Core (Winter 2020)

CORE The Voice of Mineral Exploration/Winter 2020

PDAC AWARDS

CELEBRATING OUR BEST AND BRIGHTEST PDAC 2020: THE WORLD’S PREMIER MINERAL EXPLORATION & MINING CONVENTION

CORE

The Voice of Mineral Exploration Winter 2020

FEATURES

2 Industry news 4 The road ahead for

4

mineral exploration in Canada

6 PDAC Awards

Recipients for 2020

12 PDAC 2020

12 Editorial Produced by PDAC’s Communications Department

Convention news and highlights

6

800-170 University Avenue Toronto, Ontario Canada M5H 3B3 416 362 1969 EDITOR-IN-CHIEF Cameron Ainsworth-Vincze ASSOCIATE EDITOR Kristy Kenny DESIGN Hambly & Woolley Inc. VISIT US ONLINE www.pdac.ca www.twitter.com/the_PDAC www.facebook.com/thePDAC Photo credits: Ryan Bachynski, Anne Belanger, PDAC

CONTRIBUTORS Jeff Killeen Elena Mazur Lisa McDonald Florence MacLeod Felix Lee Lesley Williams Ariya Andrighetti Chantel Megaffin Danielle Gaudet Jennifer Forde Jessica Provencher Kimberly Charters Lynda Joyet Nicole Sampson Zoe Bell Sherry Dickert Christina Goncalves Toste Alison Abbott Franklin

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INDUSTRYNEWS Expanding At-The-Market (ATM) Access The Canadian Securities Administrators (CSA) has put forth efforts to make ATM financing practical in Canada. CSA had proposed certain amendments to NI 44-102 (Shelf Distributions) to codify exemptions related to certain prospectus requirement into securities law.

PDAC responded to CSA’s public consultation on the proposed changes with recommendations that aim to ensure the ATM regime is an effective financing mechanism for all mineral industry issuers, including that ATM issuances should not be limited by a 25% Daily Cap (based on average volume traded) as proposed by CSA as it would result in excessively protracted timelines to raise capital for mineral industry companies, particularly for small- to mid-sized issuers. In addition, PDAC suggested that CSA consider the possibility of creating an ATM prospectus exemption.

PDAC engages in Climate Change Policy Greenhouse gas (GHG) emissions legislation and policy continues to evolve in Canada and PDAC engaged in the legislation and cosigned a submission with associations from various sectors on the Clean Fuel Standard.

PDAC also made a submission in response to government Discussion Paper, Carbon Pollution Pricing: Options for a Federal GHG Offset System.

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Capacity-building funding for Indigenous communities To support PDAC’s priority of enhancing the participation by Indigenous Peoples in the mineral exploration and development sector, PDAC has developed and launched a comprehensive online catalogue of all available federal, provincial, and territorial government capacity-building support programs that can serve to facilitate Indigenous engagement with the mineral development sector, and to contribute to active participation in related activities.

There is no similar comprehensive compendium of cross-jurisdictional programming in Canada currently available to the public. Organized by jurisdiction and spanning all stages of the mineral development cycle, the programs in the online tool outline all available programming and funding for consultation capacity, skills and job training, and economic development.

Increased tax on stock options proposed Finance Canada has proposed to limit stock option compensation by changing the tax treatment for options exceeding $200,000 per year.

Finance recommends that: “A $200,000 annual limit will apply on employee stock option grants (based on the fair market value of the underlying shares at the time the options are granted) that can receive taxpreferred treatment under the current employee stock option tax rules”.

Canadian Controlled Private Companies (CCPCs) will be exempt from the new treatment. Public comments were sought to identify other companies (NON-CCPCs) that should be exempt. PDAC recommends companies generating less than $100 million in revenue be exempt.

PDAC LAUNCHES NEW BLOG FOR GEOLOGISTS PDAC’s Geoscience & Innovation Committee has launched a new blog forum to engage members on an array of topics supported by guest authors to write about areas of familiarity within the Canadian geoscience and innovation space. The first post written by committee member Volker Möller looks at the rise in popularity of QGIS as a standard GIS platform in Canada.

Improving access to the Trade Commissioner Service

Liberals win minority in Federal Election

Justin Trudeau was re-elected as Prime Minister at the end of October.

PDAC extended congratulations to all elected MPs and vows to work collaboratively with government on high-priority matters that affect the sector, such as responsible access to land, sound fiscal policy and regulatory certainty that supports investment in Canada, and improvements to discovery rates of the minerals and metals that are essential to everyday life and support a low carbon future.

“Canada is a mineral exploration and mining nation, and our sector generates significant economic and social benefits in remote communities, Indigenous communities, and large cities across the country,” said PDAC President Felix Lee. “In order to maintain the opportunities provided by our industry, government support is critical.”

Mineral exploration and mining in Canada employs more than 630,000 workers, contributes more than 5% to the GDP ($97 billion), and is the largest private-sector industrial employer of Indigenous peoples in the country, as well as being a key partner of Indigenous businesses.

PDAC engaged with Global Affairs and Canada’s Trade Commissioner Service (TCS) to identify potential challenges regarding application of TCS “client services” to Canadian junior exploration companies operating overseas. The results were published in a research report by the TCS on the issue and to demonstrate the value of Canadian exploration companies operating abroad.

Canada, US collaborate on critical minerals Building on commitments made in June 2019, the Canada-US Joint Action Plan on Critical Minerals Collaboration has been finalized. The action plan will promote joint initiatives to advance interests in securing supply chains for the critical minerals needed for manufacturing sectors including aerospace and defence, and clean technology.

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THE ROAD AHEAD FOR MINERAL EXPLORATION IN CANADA

BY JEFF KILLEEN

I

In PDAC’s State of Mineral Finance 2019: At the Crossroads report released at the onset of the PDAC 2019 Convention in March, it was suggested that the mineral sector was reaching a watershed moment at the end of 2018 as industry investment and spending trends were headed in opposite directions. Exploration spending continued to climb in 2018—both in Canada and abroad—for the second straight year, despite a material decline in investment for the mineral industry as a whole, and in terms of dollars directed towards exploration financing. Lo and behold, the 2018 drop in investment has had an impact as indicated exploration spending for 2019 is projected to decline—both globally and in Canada—by approximately 4% and 6% respectively.

