Annual Report 2023

ANNUAL REPORT 2023

TWELVE MONTHS OF ADVOCACY, ADVANCEMENT & GROWTH FROM THE LEADING VOICE OF THE MINERAL EXPLORATION AND DEVELOPMENT COMMUNITY PDAC ANNUAL REPORT | 2022 | 1

ANNUAL REPORT 2023 The Prospectors & Developers Association of Canada (PDAC) is the leading voice of the mineral exploration and development community. With over 7,000 members around the world, PDAC’s work centres on supporting a competitive, responsible mineral sector. PDAC is known worldwide for its annual PDAC Convention – the premier international event for the industry – that has attracted over 25,000 people from 135 countries in recent years.

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TABLE OF CONTENTS | MESSAGE FROM THE PRESIDENT

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| INDUSTRY HIGHLIGHTS

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| FIVE-YEAR STRATEGIC PLAN

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| PDAC CONVENTION 2023

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| PUBLICATIONS, STUDIES & REPORTS

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| COMMITTEE ACTIVITY REPORT

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| UPDATE ON EDI

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| MEMBERSHIP STATISTICS

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| BOARD, STAFF & COMMITTEE DIRECTORY

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Both in Canada and worldwide, mineral explorers and developers are practicing innovative and effective approaches to community engagement and sustainability.

- Raymond Goldie PDAC President

MESSAGE FROM THE PRESIDENT First and foremost, I emphasize that the central priority of PDAC is our members. Every initiative and achievement of the association is made in the interests of our 7,000 members, and is made possible by those members. Thank you for being an integral part of our community.

In March, we welcomed nearly 24,000 attendees from 133 countries to PDAC’s annual Convention. PDAC 2023 was one of the largest in the Association’s 92-year history, with 1,116 exhibitors and over 700 presenters, covering 600,000 square feet of the Metro Toronto Convention Centre. It was particularly memorable for me, because I was appointed president. It is a privilege to serve with our dedicated volunteers and PDAC’s staff, who all tirelessly contribute to the betterment of mineral exploration and mining development.

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As president, I stepped into the big shoes of past-president Alex Christopher, who had led the Board of Directors and senior staff in developing the 2023-2028 Strategic Plan.

We realized that – despite significant changes across the mineral industry, including a pandemic – the previous Strategic Plan had served us well.

The strategy for the new Plan is to build on the momentum from the previous Plan, and connect with the hearts and minds of the public, to whom we highlight the vital role of the minerals industry in daily life, and in the transition towards a sustainable future.

We focus on strengthening collaborative efforts with Indigenous communities, and we emphasize the development of an inclusive, diverse, and skilled workforce.

On this front, we were thrilled to re-launch the Student-Industry Mineral Exploration Workshop (S-IMEW) last year, after a pandemic hiatus. In May, PDAC and our wonderful sponsors provided geoscience students from across Canada with a hands-on, two-week experience in some of the bestknown mining regions of Ontario. S-IMEW’s purpose is to help students lay the foundation for a successful career in the mineral exploration industry, and we look forward to hosting 2024’s workshop again in Sudbury, Ontario.

We continue to advocate for educating and informing our members and the industry, and we seek to ensure that our industry and practices are more effective, efficient, safer and smarter by employing new technologies and seeking innovative applications to solve problems. For example, PDAC, in partnership with the Mining Association of Canada (MAC), published the Methodology to Assess MiningRelated Land Disturbance study in 2023. This study – commissioned by Land & People Planning in partnership with O2 Planning and Design – introduces the industry to a new methodology that can estimate the actual physical land disturbance caused both by mining and by mineral exploration projects.

Because sustainability remains a cornerstone of PDAC’s work, we are excited to have redeveloped our iconic e3 Plus program. First established 20 years ago, the e3 Plus program provided Environmental Stewardship, Social Responsibility, and Health & Safety toolkits to industry members, free of charge.

Its new name is: Driving Responsible Exploration (DRE). In DRE, the three vital toolkits have been upgraded and made more accessible.

Another initiative that PDAC began developing in 2023 – and will be launched later this year – is an online tool called the Greenhouse Gas Calculator (GHG).

We are excited to introduce the GHG, which aims to spur proactive methods by exploration companies to reduce their carbon footprint.

Also launching in 2024 will be PDAC’s new website. It will have an upgraded platform that will make our content more accessible, more modular, and will feature a streamlined navigation so our members – and the industry at large – can readily find all the information and resources they need.

In 2024, PDAC will continue its efforts to ensure that the federal government recognizes the importance of financial incentives to Canadian mineral exploration. Given the challenges that junior explorers face in accessing capital, it is vital that the Government of Canada renew the Mineral Exploration Tax Credit (METC), for another 5 years, before it expires in March 2024.

We are also calling for the extension of the Critical Mineral Exploration Tax Credit (CMETC) to 2029, thereby aligning the periods for the two incentives. And, to mitigate the impact of a potential increase in the Alternative Minimum Tax, we are recommending that Finance Canada modify the tax treatment of flow-through shares to calculate capital gains based on the issue price of flow-through shares.

With this, and everything else we have in store for 2024, PDAC will continue to be the voice of the mineral exploration and mining development industry for members, for stakeholders and for host communities.

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INDUSTRY & SUPPORT HIGHLIGHTS FROM 2023’S BUDGET ANNOUNCEMENTS & STRATEGY

FEDERAL BUDGET 2023 In March, the Government of Canada released the 2023 Federal Budget, and PDAC was once again encouraged by our government’s focus on the mineral industry. Included in the 2023 budget were billions of dollars in tax credit incentives, investment into cleantech solutions for critical minerals processing, and other technologies that aim to see Canada get closer to its net-zero goal by 2050.

“Critical minerals are integral to the technologies that will drive the world’s transition towards renewable energy and a low-carbon future. Canada is strongly positioned as the second largest country on earth, hosting almost every type of mineral deposit, and Canada is a strategic partner to most of the world’s largest economies,” said PDAC President Raymond Goldie.

Budget 2023 does not include all of the association’s recommendations that were made to the government, however it does provide over $1 billion in support for Indigenous participation and land conservation. As the mineral exploration and mining industry is the largest private sector employer of Indigenous Peoples, PDAC is encouraged to see the government investing in enhanced partnership opportunities. “PDAC is eager to see these measures lead to positive outcomes and to help to grow our mineral industry in a responsible way,” says Goldie.

