Resource Estimate

Mineral Resource Estimate for Moonlight

The Mineral Resource estimate for Moonlight was prepared by Cameron Resource Consulting, LLC with an effective date of December 15, 2017. The Mineral Resource estimate incorporates geologic interpretations and a database compiled from historic drilling campaigns. The resource database comprises 202 drill holes with 11,005 copper assays, 10,555 gold assays and 10,675 silver assays.

Moonlight Mineral Resources as of December 15, 2017:

Cu Tons
Au Oz
Ag Oz
Indicated 252,000 0.25 0.0001 0.07 636 18 18,400
Inferred 109,000 0.24 0.0001 0.08 267 9 9,000

Notes to table:

1. Mineral Resources are estimated using CIM Best Practices guidelines and 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.

2. The Qualified Person for the Mineral Resources is Donald E. Cameron, Registered Geologist, Society of Mining Engineers (SME).

3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

4. Rounding as required by reporting guidelines may result in apparent differences between tons, grade and contained metal content.

5. Mineral Resources are reported above a $6.25 net smelter return (NSR) cut-off (NSR=44.08*Cu+0.348*31.10348*Ag) and within a conceptual pit shell using copper, gold and silver prices of US$3.00/lb, US$1275/oz and US$17.5/oz, respectively, and preliminary operating costs as of the effective date of this Mineral Resource.

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