Global investment in mineral exploration continued to contract in 2019, and is projected to reach a decade low based on funds raised through the first nine months of 2019. However, there are some positive signs as nearly half of the investment dollars raised for exploration in 2019 were sourced via Canadian exchanges, which would be the highest level in over a decade, and five regions in Canada are expected to see growth in exploration activity, as highlighted in the figures to the right.

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RELATIVE CHANGE IN EXPLORATION SPENDING (2018 TO 2019)

CANADIAN EXPLORATION SPENDING BY REGION 4.5

NFLD

4.0

ã 22% 3.5

NS ä -6%

ä -27%

C$ BILLIONS

MB

An unfortunate side effect of exploration investment dropping has been a reduced focus on greenfield projects in Canada. Early-stage exploration spending has nearly been cut in half in the decade between 2008 and 2018, and it appears industry has focused exploration efforts in areas that may have more near-term impacts on production, as shown in the figure below.

3.0

2.5

2.0

QUE ä -9%

1.5

ONT

1.0

CANADIAN EXPLORATION SPENDING BY STAGE 2008

ä -13%

45%

0.5

2018

MAN 0

ã 33%

11 12 13 14 15 16 17 18(p) 19(i)

YEAR

SASK

• Ontario • Quebec • British Columbia • Yukon • Saskatchewan • Nunavut • Northwest Territories • Other provinces

ã 26%

24% LATE STAGE & FEASIBILITY • Advanced • Grassroots

*(p) preliminary estimate (i) indicated spending Source: Natural Resources Canada

AB ã 51%

EXPLORATION FINANCING

BY REGION

BC ä -17%

Source: Natural Resources Canada

ä -19%

NWT ä -30%

US$ BILLIONS

YK

15 13.2

10 5

8.1 3.5

6.4 3.3

1.6 1.0

4.0 1.1

2.5 1.6 0.7

ã 7%

2.3 2.4

1.8

1.2 1.2

0 11 12 13 14 15 16 17 18 19

YEAR • Canada • Rest of World

NT

2.1

• Q4-2019

Canada’s share of total *Q4-2019 is estimated based on Q1-Q3 2019 financing activity Source: S&P Market Intelligence

PDAC continues to focus its efforts on reversing the declining trends in industry investment and early-stage exploration activity. As such, PDAC is working to improve access to capital by advocating for expanding potential accredited investor pools, improving the effectiveness of the flow-through share (FTS) and mineral exploration tax credit (METC) incentives, and reducing regulatory burdens for our members.

PDAC is also advocating for expanding infrastructure development in remote regions of Canada to improve access to land for the industry and rekindle domestic greenfields exploration.

Jeff Killeen is PDAC’s Director Policy & Programs: Finance & Taxation, Securities, Geosciences, and Health & Safety

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PDAC AWARDS

PDAC is excited to announce the 2020 Award Recipients in six categories for their outstanding contributions to the mineral exploration and mining sector.

Recipients will receive their awards and be celebrated at the prestigious Awards Gala & After Party during the PDAC 2020 Convention on March 3 at the Fairmont Royal York Hotel.

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SUSTAINABILITY AWARD

(formerly the Environmental & Social Responsibility Award)

This award honours an individual or organization demonstrating outstanding initiative, leadership, and accomplishment in protecting and preserving the natural environment during an exploration program, development or operation of a mine. The Sustainability Award also recognizes efforts to establish and maintain good relations with local communities.

Agnico Eagle Mines Limited’s Nunavut Community Relations, Education & People Development Team For developing a strong Inuit workforce and supporting the Kivalliq region of Nunavut with training, education and community-led projects that benefit everyone Agnico Eagle Mines is setting an example for the Canadian mining industry at its operations in Nunavut. The company’s Community Relations, Education and People Development team

has invested extraordinary energy and resources to developing its Inuit workforce and providing support for local communities.

Agnico Eagle’s goal is to reach 100% Inuit employment at its Nunavut gold mines, including Meadowbank, Meliadine and Amaruq. In order to get there, the company offers training, education and skills development. Since Meadowbank opened in 2010, the company has provided 36,000 training hours to Inuit employees, including work readiness programs, summer employment for students, and individual career development. Employees who lack literacy or numeracy skills or the confidence to take on senior roles, are given support to fill those gaps. To reach the younger generation, Agnico Eagle has established initiatives in schools designed to inspire students to further their education, including a trades awareness week, mine site visits, and career information days. Community liaison officers in seven communities tie it all together by providing job information, maintaining personal contact with employees, and identifying ways to support families and participating in community events.

Agnico Eagle’s 60-year tradition of putting family and community first are a good fit with Inuit beliefs. Annual family days in each community provide employees and their relatives a chance to mingle and have fun together. A role model program recognizes exemplary Inuit employees that might inspire others to achieve personal and work success. A pool of donated funds ranging from $10,000 to $25,000 annually supports community-specific projects such as a summer camp for children, removing and transporting hazardous material from landfill sites, and repairing baseball fields. Community members, including elders tasked with preserving traditional culture, are encouraged to visit the mine sites to get a sense of what Agnico Eagle is trying to achieve and offer suggestions for improvement.

Finally, Agnico Eagle provides financial support for Nunavut-based organizations that provide literacy and skills training. The Nunavut Literacy Council, for example, is embedding literacy development in non-formal cultural activities such as sewing. In Arviat, community members have access to a program that teaches the basics of diamond drilling and welding. In addition, a mine training society for the whole Kivalliq region is helping to relieve the skills shortage in Nunavut by providing Inuit with the knowledge to pursue valuable credentials such as trade and cooking certificates and driver’s licenses.

Agnico Eagle plans to operate in Nunavut for several decades. Through targeted investments in skills and community, the company strives not only to build successful mines, but to be an employer of choice and good neighbour.

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SKOOKUMÂ JIM AWARD Recipients of this award have demonstrated exceptional achievement and/or service in a Canadian Indigenous-run service business for the Canadian mining industry or a Canadian Indigenous exploration or mining company, or have made a significant individual contribution to the mining industry.

