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Pinto Valley Mineral Reserves & Resources

Pinto Valley Mine Estimated Mineral Reserves as at December 31, 2018

Classification Tonnes Cu Molybdenum Contained
Copper
Contained
Molybdenum
(millions) % % (Mt) (Mt)
Proven 255 0.33 0.006 0.84 0.016
Probable 153 0.28 0.006 0.43 0.009
Total Mineral Reserves 408 0.31 0.006 1.27 0.025

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$2.75/lb Cu and USD$12.50/lb Mo. Mineral Reserves are reported above 0.175% Cu cut-off grade. Summation errors due to rounding. Contained metals are reported at 100%.


Pinto Valley Mine Estimated Mineral Resources at 0.17% TCu Cut-off as at December 31, 2018

Classification Tonnes Copper Molybdenum Contained Copper Contained Molybdenum
(million) % % (Mt) (Mt)
Measured (M) 571 0.33 0.006 1.88 0.034
 Indicated (I) 759 0.27 0.005 2.07 0.039
Total M&I Resources 1,330 0.30 0.005 3.95 0.0073
Total Inferred Resources 146 0.24 0.005

0.34

0.008

NOTES: Claydon Craig, P.Eng., Superintendent of Mine Technical Services at Pinto Valley, is the Qualified Person responsible for the Pinto Valley Mineral Resources estimate. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Mineral Resources are presented inclusive of Mineral Reserves. Mineral Resources are reported as at December 31, 2018 above a 0.17% TCu cut-off grade. The economic assumptions for the reasonable prospects pit include: $3.30/lb Cu, $10.00/lb Mo, 88% Cu recovery, 50% Mo recovery, $1.50/ton mining costs, $1.50/ton G&A costs, $5.00/ton milling costs, and a pit slope of 45°. Totals may not tally due to rounding. Contained metals are reported at 100%.