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And even though Budget 2023 does not include any new direct support for mineral exploration, the thirty percent cleantech manufacturing tax credit that it does include is an answer to PDAC’s call for the Canadian government to support quicker development of new critical mineral mines. This tax credit is worth more than $10 billion over the next ten years, and is meant to offset the cost of equipment used in the mining and processing of critical minerals.

It is an important incentive, and Goldie notes that, “The new tax credit adds to the nearly $4 billion committed in the 2022 Federal Budget, and we are eager to see these funds actually start flowing so that they can have a real impact on the ground.”

“The transition is a monumental opportunity for Canada’s exploration and mining industry, and our government must continue to find ways to boost our competitiveness so that we can ensure that Canada can take full advantage of this opportunity.”

Approximately 20 per cent of exploration spending in Canada over the last decade has targeted critical minerals like copper and nickel, and it was estimated that roughly $4.3 billion would go towards domestic exploration spending in 2023. The launch

We will continue to engage with the federal government to advocate for our members, for this industry, and for the future of Canada.

of the Critical Mineral Exploration Tax Credit (CMETC) in Budget 2022 has helped spur exploration for critical minerals, with 2023 exploration expenditures up more than eightfold from 2020.

However, current spending levels fall short of what is needed to define the upstream resources required to build a sustainable endto-end critical mineral supply chain in Canada.

Considering that it can take over 15 years from deposit discovery to new mine build, this is a reminder that Canada must act quickly to support a faster increase in exploration along with new mine production.

PDAC recognizes that the global call for a transition to a low-carbon future is an opportunity for Canada’s government to continue boosting our competitiveness in the world’s critical minerals market. “We will continue to engage with the federal government to advocate for our members, for this industry, and for the future of Canada,” added Goldie.

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INDUSTRY & COMMODITY HIGHLIGHTS FROM 2023’S FINANCIAL POLICIES & MARKET TRENDS

The continuation of interest rate hikes by central banks all over the world to fight inflation – as well as geopolitical tensions – negatively affected the global economy in 2023. This reduced the demand for raw materials and constituted a headwind for metal prices, as well as a drop in availability of capital for the mineral sector.

Two additional noteworthy trends and events from the commodity markets in 2023 are: | Battery and base metals showed significant price declines through the year, which were primarily caused by a decline in the demand for raw materials, spurred by a reduction in global economic activity. Lithium – which had been the best performing metal over the last two years – had the steepest price drop in 2023 because of a significant increase in mine supply. | Uranium was the biggest winner of 2023, followed by iron ore and gold. The increase in expected demand for nuclear energy, along with a limited uranium supply (which is due to many years of low demand) caused uranium prices to increase by a staggering 91 per cent. The increase in iron ore prices appears to have been driven by real estate development incentives introduced by the Chinese government in the latter part of the year. Lastly, gold pricing benefitted from the expectation for interest rate decreases in 2024, as well as from ongoing geopolitical tensions.

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FINANCING & EXPLORATION EXPENDITURES The level of equity funds raised by mineral industry companies in 2023 was actually quite similar to 2022, both nationally and internationally. However, investments into smaller companies listed on the Venture Exchange saw a significant drop compared to 2022, which was offset by higher investment level in TSX issuers.

It is worth noting that after four years of increases, the proportion of equity transactions represented by public offerings and IPOs declined in 2023, from 46 per cent down to 33 per cent.

Flow-through share financing – which helped raise over $3.5 billion over the last three years – contributed nearly $1 billion to the equity raised during 2023.

After two years of increases seen in exploration expenditures, the level of spending in Canada – and across the globe – declined slightly in 2023. This was not unexpected, however, due to a decline in investments through 2022.

Related to this, Canada’s share of global exploration declined slightly year-over-year, but the $4.3 billion spent within the country in 2023 is still higher than the

average of the last ten years. With this, Canada took the top spot for the most active mineral exploration nation in the world in 2023.

Also in 2023, the share of exploration for base and battery metals, rare earth, and other critical minerals actually increased. This was at the expense of gold exploration, however, which dropped below 50 per cent of the total exploration expenditure spending in the year.

The change in the composition of exploration spending seen in 2023 is likely the result of the rollout of new national strategies, international agreements, and targeted incentives focussed on critical mineral exploration and development.

Canada took the top spot for the most active mineral exploration nation in the world in 2023.

Looking ahead to 2024, PDAC will continue to advocate to the federal government on behalf of our members for financial incentives and policies to help create successful projects and opportunities.

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THE FIVE-YEAR STRATEGIC PLAN AS THE VOICE OF MINERAL EXPLORATION AND DEVELOPMENT IN CANADA, PDAC PROUDLY RELEASED ITS LATEST FIVE-YEAR STRATEGIC PLAN IN 2023.

After a three-day workshop with PDAC’s Board of Directors and senior staff, the framework for the 2023-2028 Strategic Plan was formed, which aimed to build on the objectives from previous years, while putting a greater focus on goals affecting the industry.

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Changing Hearts and Minds is the foundational strategy that supports all others.

On behalf of our members, stakeholders, and the industry, PDAC’s new Strategic Plan outlines the association’s core values, vision, and our mission as the voice of the mineral exploration and development community in Canada.

resources to meet industry and government commitments in building a more sustainable industry.

The plan builds off the positive momentum gained from the previous five years, while adding a stronger commitment to key priorities surrounding competitiveness, leadership, engagement and influence. This includes focusing on promoting stronger collaborative efforts with Indigenous communities, advocating for greater inclusion and access to capital and education, as well as introducing objectives around guiding the industry in Canada to becoming a world leader in the transition to a low-carbon future.

To achieve this goal, PDAC aims to continue working closely with governments, industry partners, Indigenous communities and other stakeholders to ensure challenges are proactively addressed, so that the association maintains its role as a globally respected voice in the Canadian mineral exploration and development industry.

Bringing these elements to the forefront in the updated plan is aligned with current trends, given that Canada and the global exploration community have shifted to the development of critical minerals and other

Regarding competitiveness, the plan details PDAC’s goal of seeing Canada become the prime jurisdiction for mineral exploration, development and financing, as well as seeing our nation actively develop an inclusive, diverse and skilled workforce.

The plan also describes the association’s strategic objective for our sector to be a global leader in developing mutually beneficial partnerships between the industry and host communities; that Canadian mineral explorationists and developers are the foremost authority on technical, environmental, social and health and safety best practices; and continuing to advocate for all levels of government to foster financial policies that support the exploration, development and delivery of the minerals and metals that are essential for a low-carbon future.

