2.75/lb long term copper price and an average copper recovery of 70%, the base case results include: Pre-tax net present value (NPV) of US$727 million (7.5% discount rate) with an internal rate of return (IRR) of 36% Post-tax NPV of US$503 million with an IRR of 29% and a 3.0-year payback Estimated initial capital cost of US$208 million and direct operating costs of US$0.80/lb of copper recovered over a 25 year mine life 340 million ton Probable reserve grading 0.358% TCu at a 0.05% TCu cut-off, containing 2.42 billion lb of copper Permitting for a Phase Production Test Facility is well advanced.

5 RATHDOWNEY A ZINC EXPLORATION AND DEVELOPMENT COMPANY Rathdowney Resources Ltd. (TSX-V: RTH) is focused on finding the next generation of base metal deposits. The company holds interests in prospective zinc districts in Poland, Ireland and Alaska. Rathdowney s flagship project is located in the Upper Silesian Mining District, an area of world-class Mississippi Valley-Type (MVT) zinc-lead deposits. Situated between the major population centres of Krakow and Katowice, Project Olza is easily accessible by road in a region with well-developed mining infrastructure, including smelting facilities. In September 202, Rathdowney announced an initial estimate of the mineral resources at Project Olza, which comprise 2.2 million tonnes in the inferred category grading 5.88% zinc and.54% of lead (7.42% combined) containing 2.75 billion lb of zinc and 720 million lb lead (at a 2% zinc cut-off). As the footprint of this resource covers only a portion of the large mineralizing system on the 50 sq km Olza property, there is excellent potential to substantially increase the mineral resources. In addition, preliminary metallurgical testwork returned excellent recoveries of zinc, lead and silver from the mineralization at Olza. The company s current focus is on data collection and technical studies to advance the project through permitting and toward development. HEATHERDALE BUILDING SHAREHOLDER VALUE BY DEVELOPING PREMIUM DEPOSITS IN ALASKA Heatherdale Resources Ltd. (TSX-V: HTR) is a mineral exploration and development company focused on advancing its 00% owned Niblack Copper-Gold-Zinc-Silver Project in southeast Alaska. The Niblack property is comprised of 6,200 acres of federal and state mineral claims, including 250 acres of patented lands, and related mineral exploration permits, equipment and infrastructure. There are six known volcanogenic massive sulphide (VMS) zones within the property. Successful drilling by Heatherdale since 2009 has significantly increased the resource tonnage at Niblack: the Indicated resource has grown from 2.6 Mt to 5.6 Mt and the Inferred resource from.7 Mt to 3.4 Mt. At a US$50 net smelter return cut-off, the mineral resources in the Lookout and Trio deposits total 5.6 million tonnes in the Indicated category grade 0.95% copper,.75 g/t gold,.73% zinc, g/t silver and the 3.4 million tonnes in the Inferred category grade 0.8% copper,.32 g/t gold,.29% zinc, 20.0 g/t silver. Within the Indicated resources in the Lookout deposit there is a continuous high grade zone which, at a US$50 NSR cut-off, comprises.2 million tonnes grade.7% copper, 3.2 g/t gold, 3.83% zinc, g/t silver. There is excellent potential to expand the mineral resources through additional work on the known zones as well as other earlier stage targets on the property. November 20 estimate. The Net Smelter Return (NSR) cut-off uses long-term metal forecasts: gold US$50/oz, silver US$20.00/oz, copper US$2.50/lb, and zinc US$.00/lb; Recoveries to Cu concentrate of 95% Cu, 56% Au and 53% Ag with payable metal factors of 96.5% for Cu, 90.7% for Au, and 89.5% for Ag; to Zn concentrate of 93% Zn, 6% Au, and 24% Ag with payable metal factors of 85% for Zn, 80% for Au and 20% for Ag. DISCOVERING THE NEXT MAJOR DEPOSIT IN BRITISH COLUMBIA Quartz Mountain Resources Ltd. (TSX-V: QZM; OTCBB: QZMRF) is a mineral exploration and development company focused on exploration prospects in British Columbia (BC). The company holds 00% interest in the Galaxie Copper-Gold Project. The Galaxie property is located in northwestern British Columbia, a region with potential for the discovery of bulk tonnage coppergold and/or molybdenum and vein-type precious and base metal deposits. The property hosts the Gnat porphyry copper deposit, and several other base metal and precious metal targets.

