Reserves and Resources

PROVEN & PROBABLE MINERAL RESERVES

Mine/Project Tonnes (kt) Grade (g/t) Contained gold (koz) Tonnes (kt) Grade (g/t) Contained gold (koz) Tonnes (kt) Grade (g/t) Contained gold (koz)
Aurizona 8,438 1.44 392 11,398 1.58 579 19,836 1.52 971
Castle Mountain 136,611 0.58 2,559 60,977 0.51 1,004 197,589 0.56 3,563
Mesquite 1,167 0.62 23 53,468 0.57 981 54,635 0.57 1,004
Los Filos 26,168 0.91 768 78,052 1.44 3,626 104,220 1.31 4,395
Leach pad inventory           114     114
RDM 5,647 0.73 133 19,079 1.08 656 24,726 0.99 789
Fazenda 2,632 1.77 150 2,756 1.91 169 5,387 1.84 319
Pilar 961  1.51 47  6,044  1.13  219 7,005 1.18 266
Santa Luz 25,000 1.43 1,153 3,200 1.03 106 28,200 1.39 1,259
Total Proven & Probable     5,225     7,454     12,680

MEASURED & INDICATED MINERAL RESOURCES (inclusive of reserves)

Mine Measured Indicated Measured and Indicated
Tonnes (kt) Grade (g/t) Contained gold (koz) Tonnes (kt) Grade (g/t) Contained gold (koz) Tonnes (kt) Grade (g/t) Contained gold (koz)
Aurizona 8,957 1.43  414 23,670 1.64  1,249 32,627 1.58  1,663
Castle Mountain 160,711 0.58  2,989 81,377 0.51  1,344 242,089 0.56  4,333
Mesquite 6,567 0.46  96 175,968 0.49 2,793 182,535 0.49 2,902
Los Filos 114,631 0.77 2,851 211,678 1.02 6,922 326,309 0.93 9,773
RDM 3,195 0.77 79 36,107 1.02 1,181 39,303 1.00 1,259
Fazenda 4,870 2.17 339 2,670 2.55 219 7,540 2.30 558
Pilar 2,389 3.50 269 13,479 2.13 922 15,868 2.33 1,191
Santa Luz 31,200 1.36 1,364 9,700 1.96 612 40,900 1.50 1,976
Total Measured & Indicated 332,520   8,401 554,649   15,242 887,171   23,655

INFERRED RESOURCES

Mine Tonnes (kt) Grade (g/t) Contained Gold (koz)
Aurizona 16,960 1.98 1,080
Castle Mountain 171,395 0.40 2,210
Mesquite 15,000 0.38 184
Los Filos 98,204 0.83 2,633
RDM 8,305 1.50 401
Fazenda 6,040 2.45 476
Pilar 20,399 3.21 2,108
Santa Luz 7,700 2.02 501
Total Inferred 344,003   9,593

Notes to Mineral Reserves & Resources

CIM (2014) Definition Standards were followed for Mineral Reserves. Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Tonnage and grade measurements are in metric units. Contained gold is reported as troy ounces. Mineral resources do not include factors such as mining dilution or mining recovery. Summation errors may be present due to rounding. See Cautionary Notes on this website.
 
Details of cut-off grades, bulk densities, mining widths, dilution, mining factors and process recovery assumptions applied to Mineral Reserves and Mineral Resources are provided in the Technical Reports for each mine/project.
 
The Mesquite Reserve and Resource Estimates were disclosed in the technical report entitled “Technical Report on the Mesquite Gold Mine, Imperial County, California, U.S.A.” prepared by AGP with an effective date of December 31, 2018, which is available for download on SEDAR at www.sedar.com. The Mesquite resource estimate was prepared by Robert Sim P.Geo, SIM Geological Inc. and Bruce Davis, FAusIMM, BD Resource Consulting, Inc. The Mesquite reserve estimate was based on the Mesquite mineral resource estimate prepared by SIM Geological Inc. The mineral reserve calculation was completed under the supervision of Gordon Zurowski, P.Eng of AGP, who is a Qualified Person as defined under NI 43-101.The estimated mineral resources represent the material located between the surveyed topographic surface at December 31, 2018 and the ultimate resource limiting pit shell generated at year-end 2018, excluding any surface stockpiles. Cut-off grade for oxide material is 0.134 g/t Au and 0.288 g/t Au for transition and non-oxide material. The reserves for Mesquite are based on the conversion of the Measured and Indicated resources within the current mine plan. Measured Resources are converted to Proven Reserves and Indicated Resources are converted directly to Probable Reserves. Mineral reserves are stated within the final design pit based on a $1,250/oz gold price. The cutoff grade for oxide material is 0.15 g/t and 0.31 g/t for transition and non-oxide material. The mining cost averaged $1.45/t mined, processing costs are $1.81/t ore and G&A was $0.75/t ore placed. The ore recoveries were 75% for oxide, and 35% for transition and non-oxide material.
 