Additionally, PDAC will endeavour to collect and analyze data and statistics that can measure how the association is performing under the major goals and objectives set out in the 2023-2028 Strategic Plan. By tracking this data, PDAC will ensure the voice we bring to the global industry is aligned with the realities and objectives of our members, stakeholders and industry partners.

To read the full plan, visit pdac.ca/strategic-plan-2023.

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PDAC 2023 HELD BETWEEN MARCH 5-8, THE 2023 CONVENTION WAS ONE OF THE LARGEST EVENTS IN THE ASSOCIATION’S 91-YEAR HISTORY.

CONVENTION STATISTICS | OVERALL 23,819 ATTENDEES 30.4% INTERNATIONAL ATTENDEES 133 COUNTRIES REPRESENTED

Outside of Canada the largest number of attendees came from: United States, Australia, United Kingdom, Chile, Peru, Brazil, Mexico, Argentina, Mongolia, Germany, Ghana and India.

909 STUDENT ATTENDEES 487 ACCREDITED MEDIA

PDAC welcomed investors, miners, geoscientists, community leaders, students, government officials and more from across the globe for the first fully in-person event since the pandemic.

37 SPONSORS

| EXHIBITS TRADE SHOW 1,050 TRADE SHOW BOOTHS 604 EXHIBITING ORGANIZATIONS 71 GOVERNMENT EXHIBITORS

INVESTORS EXCHANGE 499 INVESTORS EXCHANGE BOOTHS 453 EXHIBITING ORGANIZATIONS 19 PROSPECTORS TENT BOOTHS

CORE SHACK 40 CORE SHACK EXHIBITORS

| PROGRAMMING 717 SPEAKERS 111 SESSIONS 7 SHORT COURSES PDAC ANNUAL REPORT | 2022 | 12

After winning the Tourism Industry Association of Canada’s 2022 “Floor13 Business Event Award” in 2022, PDAC ensured the 2023 showcase was to be bigger and better than ever.

Covering over 600,000 square feet of the Metro Toronto Convention Centre, the annual event once again featured the best business, investment and networking opportunities in the mineral exploration and mining industry.

PDAC 2023 was also the first fully in-person event since 2020, and offered industry-leading programming, exhibits, and professional networking opportunities, and welcomed almost 24,000 attendees from over 130 countries PDAC was also proud to deliver the latest in professional development opportunities, as well as seeing governments continue to use the annual event as a platform for important announcements. “For almost a century, the PDAC Convention has been recognized as the leading choice for the world’s mineral exploration and mining industry, bringing the latest trends, technologies and conversations to one central location – and 2023 is no exception,” said Lisa McDonald, PDAC’s Executive Director.

Highlights from the 2023 Convention include: • Industry-leading programming focused on capital markets, Indigenous affairs, students and early career, sustainability and technology.

• Keynote speakers included Ken Hoffman, McKinsey & Company; Sinead Kaufman, Rio Tinto; Richard Inglis, Newmont Corporation and Alex Dorsch and Kevin Frost, Chalice Mining.

• Canadian Natural Resources Minister Jonathan Wilkinson announced an investment of $344 million to help advance “the development of a dynamic and competitive critical minerals sector.”

• Five of the industry’s top performers were honoured at the PDAC Awards Gala. This prestigious event was once again held at the Fairmont Royal York Hotel, Toronto.

• A group of lucky students received exclusive access to programs and invitation-only events during the Convention, along with having their flights, accommodations and meals covered for the inaugural Dr. Donald Leishman Convention Experience.

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PUBLICATIONS STUDIES, & REPORTS IN 2023, PDAC PRODUCED & PUBLISHED SEVERAL IMPORTANT RESOURCES & REPORTS TO KEEP OUR MEMBERS – AND THE INDUSTRY – INFORMED AND ENGAGED.

These publications – which were released throughout the year – featured finance and capital markets analysis, environmental stewardship, as well as reporting on timely events and developments in mineral exploration.

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| The Methodology to

Assess Mining-Related Land Disturbance presented a methodology to estimate the physical disturbance of mining and mineral exploration projects across the mineral development sequence.

Commissioned by Land & People Planning (L&P), in partnership with O2 Planning and Design (O2), the report was a joint publication produced by PDAC and the Mining Association of Canada (MAC). From early exploration through to mine closure, the report analyzed site-specific geographical features while creating a custom classification process, which provided an evidence-based, data-driven way to calculate and evaluate physical land disturbance during a project’s life cycle.

One of the key findings of the report showed that four of the eight mineral activity sites included in the methodology had peak disturbance areas of less than one percent of the claim area. The new methodology presented in this study also enhances the existing body of research in this area, and may be able to estimate land disturbances associated with other activities – forestry, oil and gas development, urbanization, and the development of energy corridors – to measure cumulative disturbance impacts within different regions and sectors.

As the report used eight case study sites across Canada, PDAC and MAC hope the methodology can be broadly applied to project sites across the country.

There is a large research opportunity on this subject, and PDAC and MAC look forward to the future advancement of the methodology by government, industry, and external stakeholders to better understand mining-related disturbance.

This report was published in the fall of 2023.

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| Mineral Finance 2023:

Shifting Tides Within the Mineral Industry looked at inflation, rising interest rates, financing and key capital highlights from domestic and global mineral exploration and mining development markets.

PDAC produced its annual detailed report that provided insight on key financial markers within the mineral exploration and development sector in 2022.

Using data from S&P Global Market Intelligence, TMX Group, and Natural Resources Canada (NRCan), the Mineral Finance 2023 report focussed on three main components: metal prices, investment activity, and exploration activity and expenditures.

The report – complete with a series of comparative data figures and charts – illustrated the challenges experienced by the sector through 2022. This included significant uncertainty in the world’s economic landscape, as inflation and rapidly rising interest rates sparked concerns about a global recession, coupled with a decline in demand for raw materials, which constrained the available capital for exploration companies. However, this was offset by skyrocketing long-term projections for raw materials, driven by the demand for a low-carbon economy.

With this, the Mineral Finance report did provide some positivity for 2023 and beyond, even with the global financing shortfalls of 2022. For example, Canada was one of the leaders in terms of capital investments into the sector. Because of this continued financial injection during the year, Canada’s market share increased nearly 30 per cent – well above the average from 2013-2022.

This report was published online in February, 2023.

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| CORE Magazine

In March, 2023, CORE’s summer 2022 issue received two PRNEWS Nonprofit Awards for “Best Annual Publication/Brochure”, and “Best External Publication/Report.”

In 2023, CORE’s fall 2022 issue was submitted for two new PRNEWS Nonprofit awards, and the winter 2023 issue was submitted for three National Magazine B2B Awards. The results of those submissions will be announced in 2024.

