Post on 15-Jul-2015
Osisko Gold RoyaltiesDecember 2014
Certain statements contained in this press release may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that
address future events, developments or performance that Osisko and Virginia (collectively, the “Corporations”) expect to occur including managements’ expectations regarding
the Corporations’ growth, results of operations, estimated future revenues, requirements for additional capital, future demand for and prices of commodities, business prospects
and opportunities are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the
words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "scheduled" and similar expressions or variations (Including negative variations),
or that events or conditions "will", "would", "may", "could" or "should" occur including, without limitation, that all conditions precedent to the transaction will be met and the
realization of the anticipated benefits deriving therefrom for shareholders of the Corporations, the view on (i) the quality and the potential of the Corporations’ assets, (ii) the
consideration offered to Virginia’s shareholders, (iii) the potential of the combined entity. Although the Corporations believe the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors and are not guarantees of future
performance and actual results may accordingly differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from
those in forward-looking statements include, without limitation: fluctuations in the prices of the commodities that drive royalties held by the Corporations; fluctuations in the value
of the Canadian dollar relative to the U.S. dollar; risks related to the operators of the properties in which the Corporations hold a royalty; development, permitting, infrastructure,
operating or technical difficulties on any of the properties in which the Corporations hold a royalty or other interest; rate and timing of production differences from resource
estimates or production forecasts by operators of properties in which the Corporations hold a royalty or other interest; risks and hazards associated with the business of
exploring, development and mining on any of the properties in which the Corporations hold a royalty or other interest, including, but not limited to unusual or unexpected
geological and metallurgical conditions, slope failures or cave-ins, flooding and other natural disasters or civil unrest; regulatory changes by national and local government,
including corporate law, permitting and licensing regimes and taxation policies; regulations and political or economic developments in any of the countries where properties in
which the Corporations hold a royalty or other interest are located or through which they are held); continued availability of capital and financing and general economic, market or
business conditions; business opportunities that become available to, or are pursued by the Corporations; the impossibility to acquire royalties and to fund precious metal
streams; other uninsured risks. The forward looking statements contained in this press release are based upon assumptions management believes to be reasonable, including,
without limitation: the ongoing operation of the properties in which the Corporations hold a royalty or other interest by the owners or operators of such properties in a manner
consistent with past practice; the accuracy of public statements and disclosures made by the owners or operators of such underlying properties; no material adverse change in
the market price of the commodities that underlie the asset portfolio; no adverse development in respect of any significant property in which the Corporations hold a royalty,
stream or other interest; the accuracy of publicly disclosed expectations for the development of underlying properties that are not yet in production; and the absence of any other
factors that could cause actions, events or results to differ from those anticipated, estimated or intended. For additional information on risks, uncertainties and assumptions,
please refer to Schedule I to the management information circular of Osisko Mining Corporation which created Osisko and also provides additional general assumptions in
connection with these statements, which is filed on SEDAR at www.SEDAR.com under the profile of Canadian Malartic Corporation (formerly: Osisko Mining Corporation), and
Virginia’s Annual Information Form, also filed on SEDAR at www.SEDAR.com. Please also consult Virginia’s annual report on Form 40-F filed with the U.S. Securities and
Exchange Commission. Risks and uncertainties relating to the Corporations are also discussed under the header "Risks and Uncertainties" in the Corporations’ management's
discussion and analysis for their most recent interim financial statements, which are available on SEDAR at www.sedar.com. The Corporations caution that the foregoing list of
risk and uncertainties is not exhaustive. Investors and others who base themselves on the forward looking statements contained herein should carefully consider the above
factors as well as the uncertainties they represent and the risk they entail. The Corporations believe that the expectations reflected in those forward-looking statements are
reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be
unduly relied upon. These statements speak only as of the date of this press release. The Corporations undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
Safe Harbour Statement:
This PowerPoint presentation has been prepared for informational purposes only in order to assist prospective investors in evaluating an investment in Osisko Gold Royalties Ltd
and Virginia Mines Inc. By accepting delivery of this confidential information or any other material in connection with an investment in the Company, the investor agrees: (1) to
keep strictly confidential the contents of this confidential information presentation and such other material and not to disclose such contents to any third party or otherwise use the
contents for any purpose other than evaluation by such offered of an investment in the securities; (2) not to copy all or any portion of this confidential PowerPoint presentation,
other confidential information or any such other material.