Hans Matthews For his contribution to Canadaâ&#x20AC;&#x2122;s mineral exploration and mining sector by building bridges between Indigenous communities and the industry through the Canadian Aboriginal Minerals Association Hans Matthews is an experienced geologist and member of the Wahnapitae First Nation in Ontario. As a founder and the president of the Canadian

Aboriginal Minerals Association (CAMA), he has played a key role in the evolution of Indigenous communities as equal partners in the mining industry.

Hans received his B.Sc. in geological and earth sciences from Brock University in 1982. He started his career as a project geologist for several mining companies, including in the Red Lake camp for Interquest Resources, and continued in exploration for a syndicate led by Barrick Gold. In 1991, he made the leap to government, becoming project manager of the Aboriginal Workforce Participation Initiative for Indian and Northern Affairs Canada. He later worked for consulting firm PwC to facilitate agreements between mining companies and Indigenous Peoples for projects in Australia, Canada and South Africa.

All of this diverse, international and national experience prepared Hans to become one of the founding members of CAMA in 1992. As the organizationâ&#x20AC;&#x2122;s president, he helped CAMA bring together industry and Indigenous leaders, government representatives and youth in a neutral setting to discuss resource management, youth engagement, and health and environmental protection. The organization has been pivotal in developing partnerships that provide training, employment, business opportunities, and equity to Indigenous Peoples across Canada.

While continuing to lead CAMA, Hans has taken on several other roles to advance Indigenous interests in the resource sector. He negotiated the participation agreement between the Nickel Rim South mine in Sudbury and the Wahnapitae First Nation, and was elected band councillor in 2012. He served as a Board member of the National Energy Board and continues to serve on the Board of the Northern Centre for Advanced Technologies (NORCAT) in Sudbury. Hans has also taken on the crucial role of reviewing resource projects for their impact on communities, health and the environment as a member of the Board of Environment and Climate Change Canada.

His leadership skills extend to the realm of community health care.

For more than a decade, he has been chair of the Shkagamik-Kwe Health Centre in Sudbury, where thousands of Indigenous patients receive holistic care combining traditional medicines and teachings with Western medical science.

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BILL DENNIS AWARD This award, named for a former president of the association, honours individuals who have accomplished one or both of the following: made a significant mineral discovery; made an important contribution to the prospecting and/or exploration industry.

Rudy Wahl For his enduring perseverance as a prospector and for the discovery of several precious metal, diamond and rare earth occurrences in northwestern Ontario Prospector Rudy Wahl has made not one, but several significant discoveries in Ontario. A self-taught master

of ore deposit models and exploration techniques, he has inspired others to pursue prospecting as a career and generously shared his knowledge of the craft.

Prospecting has long been the lifeblood of mineral exploration, yet the skill often goes unrecognized because discoveries tend to be vended to public companies at the earliest stages of exploration. Known as one of the most productive prospectors in Ontario, Rudy has optioned more than 30 of his properties to companies eager to invest in further exploration. His discoveries represent a diverse range of commodities and deposit types, including gold, uranium, rare earth elements, diamonds and niobium.

Born in Minden, Germany, Rudy spent eight years in the German army where he supervised the repair of military vehicles and tanks. He immigrated to Canada in 1988 and found work as a mechanical shop supervisor at the Dickenson gold mine in Ontario’s Red Lake camp.

He went on to become the mechanical leader at Barrick Gold’s Williams mine near Hemlo and was promoted to a position managing continuous improvement at the operation in 2005.

In his free time, Rudy would take to the bush prospecting, mostly in the relatively unexplored Terrace BayMarathon-White River area. By 2008, he was ready to adopt the precarious life of a full time prospector. Through hard work and unlimited enthusiasm, he beat the odds to achieve success. In 2012, the Northwestern Ontario Prospectors Association (NWOPA) presented him with its Lifetime Achievement Award. Three years later, he received NWOPA’s Bernie Schneiders Discovery of the Year Award for his discovery of niobium-phosphate mineralization in the Prairie Lake carbonatite complex northwest of Marathon. In August 2019, Plato Gold Corp. acquired a 100% interest in the discovery, now called the Good Hope niobium project.

Rudy has contributed his time to the sector by organizing conferences, mentoring students, leading field trips, and fostering relationships with Indigenous groups. For his exceptional accomplishments, he received an Honorary Doctorate Degree in Science from Lakehead University in Thunder Bay in 2017. A year later, he was elected to NWOPA’s Board of Directors, and in 2019 was elected Vice President.

DISTINGUISHED SERVICE AWARD This award recognizes an individual who has achieved one or more of the following: made a substantial contribution to mineral exploration and mining development over a number of years; given considerable time and effort to the PDAC; made outstanding contributions to the mineral industry in the field of finance, geology, geophysics, geochemistry research, or a related activity.

Lynda Bloom For her leadership in the junior mining sector, her thousands of volunteer hours dedicated to PDAC, and her exploration geochemistry expertise Lynda Bloom fulfills not just one, but all of the conditions for the Distinguished Service Award. She has contributed to the mineral explora-

tion sector as an officer and director of junior mining companies, a consultant, and a lobbyist. She has devoted extraordinary time and effort to PDAC as a director and committee chair, as a leader of the Student-IndustryMineral Exploration Workshop (S-IMEW), and as a frequent contributor to the convention’s Technical Program. She is considered one of the world’s experts in geochemical sampling, assaying and quality control.

Lynda graduated from Carleton University with a B.Sc. in chemistry and geology in 1977 and completed her M.Sc. at Queen’s University in 1981. She worked as an exploration geochemist and commercial laboratory manager for four years before becoming president of Analytical Solutions Ltd (ASL).

She has worked internationally as a forensic geochemist providing services for projects ranging from stream sediment surveys to laboratory audits ever since.

Lynda served as a director of PDAC from 2004 to 2013. She co-chaired the Student Affairs Committee and spearheaded the S-IMEW—a legacy that has continued annually since 2007. In 2009, she became chair of the Communications Committee to develop a communications and marketing strategy for the organization. Her efforts succeeded in raising PDAC’s profile among colleges and universities, encouraging students to consider careers in the industry, and improving the organization’s approach to public affairs.

