TSX: KDX OTCQX: KLNDF WWW.KLONDEXMINES.COM1
CORPORATE PRESENTATION
JULY 2015
TSX: KDX OTCQX: KLNDF WWW.KLONDEXMINES.COM2
FORWARD-LOOKING INFORMATION
Qualified Person
Mark Odell, P.E., Principal Engineer, Practical Mining LLC, a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), reviewed and is responsible for the technical information contained in this presentation.
Cautionary Note Regarding Technical Information and Forward-looking Information
A production decision at the Fire Creek Project has not been made by Klondex, as it is still in the bulk sampling phase. Although a production decision at the Fire Creek Project has not been made, the mineralized material extracted from the Fire Creek Project under the bulk sample permit is processed through the Midas mill.
A production decision at the Midas Mine was made by previous operators of the mine, prior to the completion of the acquisition of the Midas mine by Klondex and Klondex made a decision to continue production subsequent to the acquisition. This decision by Klondex to continue production and, to the knowledge of Klondex, the prior production decision were not based on a feasibility study of mineral reserves demonstrating economic and technical viability prepared in accordance with NI 43-101. Readers are cautioned that there is increased uncertainty and higher risk of economic and technical failure associated with such production decisions.
This presentation contains certain information that may constitute forward-looking information under applicable Canadian securities legislation, including but not limited to information about current expectations on the timing, extent and success of exploration, development and metallurgical sampling activities, the timing and success of mining operations, the timing and completion of updated mineral resource estimates in respect of the Midas Project and Fire Creek Project, the timing and completion of an economic analysis in respect of the Fire Creek Project, the Company's intention and ability to monetize mineralized material, the successful execution of the bulk sampling program at the Fire Creek Project, project development and related permitting. Thisforward-looking information entails various risks and uncertainties that are based on current expectations, and actual results may differ materially from those contained in such information. These uncertainties and risks include, but are not limited to, the strength of the global economy; the price of gold; operational, funding and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations; and the ability of Klondex to fund its substantial capital requirements and operations. Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com. Readers are urged to read these materials. Klondex assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by law.
TSX: KDX OTCQX: KLNDF WWW.KLONDEXMINES.COM3
PEOPLE – PROPERTIES – PROFITABILITY
OUR FOCUS
Experienced, Efficient and Invested Team
Gold and Silver Operations in Nevada
• Fire Creek and Midas, Nevada
• Issued reserves early 2015, using $1000/Au oz assumption
Investing in Growth
• US$33 million 2015 growth and sustaining capital
2014 Profitability Actual: 107,861 GEO Recovered
• Production Costs C$679 (US$585)/ GEO
• Net income of C$18.3 million or C$0.16 per share
• Working capital of C$56 million
• Cash balance of C$53 million
2015 Profitability Estimate: 125,000 - 130,000 GEO
• Production costs: C$688-750 (US$550- $600) per GEO
• All-in sustaining costs: C$1,000-1,063 (US$800 - $850) per gold ounce
OUTPERFORMED 2014 PRODUCTION
GUIDANCE BY 25%
0
20
40
60
80
100
120
140
2014A 2015E
Recovered GEOs
Actual
Guidance
Range
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PEOPLE – PROPERTIES – PROFITABILITY
A STRONG LEADERSHIP AND OPERATIONS TEAM
Paul Huet, A.Sc.T. – President, CEO and Director
• 28 yrs of mining experience within North America, focused on underground narrow vein gold and silver mining. Operated both the Midas and Hollister Mines in the 2000’s.
Barry Dahl – Chief Financial Officer
• 26 yrs of accounting experience in mining, construction and manufacturing. Previously CFO of Argonaut Gold during its growth to a 100,000+ ounce/ yr producer.
Brent Kristof – Chief Operating Officer
• 33 yrs operations u/g and open pit experience with major mining companies in North America, PNG and Australia
Mike Doolin – VP Business Development
• 27 yrs with extensive experience in metallurgy, design and permitting of narrow vein and open pit mining projects
Brian Morris – VP Exploration
• 26 yrs experience providing exploration and geological support to major producing assets in Nevada, including Midas and Hollister.
