Sa fe Harb our Sta tem ent F o r w a r d l o o k in g i n f o r mat io n T hi s c orporat e pres en t a t i on c ont ai ns or i nc orpora t e s by ref erenc e f orw ard l ook i ng s t at em en t s w i t hi n t he m eani ng of t he U ni t ed St at es Pri v at e Sec uri t i es Li t i gat i on R ef orm Ac t of 1995 and appl i c abl e C anadi an s ec uri t i es l egi s l at i on w hi c h m ay not be bas ed on hi s t ori c al fa c t R eaders c an i dent i f y m any of t hes e s t at em en t s by l ook i ng f or w ords s uc h as bel i ev e ex pec t s w i l l i nt ends proj ec t s ant i c i pa t e s es t i m at es c ont i nue s or s i m i l ar w ords or t he negat i v e t hereof St at em ent s t hat are not bas ed on hi s t ori c al f ac t c ont ai ne d i n t hi s pres en t a t i on i nc l udi ng t hrough doc um en t s i nc orpora t e d by ref erenc e herei n are f orw ard l ook i ng s t at em en t s t hat i nv ol v e ri s k s and unc ert a i nt i es t hat c ou l d c aus e ac t ual ev ent s or res ul t s t o di f f er m at eri al l y f rom es t i m at ed or ant i c i pat ed ev ent s or res ul t s ref l ec t ed i n t he f orw ard l ook i ng s t at em en ts Suc h f orw ard l ook i ng s t at em e nt s ref l ec t t he C om pany s c urrent v i ew s w i t h res pec t t o f ut ure ev ent s and i nc l ude am ong ot her t hi ngs s t at em e n t s regardi ng t arget s es t i m at es and or as s um pt i ons i n res pec t of res erv e s and or res ourc es and are bas ed on es t i m at es and or as s um pt i ons re l at ed t o f ut ure ec onom i c m ark et and ot her c ondi t i ons t hat w hi l e c ons i dere d reas ona b l e by t he C orpora t i on are i nherent l y s ubj ec t t o ri s k s a nd unc ert a i nt i es i nc l udi ng s i gni f i c ant bus i nes s ec ono m i c c om pet i t i v e pol i t i c al and s oc i al unc ert a i nt i es and c ont i ngen c i es T hes e es t i m at es and or as s um p t i on s i nc l ude but are not l i m i t ed t o grade of ore rare m et al and by prod u c t c om m odi t y pri c es m et al l urgi c al rec ov e ri es operat i ng c os t s ac hi ev e m en t of c urrent t i m et abl es f or dev el opm e n t s t rengt h of t he gl obal ec onom y av ai l abi l i t y of addi t i onal c api t al and av ai l abi l i t y o f s uppl i es equi pm ent a n d l abour F ac t ors t hat c oul d c aus e t he C om pany s ac t ual res ul t s perf orm anc e ac hi ev e m en t s dev el opm en t s or ev ent s t o di f f er m at er i al l y f rom t hos e ex pres s ed or i m pl i ed by f orw ard l oo k i ng s t at em ent s i nc l ude am ong ot hers but are not l i m i t ed t o m ark et c ondi t i ons t he p os s i bi l i t y of c os t ov errun s or unant i c i pat ed c os t s and ex pens e s t he i m pac t of propos e d opt i m i z at i ons at t he C om pany s proj ec t s ac t ual res ul t s of ex pl orat i on ac t i v i t i es m i neral res erv e s and m i neral res ourc e s and m et al l urgi c al rec ov e ri es di s c repan c i e s bet w een ac t ual and es t i m at ed pro duc t i on rat e m i ni ng operat i on al and dev el opm e n t ri s k s and del ay s regul at ory res t ri c t i ons i nc l udi ng env i ronm en t a l ac t i v i t i es by gov ernm e nt a l aut hori t i es f i nanc i ng del ay s j oi nt v ent ur e or s t rat egi c al l i anc es ri s k s or ot her ri s k s i n t he m i ni ng i ndus t ry as w el l as t hos e ri s k f a cto rs di s c us s e d or ref erred t o i n t he C om pany s annua l M anagem e nt s D i s c us s i on and Anal y s i s and Annual R eport f i l ed w i t h t he s ec uri t i es regul at ory aut hor i t i es i n al l prov i nc e s and t erri t ori es of C anada ot her t han Quebec and av ai l abl e at w w w s edar c om M os t of t he f oregoi ng f ac t ors are bey on d Av al ons abi l i t y t o c ont rol or predi c t Al t hough t he C om pany has at t em pt ed t o i dent i f y i m port ant f ac t ors t hat c oul d c aus e ac t ual ac t i o ns ev ent s or res ul t s t o di f f er m at eri al l y f rom t hos e des c ri be d i n f orw ard l ook i ng s t at em en t s t here m ay be ot her f ac t ors t hat c aus e ac t i ons ev ent s or r es ul t s not t o be as ant i c i pat ed es t i m at ed or i nt ended T here c an be no as s uran c e t hat t he pl ans i nt ent i ons or ex pec t at i o ns upon w hi c h t hes e f or w ar d l oo k i ng s t at em en t s are bas ed w i l l oc c ur T he f orw ard l ook i ng s t at em en t s c ont ai ne d herei n are qual i f i ed i n t hei r ent i ret y by t hi s c aut i on a ry s t at em en t R eaders s houl d not pl ac e undue rel i anc e on t he f orw ard l ook i ng s t at em en t s w hi c h ref l ec t m anagem en t s pl ans es t i m at es proj ec t i on s and v i ew s onl y as of t he dat e hereof T he f orw ard l ook i ng s t at em en t s c ont ai ne d herei n i s pres ent e d f or t he purpos e of as s i s t i ng readers in unders t an di ng t he C orporat i on s ex pec t e d f i nanc i al and operat i ng perf orm an c e and t he C om pany s pl ans and obj ec t i v es and m ay not be approp ri a t e f or ot her purpos e s Av al on does not undert a k e t o updat e any f orw ard l ook i ng s t at em en t s t hat are c ont ai ned herei n ex c ep t i n ac c orda nc e w i t h appl i c abl e s ec uri t i es l aw T he geol ogi c al i nf orm at i on c ont ai ned i n t hi s pres ent at i on has been rev i ew ed and approv ed by D on Bubar P Geo ON T and Pres i dent C EO Av al on Adv anc e d M at eri al s qual i f i ed pers on f or t he purpos es of N at i onal I ns t rum en t 43 101 2