Inquiries regarding this confidential PowerPoint presentation can be made to the Companies’ financial advisors, or the senior management of the Companies.
2
Forward Looking Statements
Two of the premier royalty assets in the gold sector
Large new low-cost mines generating significant cash flow
Long-life assets in mining camps with significant upside potential
Senior company operators (incentive for mine expansion)
Unparalleled land packages with leading in-house exploration and
construction teams
Peer-leading cash position and no debt
Inaugural dividend announced
Alignment with large financial institutions
Québec based
All gold weighting
3
A New Leading Intermediate Royalty Company
Two cornerstone assets create the new leading intermediate
gold royalty company
Osisko and Virginia Combination:Creation of a Leading Intermediate Gold Royalty Company
4
Guerrero (100% Osisko)
Guerrero, Mexico
Status: Exploration
Kirkland Lake Camp (2% NSR)
Ontario, Canada
Status: Exploration
Hammond Reef (2% NSR)
Ontario, Canada
Status: Permitting
Upper Beaver (2% NSR)
Ontario, Canada
Status: Exploration
Pandora (2% NSR)
Quebec, Canada
Status: Exploration, Contiguous to
Lapa mine
Canadian Malartic (5% NSR)
Quebec, Canada
Status: Producing
Éléonore (2.0 – 3.5% NSR)
Quebec, Canada
Status: Ramp up
Mines Coulon
Quebec, Canada
Status: Exploration
James Bay Area
5,800 km2 land position
Quebec, Canada
Status: Exploration
Royalty – Producing
Royalty – Non-producing
Exploration Project
NioGold Mining (Equity Position)
Quebec, Canada
Status: Exploration, close proximity
to Canadian Malartic
Nighthawk Gold (Equity Position)
Northwest Territories, Canada
Status: Exploration
Falco Resources (Equity Position)
Quebec, Canada
Status: Exploration
Robust Asset Portfolio
5
Asset Current Owner Operator Interest Commodities Jurisdiction Stage
Canadian Malartic Osisko Agnico/Yamana 5% NSR royalty Au Québec Producing
Éléonore Virginia Goldcorp 2.0-3.5% NSR royalty Au Québec Producing
Pandora Osisko Agnico/Yamana 2% NSR royalty Au Québec Development
Hammond Reef Osisko Agnico/Yamana 2% NSR royalty Au Québec Development
Upper Beaver Osisko Agnico/Yamana 2% NSR royalty Au, Cu Québec Exploration
Kirkland Lake Camp Osisko Agnico/Yamana 2% NSR royalty Au, Cu Québec Exploration
Guerrero Camp Osisko Osisko 100% Ownership Au Mexico Exploration
Corvet Est Virginia Virginia 50% Ownership Au Québec Exploration
Éléonore Régional Virginia Virginia 100% Ownership Au Québec Exploration
Lac Pau Virginia Virginia 100% Ownership Au Québec Exploration
Poste Lemoyne Virginia Virginia 100% Ownership Au Québec Exploration
Wabamisk-Anatacau Virginia Virginia 100% Ownership Au Québec Exploration
Eastmain Virginia CBay Minerals 1.15% NSR royalty Au Québec Exploration
Apple Virginia Strateco 2% NSR royalty U Québec Exploration
Duncan Virginia Augyva Mining $0.40/tonne ore (1) Fe Québec Exploration
Tantale Virginia Commerce Resources 1% NSR royalty Tantalum Québec Exploration
Stabell Virginia Alexandria Minerals 3% NSR royalty Au Québec Exploration
Dieppe Virginia Agnico Eagle $1M if resources >1M oz Au Québec Exploration
Sagar Virginia Energizer Resources 1.5% NSR royalty U, Au Québec Exploration
Lac Dufault Virginia Nyrstar N.V. 2% NSR Base Metals Québec Exploration
Lac Clark Virginia Chibougamau Ind. Mines 1% gross metal royalty Au, Cu Québec Exploration
Northbelt Virginia Terrax Minerals 2% NSR royalty Au NWT Exploration
Coulon Mines Virginia Virginia 90% Ownership Zn, Cu, Ag Québec Exploration
Lac Gayot Virginia Virginia 100% Ownership (2) Ni, Cu Québec Exploration
Source: Company disclosure.
(1) Virginia is also entitled to a 2% NSR royalty on any metal other than iron.
(2) KGHM International (formerly Quadra FNX) has a 50% earn-in option.