6 AMARC IMPORTANT NEW DISCOVERIES IN BRITISH COLUMBIA Amarc Resources Ltd. (TSX-V: AHR; OTCBB: AXREF) is focused on making the next major mineral deposit discovery in central British Columbia (BC). Amarc has set a strong foundation for growth. The company has an option to acquire an 80% interest in the highly prospective Ike Copper-Molybdenum-Silver Project; it made an important.6 million ounce gold discovery at 00% owned Newton Project, within a 7 sq km mineralized system that remains open to expansion; and compelling drill ready targets have been identified at 00% owned Galileo Project, located proximal to New Gold s 0 million ounce-plus gold discovery at Blackwater. At a 0.25 g/t gold cut-off, Inferred mineral resources comprise.5 million tonnes grading 0.44 g/t gold and 2. g/t silver, July THE FUTURE OF U.S. MINING AND MINERALS Northern Dynasty Minerals Ltd. (TSX: NDM; NYSE MKT: NAK) holds indirect interests mineral claims on State land in southwest Alaska, USA. Northern Dynasty s principal asset is the Pebble Project, an advanced-stage initiative to develop one of the world s most important mineral resources. The Pebble deposit comprises 5.94 billion tonnes of Measured and Indicated resources grading 0.78% CuEQ, containing 55 billion lb copper, 67 million oz gold, and 3.3 billion lb molybdenum; and 4.84 billion tonnes of Inferred resources grading 0.53% CuEQ, containing 25.6 billion lb copper, 40.4 million oz gold, and 2.3 billion lb molybdenum, as estimated at a 0.30% CuEQ cut-off. A 203 study authored by IHS Global Insight found the Pebble Project has the potential to support 5,000 American jobs and contribute more than $2.5 billion annually to US GDP over decades of production. The priority goals in 204 are to move forward with environmental planning and project design work and to seek one or more potential joint venture or other partners to join the Pebble Project. CuEQ uses metal prices of$.85/lb for Cu, $902/oz for Au and $2.50/lb for Mo and recoveries of 85% for Cu 69.6% for Au, and 77.8% for Mo (west area), 89.3% for Cu, 76.8% for Au, 83.7% for Mo (east area). SETTING THE STANDARD IN MINE DEVELOPMENT Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB) is a British Columbia based mine operator and developer. The company s principal asset is the 75% owned Gibraltar copper-molybdenum mine. The operation, which has a 24 year mine life, recently completed a $325 million capital project that included the construction of a 30,000 ton per day concentrator, increasing the capacity of Gibraltar to 85,000 tons per day and annual copper production to 65 million pounds at life of mine average grade. Taseko s wholly-owned Aley Niobium Project provides near-term growth potential for the company. A recently completed technical study (September 204) indicates the project has a pre-tax net present value of ~C$860 million (8% discount rate) over a 24 year mine life. The Aley deposit comprises a Proven and Probable reserve 2 of 84 million tonnes grading 0.50% Nb2O5 (at a 0.30% Nb2O5 cut-off) contained within a 286 million tonne Measured and Indicated resource grading 0.37% Nb2O5 (at a 0.20% Nb2O5 cut-off). The company also owns the New Prosperity Gold-Copper Project, one of Canada s largest undeveloped gold-copper deposits, and the Harmony Gold Project, a longer-term development opportunity. The technical study was done using long term metal prices of US$45.00/kg for niobium and an exchange rate of US$0.90/C$.00. For additional information related to the technical study, see Taseko s news release dated September 5, The reserve takes into consideration all geologic, mining, milling and economic factors, and is stated according to Canadian standards (NI43-0). (Under US standards no reserve declaration is possible until a full feasibility study is complete and financing and permits are acquired).