Winter 2023 Issue Published on February 16 to 40,067 subscribers, this issue continued the new “PDAC in the News” feature section, a profile piece on the 2023 PDAC Award recipients, programming and information for the PDAC 2023 Convention, an exclusive Q&A with two of our longest standing association members, Teck and Vale S.A., another new This Month in History segment, as well as CORE’s first ever guest article. According to data sources, this guest article – written by author and geoscientist Virginia Heffernan – was the most read piece in the entire issue. The winter issue as a whole received an open rate of 41.12% – the best open rate for a PDAC publication at the time, and almost double the industry average of 21%.

Summer 2023 Issue Published on July 13 and sent to 31,907 subscribers, this issue included PDAC in the News, an in-depth examination of the mineral finance landscape, a Q&A with PDAC’s new President Ray Goldie, highlights from PDAC 2023, and an engaging This Month in History article. This issue received an open rate of 44.9% – the best open rate for any PDAC publication.

Fall 2023 Issue Published on November 16 and sent to 30,396 subscribers, this issue featured a look ahead to PDAC’s 2024 Convention, a recap of S-IMEW, an examination of the Methodology to Assess MiningRelated Land Disturbance report, PDAC in the News, and another popular guest article, written by Associate Professor of Geology, Dr. Deanne Van Rooyen. This issue received an open rate of 43.13%, which is the best open rate recorded for a fall issue.

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PDAC’S COMMITTEE ACTIVITIES PDAC’S COMMITTEES ARE MADE OF MANY VOLUNTEERS, WHO GUIDE THE ASSOCIATION WITH THEIR INDUSTRY EXPERIENCE AND EXPERTISE.

Throughout each year, committees meet to discuss industry changes, challenges and priorities in order to create the policies and programs that help make a more sustainable, safe, respectful and mutually beneficial mineral exploration and development community in Canada.

The following pages are highlights of activities, goals and accomplishments from PDAC committees in 2023.

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| AWARDS The committee was honoured to host the 2023 award recipients at the PDAC 2023 Awards Gala during the association’s annual Convention. The prestigious event was once again held at the Fairmont Royal York Hotel in Toronto. The 2023 award recipients were also featured in winter 2023 issue of CORE magazine with a dedicated article, plus showcased in The Globe and Mail’s “Investing in Mining Report.” The award videos that were produced for the recipients during the year spotlighting their stories are available on the PDAC website.

The committee was also excited to see Alexander John Davidson inducted into the Canadian Mining Hall of Fame (CMHF) – PDAC had nominated Alexander in 2022, and his award was received at the CMHF 2023 induction ceremony in Toronto.

In November 2023, the Committee announced five outstanding performers from the Canadian and international mineral exploration and mining development community as recipients of the 2024 PDAC Awards. The 2024 award recipients are: John Burzynski and the Osisko Mining Inc. Exploration Team for the Bill Dennis Award, Wabun Tribal Council for the Skookum Jim Award; O3 Mining for the Sustainability Award; the Lundin Group Vicuña Exploration Team for the Thayer Lindsley Award; and John McConnell and the Victoria Gold Team for the Viola R. MacMillan Award.

Heading into the new year, the committee is planning for the 2024 PDAC Awards ceremony, which will be held during PDAC 2024 on March 5. The Committee will also see its joint nominations of William E. Roscoe and John T. Postle welcomed into the CMHF. The CMHF announced their inclusion on September 28, 2023, with the induction ceremony being held on January 11, 2024, at the Metro Toronto Convention Centre.

| CONVENTION PLANNING PDAC 2023, held in March, was the association’s 91st Convention. It was attended by over 23,000 attendees from 133 countries and was one of the association’s largest events in its history. The committee then turned its attention to PDAC 2024 planning for the remainder of the year.

For PDAC 2024, the committee worked on producing an expert roster of high-profile industry speakers who will present on topics that include the geology and processing of lithium, epizonal orogenic gold systems, learning from others through leading edge exploration case histories, and more. The committee also changed the application process for the Technical Program for 2024’s event, in order to attract presenters beyond the committee’s connections and increase the diversity of its lineup.

Ensuring that programming stays relevant and topical are also priorities for the committee’s plans for 2024’s showcase. With this, there will be many sessions planned around the topic of critical minerals.

After PDAC 2024 in March, the committee will be spending the rest of the year planning for the 2025 Convention. Some key goals will be to include more global topics, and continue to provide high-quality content that educates, provides more opportunities for active discussion, and helps attendees engage in sessions that aim to make them well informed on current industry developments, practices and concepts. The committee will also continue to make the diversity of its Convention presenters a priority, by ensuring an inclusive mix of speakers, and focusing on how their contributions, presence and perspectives are valued and integrated into the Convention’s programming.

| FINANCE & TAXATION For 2023, the committee focused on advocating for the renewal of the Mineral Exploration Tax Credit (METC), ensuring a successful implementation of the Canadian Critical Minerals Strategy, and continuing to address issues related to amendments made to the Investment Canada Act (ICA).

Regarding the renewal of the METC – which is set to expire in 2024 – PDAC submitted a letter to Finance Canada that called for a minimum five-year extension period.The committee and PDAC staff also advocated on this matter to government officials at Finance Canada and NRCan, and are awaiting the government’s decision.

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The rollout of the Critical Mineral Exploration Tax Credit (CMETC) and the new Critical Minerals Infrastructure Fund (CMIF) were also priorities for the Committee, as part of its efforts to ensure the implementation of the Canadian Critical Minerals Strategy. Anecdotal data indicate a successful rollout of the CMETC, however more comprehensive research is needed to better assess and support this incentive. The committee will also be monitoring the new Clean Technology Manufacturing ITC (input tax credit), regarding which PDAC submitted recommendations to Finance Canada. A legislative draft for this ITC was published in December, 2023.

Relative to the ICA amendments (Bill C-34), the Committee – in coordination with additional PDAC internal teams and staff members – submitted a letter to the House of Commons’ Standing Committee on Industry and Technology (INDU) advocating against certain amendments. However, Bill C-34 passed third reading in the House with broad support and is now being debated in the Senate. PDAC will continue to monitor legislation and will advocate on relevant matters in the stage where regulation will be crafted around the amendments.

Heading into 2024, the Committee has several goals. One is to develop a survey related to the METC and CMETC, with the aim of gaining a more comprehensive understanding of the success of these two incentives.