6
Transaction Summary
Notes: Pro forma private placement. Based on basic shares outstanding.
Proposed
Transaction
Business combination between Osisko and Virginia via a Plan of Arrangement
Total transaction value of approximately C$508 million
Combined entity market capitalization of approximately C$1.3 billion
Pro forma ownership of 61% Osisko and 39% Virginia
C$70 million private placement by the Caisse de dépôt et placement du Québec (“CDPQ”) and the Fonds de
solidarité (“the Fonds”) into both companies (C$42 million into Osisko and C$28 million into Virginia)
Consideration
0.92 of an Osisko common share per Virginia share, representing consideration of C$14.19 per share
41% premium over the November 14, 2014 closing price and 27% premium based on both companies’ 30-
day VWAPs
Deal
Protection
Customary non-solicitation covenants, subject to normal fiduciary outs
Reciprocal C$26 million termination fee payable in certain circumstances if the transaction is not completed
Holders of 27% of the shares of Virginia, in addition to the board and management who beneficially own
3.4%, have agreed to support the transaction and enter into lock-up agreements
Other
Considerations
Virginia shareholder vote (66⅔% of shareholder votes cast)
Osisko shareholder vote (majority of shareholder votes cast)
Customary regulatory and court approvals
Virginia to receive 2 of 8 seats on Osisko Board of Directors
Simultaneous initiation of dividend and NCIB
Timing
Mailing of meeting materials in early December
Shareholder meetings in early January
Closing expected shortly thereafter
Management & Board
7
Management
Board of Directors
Sean Roosen – Chairman & CEO
Bryan Coates – President
Elif Levesque – CFO & VP Finance
André Gaumond – Senior VP Northern Development and Exploration
Vic Bradley
Joanne FerstmanSean Roosen
John Burzynski
Charles Page
John Burzynski – Senior VP New Business Development
André Gaumond
Françoise Bertrand Pierre Labbé
Paul Archer – VP Northern Exploration
Joseph de la Plante – VP Corporate Development
Units Osisko Virginia Pro Forma
TSX Share Price C$/sh $15.42 $10.07 $15.42
Basic Shares
Outstanding
Issued in Private
Placement
M
47.9
2.8
33.8
2.0
83.6
Cash
CDPQ / The Fonds
Investment
C$M$157
$42
$47
$28>$250
Long-Term Debt C$M - - -
Peer Leading Balance Sheet
8
>C$250M in cash resources pro forma the transaction
Stronger balance sheet through
private placements with leading
Québec financial institutions
CDPQ and the Fonds to invest
C$70M in combined company:
– C$42M private placement
into Osisko at C$15.03/share
– C$28M private placement
into Virginia at $13.83/share
– CDPQ and the Fonds option
to participate up to 15% in
Osisko’s and Virginia future
royalty transactions
The company will have >C$250M
in cash resources and >C$400M of
available liquidity for growth pro
forma the transaction
Two of the Best Producing Gold Royalties with Potential for Growth
91. See Appendix A for full disclosure on Reserves & Resources
2. See press release dated March 20th 2014 titled “Osisko Updates Canadian Malartic Mine Plan” on
Osisko Mining Corporation’s profile on www.sedar.com
Canadian Malartic Royalty: 5% NSR
P&P Reserves1: 8.94 M oz Au
Estimated Mine Life2: 14.2 years
Upside for expansion of mine life / throughput
World-class ~600k ounces per year asset2
Éléonore
Royalty: 2.0% to 3.5% NSR
Current reserves of 4.0M oz Au2
First gold poured in October 2014
Upside for expansion of mine life / throughput
World-class ~600k ounces per year asset2
Two of the Best Producing Gold Royalties with Potential for Growth
10
National Bank Financial Gold Royalty Ranking Based on NAV (US$ M)
Source: National Bank Financial
$304
$199
$304
$252
$224
$179 $171 $166
$139
$107 $106
$78 $77 $68
$55
$38 $34
$277
$143
$115
$46 $36 $35 $34 $32 $30
OR
FNV
RGLD
3032
29
35
31
2015E 2016E 2017E 2018E 2019E
592 631
588
704
615
2015E 2016E 2017E 2018E 2019E
Canadian Malartic 5% NSR Royalty
11
Operators: • Agnico Eagle / Yamana Gold
Location: • Malartic, Québec
Interest: • 5% NSR royalty + $0.40/tonne on milled ore from
outside the current property area for life of mill starting
in June 2021
Commercial
Production:
• May 2011
Property
Description:
• 55k tpd open pit, bulk tonnage operation
• Currently Canada’s largest gold mine
• Mine life expected to last through 2028
• 2014 production guidance of 510-530k oz Au
• Upside potential from throughput optimization, to be
completed in 2015
• Significant exploration potential exists from targets
within the immediate vicinity of the mine
• Current reserves of 8.9 M oz Au (1)
5-Year Production Profile (k oz Au) (2)
Source: Agnico Eagle, Yamana and Osisko Gold Royalties public disclosure.