Alison Dwoskin – Manager, Investor Relations
• 10 yrs experience designing and managing IR programs for public mining companies
DI
RE
CT
OR
S
MA
NA
GE
ME
NT
4
Richard J. Hall, Chairman
• Seasoned mining executive, involved in building and acquiring precious
metals companies in the America’s and Australia; Served as CEO of
Northgate Minerals, Grayd Resource and Metallica Resources, as well as
Chairman of a number of other precious metals companies.
Blair Schultz, Executive Director
• Former Klondex Chairman (2012-2014). Over 13 yrs of experience
evaluating M&A transactions in the mining space; was most recently Vice
President and Head of Special Situation Analytics, Portfolio Management
& Trading at K2 & Associates Investment Management Inc. in Toronto
Renaud Adams
• President of Richmont Mines. Over 20 years of mining experience, and
most recently served as President and COO at Primero Mining Corp. Prior
to this, Mr. Adams served at IAMGOLD Corporation and held various
senior positions with Cambior Inc. and Breakwater Resources Ltd.
Rodney Cooper
• President and Chief Operating Officer at Labrador Iron Mines with 30
years in mining; broad experience in technical services, operations,
project management, investment evaluation and finance
Mark J. Daniel
• Economist and counsel for organizational design, executive recruitment
and development, compensation and performance improvements.
Current board member at AuRico Gold
Jamie Haggarty
• Financial and operational executive with over 20 years of experience
ranging from strategic planning to M&A transactions to managing diverse
businesses day-to-day
William Matlack
• Specializes in metals and mining investment banking with Scarsdale
Equities LLC; has 15 years prior experience in metals and mining equities
Charles Oliver, Special Advisor to the Board
• Most recently, award winning fund manager at Sprott AM. Brings 25 years
experience in capital markets, focused in the precious metals sector.
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PEOPLE
IMPROVING OPERATIONAL EFFICIENCIES AT MIDAS
220
110
0
50
100
150
200
250
NEM KDX
Approximate Total
Headcount at Midas
25% Less Equipment Doubled Head Grade
EFFICIENTEXPERIENCED
340%
140%
0%
50%
100%
150%
200%
250%
300%
350%
400%
NEM KDX
Dilution at Midas
(0.15 opt AuEq vs. YTD ore grade 0.31 opt AuEq)
Shipped for use at Fire Creek
TSX: KDX OTCQX: KLNDF WWW.KLONDEXMINES.COM6
SECOND QUARTER RESULTS
RECORD QUARTERLY SALES
Three Months ended June 30 Six Months ended June 30
2015 2014%
Difference 2015 2014%
Difference
Underground Operations
Tons Mined 65,741 54,659 20% 120,932 77,029 57%
Processing
Tons Milled 63,059 46,047 37% 120,723 67,774 78%
Au Grade OPT 0.45 0.38 18% 0.47 0.43 9%
Ag Grade OPT 8.00 7.38 8% 7.42 7.49 -1%
Au Ounces Recovered 26,552 17,093 55% 53,777 30,638 76%
Ag Ounces Recovered 472,473 325,018 45% 826,928 483,390 71%
Au Ounces Sold 26,768 20,293 32% 53,903 23,662(2)128%
Ag Ounces Sold 543,251 343,025 58% 847,808 401,078 111%
GEOs Sold (1) 34,188 25,605 34%65,601 29,852(2) 120%
(1) Au Equivalent ratios of approximately 73.22:1 and 64.58:1 during the first quarters of 2015 and 2014, respectively; Au Equivalent ratios of approximately 72.56:1 and 64.67:1 during the first six months of 2015 and 2014, respectively. Au Equivalent ratios are based on average realized metal prices received by the Company.
(2) Includes 2,439 gold ounces reported as sale of mineralized material, and credited to the carrying value of Fire Creek Project.