Lynda continues to serve as president of ASL and in several volunteer roles. Under her leadership, the Toronto Geological Discussion Group has grown 10-fold to over 300 members since she became a director in 2010.

She is a member of the Canada Centre for Mineral and Energy Technology (CANMET’s) advisory committee, and helped to develop the Women in Mining Canada Trailblazer award. As a torchbearer herself, she is an inspiring role model and tireless mentor for women following in her footsteps.

In 2013, Lynda received the Queen’s Diamond Jubilee Medal for her volunteer work on behalf of the mining industry. And in 2016 BMO Capital Markets named her one of the Top 100 Global Inspirational Women in Mining.

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VIOLA R. MACMILLAN AWARD This award, named in honour of PDAC’s longest serving president, is given to an individual or organization demonstrating leadership in management and financing for the exploration and development of mineral resources.

Touquoy/Moose River Mine Development Team For developing the Touquoy open pit mine and consolidating other gold deposits near Moose River in Nova Scotia after the gold potential of the area had been unrecognized for decades Damas Touquoy, a prospector from France, discovered gold in the Moose

River area of Nova Scotia in 1876 by identifying both high-grade gold in quartz veins, typical of Meguma deposits, and disseminated gold in the host argillites.

The disseminated gold, and the Meguma Terrane generally, had been largely overlooked until the mid-1980s when work by Bruce Hudgins for Westminer recognized the potential. Bruce and John Wightman acquired the Touquoy/Moose River property in the mid-1990s and continued the delineation of the gold deposit by drilling.

In 2002, Ronald Hawkes, a former exploration geologist and manager for Noranda in Australia who had developed and operated five gold deposits in Australia for Plutonic Resources, was looking for gold exploration opportunities in Canada. He examined Bruce and John’s drill core from Moose River at a Nova Scotia Open House and recognized similarities with Western Australia’s bulk tonnage gold deposits. Ronald formed a company, which subsequently became Atlantic Gold, and optioned the property. CEO Wally Bucknell took the project to the feasibility stage from 2003 to 2014, but delays in environmental assessment permitting, acquisition of surface titles, and lack of available financing almost killed the project.

But then a white knight arrived on the scene in 2014 in the form of Steven Dean, a former president of Teck Corporation, who was looking for a gold development opportunity for his cash-rich company, Spur Resources. He met with Ronald and Wally and was convinced of the potential of the Touquoy property and intrigued by the possibility of consolidating the four known deposits in the Moose River camp, including Touquoy, and exploring the area in between. Spur and Atlantic Gold merged in 2014, retaining the latter’s name, and within three years Atlantic Gold had completed a positive feasibility study, raised the necessary financing, completed construction, and put the Touquoy deposit into production as an open pit gold mine on time and on budget. The mine reached commercial production in March 2018.

In July 2019, St Barbara Limited purchased Atlantic Gold for $722 million.

The Australian gold miner expects to produce 95,000-105,000 ounces of gold in fiscal 2020, at a cost of less than A$955 per ounce. The company considers the other projects in the Moose River fold, including Beaver Dam, Fifteen Mile Stream, and Cochrane Hill, as candidates for future development.

Until the Touquoy/Moose River exploration/development team recognized the potential of the disseminated mineralization surrounding the high grade quartz veins, the exploration industry had generally avoided the Meguma Terrane. The success of Atlantic Gold, through the efforts of Bruce, John, Ronald, Wally and Steven, has revitalized gold exploration in the area. The increased interest has also rekindled exploration in other parts of the province resulting in discoveries of epithermal gold mineralization in previously unrecognized areas.

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Wally Bucknell

Steven Dean

Ronald Hawkes

Bruce Hudgins

John Wightman

THAYER LINDSLEY AWARD This award recognizes an individual or a team of explorationists credited with a recent significant mineral discovery anywhere in the world.

Firuz Alizade and the Lidya-Hod Maden Exploration Team For the 2015 discovery of the Hod Maden gold-copper deposit in eastern Turkey As is often the case with mineral discoveries, others had

recognized the gold-copper potential of the Hod Maden property in northeastern Turkey before Lidya Madencilik arrived on the scene but were unable to advance exploration. It wasn’t until Firuz Alizade, a prolific minefinder, took an interest in the project that drilling proceeded, leading to the discovery of a hundred metre width of high-grade copper and gold in 2015.

Now a feasibility study is underway, with first production from Hod Maden expected at the end of 2022.

After finishing high school in Iran and England, Firuz earned a B.Sc. followed by a M.Sc. in Geological Engineering from the Middle East Technical University in Ankara, Turkey in 1988. He began working for Cominco Resources’ Turkey subsidiary and was promoted to project geologist in 1989. A series of exploration successes followed—first the Tac and Corak gold deposits, then the Cerattepe VMS mine. Firuz joined Denver-based Anatolia Minerals Development (Alacer) as chief geologist in 1998, managing exploration around the Copler gold deposit in eastern Turkey and other projects throughout the country. He went on to become the vice-president of Turkish operations for Alacer.

In 2014, Firuz joined Polimetal Madencilik, a subsidiary of Lidya Mining, as general manager and head of global exploration where he spearheaded the discovery of the Gediktepe polymetallic deposit in western Turkey. The same year his team secured an option to earn a 70% interest in the Hod Maden projects in the Eastern Pontides belt from Mariana Resources. After obtaining the permits Mariana had been unable to secure, Lidya started drilling. On February 5, 2015, the partners announced a 103-metre intersection of massive sulphide mineralization grading 9.0 grams per tonne gold and 2.2% copper, including 33.4 metres grading 18.3 grams per tonne gold and 3.3% copper.