(1) See Appendix for full disclosure on Reserves & Resources.
(2) Based on press release dated March 20, 2014 titled “Osisko Updates Canadian Malartic Mine Plan” on Osisko Mining
Corporation’s profile on www.sedar.com. In the process of being updated by Agnico Eagle / Yamana for February 2015.
5-Year Attributable Royalty Ounces (k oz Au) (2)
7
8
12
13 12
2015E 2016E 2017E 2018E 2019E
323
377
527 574 568
2015E 2016E 2017E 2018E 2019E
5-Year Production Profile (k oz Au) (3)
Éléonore 2% to 3.5% NSR Royalty
12
Operator: • Goldcorp (100%)
Location: • James Bay, Québec
Interest: • 2.00% NSR royalty on the first 3M oz of Au production,
increasing by 0.25% for every additional 1M oz of
production thereafter, to a maximum of 3.50% (subject
to Au price adjustment of up to +/-10% if Au is higher
than US$500/oz and -10% if Au is below US$350/oz)
Commercial
Production:
• Q1 2015
Property
Description:
• 3.5k tpd underground operation, with development plan
to expand plant throughput to 7k tpd
• First gold poured on October 1, 2014
- 2014 production guidance of 40-60k oz Au
• Average annual production upon ramp-up to full
capacity (expected by 2018) of 575-625k oz Au
according to operator
• Overall construction progress of 99.3% (1)
- Initial capital of C$1.8-1.9 billion
• Currently focused on in-fill drilling and exploration
drilling the lower mine area to expand the current
reserve and resource and extend the mine life to a
minimum of 20 years
- Deposit remains open at depth
• Current reserves of 4.0M oz Au (2)
Source: Goldcorp and Virginia Mines public disclosure.
(1) As of October 1, 2014.
(2) See Appendix for full disclosure on Reserves & Resources.
(3) Based on consensus analyst estimates.
5-Year Attributable Royalty Ounces (k oz Au) (3)
Éléonore Exploration Potential
13
High quality exploration targets exist, both near the
Roberto deposit and on other parts of the concession
Project remains open at depth
Gaumond exploration shaft completed
Production shaft at a depth of 900m
Exploration ramp 5,500m long (depth 800m)
Current development on seven levels
Currently 8 drills underground to achieve ~140,000m in
2014
Exploration activities during the third quarter of 2014
focused on exploration and in-fill drilling in the lower mine
area
Source: Goldcorp and Virginia Mines public disclosure.
Brownfield Growth at Éléonore
14Source: Goldcorp and Virginia Mines public disclosure.
15
Portfolio of Producingand Potential Near-Term Royalties
Royalty: 2% NSR
M&I Resources1: 5.4 M oz Au
Inferred Resources1: 1.8 M oz Au
Permitting to be completed in 2014
Hammond Reef
Pandora
Royalty: 2% NSR
Potential to add mill feed for Agnico-Eagle Lapa
Mine (1,500 tpd / 100,000 opy operation adjacent to
Pandora)
1. See Appendix A for full disclosure on Reserves & Resources
Kirkland Lake
Royalty: 2% NSR
Upper Beaver M&I&I Resources1: 2.1 M oz Au
New “Canadian Kirkland” discovery in Feb 2014
NioGold Mining 2.1 M oz
Falco Resources 2.8 M oz
Nighthawk Gold 2.1 M oz
Hammond Reef 7.2 M oz
Kirkland Lake 2.4 M oz
Canadian Malartic 11.9 M oz
Éléonore 8.1 M oz
7.0 M oz
29.6 M oz
36.6 M oz
Equity Interests Royalty Interests Total Exposure to Ounces ThroughEquity or Royalty Interests
16
Total Ounces Under Management
Source: Public disclosure.
(1) See Appendix for full disclosure on Reserves & Resources.