7 HISTORIC HUNTER DICKINSON COMPANIES For more than 25 years, HDI has established an outstanding track record of mineral development success including companies that have subsequently established independent senior management. CONTINENTAL GOLD CORPORATION Through keen geological insight and aggressive multi-rig drill programs, Continental succeeded in defining a major coppergold porphyry deposit and advanced the project to the final permitting stage. Shareholders accepted an offer of $90 million or C$20 per share for its 70% interest in the Mt. Milligan project in 990, realizing a total return on equity capital of 550%. NORTH AMERICAN METALS CORPORATION Through focused investments on exploration, engineering design, environmental science and community engagement, North American Metals advanced the Golden Bear gold deposit to the permitting stage within nine months. In 988, North American Metals was acquired via hostile takeover by Homestake Canada, realizing a total return on equity capital of 90%. The Golden Bear mine operated from 990 to 200. EL CONDOR RESOURCES LTD. Through extensive exploration drilling and other technical studies, El Condor advanced the Kemess South copper-gold porphyry to the permitting stage of development before facilitating a unique transaction with Royal Oak Mines which realized a total return on equity capital of 400%. During its mine life, the Kemess South mine produced nearly 3 million oz gold and 800 million lb copper. FARALLON MINING LTD. Through persistent investigation and technical excellence, Farallon outlined significant polymetallic mineral resources at its Campo Morado property in Mexico, including the high-grade G-9 deposit. Within a short time span of four years, Farallon developed, permitted, built and put into operation the G-9 mine, which in 200 attracted an all cash $409 million takeover bid from Nyrstar NV. CONTINENTAL MINERALS CORPORATION Through perceptive geological analysis and dedicated planning, Continental Minerals acquired the Xietongmen Copper-Gold Project in the Tibet Autonomous Region of China in 2004 and rapidly advanced the project by completing a positive feasibility study in In April 20, Jinchuan Mining Group acquired Continental Minerals in a transaction valued at C$432 million. had made the high grade gold-silver discovery. It acquired the Burnstone gold project in South Africa the following year, and successfully advanced it from exploration through feasibility. The company became independent of HDI in DETOUR GOLD CORPORATION Detour Gold listed on the Toronto Stock Exchange (TSX) in 2007 and immediately acquired a controlling interest in its flagship Detour Lake Project in Ontario, Canada, later consolidating ownership through a merger with its partner Pelangio Exploration. With initial open pit proven and probable reserves of 5.6 million oz of gold (470 million tonnes grading.03 g/t at a 0.5 g/t cut-off), the mine, which reached commercial production in 203, is expected to produce an average of 650,000 oz per year over a mine life of 20+ years. ROCKWELL DIAMONDS INC. Rockwell acquired its South African diamond properties in Today, the company is an established alluvial diamond producer holding a 74% interest in the Saxendrift operation and the Wouterspan and Niewejaarskraal projects. High-value 2+ carat stones comprise a significant proportion of Rockwell s annual production. The company s primary focus is to add value to existing operations, while aggressively seeking to acquire superior, advanced-stage projects. ATLATSA RESOURCES CORPORATION Atlatsa (formerly Anooraq Resources Corporation) was the first Black Economic Empowerment company in South Africa listed on North American stock exchanges. Atlatsa holds a 5% interest in Bokoni Mines (formerly Lebowa Platinum Mines) and several other PGM properties. The company is a significant independent producer, with refined annual production from Bokoni totalling ~5,000 oz of platinum, palladium, rhodium and gold. Production capacity at the long-life mine is being expanded to 250,000 oz per year by 207. GREAT BASIN GOLD LIMITED Great Basin Gold was listed on the Toronto and American Stock Exchanges in While part of the HDI group, the company acquired and advanced mining assets in the Witwatersrand Basin of South Africa and the Carlin Trend of Nevada, USA. HDI first acquired the Hollister project in Nevada in 997 and by 200,

8 GLOBAL REACH OF HDI HDI COMPANIES HISTORIC COMPANIES Northern Dynasty Heatherdale North American Metals El Condor Continental Gold Taseko Detour Gold Northcliff Rathdowney Continental Quartz Mountain Amarc Great Basin Gold Curis Farallon Rockwell Atlatsa Great Basin Gold CONTACT INFORMATION Investor Services th Floor W. Georgia Street Vancouver, BC Canada V6E 4H This document contains forward-looking statements that are based on expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as outlook, anticipate, project, target, believe, estimate, expect, intend, should and similar expressions. Forwardlooking statements are subject to known and unknown risks, uncertainties and other factors that may cause each company s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. The assumptions used by the companies to develop forward-looking statements include the following: the projects will obtain all required environmental and other permits for construction of the mine, the projects will achieve targeted production levels; study