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Pinto Valley Mineral Reserves & Resources

PINTO VALLEY MINERALS RESERVES, REMAINING AT DECEMBER 31, 2019 (METRIC UNITS)

Classification Tonnes Cu Molybdenum Contained
Copper
Contained
Molybdenum
(millions) % % (Mt) (Mt)
Proven 246 0.33 0.006 0.81 0.016
Probable 153 0.29 0.006 0.44 0.009
Total P+P 399 0.31 0.006 1.24 0.025

NOTES: NOTE: 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 MINERAL RESOURCES AT 0.17% CU CUTOFF, AT DECEMBER 31, 2019 (METRIC UNITS)

Classification Tonnes Copper Molybdenum Contained Copper Contained Molybdenum
(million) % % (Mt) (Mt)
Measured (M) 567 0.33 0.006 1.89 0.034
 Indicated (I) 791 0.28 0.005 2.24 0.040
Total M&I Resources 1,357 0.30 0.005 4.13 0.074
Total Inferred Resources 176 0.25 0.005

0.43

0.008

NNOTE: Klaus Triebel, CPG., Chief Geologist 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, 2019 above a 0.17% Cu 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%.