(2) Gold equivalent resources calculated based on the following commodity prices (US$): Gold - $1,300/oz; Copper - $3.30/lb; Zinc - $0.95/lb.
(3) Gold equivalent resources calculated based on the following commodity prices (US$): Gold - $1,300/oz; Copper - $2.85/lb.
(2)
Global Gold Equivalent Reserves & Resources (M oz)(1)
(3)
19.5% Interest
15.0% Interest
10.1% Interest
2.0-3.5% NSR
2.0% NSR
2.0% NSR
5.0% NSR
100%
72%61%
27%
28%39%
73%
PF Osisko Royal Gold Franco-Nevada Silver Wheaton
Gold Other
$15.42
$20.11$21.37
$22.63
Current SharePrice
P/NAV @ 1.6x P/NAV @ 1.7x P/NAV @ 1.8x
Re-Rating Potential to PF Osisko (C$)(1) World-class royalty assets in Québec
Peer-leading growth profile as both
Canadian Malartic and Éléonore ramp-up to
full capacity
Proven management teams with a long
history of significant shareholder value
creation
Initiation of dividend policy
Only intermediate/senior royalty company
with 100% exposure to gold
Robust pipeline of exploration/development
stage assets
Well funded for future growth through the
acquisition of additional precious metals
royalties
Revenue by Commodity (2)
Source: Company disclosure and analyst estimates.
(1) Based on consensus net asset value for Osisko and Virginia.
(2) Based on 2014 YTD revenue where available, otherwise based on 2013 revenue by commodity.
Re-Rating Potential
Land packages in Québec and Mexico provide significant option value
Seek to maximize value for shareholders through potential divestitures and retained
royalty interests
5,800 km2 + land position in James Bay
- More than estimated C$40B of in-situ value resources in the region
- Government of Québec’s Plan Nord to improve infrastructure over the years
9,600 km2 area in Guerrero Mexico with two new gold trends (130km and 30km long)
- Over 25 million ounces of gold discoveries in the immediate vicinity
Kirkland Lake to Val-d’Or gold trend
- 19.5% equity position in NioGold Mining
- 15% equity position in Falco Resources
- 31% equity position in Mistango River Resources
18
Exposure to Dominant Land Packages
James Bay Land Package: A Mining Camp-size Belt
19
La Grande Belt
Kirkland Lake – Val-d’Or at the same scale
David Orfée
(100k oz)
Orfée Est
Contact
Edy
Marco
Zone 32
(350k oz)
Wedding Pari-30
FCI
Large Land Position in the Guerrero Gold Belt
20
21
Mexico Strategy
Strong Potential for Discoveries
Au – Cu, Porphyry – skarns and sediment hosted Au targets
Over 100 Au follow-up targets identified
Large Land Package
11,800 km2 area covered with dense stream sediment sampling,
reconnaissance field prospecting and partial airborne geophysics
9,600 km2 of tenements
Objectives
Maximize value for shareholder through potential divestiture and
retained royalty interest
Two new gold trends identified (130 km and 30 km long)
3 targets are at drill stage - 1 target is being drilled
Share Positions in Junior Mining Companies
22
Source: Public disclosure.
Note: See slide 24 for full disclosure on Reserves & Resources.
(1) Gold equivalent resources calculated based on the following commodity prices (US$): Gold - $1,300/oz; Copper - $3.30/lb; Zinc - $0.95/lb.
Location Quebec
Au Ounces(M oz) 2.13
Au Grade (g/t) 1.36
% Held 19.5%
Location Quebec
Au Eq Ounces(M oz)(1) 2.77
Au Eq Grade (g/t)(1) 3.41
% Held 15.0%
Location Northwest Territories
Au Ounces(M oz) 2.10
Au Grade (g/t) 1.64
% Held 10.1%
Equity Research Coverage
24
Institution Analyst RecommendationTarget Price
(C$/share)
CIBC World Markets Cosmos Chiu Sector Outperformer $20.00
BMO Capital Markets David Haughton Outperform $20.00
TD Securities Carey MacRury Buy $20.00
Macquarie Capital Markets Michael Siperco Outperform $19.00
RBC Capital Markets Dan Rollins Outperform $17.00
Scotia Capital Trevor Turnbull Sector Perform $16.50
National Bank Financial Steve Parsons Sector Perform $16.25
Cormark Securities Richard Gray Market Perform $16.00
Dundee Capital Markets Joseph Fazzini Neutral $14.25
Appendix A: Reserves & Resources2
5
Reserves and Resources
(1) See the “TECHNICAL REPORT ON THE MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES FOR THE CANADIAN MALARTIC PROPERTY” dated August 13th 2014 on
Agnico Eagle’s profile at www.sedar.com.
