PLATFORM FOR GROWTH€¦ · · 2018-02-23Adjacent to Fortuna’s San Jose Project A FUTURE...

BMO Global Metals & Mining Conference

PLATFORM FOR GROWTH

February 25 – 28, 2018

TSX, NYSE AMERICAN: ALO

FORWARD-LOOKING STATEMENT

Certain statements contained herein may constitute forward-looking statements (or “forward-looking information”) and are made pursuant to the “safe harbour” provisions of the United States Private Securities Litigation

Reform Act of 1995 and Canadian securities laws. Forward-looking statements are statements which relate to future events. Such statements include estimates, forecasts and statements with respect to, among other things,

business and financial prospects, financial multiples, accretion estimates, estimated future production and cash costs, future trends, plans, strategies, objectives and expectations, including with respect to costs, capital

requirements, availability of financing, production, exploration and reserves and resources, projected production from the San Francisco Mine, the Ana Paula Preliminary Economic Assessment (PEA), including estimated internal

rate of return and projected production, exploitation activities and potential and future operations. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may

also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed. In some cases, you can identify forward-looking statements by

terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology.

These forward-looking statements are based on a number of assumptions, including assumptions regarding the value of Alio Gold’s assets; the successful completion of development projects, planned expansions or other

projects within the timelines anticipated and at anticipated production levels; the accuracy of reserve and resource, grade, mine life, cash cost, NPV and IRR estimates and other assumptions, projections and estimates made in

the technical reports for San Francisco and Ana Paula; that mineral resources can be developed as planned; interest and exchange rates; that required financing will be obtained; general economic conditions; that labour

disputes, flooding, ground instability, fire, failure of plant, equipment or processes to operate as anticipated and other risks of the mining industry will not be encountered; the price of gold, silver and other metals; competitive

conditions in the mining industry; title to mineral properties; and changes in laws, rules and regulations applicable to Alio Gold.

Although management of Alio Gold believes that the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that a forward-looking statement herein will prove to be

accurate. Actual results and developments may differ materially from those expressed or implied by the forward-looking statements contained herein and even if such actual results and developments are realized or

substantially realized, there can be no assurance that they will have the expected consequences or effects. Factors which could cause actual results to differ materially from current expectations include changes in market

conditions; actual results being materially different than reserve and resource, grade, mine life, NPV, IRR and cash cost estimates and the other projections and estimates made in the technical reports for San Francisco and Ana

Paula; variations in grade or recovery rates; risks relating to international operations; fluctuations in gold, silver and other metal prices and currency exchange rates; failure to obtain required financing; inability to successfully

complete development projects, planned expansions or other projects within the timelines anticipated; natural disasters; adverse changes to general economic conditions or applicable laws, rules and regulations; changes in

project parameters; the possibility of project cost overruns or unanticipated costs and expenses; labour disputes, flooding, ground instability, fire and other risks of the mining industry; failure of plant, equipment or processes to

operate as anticipated; the risk of an undiscovered defect in title or other adverse claim; and the risk that results of exploration activities will be different than anticipated.

Readers are cautioned not to place undue reliance on forward-looking information due to its inherent uncertainty. Except as required by applicable law, Alio Gold does not intend to update any forward-looking statements toconform these statements to actual results.

All figures presented throughout this document are in US$ unless otherwise specified.

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San Francisco Mine

Sonora, MexicoStatus: Operating2017A: 83,558 oz

Ana Paula Project

Guerrero, MexicoStatus: FeasibilityPFS May 2017 @ $1,250/oz GoldNPV US$223M, IRR 34%

Ejutla Project

Oaxaca, MexicoStatus: ExplorationAdjacent to Fortuna’s San Jose Project

A FUTURE MID-TIER GOLD PRODUCER



COMPANY OVERVIEW

4

Key Data1 (as of Dec. 31, 2017 unless otherwise noted)

Shares outstanding 44.7

Warrants ($7.00 strike, May 2018)($8.00 strike, July 2018)

