F O R W ARD L O O KI NG ST A T EM ENT S T hi s pr e s ent at i o n c on t ai ns f or w ar d l oo k i ng s t at e m ent s a nd f or w ar d l oo k i ng i nf or m at i on as de f i ned unde r C anad i a n and U S se cu ri t i e s la ws A ll s t at e m e nt s ot h er t ha n s t at e m e nt s of h i st o r i ca l f ac t ar e f or w ar d l ook i ng s t at em e nt s T he w or d s e x p e c t bel i ev e a nt i c i p at e will i nt e n d e s t i m a te fo r e c a s t bu dge t an d s im il a r ex p r es s i o ns i de nt i f y f or w ar d l oo k i ng s t at e m ent s F or w ar d l ook i ng s t at e m ent s i nc l ude i nf or m at i o n as to s t r at eg y pl a ns or fu tu r e f i n a nc i al or op er at i n g per f or m a n c e su c h as th e C om p an y s e x pans i on pl a ns pr o j ec t t im e lin e s pr o d uc t i on pl ans pr oj e c t e d ca sh f lo ws or c ap i t al ex pe ndi t u r es co st es t i m at es pr oj e c t e d ex p l or at i o n re su l t s re se rve and re s o u rc e es t i m at es and ot h er s t a t em e nt s t hat e xp r e ss m a nage m en t s ex p ec t at i o n s or e st i ma t e s of f ut ur e per f or m anc e F or w ar d l oo k i ng s t at em e nt s ar e n e ce s sa ri l y bas ed upon a n um b er of f ac t or s a nd as s um p t i o ns t h at wh i le c on s i de r ed r eas onab l e by m an agem en t ar e i n h er ent l y s ubj ec t to s i g ni f i c ant u n c er t a i nt i es and c on t i ng enc i es K n ow n and un k now n f ac t or s c oul d ca u se ac t u al re su l t s to d i f f er m at er i a l l y fr o m t ho s e pr oj e c t e d in th e f or w ar d lo o k in g s t at em e nt s i nc l udi ng u nc er t ai nt y of p r od uc t i on and co st es t i m at es f l uc t ua t i ons in th e pr i c e of g ol d and f or ei g n ex c han ge r at e s th e u nc er t ai nt y of r e pl ac i n g d epl e t ed re s e rv e s t he ri sk t h at t he Y o ung D av i ds on s h af t w ill n ot p er f or m as pl an ned th e ri sk t hat m i ni ng o p er at i o ns do n ot m e et ex pec t a t i o ns t he r is k t hat pr o j ec t s wil l n ot be de v el o ped ac c o r d i ngl y to budg e t s or t i m el i nes c han ges in l aw s in C ana da Me xi c o and ot he r j ur i s d i c t i on s in wh ic h t he C om pa n y m ay ca r ry on b us i n es s ri s ks of o bt ai n i ng nec es s a r y l i c en s es p er m i t s or ap pr ov a l s f or ope r at i ons or p ro j e ct s su ch as K em es s d i s p ut es ov er t it l e to pr op er t i es th e sp e cu l a t i ve n at ur e of m i ne r al ex p l or at i on a nd d ev e l op m ent ri sk s r el a t ed to ab o r i gi nal t it le c la i m s c o m pl i a nc e ri s ks w it h re s p e ct to c ur r e nt an d f ut ur e e nv i r on m ent a l r eg u l at i o ns di s r up t i ons af f ec t i n g o p er at i o ns op por t u ni t i es t hat m ay be pur s u ed by t he C om p an y em pl oy ee r e l at i on s a v a il a b il it y and c o st s of m i ni ng i n put s an d l abo r th e a b ili t y to s e cu re c ap i t al to ex ec u t e bus i nes s pl ans v o la t i lit y of t he C om p an y s s h ar e pr i c e c on t i nua t i on of t he di v i den d and di v i d end r ei n v es t m en t pl a n th e ef f ec t of fu tu r e f i na nc i ngs l i t i gat i on r is k of lo s s du e to s ab ot ag e a nd c iv il d i s t ur b an c es t he v al u es of a s s et s an d l ia b i lit i e s ba s ed on pr o j ec t