(2) See the “TECHNICAL REPORT ON ÉLÉONORE – GOLD PROJECT, QUEBEC, CANADA” dated January 26th 2014 on Goldcorp’s profile at www.sedar.com.
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Probable 6.49 4.03 19.3
* Cut-off grade: 3.0g/t
Gold Price: $1,300/oz Au
C$/US$ exchange rate of 1.05
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Inferred 9.63 4.10 13.3
* Cut-off grade: 3.0g/t
Category
Reserves*
Global Resources (Exclusive of Reserves)*
Category
Canadian Malartic (1) Éléonore (2)
Reserves*
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Proven 0.91 1.69 57.6
Probable 1.10 7.26 205.6
Total Proven & Probable 1.06 8.94 263.2
* Cut-off grade: 0.28 - 0.35g/t
Gold Price: $1,300/oz Au
C$/US$ exchange rate of 1.10
Global Resources (Including Reserves)*
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Measured 0.98 1.79 56.8
Indicated 1.09 8.97 254.9
Stockpiles (Measured) 0.51 0.04 2.5
Total Measured & Indicated
(Including Reserves)1.07 10.80 314.2
Inferred 0.77 1.14 46.5
* Cut-off grade: 0.28 - 0.35g/t
Category
Category
Reserves and Resources
27(1) See the “TECHNICAL REPORT ON THE UPPER BEAVER GOLD – COPPER PROJECT, ONTARIO, CANADA” dated November 5th 2012 on Osisko Mining Corporation’s profile
at www.sedar.com.
(2) See press release dated January 28th 2013 titled “Osisko Provides Resource Update for Hammond Reef Project” on Osisko Mining Corporation’s profile on www.sedar.com.
Upper Beaver (1)
Global Gold Resources*
Au
Grade
Cu
GradeAu Cu Tonnes
(g/t) (%) (M oz) (M lb) (Mt)
Indicated 6.62 0.37 1.46 56.0 6.87
Inferred 4.85 0.32 0.71 32.2 4.57
Category
* Au Cut-off grade: 2.0g/t
Hammond Reef (2)
Global Resources*
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Measured 0.90 3.59 123.5
Indicated 0.78 1.83 72.9
Total Measured & Indicated 0.86 5.43 196.4
Inferred 0.72 1.75 75.7
* Cut-off grade: 0.5g/t
Category
28(1) See the “Updated Mineral Resource Technical Report – Marban Block Property” dated August 15, 2013 on NioGold Mining Corporation’s profile at www.sedar.com.
(2) See the “Technical Report and Mineral Resource Estimate for the Horne 5 Deposit” dated April 16, 2014 on Falco Resources Ltd’s profile at www.sedar.com.
(3) See the “Technical Report and Mineral Resource Estimate Update on the Colomac Property of the indin Lake Project” dated June 17, 2013 on Nighthawk Gold Corp’s profile at
www.sedar.com.
Gold
Grade
Copper
Grade
Zinc
GradeGold Copper Zinc Tonnes
(g/t) (%) (%) (M oz) (M lbs) (M lbs) (Mt)
Inferred 2.64 0.23 0.70 2.2 131.1 393.1 25.3
* Cut-off grade: NSR C$80/t
Commodity Prices: $1,300/oz Au, $3.30/lb Cu; $0.95/lb Zn
C$/US$ exchange rate of 1.05
Category
Global Gold Resources
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Measured 1.40 0.30 6.6
Indicated 1.50 1.24 25.6
Total Measured & Indicated 1.48 1.53 32.1
Inferred 1.13 0.60 16.5
* Cut-off grade: 0.35 - 2.5g/t
Gold Price: $1,540/oz Au
Global Gold Resources
Category
NioGold Mining – Marban Block Property (1) Nighthawk Gold – Colomac Property (2)
Falco Resources – Horne 5 Deposit (3)
Gold
GradeGold Tonnes
(g/t) (M oz) (Mt)
Inferred 1.64 2.10 39.8
* Cut-off grade: 0.6g/t
Gold Price: $1,500/oz Au
Global Gold Resources
Category