1.8M4.0M

Options 2.1

Fully diluted shares 52.6M

Recent share price1 US$2.76

Market capitalization1 US$120M

Cash balance US$51.6M

Major Shareholders

Goldcorp Ruffer, LLP

Lundin Group AgaNola, AG

Connor Clark & Lunn Inv. Mgmt, Ltd AMG Fondsverwaltung AG

Renaissance Technologies, LLC Sun Valley Gold, LLC (US)

Dimensional Fund Advisors, L.P Aegis Financial Corporation

1. Data as of February 21, 2017 (NYSE)


SAN FRANCISCO MINE HIGHLIGHTS

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Three months ended Years ended

Key Operating Statistics Dec 31 Sept 30 Jun 30 Mar 31 2017 2016

Ore processed (Mt) 1.7 1.9 1.9 2.0 7.5 7.7

Ore grade (g/t Au) 0.46 0.40 0.47 0.48 0.45 0.58

Waste mined (Mt) 6.2 5.2 4.3 3.2 19.0 14.9

Strip ratio (W:O) 3.55 3.15 2.60 1.67 2.71 2.00

Gold produced (oz) 16,070 19,429 22,011 26,048 83,558 100,322

Key Financial Statistics (US$ millions unless otherwise noted)

Revenue $20.6 $25.2 $27.1 $32.3 $105.2 $123.9

By-product cash costs1 /oz $1,041 $886 $740 $735 $831 $734

AISC1 /oz $1,357 $1,104 $954 $848 $1,034 $853

Earnings (loss) $(2.9) $5.2 $3.5 $6.0 $11.9 $31.7

Cash flow from operations $(2.2) $2.7 $2.8 $9.7 $13.0 $34.1

1. See Appendix C for further information on non-GAAP measures


SAN FRANCISCO MINE

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FOCUSING IN 2018 ON COST REDUCTION AND IMPROVED EFFICIENCY

• Increasing recoveries through blasting improvements for better fragmentation

• Emulsion/Powder

• Blasting patterns – geometry and size

• Drilling diameter to 7½” from 6”

• Dual cut-off strategy underway

• Lower grade material trucked to heap leach pad

• 2018E1

• Production: 90,000oz – 100,000oz

• AISC1: $1,000 - $1,100/oz

• Capital2 & exploration expenditure: $2.5 - $3.0 million

1. See Appendix C for further information on guidance outlook and non-GAAP measures2. Includes sustaining and expansionary capital


ANA PAULA PROJECT

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LOCATED IN A HIGHLY PROLIFIC GOLD BELT

Ana Paula Project Area

Leagold – Los FilosTorex

TXG

El Limon

GuajesMedia Luna

San Luis Rey David

TXG

ALO

El Limon

Guajes

Media Luna


EXTENSIVE EXPLORATION PROGRAM IN 2018

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Q1 2018

• Surface exploration drilling of six holes to target high-grade breccia extension underway

Q2 2018

• North Area drilling targeting open pit resource expansion to commence

H1 2018

• Underground decline under construction to explore breccia extension & skarn target advancing

• Portal site cleared; explosives magazine site completed; surface infrastructure installed

H2 2018

• Underground drilling program to commence in Q3 2018

• Regional exploration on 56,000 ha land package


2018 EXPLORATION – TARGETING RESOURCE EXPANSION

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1.Refer to Appendix F for further mineral reserve and mineral resource information.2.Refer to Alio Gold’s news release dated September 18, 2017 titled “Alio Gold to Commence

Underground Decline and Exploration Program at Ana Paula”.

PFS Pit OutlineP&P Reserves1 = 13.44 Mt @ 2.36 g/t = 1.02 MozIncludes 2.3 Mt @ 5.9 g/t = 436 Koz in high-grade breccia

Lower Grade Halo

Skarn TargetPrior drilling includes2:14.2 m @ 8.55 g/t22.0 m @ 5.67 g/t14.5 m @ 5.87 g/t

High-Grade Breccia TargetPrior drilling includes2:55.7 m @ 3.66 g/t13.5 m @ 29.12 g/t32.1 m @ 3.21 g/t

High-Grade Breccia In-Pit Reserves

Proposed Decline

Symbols

Surface drill holes


REGIONAL EXPLORATION UPSIDE ON 56,000-HECTARE LAND PACKAGE

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• Exploration targets• Breccia systems similar to Ana Paula Deposit