e d f ut ur e c a sh f lo ws ri sk s a r is in g f r om d e ri va t i ve i n s t r um e nt s or t he abs enc e of h edgi ng ad equa c y of i nt er n al c on t r ol ov er f i nanc i a l r epor t i ng c hanges in c r edi t r at i ng and t he i m pac t of i nf l at i on Act u a l re su l t s an d dev el op m e n t s ar e li k e ly to di f f er a nd ma y d i ffe r m at er i a l l y f ro m t h os e ex p r es s ed or im p lie d by t he f or w ar d l oo k i ng s t at e m e nt s c on t ai ned h er ei n Su c h s t at e m ent s ar e ba s ed on a n um b er of as s um pt i o n s wh ic h m ay pr ov e to be i n c o rre ct i nc l udi ng as s u m pt i o ns a bo ut b us i nes s an d ec o n om i c c ondi t i on s c om m odi t y pr i c es and th e p ri ce of k ey i npu t s su ch as l a b our f ue l an d e l e ct ri c i t y c r edi t m ar k et c ond i t i on s an d c ond i t i o ns in f i n an c i al m ar k et s ge n er al l y r ev e n ue an d ca sh f l ow es t i m at e s p r o duc t i on l ev e l s dev el op m en t s c hed ul e s an d th e a s s o c i at ed c o st s a b il it y to pr o c ur e eq ui p m ent an d s uppl i es an d on a t im e l y bas i s t he t i m in g of t he r ec e i pt of p er m i t s a nd ot h er ap p r ov al s f or pr o j ec t s and o per at i o n s t he a b il it y to a t t ra ct an d r et ai n s k ille d em pl oy ees and c o nt r ac t or s f or th e o p er at i on s th e a c c ur ac y of re se rve an d r e so u rce es t i m at e s th e i mp a ct of c han ges in c ur r e nc y ex c ha nge r at es on c os t s an d re su l t s i nt er es t r at e s t ax at i o n a nd o ngoi ng r e l at i o ns w it h e m pl oy ees a nd bus i nes s p ar t ner s T h e C om p an y d is c la i m s any i nt e nt i o n or obl i ga t i on to u pd at e or r e vi se any f or w ar d l ook i ng s t at em ent s w het her as a r es ul t of new i nf or m at i o n f ut ur e ev ent s or ot her w i s e ex c ept as r equi r ed by appl i c ab l e l aw C a u t i o n a r y No t e to U S I n v est o r s C o n c e r n i n g M easu r ed I n d i cat ed an d I n f er r ed R eso u r ces T hi s pr es e nt at i on u s es th e t e rms m e as ur e d i ndi c a t ed an d i nf er r e d r e s our c es W e a d vi se i nv e s t or s t hat wh ile t ho s e t er m s ar e r e c og ni z ed a nd r equi r ed by C an adi a n r eg u l at i o ns t he U ni t e d S t at es S e c ur i t i es and E x c ha nge C o m mi s si o n do es not r ec o gn i z e t hem I nf er r ed re so u r ce s h av e a gr eat am o unt of un c er t a i nt y as to t h ei r ex i s t en c e a nd as to t h ei r ec onom i c and l ega l f e a s i b il it y It c a n not be a ssu me d t h at al l or any p ar t of an i nf er r e d re so u rc e will ev er be up gr a d ed to a h i gh er c at e gor y U nd er C an adi a n r ul e s e s t i m at es of i nf er r e d m i ner a l re so u r ce s ma y n ot f or m th e bas i s of f eas i bi l i t y or ot h er ec o no m i c s t udi es Un it e d S t at es i n v es t or s ar e c au t i oned n ot to a ssu me t h at al l or an y p ar t of m ea s ur ed or i nd i c at e d m i n er al re so u r ce s w ill ev er be c on v er t e d i nt o m i ne r al r es er v e s Un it e d S t at e s i nv es t o r s ar e al s o c au t i o ned n ot to a ss u me t h at a ll or an y p ar t of an i nf er r ed m i ne r al r e so u r ce e x i st s or is e c on om i c al l y or l ega l l y m i neabl e 2