Open Pit PEA

After-tax net present value (“NPV”) at a 5% discount rate of $48.3 million at US$1,600/oz gold, increasing to $94.0 million at US$1,900/oz gold (see slide titled PEA Sensitivity Analysis for more details)
After-tax internal rate of return (“IRR”) of 43%
Initial capital costs of $22.1 million
Sustaining life of mine (“LOM”) capital costs of $21.3 million
Total mill feed of 2.0 Mt at 2.36 g/t Au
LOM average annual gold production of 30 Koz
LOM strip ratio of 5.4:1
LOM total production of 145.1 Koz (95% mill recovery)
LOM cash costs of C$1,252/oz (US$939/oz)
LOM all-in sustaining costs (“AISC”) of C$1,420/oz (US$1,065/oz)