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Santo Domingo Mineral Reserves & Resources

SANTO DOMINGO ESTIMATE MINERAL RESERVES AS AT DECEMBER 31, 2019

Stage

Tonnes

(Mt)

Grade

Contained Metal

Cu
(%)

Au
(g/t)

Fe
(%)

Cu
(kt)

Au
(koz)

Magnetite Conc. (Mt)

Proven Reserves

Santo Domingo Sur

65.4

0.61

0.08

30.9

398

169.9

8.2

Probable Reserves

Santo Domingo Sur

252.1

0.27

0.04

27.8

674

300.8

48.2

Iris Norte

74.8

0.13

0.01

26.9

94

36

18.7

Total Probable

326.9

0.24

0.03

27.6

768

336.8

66.9

Total Mineral Reserves

Proven + Probable

392.3

0.30

0.04

28.2

1167

506.7

75.1

NOTE: Mineral Reserves have an effective date of 14 November 2018 and were prepared by Mr. Carlos Guzman, CMC, an employee of NCL. Mineral Reserves are reported as constrained within Measured and Indicated pit designs and supported by a mine plan featuring variable throughput rates and cut-off optimization. The pit designs and mine plan were optimized using the following economic and technical parameters: metal prices of US$3.00/lb Cu, US$1,280/oz Au and US$100/dmt of Fe concentrate; average recovery to concentrate is 93.4% for Cu and 60.1% for Au, with magnetite concentrate recovery varying on a block-by-block basis; copper concentrate treatment charges of US$80/dmt, U$0.08/lb of copper refining charges, US$5.0/oz of gold refining charges, US$33/wmt and US$20/dmt for shipping copper and iron concentrates respectively; waste mining cost of $1.75/t, mining cost of US$1.75/t ore and process and G&A costs of US$7.53/t processed; average pit slope angles that range from 37.6º to 43.6º; a 2% royalty rate assumption and an assumption of 100% mining recovery. Rounding as required by reporting standards may result in apparent summation differences between tonnes, grade and contained metal content. Tonnage measurements are in metric units. Copper and iron grades are reported as percentages, gold as grams per tonne. Contained gold ounces are reported as troy ounces, contained copper as million pounds and contained iron as metric million tonnes.

SANTO DOMINGO ESTIMATED MINERAL RESOURCES AS AT FEBRUARY 13, 2020

Deposit

Tonnes
(Mt)

CuEq
(%)

Cu
(%)

Au
(g/t)

Fe
(%)

S
(%)

Co
(ppm)

Total Measured Resources

66

0.81

0.61

0.081

30.9

2.3

254

Santo Domingo Sur

64

0.82

0.62

0.082

31.1

2.4

254

Iris

2

0.42

0.39

0.047

23.6

1.4

250

Total Indicated Resources

471

0.48

0.26

0.034

25.0

1.9

225

Santo Domingo Sur

224

0.54

0.31

0.043

26.6

2.4

275

Iris

103

0.45

0.19

0.027

25.9

1.3

166

Iris Norte

89

0.44

0.12

0.014

26.7

2.6

231

Estrellita

55

0.40

0.38

0.039

13.7

0

125

Total M & I

537

0.52

0.30

0.039

25.7

2.0

229

Total Inferred Resources

48

0.41

0.19

0.025

23.6

2.2

197

Santo Domingo Sur

24

0.40

0.22

0.033

22.8

2.5

195

Iris

4

0.42

0.19

0.024

26.6

0.7

125

Iris Norte

14

0.45

0.09

0.009

28.1

2.8

256

Estrellita

5

0.32

0.31

0.030

12.3

0

108

NOTE: Mineral Reserves have an effective date of 14 November 2018 and were prepared by Mr. Carlos Guzman, CMC, an employee of NCL. Mineral Reserves are reported as constrained within Measured and Indicated pit designs and supported by a mine plan featuring variable throughput rates and cut-off optimization. The pit designs and mine plan were optimized using the following economic and technical parameters: metal prices of US$3.00/lb Cu, US$1,280/oz Au and US$100/dmt of Fe concentrate; average recovery to concentrate is 93.4% for Cu and 60.1% for Au, with magnetite concentrate recovery varying on a block-by-block basis; copper concentrate treatment charges of US$80/dmt, U$0.08/lb of copper refining charges, US$5.0/oz of gold refining charges, US$33/wmt and US$20/dmt for shipping copper and iron concentrates respectively; waste mining cost of $1.75/t, mining cost of US$1.75/t ore and process and G&A costs of US$7.53/t processed; average pit slope angles that range from 37.6º to 43.6º; a 2% royalty rate assumption and an assumption of 100% mining recovery. Rounding as required by reporting standards may result in apparent summation differences between tonnes, grade and contained metal content. Tonnage measurements are in metric units. Copper and iron grades are reported as percentages, gold as grams per tonne. Contained gold ounces are reported as troy ounces, contained copper as million pounds and contained iron as metric million tonnes.