• Skarn type mineralization similar to Los Filos and Torex

• Structural mapping

• Review the existing geophysics data

• Airborne magnetic survey

• Define drill targets


ADVANCING ANA PAULA PROJECT

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DEFINITIVE FEASIBILITY STUDY

• Initiated in July 2017

• Additional metallurgical test work ongoing

• Advancing geotechnical and design engineering

• Evaluating potential for scope changes to include underground mine component

FINALIZING PERMITTING

• Received Change of Land Use (ETJ) approval in September 2017

• Received Environmental Impact Assessment (MIA) approval in April 2017

• Completed major permitting hurdles

SECURING DEBT FINANCING OF BETWEEN $90 MILLION AND $100 MILLION

• Received indicative proposals and under review


PFS HIGHLIGHTS1,3

1. NI 43-101 Preliminary Feasibility Study, Guerrero, Mexico, dated May 16, 2017, which is available on Alio Gold’s SEDAR profile at www.sedar.com.2. Source: WoodMac 2016 total cash costs (including royalties). 3. Gold price assumption of US$1,250/oz. 4. Excludes 7.7 Mt of pre-stripping.

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ROBUST ECONOMICS ON A HIGH-GRADE, HIGH-MARGIN PROJECT

After-tax NPV5% $223M

After-tax IRR 34%

After-tax Payback 2.6 years

Annual Average Production

116,000 oz Gold

166,000 oz Silver

First Quartile Operating Costs2

By-product: $489/oz

AISC: $524/oz

Life of Mine 7.5 years

Strip Ratio4 2.8:1

Capital Cost

$137.2M

High-Grade

2.36 g/t Gold

5.22 g/t Silver

http://www.sedar.com/


IMPROVING THE ECONOMICS AT ANA PAULA

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BENEFITS OF UNDERGROUND COMPONENT IN DEFINITIVE FEASIBILITY STUDY

• Increase production to fill the mill• Mill previously operated at 6,000tpd; geometry of the proposed pit limits ore

production to 5,000tpd

• Additional ore from underground could enhance production profile and unit costs

• Reduce strip ratio• Mining of proposed open pit is done in three distinct phases with phase 3 requiring

significant pushback of the pit walls to allow deeper mining from surface

• Potential to mine phase 3 more efficiently from underground

• Eliminate additional surface tailings facilities for the tailings from the ambient oxidation process (“AOX”)

• Tailings from AOX process could be stored underground as back-fill

• Inert flotation tailings could be stored on surface in an unlined tailings storage facility


GREENFIELD EXPLORATION - EJUTLA

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ORGANIC GROWTH OPPORTUNITY

• Greenfield exploration site in highly prospective district

• Evidence of epithermal gold-silver target

• Exploration team on-site

• Initial 5,000-metre drill program developed

• Three extensive northwest-trending mineralized structural corridors on the property will be the key focus of exploration activities

• Drill program targeted to commence in 2019

Ejutla Project

Oaxaca, MexicoStatus: ExplorationAdjacent to Fortuna’s San Jose Project


PLATFORM FOR GROWTH TO DELIVER VALUE FOR ALL STAKEHOLDERS

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Experienced Team of Mine Builders and Operators

Robust Financial Position

Production from San Francisco Mine

Underpinning Growth

Developing and Exploring at Ana Paula

Project


APPENDIX A – MANAGEMENT TEAM

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GREG McCUNNP.Eng., MBA

CEO, Director25+ years’ experience building, operating mines

MIGUEL BONILLACPA

Country Manager, Mexico20+ years’ experience in finance, CSR, permitting and government relations in the mining industry

PAUL HOSFORDB.Sc. (Chemical Engineering)

VP, Project Development30+ years’ experience in engineering consulting, construction,commissioning, operations

COLETTE RUSTADCA

CFO & EVP15+ years’ experience in senior financial roles in gold mining

JASON GREGGBBA, MBA

EVP, Human Resources20+ years’ experience in building high-performance teams and systems

LYNETTE GOULDBBA, CFA

VP, Investor Relations15+ years’ experience in investor relations and financial roles


APPENDIX B – BOARD OF DIRECTORS

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Bryan Coates

Independent ChairmanPresident: Osisko RoyaltiesFormer CFO: Osisko Mining, IAMGOLD, Cambior