Under Firuz’s leadership, the Hod Maden project progressed from discovery to pre-feasibility in 40 months. In 2016, Sandstorm Gold Royalties purchased Mariana’s 30% share of the project, plus a 2% NSR royalty. As of 2018, proven and probable reserves stand at 9.1 million tonnes grading 8.9 grams per tonne gold and 1.4% copper (2.6 million ounces of gold and 129,000 tonnes of copper). A pre-feasibility study envisions an underground mine with an 11-year life processing 900,000 tonnes per year. Capital costs are estimated at US$272 million and all-in sustaining costs at US$374 per ounce for an extraordinary 50% internal rate of return. c

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PDAC 2020

Convention Message from the President There are countless reasons for attending the PDAC Convention in Toronto each year. While the weather is most likely not one of them given the time of year, you can bet that everyone is there in some way, shape or form for the unbeatable networking opportunities the event offers.

Whether it’s making new business contacts, reconnecting with former colleagues, finding the next job, or browsing the latest investment prospects, people are at the centre of it all. And why wouldn’t they be? Mineral exploration and mining is a vast, international industry with a plethora of personalities—and the annual PDAC Convention is the perfect setting to see it unfold before your very eyes.

PDAC 2020 marks the 88th year for the event. While I’m no stranger to it, this will be my first year attending as President of the association— a role I’m honoured to have, especially during a time of transition and excitement for the sector.

Minerals and metals have always had the great potential to support the development of communities and nations looking to capitalize on their natural resources. Today, they are a key ingredient in the global movement towards a low carbon economy.

Setting the bar high in 2019 we welcomed 25,843 attendees from 132 countries. This included more than 500 self-identified Indigenous Peoples and Canada’s Prime Minister, Justin Trudeau. It was also our first year expanding Trade Show North to meet the growing exhibitor demand.

In addition to an exceptional lineup of programs, Short Courses, events, speakers and exhibitors, Catherine Raw, Chief Operating Officer, North America at Barrick Gold Corporation will present at the Mineral Outlook Luncheon to discuss merger and acquisitions in the mining sector and the return of the mega deal. The International Mines Ministers’ Summit, a special platform for ministers who are responsible for mining around the world to come together, will return for its fifth year.

To stay informed of the latest news and information about PDAC 2020: The World’s Premier Mineral Exploration and Mining Convention, visit pdac.ca/convention.

I look forward to welcoming you to the event!

Felix Lee Prospectors & Developers Association of Canada

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HIGHLIGHTS

2020 March 1 – 4

Metro Toronto Convention Centre | Toronto, Canada

SAVE 40% — REGISTER BY FEBRUARY 7

on an All Access Pass and individual membership at pdac.ca/convention

25,000 CONNECT WITH

ATTENDEES FROM

BUILD YOUR

NETWORK AT THESE EVENTS

> Including investors, financiers, banking executives, fund managers, brokers, analysts, lawyers, mining developers, exploration managers, prospectors, geoscientists, government officials, media and more!

132

COUNTRIES

SOLD

OUT

IN 20 19

BUY YOUR TICKETS EARLY MINERAL OUTLOOK LUNCHEON | MONDAY, MARCH 2 M&A in the mining sector: The return of the mega deal, the reasons why and implications for the future Join us as Catherine Raw, Chief Operating Officer, North America at Barrick Gold Corporation, discusses the recent spate of M&A in the gold mining sector and what it means for the mining industry as a whole.

OTHER NETWORKING EVENTS Sunday, March 1 Sunday, March 1 Monday, March 2 Monday, March 2 Tuesday, March 3 Tuesday, March 3 Wednesday, March 4 14 < CORE MAGAZINE

PDAC New Members Networking Reception Opening Day Reception Trade Show Reception The Network - NEW RECEPTION Student-Industry Networking Luncheon Mining for Diversity Reception Grand Finale

AWARDS GALA & AFTER PARTY TUESDAY, MARCH 3 The PDAC Awards Gala celebrates excellence in the global mining industry, and is the ideal place to host your clients and network with key players. Enjoy drinks on arrival, followed by a sumptuous threecourse gourmet dinner and fine wines.

Then… it’s on to the AFTER PARTY! Your opportunity to rub shoulders with Award recipients, C-level executives, financiers, brokers and mining developers. Enjoy two complimentary drink tickets and a great party atmosphere—the perfect backdrop for unlimited networking!

VALUABLE INVESTING

INSIGHTS

780+ SPEAKERS GAIN INSIGHTS FROM INDUSTRY EXPERTS

• • • • •

Capital Markets Program Cutting Edge — NEW Exploration Insights Indigenous Program Presentation & Reception Rooms • Student & Early Career Program • Sustainability Program • Technical Program

KEYNOTE PROGRAM: DISCOVERIES OF THE 21ST CENTURY

FROM INDUSTRY THOUGHT LEADERS IN THE MINERALS AND MINING SECTOR

> Building an investor toolkit: Practical tips seminar FO R Get practical tips on how to PDA C 20 20 start investing in the mineral industry and increasing the odds of making money on investments.

NE W

> Corporate Presentation Forum for Investors Company updates on key activities and investment potential. > Letter Writer Presentations for Investors Learn how to select profitable investments from key industry newsletter writers.

MONDAY, MARCH 2 Exploration success has been declining since the start of the 21st century.

However, key tier one deposits have been discovered and put into production. Three industry leaders will outline how this was possible, what were the keys to success and what are the keys for discovery in the future.

Finding and building world- Brucejack Mine: From class in different continents discovery to production

Ivanhoe Mines is delivering the triple crown of Southern Africa’s mining future

Visit

+ 1,100 EXHIBITORS

Mark Bristow Barrick Gold Corporation

Joe Ovsenek Pretium Resources Inc.

Robert Friedland Ivanhoe Mines Ltd.

SHORT COURSES Register for in-depth, educational courses led by industry experts.

A certificate of completion is available towards your professional development hour requirements.

Fundamentos de estimación de recursos minerales (Instruction in Spanish only)

BA

BY PO CK

P DEMAUL AR ND

PROMOTING LEADING PRODUCTS, SERVICES, MINING JURISDICTIONS, INVESTMENT AND DEVELOPMENT OPPORTUNITIES • Core Shack • Investors Exchange • Prospectors Tent • Trade Show & Trade Show North

PDAC 2020 Programming INDIGENOUS PROGRAM The Indigenous Program provides a platform for discussion on fostering cooperative, respectful and mutually-beneficial relationships between Indigenous communities and the minerals industry. This program brings Indigenous communities and Indigenous-owned companies together with the industry and other interested parties to share experiences, exchange ideas and network. For more information, visit www.pdac.ca/ convention/programming/indigenous-program

BUILDING AN INVESTOR TOOLKIT: PRACTICAL TIPS SEMINAR NEW This seminar will feature a series of professionals who will offer practical tips on how to start investing in the mineral industry to increase the odds of making money on investments. How to put the first dollar to work, types of investment platforms, relevant terminology, and impactful news flow will be put into context to help build out the investor toolkit.