The Committee will also continue to address the financial impacts of Canada’s critical minerals strategy and attempt to ensure its successful implementation. Additional priorities include advancing the discussion of and advocacy for specific expenses associated with advanced studies that will be eligible for renunciation as flow-through shares, as well as a continued effort to increase diversity and inclusivity among the Committee members.

| GEOSCIENCE & INNOVATION The Committee began 2023 with continued support for the Data Analytics Working Group on the creation of an initial Best Practices document. During the year, significant progress on the development of the document was made, including the recruitment of subject-matter experts, and the creation of a formal outline for the final piece.

Another priority for the Committee for 2023 was to grow its membership and mandate, notably to increase exposure of

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geoscience on PDAC platforms. This was accomplished as the Committee expanded and diversified its membership throughout the year, and supported the start-up work of a major project analyzing Canada’s mineral resources and reserves. This project, which will continue in 2024 following its successful proof of concept, aims to develop an understanding of the rates of discovery and depletion of various minerals in Canada, and the impact of various governmental fiscal incentives on those rates.

The Committee looks forward to developing a broad best practices document with the Data Analytics Working Group in 2024, as well supporting the re-start of the Geoscience Blog on PDAC’s website and the continuation of the mineral resources and reserves project.

| HEALTH & SAFETY For 2023, the Committee looked at bringing awareness to and expanding the available resources of psychological health and safety, and mental health within the industry. To this end, the committee’s primary priority was the redevelopment of the current Health and Safety Short Course, which has been presented at PDAC’s Convention for over a decade.

Significant work was undertaken to retool the short course and highlight the real-life implications of safety, with a particular focus on mental health.

The Committee also continued to support the Canadian Mineral Exploration Environment Health & Safety Annual Survey and Report, which PDAC produces in partnership with the Association for Mineral Exploration (AME) and the Canadian Diamond Drilling Association (CDDA). Holistically, the Committee also began to expand and diversify its membership to increase the variety of activities and perspectives it represents, and it looks forward to continuing these activities in the coming year.

In 2024, the Committee is looking forward to the successful delivery and continued development of the Short Course, as well as the development of programs outside Convention – including webinars and infographics on physical and psychological safety.

| HUMAN RESOURCE

DEVELOPMENT

The Committee entered 2023 with several goals in mind, including an increase in engagement, outreach and programming for the Student & Early Career Program with a specific focus for PDAC’s 2023 Convention, as well as the relaunch of the StudentIndustry Mineral Exploration Workshop (S-IMEW) – which had not been held since 2019 due to the pandemic.

The Student & Early Career Program that ran during PDAC 2023 was highly successful, with its remodeled events and an increase in student participation compared to the 2022 Convention. The committee also collaborated with the Leishman family for the inaugural Dr. Donald M. Leishman Convention Experience, held during PDAC 2023. This program is a legacy to Dr. Leishman, for his unwavering support for PDAC, and for the mentorship of students in the mineral exploration industry.

S-IMEW – held from May 3-17, 2023 – hosted 22 geoscience students from across Canada and exceeded expectations in its smooth execution and outstanding value to its participants, which the Committee attributes to the dedicated support of the volunteer presenters and industry partners, as well as the new components added to the program.

Looking ahead, the Committee anticipates a return to pre-pandemic levels for the Student & Early Career Convention 2024 program. The Committee will continue to improve S-IMEW by adding topical content, engaging new industry presenters, and including even more S-IMEW alumni who have been working in the industry and government. As well, the Committee aims to increase outreach activities at post-secondary geoscience programs and conferences, and to work to increase awareness of the opportunities in the mineral exploration industry in Canada across all school systems. This includes a particular focus on under-represented groups and new entrants by collaborating with and supporting various initiatives by the Mining Industry Human Resources Council (MiHR) and Mining Matters.

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| INDIGENOUS AFFAIRS

| INTERNATIONAL

Each year, one of the Committee’s top priorities is continuous growth of the Indigenous Program at PDAC’s Convention, with a focus on increasing representation and encouraging reflection and diverse, meaningful conversation. Additional goals were to promote PDAC support tools (for example, the Economic Impacts Report, the Social Impacts Report, and the Capacity Support Guide ) in order to foster increased collaboration and engagement between industry and Indigenous Peoples. As well, the Committee continued to advocate for policies and regulatory action that supported Indigenous capacity building and participation in the mineral industry, including participation in development of the National Benefits Sharing Framework (NBSF).

For the first quarter of the new year, the committee’s focus was finalizing and executing the eighth annual International Mines Ministers Summit (IMMS). Cohosted with the World Economic Forum and the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development, 2023’s IMMS was held during PDAC’s Convention in March. It was a successful event, bringing together over twenty ministers and a host of industry and civil society participants. An extra hour was devoted to the Summit over previous years, enabling participants to dive even deeper into the 2023 theme of “Closing the loop: Developing a Circular Mineral Industry.”

During the 2023 Convention, the Indigenous Program was highly successful. The Program presented sessions that bridged an array of perspectives, re-established the Indigenous Program Reception, and introduced the Indigenous Artists exhibits.

Related to the Committee’s advocacy efforts, the government of Canada responded to PDAC’s call for increased support by committing to an Indigenous Loan Guarantee Program in the 2023 Fall Economic Statement. PDAC’s engagement with the government continues into 2024, aiming to support the implementation of the Loan Guarantee program and provide guidance around additional tools and support mechanisms for inclusion in the NBSF. Further into this coming year the committee will work towards expanding participation in the Convention’s Indigenous Program, as well as encouraging opportunities for Indigenous youth to become a part of the mineral exploration and development sector through a Convention sponsorship fund. The committee will also continue to champion cooperative benefits and collaboration opportunities between industry and Indigenous communities to further Canada’s Critical Mineral Strategy, while initiating work on a new project centered around reconciliation-in-practice.

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Also in 2023, the committee began developing an international diaspora organization network operating in Canada that have connections to the exploration and mining industry. One of the committee’s goals for 2024 is to create a comprehensive suite of connections with international mining organizations operating within Canada, to guide where efforts may be best placed to increase PDAC’s breadth of content, membership, and to help grow attendance at the annual Convention.

The committee continued to monitor the evolution of the critical mineral discussion at the international level in 2023 – including developments in Canada, such as Bill C-34. Heading into 2024, the committee will continue to monitor these international discussions that focus on critical mineral activities, and provide support to PDAC staff on related advocacy efforts.