Greg McCunn

CEOFormer CFO: Asanko, FarallonOperations: Teck, Placer Dome

Stephen Lang

IndependentChairman: CenterraFormer CEO, COO: CenterraOperations: Barrick, Kinross

Paula Rogers

IndependentFormer CFO: Castle Peak Finance: Goldcorp, WheatonPrecious Metals

George Brack

IndependentChairman: CapstoneDirector: Wheaton Precious MetalsGeologist, Investment Banking

Mark Backens

DirectorPast Interim CEOGeologist, Investment BankingPlacer Dome, Meridian

Jose Vizquerra

IndependentEVP: Osisko MiningFormer CEO: ObanP.Geo.: Buenaventura, Goldcorp


APPENDIX C – FOOTNOTES

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1. Non-GAAP Measure: All-in sustaining cost per gold ounce

The Company has adopted an all-in sustaining cost per ounce on a by-product basis performance measure which is calculated based on the guidance note issued by the World Gold Council. Management uses this information as an additional measure to evaluate the Company’s performance and ability to generate cash.

All-in sustaining costs on a by-product basis include total production cash costs, corporate and administrative expenses, sustaining capital expenditures and accretion for site reclamation and closure costs. These reclamation and closure costs represent the gradual unwinding of the discounted liability to rehabilitate the area around the Mine at the end of the mine life. The Company believes this measure to be representative of the total costs associated with producing gold; however, this performance measure has no standardized meaning. As such, there are likely to be differences in the method of computation when compared to similar measures presented by other issuers.

Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Refer to Alio Gold’s Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2017, the quarter ended September 30, 2017, June 30, 2017 and March 31, 2017 for a reconciliation of the all-in sustaining cost per gold ounce on a by-product basis to the consolidated financial statements.

2. Non-GAAP Measure: Cash cost per gold ounce and cash cost per gold ounce on a by-product basis

Cash cost per gold ounce and cash cost per gold ounce on a by-product basis are non-GAAP performance measures that management uses to assess the Company’s performance and its expected future performance. The Company has included the non-GAAP performance measures of cash cost per gold ounce and cash cost per gold ounce on a by-product basis throughout this document. In the gold mining industry, these are common performance measures but they do not have any standardized meaning. As such, they are unlikely to be comparable to similar measures presented by other issuers.

Management believes that, in addition to conventional measures prepared in accordance with GAAP, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow. Accordingly, presentation of these measures is to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.


APPENDIX C – FOOTNOTES (cont’d)

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The cash cost per gold ounce is calculated by dividing the operating production costs by the total number of gold ounces sold. The cash cost per gold ounce on a by-product basis is calculated by deducting the by-product silver credits per gold ounce sold from the cash cost per gold ounce. For a reconciliation of the cash cost per gold ounce and cash cost per gold ounce on a by-product basis to the consolidated financial statements please refer to Alio Gold’s Management’s Discussion and Analysis (“MD&A”) for the year ended December 31, 2017, the quarter ended September 30, 2017, June 30, 2017 and March 31, 2017.

3. Guidance projections used in this document (“Guidance”) are considered “forward-looking statements” and represent management’s good faith estimates or expectations of future production results as of the date hereof. Guidance is based upon certain assumptions, including, but not limited to, metal prices, oil prices, certain exchange rates and other assumptions. 2018 guidance assumes Au=$1,250/oz, Ag=$18.00oz, $1.30 CAD/USD, 18.00 MXN/USD. Such assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, Guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon Guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur.