The seminar will provide attendees with greater confidence in engaging mineral exploration and mining companies, and identifying investment opportunities at the convention. For more information, visit www.pdac.ca/convention/programming/ building-an-investor-toolkit-practical-tips-seminar

CAPITAL MARKETS PROGRAM Access to capital is the lifeblood of the mineral exploration industry. The Capital Markets Program is intended to create a forum for dialogue on a range of topics related to the financing of mineral exploration. For more information, visit www.pdac.ca/convention/programming/capitalmarkets-program

CORPORATE PRESENTATION FORUM FOR INVESTORS Hear exploration and development companies present up-to-the-minute information on their current activities and investment potential. For more information, visit www.pdac.ca/convention/programming/corporate-presentation-forum-for-investors

CUTTING EDGE NEW This stage will be located in the Investors Exchange, where unique and innovative ideas will be presented. This is a great opportunity to be exposed to some forward-thinking ideas you may not have considered. For more information, please visit www.pdac.ca/convention/programming/cutting-edge

EXPLORATION INSIGHTS Selected from a call for abstracts, these technical, policy and academic presentations offer insights into current and topical subjects. For more information, visit www.pdac.ca/ convention/programming/exploration-insights

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KEYNOTE PROGRAM Exploration success has been declining since the start of the 21st century. However, key tier one deposits have been discovered and put into production. Mark Bristow, Joe Ovsenek and Robert Friedland will outline how this was possible, what were the keys to success and what are the keys for discovery in the future. For more information, please visit www.pdac.ca/ convention/programming/keynote-program

LETTER WRITER PRESENTATIONS FOR INVESTORS Listen to industry commentators present their market research and ideas on how to select good investments in the resource sector. For more information, visit www.pdac.ca/convention/ programming/letter-writer-presentations-for-investors

PDAC ONE-ON-ONE MEETING PROGRAM PDAC has partnered with Precious Metals Summit Conferences, LLC to offer professionally organized one on one meetings, which will bring qualified investors together with companiesâ&#x20AC;&#x2122; senior management. This exclusive program is offered only to a select group of confirmed Investors Exchange exhibitors, and carefully screened, qualified investors and portfolio managers from around the world.

Advance registration is required. For more information, please visit www.pdac.ca/convention/programming/pdacone-on-one-meeting-program

PRESENTATION AND RECEPTION ROOMS Interact with countries and companies as they provide up-to-date information on their mining jurisdictions, products and services. For room descriptions and registration requirements, visit www.pdac.ca/convention/ programming/presentation-reception-rooms

PDAC 2020 EXHIBITS Attend PDAC 2020 and meet with over 1,100 Exhibitors For a full list of exhibitors, visit www.pdac.ca/ convention/exhibits/exhibitor-directory

INVESTORS EXCHANGE Interested in investing in the exploration industry?

Discuss investment potential with 500 junior mining companies, mid-sized producers, major mining companies, financial institutions and prospectors.

SHORT COURSES* These courses are an opportunity for mineral exploration professionals and students to update their knowledge of mineral exploration science, technology, management and related issues. Courses are presented by recognized subject matter experts. For more information, visit www.pdac.ca/convention/programming/short-courses

STUDENT & EARLY CAREER PROGRAM As part of our commitment to engaging and retaining new talent in the exploration and development industry, PDAC hosts a number of student and early career events during the convention. Students have unique opportunities to network with industry professionals from around the world. For more information, visit www.pdac.ca/convention/programming/ Student-Early-Career-Program

SUSTAINABILITY PROGRAM The Sustainability Program aims to facilitate multistakeholder dialogue and peer-learning on key issues related to responsible exploration and mining. For more information, visit www.pdac.ca/convention/programming/ sustainability-program

TECHNICAL PROGRAM* Attendees will learn next and best practices while industry experts share timely insights during these dynamic series of presentations. For more information, visit www.pdac.ca/ convention/programming/technical-program

* Need professional development hours to maintain your professional designation? Upon request, PDAC will provide a certificate of attendance for the Technical Program and Short Courses to help you meet your professional development requirements.

CORE SHACK Core Shack offers a venue for companies to display their core. Attendees are welcome to get up close and personal with projects that are generating exciting new drilling results. In addition to core, exhibitors will be displaying maps, charts and technical information on their drilling projects.

PROSPECTORS TENT Get back to the heart of the industry with a visit to the Prospectors Tent. Located in the Investors Exchange, self-employed and independent prospectors will be there to discuss their maps, samples and claim results.

TRADE SHOW & TRADE SHOW NORTH Visit the Trade Show & Trade Show North to come faceto-face with over 600 Exhibitors including governments, suppliers and consultants promoting the latest technology, products, services and mining jurisdictions to a worldwide market.

FEATURE AREAS

SOCIAL SCENE Share your PDAC experience online with your friends and colleagues. Enjoy the Social Scene where you can take team pictures and selfies with a variety of fun props in front of the PDAC backdrop. Post your pictures on social media with the hashtag #PDAC2020.

KIRWIN COLLECTION The Royal Ontario Museumâ&#x20AC;&#x2122;s Kirwin Collection is a canâ&#x20AC;&#x2122;t-miss attraction on the Trade Show North show floor!

The Kirwin Collection was built from hundreds of deposits and locations from around the world. Select samples from the collection will be featured in this booth. It is truly a geological library!

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PDAC 2020 Networking Events pass or ticket required Don’t miss out on these valuable networking opportunities!