The committee is also looking forward to organizing and hosting the ninth annual IMMS, which will be held held on March 4 during PDAC 2024.

| LANDS & REGULATIONS Entering 2023, one of the Committee’s main goals was to complete and publish the Methodology to Assess MiningRelated Land Disturbance Study in collaboration with the Mining Association of Canada (MAC). This report – now complete – was featured in an article in PDAC’s fall issue of CORE magazine, with report highlights available on a dedicated page on the association’s website.

The committee spent 2023 continuing to be a trusted voice in conveying national industry perspectives while participating in crucial regulatory and legal activities, including initial challenges and ongoing amendments to the Mineral Tenure Act in British Columbia, alongside the Association for Mineral Exploration (AME) and the Mining Association of BC. Following PDAC’s participation as an intervener in the Mineral Tenure Act Challenge, the Court gave a balanced ruling which recognized the Crown’s duty to consult and provided the B.C. Government an 18-month period to engage with industry and Indigenous groups to develop a new process, with all outstanding claims remaining valid under the current Act. The Committee supported submissions and recommendations for a number of key advocacy efforts during the year, including (but not limited to) the Recommended Nunavut Land Use Plan, the “Towards a 2030 National Biodiversity Strategy” discussion paper, and the Canadian Aviation Regulation Advisory Council (CARAC) Consultation – Notice of Amendments to Standard 722.16 Aerial Work.

Looking ahead through 2024, the Committee will continue advocacy efforts relevant to the mineral development sector, including continued implementation of the Fisheries Act, participation in amendments to the Impact Assessment Act, updates to the Critical Minerals Criteria List, the Supply Chain Regulatory Review, and Canada’s 2030 National Biodiversity Strategy Milestone Document.

| SECURITIES Coming into 2023, one of the Committee’s priorities was to follow up with the NI 43-101 consultation, which had concluded in September of 2022. NI 43-101 defines technical disclosure requirements for mineral resource projects for Canadian listed issuers, and had not been updated in over 10 years. The Canadian Securities Administrators (CSA) have indicated that a follow-up consultation will be planned for early 2024, and PDAC’s Securities Committee will continue to be involved in the process.

Another goal for the year was to monitor the effectiveness of the Listed Issuer Financing Exemption – which became effective in late 2022. This exemption allows public companies to raise up to $10 million based on a short disclosure document, instead of a prospectus, and will assist exploration companies to raise capital at reduced costs. 2023 was the first full year that this incentive was in practice, and the Committee will be examining the data, which is set to be published within the Ontario Exempt Markets Report.

PDAC ANNUAL REPORT | 2022 | 23

The Securities Committee was also one of the PDAC committees involved in drafting and submitting a letter to the House of Commons’ Standing Committee on Industry and Technology (INDU) regarding the proposed amendments to the Investment Canada Act (ICA). PDAC will continue to monitor any legislation introduced related to the ICA, and will advocate on relevant matters in the stage where regulation will be crafted around the amendments.

In 2024, the Committee will attempt to impact the amendments to the ICA through the regulatory route, as well as continue to monitor the effectiveness of the Listed Issuer Financing Exemption using the Ontario Exempt Market Report (proceeding its publication in 2024). The Committee will also aim to meaningfully contribute to the NI 43-101 consultation – which is also planned to be published in 2024. Improving the Committee’s diversity of perspectives and experiences remains a priority through 2024 as well.

| SUSTAINABILITY The committee fostered a more collaborative relationship with internal resources and external stakeholders in 2023. This approach led to the firstever joint Sustainability-Indigenous sessions at PDAC’s Convention, as well as communications with Canada’s federal government and the office of the Canadian Ombudsperson for Responsible Enterprise (CORE).

Notably, the joint Sustainability-Indigenous sessions at PDAC’s 2023 Convention were extremely successful, and even filled the largest room available at the Metro Toronto Convention Centre to maximum capacity. The traditional Sustainability Program at the Convention was also a great success, with 10 sessions held across four days of programming. It was the most diverse set of sessions in the Sustainability Program’s history, with several sessions rated 4.8 out of 5 stars (via Slido – an audience interactive tool used for the first time at PDAC 2023).

In 2023, PDAC’s Environmental Excellence in Exploration (e3 Plus) program celebrated its 20-year anniversary. One of the committee’s goals for the year was to revitalize this program by updating the three

PDAC ANNUAL REPORT | 2022 | 24

main “toolkits”: Environmental Stewardship, Health & Safety, and Social Responsibility. The Committee also made redeveloping the program’s brand identity part of the year’s goal.

Throughout the year, the Committee worked with the e3 Plus working group (formed in 2022) and PDAC’s Communications team to update the toolkits’ content and to improve their accessibility, and to hold deep discussions on the identity of the program. With this, e3 Plus was rebranded to Driving Responsible Exploration (DRE), with a new tagline of “Guidelines for Exploration in the Minerals Industry”. The goal of this effort is to ensure the new name and tagline are more reflective of the use and application of these important resources.

In 2024, the committee will be collaborating with other PDAC committees to create a marketing strategy to promote DRE across all available PDAC media platforms.

The committee is also aiming to increase collaboration with the Indigenous Affairs Committee, and working closer in parallel with the Awards Committee regarding the 2024 Sustainability Award selection process. The committee also aims to be a key stakeholder in external conversations affecting the industry, including the mandate of CORE, and the implementation of Canada’s Critical Minerals, Biodiversity, and Responsible Business Conduct Abroad strategies.

See the full list of PDAC’s committee volunteers on pages 32-43 of this report.

PDAC ANNUAL REPORT | 2022 | 25

UPDATE ON EDI FROM PDAC’S EDI WORKING GROUP INITIATIVES IN 2023

PDAC – as an organization, a member and a representative of the Canadian mineral exploration and development industry – believes that mineral exploration and development has always had the potential to make social and economic improvements within the communities where the industry operates.

Equity, diversity, and inclusion are strategic priorities for PDAC, and are at the core of our mandate and values.

PDAC ANNUAL REPORT | 2022 | 26

The following are highlights of EDI initiatives and accomplishments from PDAC’s working group and staff in 2023: | This year saw the start of the Embracing EDI newsletter, which was sent to all PDAC chairs, co-chairs, directors and staff. The purpose of this communication is to encourage and inspire PDAC committees and staff to include further EDI practices and language in their activities. | “EDI Introductory” sessions were delivered to a number of PDAC committees. These sessions were designed to give the committees a common understanding of EDI and its terminology, as well as a brief background of its importance to the association, and our members. These sessions also set the stage for the commencement of EDI reporting; a reporting template will be finalized in 2024 for use by all committees. | EDI training for all PDAC staff was continued throughout the year.

| In October, PDAC released a comprehensive list of initiatives to offer an accessible Convention experience to all attendees. The Metro Toronto Convention Centre is a barrier-free, fully accessible venue that meets all requirements under the Accessibility for Ontarians with Disabilities Act (AODA). Lighting, sound systems and accessible setups in meeting rooms are in place and all staff, suppliers and volunteers will participate in customer service training on accessibility standards.