APPENDIX D – ANA PAULA METALLURGY

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• Refurbishing used equipment already in storage in Mexico – 6,000 tpd

• Additional equipment required: gravity concentrators, ILR, flotation

• Overall recovery for gold of 85%

• Gold production average of 116 Koz/year


APPENDIX E – ANA PAULA MINE PLAN | PRODUCTION PROFILE

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• Mining:

• Using 55-tonne haul trucks – contractor fleet

• Mining on six-metre benches

• Geotechnical basis:• Six different slope sectors based on geotechnical drilling

• Inter-ramp slope = 56–58 degrees

• Overall slope = 48.7–51.3 degrees

• Pre-stripping prior to year 1: 7.22 Mt waste, 0.45 Mt ore (@ 1.64 g/t Au)

• Average haul distances: ore = 1.7 km, waste = 1.5 km

• Mining rates limited to 5,000 tpd due to geometry of the pit

97 96

127

105

153

90

146

54

0

20

40

60

80

100

120

140

160

180

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

00

0s

oz

LOM Year

Gold Ounces Produced


APPENDIX F – RESERVES AND RESOURCES

Area Category Cut-off (Au g/t) Tonnes Au (g/t) Gold (ounces) Ag (g/t) Silver (ounces)

Resources amenable to open pit extraction Measured 0.6 7,541,000 2.43 590,000 5.1 1,236,000

Indicated 10,491,000 1.79 605,000 4.8 1,629,000

Measured and Indicated 18,032,000 2.06 1,195,000 4.9 2,865,000

Inferred 249,000 1.27 10,000 8.8 70,000

Resources amenable to underground extraction Measured 1.65 41,000 2.07 2,800 4.3 6,000

Indicated 2,925,000 2.81 264,000 4.2 398,000

Measured and Indicated 2,967,000 2.80 266,700 4.2 404,000

Inferred 621,000 2.07 41,400 3.9 79,000

Total resources Measured OP 0.6 and UG 1.65

7,582,000 2.43 592,800 5.1 1,242,000

Indicated 13,416,000 2.01 869,000 4.7 2,027,000

Measured and Indicated 20,998,000 2.17 1,461,800 4.8 3,269,000

Inferred 870,000 1.84 51,400 5.3 149,000

ANA PAULA PROJECTMineral Resource Estimate for Ana Paula Project (inclusive of Mineral Reserves)

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Category Tonnes (kt) Gold Grade (g/t) Gold (ounces) Silver Grade (g/t) Silver (ounces)

Proven 6,533 2.62 550,000 5.31 1,115,000

Probable 6,907 2.12 471,000 5.13 1,139,000

Total 13,440 2.36 1,021,000 5.22 2,254,000

ANA PAULA PROJECTMineral Reserve Estimate for Ana Paula Project

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Area Cut-off (Au g/t) Category Tonnes Au (g/t) Gold (ounces)

San Francisco Mine OP 0.121 Measured 39,713,000 0.531 678,000

Indicated 20,604,000 0.566 375,000

Measured and Indicated 60,317,000 0.543 1,053,000

Inferred* 483,000 0.596 9,000

La Chicharra Mine OP 0.115 Measured 6,918,000 0.550 122,000

Indicated 6,068,000 0.500 98,000

Measured and Indicated 12,986,000 0.527 220,000

Inferred* 231,000 0.488 4,000

La Chicharra Pit NW OP 0.115 Measured 673,000 0.550 12,000

Indicated 558,000 0.616 11,000

Measured and Indicated 1,231,000 0.580 23,000

Inferred* 2,000 0.473 20

SAN FRANCISCO MINE (AS OF APRIL 1, 2017)Mineral Resource Estimate for the San Francisco Project (inclusive of Mineral Reserves)1,2

For OP Using a Gold Price of US$1,350/oz

241. Inferred resource in the tables is within the pit shell of US$1,350/oz.2. For more information on the San Francisco Mine mineral reserves and mineral resources, see the San Francisco technical report entitled “NI 43-101 F1 Technical Report Updated

Resources and Reserves and Mine Plan for the San Francisco Gold Project, Sonora, Mexico”, dated May 25, 2017, which is available on Alio Gold’s SEDAR profile at www.sedar.com.




Area Cut-off (Au g/t) Category Tonnes Au (g/t) Gold (ounces)

La Chicharra Pit North OP 0.115 Measured 186,000 0.676 4,000

Indicated 92,000 0.628 2,000

Measured and Indicated 278,000 0.660 6,000

Inferred* 5,000 1.240 200

Total Resources Measured 47,490,000 0.535 816,000

Indicated 27,322,000 0.553 485,000

Measured and Indicated 74,813,000 0.541 1,302,000

Inferred* 721,000 0.566 13,000

SAN FRANCISCO MINE (AS OF APRIL 1, 2017)Mineral Resource Estimate for the San Francisco Project (inclusive of Mineral Reserves)For OP Using a Gold Price of US$1,350/oz

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1. Inferred resource in the tables is within the pit shell of US$1,350/oz.



