TBN Cu rr ent Lak e De pos it H is toric Es timate htt ps p an oram i c r es ou r c es c o m w p c on ten tu pl oa ds 20 18 10 P G M r es ou r c es and r es erv es s l i de s 30 J un e 20 18 pd f A 4 Quali f y in g St a t emen t s an d Not es N o tes T hu nd e r B ay N o r t h O p e n P i t H i st o r i c E st i m at e T he o pe n pi t H i st o r i c E st i m at e is r e po r t e d at a c ut o f f g r ad e of 0 59 g t Pt Eq wi t hi n a L e r c hs G r o ss m an pi t s he l l o pt i m i z e d on Pt Eq T he st r i p r at i o wast e o r e of t h i s p i t is 9 5 1 T he p l at i nu m e qu i v al e nc y f o r m ul a is b as e d on as s um e d m e t al pr i c e s a nd o v e r al l r e c o v e r i e s T he Pt Eq f o r m ul a is Pt Eq g t Pt g t Pd g t x 0 32 0 4 Au g t x 0 63 7 9 Ag g t x 0 0 0 62 Cu g t x 0 00 0 11 T o t al Ni g t x 0 0 00 1 95 T o t al Co g t x 0 00 0 12 4 Rh g t x 2 1 8 16 T he c o nv e r si o n f ac t o r sh o wn in t h e f o r m ul a f o r e ac h m e t al r e pr e se nt s t he c o nv e r si o n f r o m e ac h m e t al to pl at i nu m on a r e c o v e r e d v al u e ba s i s T he as su m e d m e t al pr i c e s us e d in t he Pt Eq f o r m ul a ar e Pt US 1 5 95 oz Pd US 51 2 oz Au US 1 015 oz Ag US 15 74 oz Cu US 2 20 l b Ni US 7 71 l b Co US 7 71 l b a nd Rh US 3 4 79 oz T he as su m e d c o m bi ne d f l o t at i o n an d P l at so l T M pr o c e ss r e c o v e r i e s us e d in t he Pt Eq f o r m ul a ar e Pt 76 Pd 75 Au 76 Ag 55 Cu 86 Ni 44 Co 28 and Rh 76 T he as su m e d r e f i ne r y pa y a bl e s ar e Pt 98 Pd 98 Au 97 Ag 85 Cu 100 Ni 100 Co 10 0 and Rh 98 T hu nd e r B ay N o r t h Und e r g r o un d H i st o r i c E st i m at e T he un de r g r o un d H i st o r i c E st i m at e is r e po r t e d at a c ut o f f g r ad e of 1 94 g t Pt Eq T he Pt Eq f o r m ul a is Pt Eq g t Pt g t Pd g t x 0 27 2 1 Au g t x 0 3 96 8 Ag g t x 0 0 08 4 Cu g t x 0 00 0 11 8 S ul ph i d e Ni g t x 0 00 0 43 3 S ul ph i de Co g t x 0 0 00 4 28 Rh g t x 2 72 1 1 T he as su m e d m e t al pr i c e s us e d in t he Pt Eq f o r m u l a ar e Pt US 1 470 o z Pd US 40 0 o z Rh US 4 00 0 o z Au US 875 o z Ag US 14 30 o z Cu US 2 10 l b Ni US 7 30 l b an d Co US 13 00 l b T h e as s u m e d p r o c e s s r e c o v e r i e s u s e d in t he Pt Eq f o r m ul a ar e Pt 75 Pd 75 Rh 75 Au 50 Ag 50 Cu 90 and Ni and Co in su l ph i d e 90 T he as su m e d sm e l t e r r e c o v e r i e s us e d in t h e Pt Eq f o r m ul a ar e Pt 85 Pd 85 Rh 85 Au 85 Ag 85 Cu 85 Ni 90 and Co 50 Ni and Co in su l ph i d e we r e e st i m at e d by l i ne ar r e g r e ss i o n of M g O to t o t al Ni and t o t al Co r e sp e c t i v e l y T he r e g r e ss i o n f o r m ul a f o r Ni in su l ph i de N i S x is N i S x Ni M g O x 60 35 551 43 T he r e g r e ss i o n f o r m ul a f o r Co in su l ph i de C o S x is C o S x Co M g O x 4 45 9 25