PDAC’s 2024 Convention will also provide accessible programming through Automatic Speech Recognition (ASR), allowing individuals to view session content in real time on their personal devices, and easily configure viewing preferences to meet their needs.

Most sessions will also offer Slido – a digital application that allows individual participation in session Q&As, and polling from a personal device.

Additionally, attendees currently have an opportunity to request support based on their specific needs, as PDAC offers complimentary access for a support

person, reserved seating, sighted guide volunteers and emergency evacuation assistance. | 2023 was the first full year that EDI-related updates were made to PDAC’s publications – including CORE Magazine and our Annual Report.

These updates include adherence to the visual accessibility guidelines set out in the Accessible Ontarians Disability Act (AODA), as well as following WCAG 2.0 (Web Content Accessibility Guide) standards for assistive reading devices.

Specifically to CORE, an effort was made to bring readers more content featuring social responsibility issues related to the industry. These initiatives were important considerations for why CORE received two PRNEWS Nonprofit awards in 2023 for “Best Annual Publication” and “Best External Publication”.

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2023 MEMBERSHIP STATISTICS We are delighted to share that our multiyear membership plan has achieved remarkable success since its introduction last year.

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In 2023, we saw a 37 percent growth with over 480 members embracing the benefits of a longer-term commitment to PDAC. This member retention initiative offers flexibility and convenience, allowing individual and corporate members to upgrade their annual membership to a two or three-year plan, and lock in current fees for subsequent years.

7,207 MEMBERS 5,499

1,106

602

3,612 66%

797 72%

513 85%

NT NU YT BC AB SK MB ON QC PE NB NS NL

NT NU YT BC AB SK MB ON QC PE NB NS NL

NT NU YT BC AB SK MB ON QC PE NB NS NL

INDIVIDUAL MEMBERS CANADA

INT’L

32 17 26 838 169 96 57 1,869 339 1 40 65 63

1,361 25% 187 166 191 297 520

526 10%

4 5 3 269 43 18 14 333 76 0 9 11 12

Africa Asia Australia Europe Latin America & Caribbean

101 9%

YEAR-OVER-YEAR MEMBERSHIP TREND INDIVIDUAL Core Regular Senior Student Life Total VARIANCE

STUDENT MEMBERS

208 19%

Africa Asia Australia Europe Latin America & Caribbean

USA

CORPORATE MEMBERS

2022 1,188 2,639 733 365 477 5,402

2023 1,427 2,741 845 602 486 6,101 +13%

1 1 1 61 10 14 17 307 47 0 4 15 35

57 10% 18 30 63 72 25

Africa Asia Australia Europe Latin America & Caribbean

15 6 2 23 11

32 5%

CORPORATE Class A Class B Class C Class D Class E Junior Exploration Non-Mining Total VARIANCE

2022 21 0 13 13 15 392 547 1,001

2023 22 0 10 15 13 421 625 1,106 PDAC ANNUAL REPORT | 2022 | 29 +11%

DIRECTORY OFFICERS Raymond Goldie PRESIDENT

Lisa McDonald EXECUTIVE DIRECTOR

Karen Rees FIRST VICE PRESIDENT

Maria Milanova SECRETARY

Scott Parsons SECOND VICE PRESIDENT

James Lusby TREASURER

BOARD OF DIRECTORS Rosario Astuvilca-Rojas INCLUSIVE MINING

Stuart McCracken TECK RESOURCES LIMITED

Charles Beaudry QC COPPER AND GOLD INC.

David Murray RESOURCEFUL GEOSCIENCE SOLUTIONS

Bob Bosshard RETIRED PARTNER, PWC LLP MaryAnn Crichton HATCH LTD. Conrad Dix AGNICO EAGLE MINES Lana Eagle LANA EAGLE CONSULTING Siri Genik BRIDGE© Raymond Goldie INDEPENDENT ANALYST AND DIRECTOR David Harquail FRANCO-NEVADA CORPORATION

Scott Parsons ALAMOS GOLD INC. Valerie Pascale MODERN CORE Karen Rees CONSULTANT Keith Spence GLOBAL MINING CAPITAL Rob Stevens PAKAWAU GEOMANAGEMENT INC. Jeff Swinoga EXPLOITS DISCOVERY CORP.

Doris Hiam-Galvez HATCH LTD.

Ciara Talbot VALE BASE METALS

Mary Louise Hill LAKEHEAD UNIVERSITY

Kerem Usenmez LICAN EXPLORATION

Jessie Liu-Ernsting G MINING VENTURES CORP.

Mary-Carmen Vera SGS CANADA INC.

Gordon Maxwell GJM MINING

PDAC ANNUAL REPORT | 2022 | 30

Ellie Owens E2GOLD

STAFF Ariya Andrighetti MANAGER, CONVENTION

Ran Maoz ANALYST, TAX POLICY & CAPITAL MARKETS

Alexandra Armstrong ANALYST, INDIGENOUS & REGULATORY AFFAIRS

Lisa McDonald EXECUTIVE DIRECTOR

Scott Barber SENIOR MANAGER, COMMUNICATIONS

Krishana Michaud MANAGER, STUDENT & EARLY CAREER PROGRAM

Gillian Blakey COORDINATOR, CONVENTION EXHIBITS

Maria Avramova Milanova DIRECTOR, OPERATIONS & HUMAN RESOURCES

Lynn Bodwell CONVENTION MARKETING LEAD

Andrea Murdoch EXECUTIVE ASSISTANT

Amy Buchanan MANAGER, CONVENTION EXHIBITS

Sarah Nazar MANAGER, CONVENTION PROGRAMMING

Curtis Byron WEB COORDINATOR, COMMUNICATIONS

Marion Oliver ANALYST, CRITICAL MINERALS, GEOSCIENCE & INNOVATION, HEALTH & SAFETY

Christy Clough COORDINATOR, CONVENTION Michael D’Amelio COORDINATOR, CONVENTION PROGRAMMING Sandra Doig COORDINATOR, MEMBERSHIP, ADMINISTRATION & RECEPTION (Maternity Leave)