Pit Classification Metric Tonnes Gold (g/t)Contained

Gold Ounces

San Francisco Pit Proven 27,048,000 0.578 502,500

Probable 12,083,000 0.579 224,700

Total 39,131,000 0.578 727,200

La Chicharra Pit Proven 2,329,000 0.471 35,200

Probable 5,328,000 0.551 94,300

Total 7,657,000 0.526 129,600

La Chicharra Pit NW OP Proven 170,000 0.434 2,400

Probable 363,000 0.431 5,000

Total 533,000 0.432 7,400

SAN FRANCISCO MINE Mineral Reserves within the San Francisco and La Chicharra PitsAfter Mining Recovery and Dilution

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Pit Classification Metric Tonnes Gold (g/t)Contained

Gold Ounces

La Chicharra Pit North OP Proven 72,000 0.638 1,500

Probable 200,000 0.437 2,800

Total 272,000 0.490 4,300

Total Proven 29,619,000 0.569 541,600

Probable 17,974,000 0.566 326,900

Total 47,593,000 0.568 868,500

San Francisco Mine Low-Grade Stockpile 7,199,000 0.260 60,200

San Francisco Mine Total Pits and Stockpile 54,792,000 0.527 928,700

SAN FRANCISCO MINE Mineral Reserves within the San Francisco and La Chicharra PitsAfter Mining Recovery and Dilution

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IMPORTANT INFORMATION REGARDING TECHNICAL DISCLOSURE

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For more information on the San Francisco Mine mineral reserves and mineral resources, see the San Francisco technical report entitled “NI 43-101 F1 Technical Report Updated Resources and Reserves and Mine Plan for the

San Francisco Gold Project, Sonora, Mexico”, dated May 25, 2017, which is available on Alio Gold’s SEDAR profile at www.sedar.com. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

For more information on the Ana Paula mineral reserves and mineral resources, see the Ana Paula technical report entitled “NI 43-101 Preliminary Feasibility Study, Guerrero, Mexico”, dated May 16, 2017, which is available on

Alio Gold’s SEDAR profile at www.sedar.com. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Cautionary Note to United States Investors

Alio Gold is subject to the reporting requirements of the applicable Canadian securities laws, and as a result reports its mineral reserves and resources according to Canadian standards. Canadian reporting requirements for

disclosure of mineral properties are governed by National Instrument 43-101 (“NI 43-101”). The definitions of NI 43-101 are adopted from those given by the Canadian Institute of Mining, Metallurgy and Petroleum. U.S.

reporting requirements are governed by Industry Guide 7 (“Guide 7”) of the Securities and Exchange Commission (the “SEC”). These reporting standards have similar goals in terms of conveying an appropriate level of

confidence in the disclosures being reported, but embody different approaches and definitions. For example, under Guide 7, mineralization may not be classified as a “reserve” unless the determination has been made that the

mineralization could be economically and legally produced or extracted at the time the reserve determination is made. In particular, Alio Gold reports “resources” in accordance with NI 43-101. While the terms “Mineral

Resource”, “Measured Mineral Resource”, “Indicated Mineral Resource” and “Inferred Mineral Resource” are recognized and required by Canadian securities laws, they are not defined terms under Guide 7 and, generally, U.S.

companies are not permitted to report resources in documents filed with the SEC. As such, certain information contained in this presentation concerning descriptions of mineralization and resources under Canadian standards is

not comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of the SEC. In addition, an Inferred Mineral Resource has a great amount of uncertainty as to its

existence and as to its economic and legal feasibility, and it cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral

Resources may not form the basis of feasibility or other economic studies beyond Preliminary Economic Assessment. It cannot be assumed that all or any part of Measured or Indicated Resources will ever be converted into

Mineral Reserves, and it cannot be assumed that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable. In addition, the definitions of “Proven Mineral Reserves” and “Probable Mineral

Reserves” under NI 43-101 differ in certain respects from the standards of Guide 7.



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