The Aurizona Reserve Estimate was disclosed in the “Feasibility Study on the Aurizona Gold Mine Project” prepared by Lycopodium Minerals Canada Ltd. with an effective date of July 10, 2017, which is available for download on SEDAR at www.sedar.com. The Mineral Reserve estimate has an effective date of May 29, 2017 and is based on the Mineral Resource estimate dated January 5, 2017 and prepared by SRK Consulting (Canada) Inc. The Mineral reserve calculation was completed under the supervision of Gordon Zurowski, P.Eng of AGP, who is a Qualified Person as defined under NI 43-101. Mineral Reserves are stated within the final design pit based on a $1,056 per ounce gold price pit shell with a $1,200 per ounce gold price for revenue. The cutoff grade was 0.60 g/t Au for the Piaba pit area and 0.41 g/t Au for the Boa Esperança area. The mining cost averaged $2.32/tonne mined, processing averages $11.30/tonne milled and G&A was $2.88/tonne milled. The process recovery averaged 90.3%. The exchange rate assumption applied was R$3.30 equal to US$1.00. The 2018 Piaba open-pit, Piaba underground and Boa Esperança open-pit resource estimates, with an effective date of October 22, 2018, were prepared by Trevor Rabb, P.Geo (EGBC #39599), B.Sc., who is a “qualified person” within the meaning of NI 43-101. Mr. Rabb is an employee of Equity Exploration Consultants Ltd. and is considered to be “independent” for the purposes of Section 1.5 of NI 43-101.
 
The Castle Mountain Mineral Reserve and Mineral Resource Estimates were disclosed in the "NI 43-101 Technical Report on the Preliminary Feasibility Study for the Castle Mountain Project" prepared by Kappes, Cassiday and Associates with an effective date of July 16, 2018, which is available for download on SEDAR at www.sedar.com. The Mineral Reserve estimate with an effective date of June 29, 2018 is based on the Mineral Resource estimate with an effective date of March 29, 2018 that was prepared by Don Tschabrun, SME RM of Mine Technical Services. The Mineral Reserve was estimated by Global Resource Engineering, LLC with supervision by Terre Lane, MMSA, SME RM. Mineral Reserves are estimated within the final designed pit which is based on the $850/oz pit shell with a gold price of $1,250/oz. The minimum cut-off grade was 0.14 g/t gold and 0.17 g/t gold for Phases 1 and 2, respectively. Average life of mine costs are $1.39/tonne mining, $2.11/tonne processing, and $0.80/tonne processed G&A. The average process recovery was 72.4% for ROM and 94% for Mill/CIL. The Mineral Resource is based on a gold cut-off grade of 0.17 g/t. The Mineral Resource is contained within an LG shell limit using a $1,400 gold price as well as cost and recovery parameters presented in the technical report. 
 
The Los Filos Mineral Reserve and Mineral Resource Estimates were disclosed in the "Independent Technical Report for the Los Filos Mine Complex, Mexico" by SRK Consulting (Canada) Inc., and dated March 11, 2019 with an effective date of October 31, 2018. Dr. G. Arseneau, P.Geo., E. Olin, RM-SME, T. Olson, FAusIMM, N. Winkelmann, FAusIMM, N. Lincoln, P.Eng., M. Rykaart, P.Eng., D. Nicholas, P.E. are the Qualified Persons that prepared or supervised preparation of the information contained in the Technical Report.
 
The RDM Mineral Reserve and Mineral Resource Estimates were disclosed in the “Technical Report on the Riacho dos Machados Gold Mine, Minas Gerais, Brazil” by Roscoe Postle Associates Inc., and dated November 20, 2018 with an effective date of May 31, 2018. H.M. Miranda, MBA, ChMc (RM), M.B. Mathisen, C.P.G. and K.A. Altman, Ph.D., P.E., are the Qualified Persons that prepared or supervised preparation of the information contained in the Technical Report.
 
The Fazenda Mineral Reserve and Mineral Resource Estimates were disclosed in the “Technical Report on the Fazenda Brasileiro Mine, Bahia State, Brazil” by Roscoe Postle Associates Inc., and dated November 26, 2018 with an effective date as of May 31, 2018. Mark B. Mathisen, C.P.G., H.M. Miranda, MBA, ChMC (RM), R.L. Michaud, P.Eng. and A.P. Hampton, P.Eng. are the Qualified Persons that prepared or supervised preparation of the information in the Technical Report.
 
The Pilar Mineral Reserve and Mineral Resource Estimates were disclosed in the “Technical Report on the Pilar Operations, Goiás State, Brazil” by Roscoe Postle Associates Inc., and dated December 20, 2018 with an effective date of May 31, 2018. M.B. Mathisen, C.P.G., P.A. Geusebroek, P.Geo., H.M. Miranda, MBA, ChMC (RM), R.L. Michaud, P.Eng., and A.P. Hampton, P.Eng. are the Qualified Persons that prepared or supervised preparation of the information contained in the Technical Report.
 
The Santa Luz Mineral Reserve and Mineral Resource Estimates were disclosed in the “Technical Report on the Santa Luz Project, Bahia State, Brazil” by Roscoe Postle Associates Inc., and dated November 14, 2018 with an effective date of October 22, 2018. M.B. Mathisen, C.P.G., H.M. Miranda, MBA, ChMC (RM), R.L. Michaud, P.Eng. and R. Addison, P.E., are the Qualified Persons who prepared or supervised preparation of the information contained in the Technical Report.
 

 

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