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Pinto Valley Mineral Reserves & Resources

Pinto Valley Mine Estimated Mineral Reserves as at December 31, 2017

Classification Tonnes Cu Molybdenum Contained
Copper
Contained
Molybdenum
(kt) % % (kt) (kt)
Proven 266,946 0.33 0.006 880 17
Probable 162,760 0.28 0.006 456 9
Total Mineral Reserves 429,706 0.31 0.006 1,335 26

NOTES: Claydon Craig, P.Eng., Superintendent of Mine Technical Services at Pinto Valley, is the Qualified Person responsible for the Pinto Valley mineral reserves estimate. Economic inputs to the block model were USD$2.50/lb per pound copper, USD$12.50/lb molybdenum. For the purposes of reporting mineral reserves going forward from January 1, 2017, an average cut-off grade of 0.175% Cu has been used, as it closely approximates the variable 0.17-0.18% Cu cut-off presented in the PV3 Pre-Feasibility NI 43-101 Technical Report. Proven mineral reserves include 400 kt of stockpiled material.


Pinto Valley Mine Estimated Mineral Resources as at December 31, 2017 –
Inclusive of Mineral Reserves

Classification Tonnes Copper Molybdenum Contained Copper Contained Molybdenum
(kt) % % (kt) (kt)
Measured 574,358 0.33 0.006 1,900 34
     771,072 0.27 0.005 2,096 39
Total Measured + Indicated Resources 1,345,430 0.30 0.005 3,995 74
Total Inferred Resources 166,125 0.23 0.005 389 9

NOTES: Claydon Craig, P.Eng., Superintendent of Mine Technical Services at Pinto Valley, is the Qualified Person responsible for the Pinto Valley mineral reserves estimate. Mineral resources are presented above a 0.17% Cu cut-off. Measured Mineral Resources include 400 kt of stockpiled material.