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Mount Milligan 2017

Mount Milligan Location

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Mount Milligan Location

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Mount Milligan Minesite

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Mt. Milligan Claim Status

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Regional Geologic Setting

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Deposit Geology

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Main Deposit Cross Section

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Resource Expansion Potential

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Mt. Milligan Exploration Targets

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Mount Milligan Site Overview

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Open Pit

North Pond

East Pond

South Pond

Cleaner Cell

PAG Cell

South Embankment

SE Embankment

North Embankment

NE Embankment

East Embankment

Mill

Primary Crusher

South Seepage Collection Pond

North #2 Seepage Collection Pond

North #1 Seepage Collection Pond

WSBOpen Pit

North Pond

East Pond

South Pond

Cleaner Cell

PAG Cell

South Embankment

SE Embankment

North Embankment

NE Embankment

Mill

Primary Crusher

WSB

Alpine Lake

Secondary Crusher

TSF

Mine Summary

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• Environmental Assessment Certificate granted in 2009• Construction began in 2010• Commercial production, February 18, 2014• 22 year projected mine life• Gold (average grade 0.36) & Copper (average grade 0.19%)

• BC’s first major new metal mine in more than 15 years

• Second largest gold reserve in Canada• Open-pit mine produces 120,000 TPD• Nominal 62,500 TPD processing plant

Current Pit – June 2017 (looking south)

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Mine Operations – Major Equipment

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Major Mining Equipment:

• 2 Caterpillar 7495HR2 Electric Mining Shovels• 2 Caterpillar 994F Wheel Loaders• 2 Caterpillar Electric Drill MD6640• 1 Caterpillar Diesel Drill MD6290• 13 Caterpillar 793F Haul Trucks• 2 Caterpillar 789C Haul Trucks

Mine Operations – Mining Strategy

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A 15 m bench height is usedfor mining both ore and waste. The overall mining sequence was developed through a series of mining pushbacks specific to the MBX, 66 and WBX subzones (collectively, the Main Zone), and SS phases. The approach was designed to:

• maintain higher grade mineralization in the MBX and 66 subzones;• maintain a smooth waste/ore ratio with required TSF construction

materials;

• develop an ore blending strategy while selectively mining from the Main Zone and SS pits to smooth delivery of copper and gold head grades to achieve the required concentrate grades;

• provide potential waste rock storage in the mined out sections of the Main Zone pit for waste generated from the WBX and SS mining phases

Mine Operations – Waste Rock Strategy

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• Mining and placement of overburden, non-acid generating (NAG) sulphide rock, weathered and oxide rock from the mine is integrated at the TSF with the construction of the south, southeast, northeast, and north embankments, Pipeline Corridor Causeway (PCC), Eskers Road and West Separator Berm (WSB).

• Delivery of potentially acid generating (PAG) rock for sub-aqueous storage at the TSF will be integrated in the cleaner/scavenger tailing Separator Dyke and bulk storage area within the TSF.

• Residual overburden will be stockpiled in the WSB laydown area and a temporary stockpile located west of the primary crusher (the South Stockpile).

• Overburden will be reclaimed from the South Stockpile during the later years of the mine life for shortfalls of TSF material requirements, and for the completion of the last four construction stages (Stages 18–21) of the TSF embankment.

TSF Main Components

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Open Pit

North Pond

East Pond

South Pond

Cleaner Cell

PAG Cell

South Embankment

SE Embankment

North Embankment

NE Embankment

East Embankment

Mill

Primary Crusher

South Seepage Collection Pond

North #2 Seepage Collection Pond

North #1 Seepage Collection Pond

WSBOpen Pit

North Pond

East Pond

South Pond

Cleaner Cell

PAG Cell

South Embankment

SE Embankment

North Embankment

NE Embankment

MillSouth Seepage Collection Pond

North #1 Seepage Collection Pond

WSB

Alpine Lake

Meadows Creek Pumping Stations

North #2 Seepage Collection Pond

Tailings Storage Facility Design Concepts

• Mine waste to be confined behind a zoned water retaining earth-rockfilldam approximately 7,300 meters long averaging 55 to 70 meters high with a maximum height of 90 meters;

• Cleaner tailing will be stored within a separate cell within the larger scavenger tailing basin;

• High PAG, low PAG, Low NAG, oxide and weathered rock waste storage areas (located within TSF)

• Portion of low NAG, oxide and weathered materials used in construction of the upstream shell zones

• Tailing distribution system,Reclaim water system;

• PAG, low PAG and low NAG Waste Storage Area (located within TSF)

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TSF Design

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Design follows a modified centerline construction

TSF Till Core Construction

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Glacial till material is mined directly from deposits overlying bedrock throughout the Mine