• Tickets sell out quickly so buy your tickets in advance with your convention registration • Corporate tables, identified with company name, are available when you purchase a table of 10 for the Mineral Outlook Luncheon or the Awards Gala & After Party

SATURDAY, FEBRUARY 29

SUNDAY, MARCH 1

Mining Matters Hockey Tournament

Opening Ceremonies Open to all pass types

8:00 am – 5:00 pm Scotiabank Pond, Downsview Park, Toronto

MINERAL LIT E ING

Join Felix Lee, PDAC President; Ed Sackaney, Knowledge and Wisdom Keeper and other special guests as we mark the official opening of the 2020 Convention.

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Presented by

10:30 am – 11:30 am South Building, Level 700

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Mining Matters invites members of the minerals, government, finance and academic sectors to join us for the 13th annual Mining Matters Hockey Tournament. Be a sponsor or enter a team that will hit the ice on February 29. Teams will compete to see their name engraved on the coveted Caracle Cup! The day also features a $10,000 Shoot for Loot challenge and fabulous raffle prizes. A Fossils Division is available for players over 40 years of age.

Spaces are limited.

SUNDAY, MARCH 1

PDAC NEW MEMBERS NETWORKING RECEPTION By invitation only 3:00 pm – 5:00 pm South Building, Level 700

Presented by Don’t have a team? No problem. Individuals without a team wanting to play can be placed subject to space.

About Mining Matters The Mining Matters Hockey Tournament is an important annual fundraising event. It combines intensity and fun, and brings members of the minerals industry together in support of our goal to educate students, teachers and the public about Earth science and the importance of mineral resources.

For further information, please contact Sarah Hahn, Tournament Coordinator, at 416 863 6463 ext. 321 or tournaments@miningmatters.ca

PDAC is delighted to host an event exclusively for new members! Over 1,500 industry professionals are invited to network with PDAC Directors and fellow members from around the world. This is an opportunity to meet with your peers, make valuable connections and discuss key issues central to the mineral industry.

New members who RSVP will receive a complimentary drink ticket with their pass. Cash bar available.

Not a PDAC member? Join now at pdac.ca/members/membership

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SUNDAY, MARCH 1

MONDAY, MARCH 2

Opening Day Reception

Mineral Outlook Luncheon

All Access Pass, Exhibits Day Pass, Exhibitor Staff Pass required

Admission ONLY with ticket

4:00 pm – 6:00 pm North Building, Level 300, Trade Show North

12:00 pm – 2:00 pm South Building, Level 700

Sponsored by Sponsored by RBC CAPITAL MARKETS SCOTIABANK

Come to the largest networking event at the convention!

Connect with attendees, peers and exhibitors while you enjoy a free drink and appetizers.

All Access Pass holders get a drink ticket with their pass. Cash bars available.

MONDAY, MARCH 2

Trade Show Reception All Access Pass, Exhibits Day Pass, Exhibitor Staff Pass required 3:00 pm – 5:00 pm North Building, Level 300, Trade Show North

M&A in the mining sector: The return of the mega deal, the reasons why and implications for the future 2019 saw the return of major M&A activity in the mining industry. Join us as Catherine Raw discusses the recent spate of M&A in the gold mining sector, how it differs from that of the past, what it means for the mining industry as a whole, and the potential implications this has on investment and growth in the future.

Sponsored by

®

Enjoy a free glass of wine or beer as you network with exhibitors and attendees from around the world, including industry professionals, organizations promoting technology, products, services and mining jurisdictions.

All Access Pass and Exhibits Day Pass holders get a drink ticket with their pass. Cash bars available.

Catherine is the executive responsible for the Catherine Raw North America region at Chief Operating Officer, Barrick Gold Corporation.

North America She was formerly Barrick Gold Corporation Chief Financial Officer.

Toronto, Canada Catherine joined the company in May 2015 as Executive Vice-President, Business Performance, and was previously co-manager of BlackRock’s flagship mining funds. She holds the chartered financial analyst designation, a Master’s degree in Natural Sciences from the University of Cambridge and an MSc in Mineral Project Appraisal from Imperial College, London.

Ticket: $89.99 (includes a three-course meal, tax & gratuity)

THE VOICE OF MINERAL EXPLORATION > 19

PDAC 2020 Networking Events pass or ticket required R ECNE W FOR E P T ION PDA C

MONDAY, MARCH 2

20 2

The Network

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All Access Pass, Exhibits Day Pass, Exhibitor Staff Pass required 6:00 pm — 8:00 pm Fairmont Royal York, Canadian Room

TUESDAY, MARCH 3

Awards Gala & After Party Admission ONLY with ticket 5:30 pm – 11:00 pm Fairmont Royal York Hotel Awards Presentations & Dinner: Canadian Room, Convention Level After Party: Ballroom, Convention Level

NETWORKING! NETWORKING! NETWORKING! Proud Sponsors Are you looking for valuable networking opportunities at PDAC 2020?

THE NETWORK – PDAC’s new reception – is the answer!

This must-attend event will connect you with domestic and international professionals to discuss matters shaping the industry.

Awards Gala

Dinner Wine

Reception & After Party

Join us for a FREE drink and appetizers while you mix and mingle with potential business contacts.

TUESDAY, MARCH 3

Student-Industry Networking Luncheon RSVP when you register for the convention 11:30 am – 1:30 pm North Building, Level 100

Sponsored by

The PDAC Awards Gala celebrates excellence in the global mineral exploration and mining industry, and is the ideal place to host your clients and network with key players. Enjoy drinks on arrival, followed by a sumptuous three-course gourmet dinner and fine wines.

Then… it’s on to the AFTER PARTY! Your opportunity to rub shoulders with Award recipients, C-level executives, financiers, brokers and mining developers. Enjoy two complimentary drink tickets and a great party atmosphere—the perfect backdrop for unlimited networking!

Always a sold out event, seats at the PDAC Awards Gala are strictly limited and won’t last long.

Reserve an individual seat or book a table for 10!

This reception-style buffet luncheon provides an opportunity for students, early career and industry professionals to network in a relaxed environment. The winner of the MaryClaire Ward Geoscience Award and the Joan Bath and Peter Howe Bursary for Advancement in the Mineral Industry will be announced, as well as the selected 2020 StudentIndustry Mineral Exploration Workshop (S-IMEW) students.

