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i e d o n c o n c e n tr a te s No te th a t a mi n i mu m d e d u c ti o n o f 0 2 0 C o w a s a p p l i e d on c o n c en t ra t e N iEq c a l c ul a t i ons use d U S D CA D e x c ha ng e r a t e of 1 14 N i c k e l p r i c e of U S 6 56 l b s Cop p e r p r i c e of U S 2 97 l b s Cob a l t p r i c e of U S 13 00 l b s P l a t i num p r i c e of U S 1 302 30 oz a nd P a l l a d i um p r i c e of U S 737 20 oz T he se a re 3 y e a r tr a i l i n g a ve r a g e s c a l c u l a te d a t th e e ffe c ti ve d a te P a y a b l e o f 7 0 fo r Ni c k e l 7 5 fo r C o p p e r 7 5 fo r C o b a l t mi n i m u m d e d u c ti o n o f 0 2 0 4 5 fo r P l a ti n u m a n d 4 5 fo r P a l l a d i u m a p p l i e d o n e x p e c te d c o n c e n tr a te b a se d on a na l y si s of a v a i l a b l e sm e l t i ng a nd r e f i ni ng c ost p a r a m e t e r s Cut o ff a n d N iEq c a l c ul a t i ons w oul d ha v e t o b e r e e va l u a te d i n l i g h t o f fu tu r e p r e va i l i n g ma r k e t c o n d i ti o n s me ta l p r i c e s e x c h a n g e r a te s me l ti ng t e r m s a nd m i ni ng c ost s D e nsi t y v a l ue s w e r e e st i m a t e d f or a l l l i t hol og i c a l uni t s f r om m e a sur e d sa m p l e s D e nsi t y v a l ue s f or t he H or i z on 1 a nd H or i z on 3 m i n era l i z ed z o n es w ere i n t erp o l a t ed f ro m b o t h a m ea s u red d en s i t y d a t a b a s e a n d a c o rrel a t i o n d a t a b a se a c c ount i ng f or a se l e c t i on of m e t a l s N i Fe Co y i e l d i ng t he b e st c or r e l a t i on w i t h t he m e a sur e d d a t a b a se T he r e sour c e w a s e st i m a t e d usi ng G E M S 6 7 T he e st i m a t e i s b a se d on 111 d i a m ond d r i l l hol e s 39 999 43 m A mi n i mu m tr u e th i c k n e ss of 3 0 m w a s a p p l i e d u s i n g th e g r a d e o f th e a d j a c e n t ma te r i a l w h e n a s s a y e d o r a va l u e o f z e r o w he n not a ssa y e d H i g h g r a d e c a p p i ng w a s d one on r a w a ssa y d a t a a nd e st a b l i she d on a p e r z one b a si s f or N i c k e l 15 00 Cop p e r 5 00 P l a t i n u m 5 00g t a nd P a l l a d i um 8 00g t Ca p p i ng g r a d e se l e c t i on i s sup p or t e d b y st a t i st i c a l a na l y si s Com p osi t i ng w a s d one on d r i l l hol e se c t i ons f a l l i ng w i t hi n t he m i ne r a l i z e d z one s c om p osi t e 1 0 m R e sour c e s w e r e e v a l ua t e d f r om d r i l l hol e s usi ng a 3 p a ss I D 2 i nt e r p ol a t i on m e t hod i n a b l oc k m od e l b l oc k si z e 5 x 5 x 5 m T h e M i n era l R es o u rc es p res en t ed h erei n a re c a t eg o ri z ed a s I n d i c a t ed a n d I n f erred b a s ed o n d ri l l s p a c i n g g eo l o g i c a l a n d g ra d e co nt i nui t y B a se d on t he na t ur e of t he m i ne r a l i z a t i on a m a x i m um d i st a nc e t o t he c l ose st c om p osi t e of 50 m w a s use d f or i nd i c a t e d R e sour c e s T he a v e r a g e d i st a nc e t o t he ne a r e st c om p osi t e i s 22 9 m f o r t h e I n d i c a t ed res o u rc es a nd 53 6 m f o r t h e I n f erred res o u rc es O u n c e t ro y m et ri c t onne s x g r a d e 31 10348 Ca l c ul a t i ons use d m e t r i c uni t s m et res t onne s an d g t M e t a l c ont e nt s a r e p r e se nt e d i n ounc e s a nd p ound s T he num b e r of m e t r i c t ons w a s r ound e d t o t he ne a r e st hund r e d A ny d i sc r e p a nc i e s i n t he t ot a l s a r e d ue t o r ound i ng e f f e c t s T h e q u a n t i t y a n d g ra d e o f rep o rt ed I n f erred res o u rc es i n t h i s M i n era l R es o u rc e E s t i m a t e a re u n c ert a i n i n n a t u re a n d t h ere h a s b e e n i nsuf f i c i e nt e x p l or a t i on t o d e f i ne t he se I nf e r r e d r e sour c e s a s I nd i c a t e d or M e a sur e d a nd i t i s unc e r t a i n i f f ur t he r e x p l or a t i on w i l l r e sul t i n up g r a d i ng t he m t o t he se c a t e g or i e s CI M d e f i ni t i ons a nd g ui d e l i ne s f or m i ne r a l r e sour c e s ha v e b e e n f ol l ow e d T he Q ua l i f i e d P e r sons a r e not a w a r e of a ny k now n e nv i r onm e n t a l p e r m i t t i ng l e g a l t i t l e r e la t e d t a xa t io n s o c io p o lit ic a l o r m a r k e t i ng i ssue s or a ny ot he r r e l e v a nt i ssue t ha t c oul d m a t e r i a l l y a f f e c t t he M i ne r a l R e sour c e E st i m a t e W allb rid g e M in in g 25