Till is placed in the Core zone and spread with tracked dozers

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Placed till is compacted to specified density

Downstream of till core has two filter zones (Filter (F) and Transition (T))

TSF Waste Embankment Construction

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Upstream and downstream embankments are constructed from run of mine rock

Rock is placed in 1-2 meter lifts

TSF Construction

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Till Core Downstream filter zones

Downstream Embankment

Upstream Embankment

TSF construction – typical completed lift

Seepage Collection Ponds

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Seepage collection ponds at toe of dam collect all drainage which is pumped back into the facility

Milling

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The Mount Milligan concentrator was originally designed to process ore at a nominal rate of 60,000 t/d, producing a marketable concentrate of copper, gold and silver. A secondary crushing circuit together with mill optimization projects will increase throughput to a nominal rate of 62,500 t/d.

Key process equipment consists of:

• primary crushing plant with a 1.525 m x 2.794 m gyratory crusher• secondary pre-crushing plant with two cone crushers, each powered by one 1,000 kW• motor prior to the grinding circuit• SAG/ball mill/crusher grinding circuit:

• one 12.20 m diameter x 6.71 m EGL SAG mill with one 23.5 megawatt (MW) gearless motor drive• two 7.32 m diameter x 12.50 m EGL ball mills each driven by two 6.5 MW variable speed

synchronous motors (26 MW total installed ball mill power)• two cone crushers, each powered by one 750 kW motor

Flotation circuits:• rougher flotation: two parallel trains of five 200 m3 tank cells• first cleaner flotation: seven 100 m3 tank cells• second and third cleaner flotation: six 30 m3 tank cells

Regrinding and gravity concentration circuits:• one 1,119 kW tower mill operated in closed circuit with six 380 mm cyclones• two 3,000 kW IsaMills operated in closed circuit with twenty-six 250 mm cyclones• one centrifugal gold concentrator

Simplified Process Plant Flowsheet

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New Secondary Crusher Facility

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Primary Crusher

Secondary Crusher

Coarse Ore Stockpile Mill

Process Plant Improvement Opportunities

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During 2016, the operation has spent approximately $51 M to increase tonnage beyond 60,000 t/d with the financial plan target being 62,500 tpd. However, data indicates that as throughput increases there will be a shift in the bottleneck from primary grinding downstream to two areas: the ball mills being able to achieve target grind and the flotation circuits to achieve recovery.

In order to further enhance the processing plant to achieve targeted throughput and recovery, a number of capital improvement initiatives have been identified.

Capital Projects Estimated Cost $ MAdditional Grinding Capacity $18.9Additional Cleaner Capacity $4.6Additional Rougher Capacity $9.1Water Quality Control Circuit $9.1Water Treatment Circuit $3SAG Discharge/Cyclone Feed Pump Box Modifications $1.5Total $46.2

All of these projects require test work, engineering and execution before a proper cost and benefit analysis can be performed. At this time the capital costs associated with the above improvements are scoping quality in nature with an accuracy of -30% to +50%.

Reclaim Barge in South Pond

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2017 Technical Report Reserves

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MINERAL RESERVE ESTIMATE EFFECTIVE DECEMBER 31, 2016

Mineral Reserve Category Tonnes (000) Cu (%)

Au (g/t)

In-Situ Cu Mlb

In-Situ Au (000 oz)

Proven 256,847 0.187 0.424 1,058.6 3,503 Probable 239,362 0.188 0.293 990.9 2,257 Total Proven + Probable 496,210 0.187 0.361 2,049.5 5,760

Notes: (1) CIM definitions were followed for Mineral Reserves. (2) Mineral Reserves are estimated at a $6.25/t (C$8.12/t) cut-off value using metal prices of $2.95 per

pound copper and $1,200 per ounce gold, and a US$/C$ exchange rate of US$1.00/C$1.30. (3) Figures may not total exactly due to rounding.

2017 Technical Report Reserves

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2017 Technical Report Resources

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2017 Technical Report Reserves (by Phase)

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LOM Phases Plan and Section

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LOM – Pit and TSF at End of 2016

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LOM – Pit and TSF at End of 2017

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LOM – Pit and TSF at End of 2018

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LOM – Pit and TSF at End of 2021

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LOM – Pit and TSF at End of 2025

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LOM – Pit and TSF at End of 2032

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LOM – Pit and TSF at End of 2038

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Opportunities

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Near-term

• Continue to optimize comminution circuit

• Mill throughput averaged 53,000 tpd for Q1, improving on monthly basis, should achieve about 60,000 tpd average for the year,

• Focus on optimizing mine and mill to increase gold and copper recoveries

Long-term

• Geometallurgical drill program to build geomet model (18 months)

• Expand throughput to 70,000 tpd

• Add gold cyanidation circuit