Maureen Owens COORDINATOR, CONVENTION PROGRAMMING Vinukshan Pathmanathan OFFICE SYSTEMS COORDINATOR Jessica Provencher COORDINATOR, CONVENTION EXHIBITS

Lynda Joyet SENIOR MANAGER, CONVENTION EVENTS & SPONSORSHIP

Nicole Sampson DIRECTOR, CONVENTION

Madina Kaytmazova MANAGER, IT & ADMINISTRATION

Steve Shapka ANALYST, GOVERNMENT RELATIONS

Nicole Khun ANALYST, SUSTAINABILITY Jeff Killeen DIRECTOR, POLICY & PROGRAMS

Andy Stanleigh PUBLICATIONS EDITOR & DESIGNER Kulpreet Thukral COORDINATOR, MEMBERSHIP & RECEPTION

Amit Kumaria MANAGER, BUSINESS DEVELOPMENT & STRATEGIC PARTNERSHIPS

Shannon Townsend COORDINATOR, STUDENT & EARLY CAREER PROGRAM

Joan Marilyn Leslie CHIEF ACCOUNTANT

Patricia Tucci COORDINATOR, CONVENTION EVENTS & SPONSORSHIP

Romika Leslie DATABASE COORDINATOR

Petrona Tulloch STAFF ACCOUNTANT

Florence MacLeod MANAGER, MEMBER ENGAGEMENT & OUTREACH

Stefanie Wolf MANAGER, CONVENTION OPERATIONS PDAC ANNUAL REPORT | 2022 | 31

COMMITTEES AUDIT | CHAIR Bob Bosshard & Jeff Swinoga

Peter Dimmell Jessie Liu-Ernsting

AWARDS | CHAIR Alex Christopher Jon Baird Robert Boyd Patricia Dillon Peter Dimmell Raymond Goldie

John Heslop Jessie Liu-Ernsting Bill Mercer Glenn Mullan Glenn Nolan Robert Schafer

CONVENTION PLANNING | CHAIRS Charles Beaudry & Valerie Wilson Robert Boyd Antoine Cate Patrick Chance Natalie Chu Mark Fellows Mark Ferguson Resa Furey Raymond Goldie Eaun Gray Don Hains Robert Hearst Doris Hiam-Galvez Joe Hinzer Francisca Maepa Sasha (Aleksandr) Mitrofanov

Volker Moeller Naomi Nemeth Terence Ortslan Ellie Owens Karl Pearce Spencer Ramshaw Antoine Schwartzmann Patricia Sheahan James Siddorn Keith Spence Rob Stevens John Sullivan Robert Valliant Shuda Zhou

EXECUTIVE | CHAIR Raymond Goldie Alex Christopher Conrad Dix

Scott Parsons Karen Rees Mary-Carmen Vera

FINANCE & TAXATION | CHAIRS Rob Stevens & Michael Long Brian Abraham Peter Bell Tara Christie Lisa Davis

PDAC ANNUAL REPORT | 2022 | 32

Ron Gagel Ben-Schoeman Geldenhuys Greg New Keith Spence

GEOSCIENCE & INNOVATION | CHAIR Charles Beaudry Sandy Archibald Doris Hiam-Galvez Anna Hicken Francisca Maepa Michael Marchand Gordon Maxwell Volker Moeller

Marian Moroney David Murray Scott R.G. Parsons Frank Santaguida Ciara Talbot Jean-Paul M. Tsotsos Mary-Carmen Vera

GOVERNANCE & NOMINATING | CHAIRS MaryAnn Crichton (Appointed) & Scott Parsons (Ex-Officio) Rosario Astuvilca-Rojas Patricia Dillon Karen Rees

Keith Spence Mary-Carmen Vera

HEALTH & SAFETY | CHAIR Conrad Dix Rodney Barber James Barrieau Jonathan Buchanan Lorne Burden Brent Czornobay Chris Evans Louise Lowe

Gord Maxwell James Maxwell Robert Peter Andrea Waldie George Werniuk Brian Wilson

HUMAN RESOURCE DEVELOPMENT | CHAIR Karen Rees Peggy Bell Laura Clinton Conrad Dix Ben Graham Mary Louise Hill Felix Lee

Jessie Liu-Ernsting Ryan Montpellier David Murray Christine Petch Alexandra Squires Kendra Zammit

INDIGENOUS AFFAIRS | CHAIRS Lana Eagle & Michael Fox Rosario Astuvilca-Rojas Mark Deans Jonathan Fowler Sandra Gogal Janet Lee-Sheriff Pam Marsden Gordon Maxwell

Stuart McCracken Glenn Nolan Kevin O’Callaghan Karen Restoule Sarah Weber Colin Webster Laureen Whyte

PDAC ANNUAL REPORT | 2022 | 33

INTERNATIONAL | CHAIR Keith Spence Sandy Archibald J. Gregory Goldhawk Juan-Carlos Guajardo Florencia Heredia

Terence Ortslan Robert Schafer Laura Stein Raziel Zisman

LANDS & REGULATIONS | CHAIRS Scott Parsons & Matthew Pickard Cameron Bell Michael Fox Siri Genik Don Hoy Stephen Morison

Michael Rosatelli Sean Samson Cameron Stevens Mark Wiseman Steven Woolfenden

MEMBERSHIP | CHAIR Mary Louise Hill Marc Gasparotto Ali Khan Nickolas Kohlmann

Taylor McPherson Kevin Neyedley Spencer Ramshaw

PUBLIC AFFAIRS | CHAIRS Stephen Morison & Kerem Usenmez Lynda Bloom Jim Borland David Clarry MaryAnn Crichton

Shari Gardiner Sean Samson Patricia Sheahan George Werniuk

SECURITIES | CHAIR Kerem Usenmez Brian Abraham Lisa Davis Elaine Ellingham Michael Fowler Dennis Frawley Greg Gosson Sandy Hershaw Michael Marchand

Bruce McLeod Dean McPherson Maria Smirnova Keith Spence Marilyn Spink Nick Tintor Al Wiens

SUSTAINABILITY | CHAIR Valerie Pascale Amiel Blajchman Carolyn Burns Jonathan Fowler Siri Genik Raymond Goldie Dennis Jones

PDAC ANNUAL REPORT | 2022 | 34

Alexandria Marcotte Bill McGuinty Kevin O’Callaghan Jennifer Prospero Aaron Steeghs Ian Thomson Mark Wiseman

PDAC ANNUAL REPORT | 2022 | 35

ANNUAL REPORT PDAC ANNUAL REPORT | 2022 | 36

2023

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