and development of the projects will continue to be positive; contracted parties will provide goods and/or services on the agreed timeframes; equipment necessary for construction and development is available and does not incur unforeseen breakdowns; no material labour slowdowns or strikes are incurred; plant and equipment functions as specified; geological or financial parameters do not necessitate future mine plan changes; and no geological or technical problems occur. The factors include but are not limited to uncertainties and costs related to the company s exploration and development activities, such as those associated with determining whether mineral resources or reserves exist on a property; uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns from a mining project; uncertainties related to expected production rates, timing of production and the cash and total costs of production and milling; uncertainties related to the ability to obtain necessary licenses, permits, electricity, surface rights and title for development projects, including delays related to the third party opposition; operating and technical difficulties in connection with mining development activities; uncertainties related to the accuracy of our mineral reserve and mineral resource estimates and our estimates of future production and future cash and total costs of production, and the geotechnical or hydrogeological nature of ore deposits, and diminishing quantities or grades of mineral reserves; uncertainties related to unexpected judicial or regulatory proceedings; changes in, and the effects of, the laws, regulations and government policies affecting our mining operations, particularly laws, regulations and policies relating to mine expansions, environmental protection and associated compliance costs arising from exploration, mine development, mine operations and mine closures; expected effective future tax rates in jurisdictions in which our operations are located; the protection of the health and safety of mine workers; and mineral rights ownership in countries where our mineral deposits are located; changes in general economic conditions, the financial markets and in the demand and market price for gold, silver and other minerals and commodities, such as diesel fuel, coal, petroleum coke, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar; unusual or unexpected formation, cave-ins, flooding, pressures, and precious metals losses, or other similar events (and the risk of inadequate insurance or inability to obtain insurance to cover these risks); changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates; environmental issues and liabilities associated with mining including processing and stock piling ore; geopolitical uncertainty and political and economic instability in countries which we operate; and labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mineral projects or mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines. For more information on the various companies discussed herein, Investors should review where applicable each company s annual Form 20-F filings with the United States Securities and Exchange Commission (the SEC ) and/or their Canadian home jurisdiction filings that are available at This brochure uses the terms Measured resources, Indicated resources and Inferred resources. Although these terms are recognized and required by Canadian regulations (under National Instrument 43-0 Standards of Disclosure for Mineral Projects NI 43-0 ), the SEC does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, Inferred resources have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessments as defined under NI Investors are cautioned not to assume that part or all of an Inferred resource exists, or is economically or legally mineable. COMPANY PROJECT QUALIFIED PERSON CONSULTING COMPANY Amarc Resources Ltd. Resource Estimate, Newton Project, British Columbia Canada, September 202 Reno Pressacco, PGeo Roscoe Postle Associates Inc. Curis Resources Ltd. Pre-Feasibility Study, Florence Copper Project, Arizona USA, March 203 Heatherdale Resources Ltd. Resource Estimate, Niblack Project, Alaska USA, November 20 Northcliff Resources Ltd. Feasibility Study, Sisson Project, New Brunswick Canada, January 203 Richard Zimmerman, RM-SME Terence McNulty, PhD, PE Michael Young, RM-SME Corolla Hoag, CPG, RM-SME Dennis Tucker, PE Richard Frechette, PE Deon van der Heever, PrSciNat Marek Nowak, PEng David W. Rennie, PEng Jim Gray, PEng Daniel Friedman, PEng Matt Bolu, MSc, PEng Gene Greskovich, PE Steven Pozder, PE Northern Dynasty Minerals Ltd. Resource Estimate, Pebble Project, Alaska USA, March 200 D. Gaunt, PGeo HDI M3 Engineering &Technology Corp. (U.S.) TP McNulty and Associates Haley & Aldrich SRK Consulting ARCADIS Knight Piésold HDI SRK Consulting (Canada) Roscoe Postle Associates Inc. Moose Mountain Technical Services Knight Piésold Consulting Bolu Consulting Engineering, Inc. Gene Greskovich Samuel Engineering, Inc. Rathdowney Resources Ltd. Resource Estimate, Olza Project, Poland, September 202 Robert L. Sandefur, PE Chlumsky Armbrust & Meyer, LLC Taseko Mines Limited Reserve Estimate, Gibraltar, British Columbia Canada, March 20 S. Jones, PEng Taseko Resource Estimate, Aley Project, British Columbia Canada, March 202 R.G. Simpson, PGeo Geosim Services Inc. Reserve Estimate, Aley Project, British Columbia Canada, September 204 S. Jones, PEng Taseko