2019 P E A Su m m a r y I ni t i a l C a pi t a l U S 809 m illio n S us t aining C apit al U S 1 5 0 m illio n I n it ia l M in e L if e 12 Y e a rs A v g A n n u a l G o l d P r o d u c t i o n 1 4 1 0 0 0 0 o u n c e s P e a k A nnua l G o l d P r o duc t i o n 529 000 o u n c e s yea r 5 L O M Go ld S ilv e r P ro d u c t i o n 3 9 m o z s A u 22 m o z s A g C a sh C o st s 2 U S 5 7 5 o z A u e q Al l in S u st a i n i n g C o st AI S C 2 U S 611 o z A u e q A I SC Ne t o f Si l v e r B y P r o duc t 2 U S 552 o z Au L O M S t r i p R a t i o w a st e o r e 2 1 to 1 G o ld S ilv e r H e ad G r ade s 1 0 0 g t A u 5 2 8 g t A g G o ld S ilv e r R e c o v e r y 8 8 Au 9 3 A g Sp r in g p o le E c o n o m ic Se n s it ivit y t o G o ld P r ic e S PR IN GPO L E 2019 PE A S U M M A R Y T S X FF O T C Q X FFM G F F R AN K F U R T FM G www f i r s t m i n i n g g o l d c o m No t e T he a bo v e nu m be r s a re f ro m t he i n de pe nde nt t e ch n i ca l r e po r t ti t l e d P r e lim i n a r y Ec o n o m ic Ass e s s m e n t U pda t e f or t he S pr i ngp o l e G o ld P ro je c t O nt ar i o C a nada da t e d No v e m be r 5 201 9 wh i c h wa s p r e pa r e d by SR K C o ns u l t i ng C an ad a I nc in a c c o r da nc e wi t h NI 43 10 1 a nd is av a i l ab l e at w ww s e da r co m u nde r F ir s t M i n i ng s SE DA R pr o f i l e R e a de r s a re c a ut i o ne d t ha t t he P EA is p re l i m i n a ry in n a t ur e it i nc l u de s i nf e r r e d m i ne r a l re s o u rc e s t ha t a re c o ns i de r e d to o s pe c ul a t i v e g e o lo g ic a lly to ha v e th e e c o n o mi c c o ns i de r a ti o ns a pp l i e d to th e m t ha t w o ul d e na b l e t he m to be c a t e g o r iz e d as m in e r a l re s e rve s an d t he r e is no c e r ta i n ty t h at t he P EA w il l be r ea l i zed M i ne r a l re s o u r c e s t ha t a re no t m i ne r a l r es er v es do no t ha v e de m o ns t r a t e d e c on om i c v ia b ilit y T he P EA ba s e c as e s c e na r i o c o nte m pl a t e s a di s c o unt r a te of 5 l o ng te r m m e ta l pr i c e s of US 1 300o z A u a nd US 20o z A g a nd a C A D U S D e x c ha ng e r a te of 0 75 1 A v e r a g e a nnua l g o ld pr o duc t i o n in y e a rs 2 t hr o ug h 9 E qui v a l e nc y c a lc u la t e d us i ng P EA ba s e c as e c o mmo d i t y pr i c i ng s a me c o mmo d i t y pr i c e s us e d in t he 2017 P EA 2 Ca s h c o s ts c o n si s t of m i ni ng c o s t s pr o c e s s i ng c o s t s m i ne l ev el G A tr e a tm e n t a nd r e f i ni ng c ha r g e s a nd r o ya lt ie s A I S C c o n si s t s of c as h c o s ts pl us s us t a i ni ng a nd c l o s ur e c o s ts Ca s h c o s ts a nd A I S C a re no n I F R S m ea s u r es B a se c a se sc ena r i o c o n t em pl a t es a 3 6 0 0 0 t p d p r o c e s s p l an t l o n g t e r m me t al p r i c e s o f U S 1 300 o z g ol d U S 20 o z s i l v e r a n d a C AD U SD e x c h an g e r a t e o f 0 7 5 K e y u p d a t e s i n 2019 P EA i n cl u d e Imp r o v e me n t s t o g o l d an d s i l v e r r ec o v er i es r e v i sed pr o c ess fl o w shee t U p d a t e d c ap i t al an d o p e r a t i n g c o st s A f te r T ax N P V 5 U S 8 4 1 m illio n A f te r T a x I R R 22 P re T ax N P V 5 U S 1 2 b illio n P re T a x I R R 26 A n n u al P r o d u c t io n 1 410 ko z s A I S C n e t o f s ilv er 2 US552 o z G o ld P r ic e Pr e T a x NP V 5 Pr e T a x IR R Af t e r T a x NP V 5 Af t e r T a x IR R 1 200 U S 9 7 2 m i l l i o n 23 U S 6 5 2 m i l l i o n 19 1 300 U S 1 2 3 b illio n 26 U S 8 4 1 m illio n 22 1 400 U S 1 4 9 b i l l i o n 30 U S 1 0 3 b i l l i o n 25 1 500 U S 1 7 5 b i l l i o n 33 U S 1 2 2 b i l l i o n 28 J u l y 2020 11