5:30 – 7:00 pm 6:15 pm 6:30 pm 7:00 – 8:00 pm 8:00 – 9:00 pm 9:00 – 11:00 pm

Reception Doors Open Bars Close Dinner Awards Presentations After Party

Dress: Business Attire, Black Tie Optional Ticket: $174.99 Table of 10: $1,749.90 (includes tax & gratuity)

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Mining Country Sponsors TUESDAY, MARCH 3

Mining for Diversity Reception Open to all pass types 4:00 pm – 6:00 pm North Building, Level 100

PDAC is pleased to announce that Peru (Booth 1423), Brazil (Booth 1303) and Invest in Canada (Booths 539) are our official Mining Country Sponsors. We invite you to visit them in the Trade Show or discover more about these mining countries at their Presentation Rooms on Monday, March 2.

For more information on our Mining Country Sponsors, please visit pdac.ca/convention/sponsors/sponsorsmining-country

This event celebrates diversity and inclusion. The theme for this year — STRONGER TOGETHER — invites everyone to celebrate mineral and mining professionals and students who open doors and work hard to build a more inclusive industry.

Join us for the opportunity to network and honour this year’s Awards recipients. The WIMC Awards are presented annually to individuals who have been instrumental in enabling the increase of a diverse workforce and an inclusive workplace within the mining industry. These include the Trailblazer Awards, Trailblazer Indigenous Awards, and the Rick Hutson Mentorship Award.

This event is coordinated by Women in Mining Canada in partnership with PDAC, with generous support from various organizations.

For more information, visit wimcanada.org

WEDNESDAY, MARCH 4

Grand Finale Open to all pass types Must provide photo identification 19+ event 8:00 pm – 12:00 am Fairmont Royal York, Canadian Room

Mobile Planner Visit our mobile friendly website at pdac.ca/convention Works like an app. Planning your customized schedule for PDAC 2020 is just a click away.

• Add events and presentations to your calendar • Locate and save exhibitors • View floorplans Enjoy FREE Wi-Fi throughout the MTCC (limited access in exhibit halls).

Sponsored by

Sponsored by

12:13 PM

pdac.ca/convention

After four exhilarating days at the world’s premier mineral exploration and mining convention, it’s time to PARTY! Come and enjoy this FREE must-attend event! Dress casual and get your two FREE drink tickets at the door. Grab a bite to eat and dance, dance, dance!

IMPORTANT: Keep your convention pass when leaving the Metro Toronto Convention Centre.

Admission ONLY with your convention pass.

100%

PDAC 2020 SPONSORS DIAMOND SPONSOR

PLATINUM SPONSORS

MINING COUNTRY SPONSORS

PATRON SPONSORS

PREMIER SPONSORS

note: please do not stretch, change colours or modify logo in any way if logo is required for unusual uses, please contact djdesign@jetstream.net for another version

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PDAC 2020 SPONSORS GOLD PLUS SPONSORS

GOLD SPONSORS

®

Now part of

BRONZE SPONSORS

IBK Capital Corp.

INC.

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PDAC BOARD OF DIRECTORS

PDAC Staff

Officers Felix Lee President Alex Christopher First Vice President Michael Fox Second Vice President James Lusby Treasurer

Ariya Andrighetti Convention Assistant Maria Avramova Milanova Manager, IT & Administration Alexa Bailey Convention Assistant Zoe Bell Coordinator, Convention Presentations Kimberly Charters Coordinator, Convention Exhibits Sanket Das Analyst, Geoscience & Innovation and Health & Safety Sandra Doig Coordinator, Membership & Reception Richard Douglas Assistant, Student & Early Career Program Jennifer Forde Assistant, Convention Presentations Danielle Gaudet Event Specialist Harriet Han Coordinator, Digital Communications Lynda Joyet Senior Manager, Convention Events and Sponsorship Madina Kaytmazova Coordinator, IT & Administration Kristy Kenny Manager, Communications Jeff Killeen Director, Policy & Programs, Finance & Taxation, Securities, Geoscience, and Health & Safety Florence MacLeod Manager, Member Engagement & Outreach Ran Maoz Analyst, Tax Policy & Capital Markets Joan Marilyn Leslie Chief Accountant Lisa McDonald Executive Director Chantel Megaffin Coordinator, Convention Events & Sponsorship Krishana Michaud Manager, Student & Early Career Program Andrea Murdoch Executive Assistant Sarah Nazar Senior Coordinator, Convention Events & Sponsorship Jessica Provencher Coordinator, Convention Exhibits Nicole Sampson Director, Convention Steve Shapka Analyst, Government Relations Rose Stacey Analyst, Sustainable Development & International Affairs Luka Stevanovic Analyst, Aboriginal & Regulatory Affairs Petrona Tulloch Staff Accountant Lesley Williams Director, Policy & Programs, Aboriginal & Regulatory Affairs, Sustainable Development & International Affairs

Board of Directors Sandy Archibald Aurum Exploration Services Bob Bosshard Retired Partner PwC LLP Robert Boyd Endurance Gold Corporation Tim Bremner Foraco Canada Ltd. MaryAnn Crichton Hatch Ltd. Alex Christopher Teck Resources Lisa Davis PearTree Securities Elaine Ellingham Marienberg Minerals Ltd. Jonathan Fowler J.A Fowler and Associates Inc. Michael Fowler Loewen, Ondaatje, McCutcheon Limited Michael Fox Fox High Impact Consulting Siri Genik BRIDGE Raymond Goldie Independent Analyst and Director Dennis Jones Retired Geologist Nick Kohlmann Independent Investor Relations Consultant Belinda Labatte Mandalay Resources Felix Lee CSA Global Canada Mary Louise Hill Lakehead University Stephen Morison SRM Consulting Ltd. Karen Rees Lake Shore Gold Keith Spence Global Mining Capital Corp.

Aaron Steeghs Yamana Gold Ian Thomson Shinglespit Consultants Inc. Bob Valliant Tri Origin Exploration Ltd. Catherine Wade Raziel Zisman Alicanto Mining Corp.

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The Voice of Mineral Exploration Winter 2020