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PROFITABILITY – POSITIVE CASH FLOW
SIGNIFICANT GROWTH TO THE BALANCE SHEET
(1) Au Equivalent ratio of 66.67:1 in 2015; Au Equivalent ratio of 63.16:1 in 2014.
(2) 1 ounces per short ton equals 34.2857 grams per tonne
(3) Q1 Financials will be released in the week of May 11, 2015
2015 2014
1Q 1Q 2Q 3Q 4QTotal 2014/
YTD
Revenue (in C$) $47.3 $2.6 M $36.4 M $38.0 M $44.6 M $121.7 M
Net Income (in C$) $10.1 $(2.4) M $4.4 $7.2 M $9.0 M $18.3 M
Earnings Per Share (EPS) $0.10 $(0.02) $0.04 $0.06 $0.07 $0.16
Production Cost/GEO (C$) C$842 $906 $730 $613 $685 $679
Production Cost w/Ag by-product (C$)
C$745 n/a n/a $478 $553 $526
Capital Expenditures (C$) $4.2 M $4.3 M $7.1 M $7.8 M $10.5 M $30.8 M
Gold Equiv Grade (opt) 0.60 0.66 0.50 0.79 0.65 0.64
Au Equivalent Ounces Recovered(1) 32,542 16,052 22,239 39,109 30,460 107,860
Cash (03/15) C$54.9 M
Inventories (03/15) C$25 M
Debt @ 11% C$24 M
FNV Gold Purchase Agmt (29,625 oz as at
03/15)23% repaid
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KLONDEX VALUATION
STRONG RESULTS TRANSLATED TO 52% GROWTH YTD
Klondex is in its second year of operations
Focused on growth and de-risking
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PEOPLE – PROPERTIES – PROFITABILITY
OWNERSHIP
Sentry Investments 19.8
Sun Valley Gold 14.3
US Global Investors 11.5
K2 Principal Fund 10.5
Glenn Pountney 7.7
OFI Global Asset Mgmt 6.0
Van Eck 4.4
Goodman and Company 2.1
RBC Global Asset Mgmt 2.0
Sprott Asset Management 1.7
MD Private Investment 1.3
BMO Asset Management 1.3
Canaccord, Rahul Paul
Clarus Securities, Jamie Spratt
Dundee Capital, Josh Wolfson
GMP Securities, Oliver Turner
Haywood Securities, Tara Hassan
Mackie Research Capital, Barry Allan
MPartners, Derek Macpherson
PI Financial, Phil Ker
RBC Capital Markets, Sam Crittenden
Sell Side Research
KDX Ownership
Mgmt/Insiders
Institutional
Other
Major Holders (M’s of shares) Share Price (KDX:TSX; KLNDF:OTCQX) $3.01
52 Week High/Low C$3.50 - C$1.68
Average Daily Volume (3 mos) 473 k
Shares Outstanding 129 M
Fully Diluted Shares Outstanding 148 M
Market Capitalization C$400 M
Enterprise Value C$395 M
Cash (03/15) C$54 M
Inventories (03/15) C$25 M
Debt @ 11% C$24 M
FNV Gold Purchase Agmt (29,625 oz as at
03/15)23% repaid
80%
6%14%
TSX: KDX OTCQX: KLNDF WWW.KLONDEXMINES.COM
KDX RELATIVE VALUATION
2015E-’17E AVERAGE EBITDA MARGIN (%)
Source: FactSet, Bloomberg. Prepared by GMP Capital, June 8, 2015.
2015E FREE CASH FLOW YIELD (%)
52.1%
45.2% 42.6% 42.4%
37.9% 36.6%
34.5%
31.6%
27.8% 27.3%
17.6%
Peer
Average 32.7%
11.5% 10.7%
8.9%
5.6%
1.6% 1.3% 1.0%
(1.4%)(1.9%)
(3.8%) (4.1%)
Peer
Average: 0.3%
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PROPERTIES
LOW RISK
11
NEVADA
Mining-friendly jurisdiction
Low permitting risk
High grades
Low costs
MIDAS
Fully-permitted
FIRE CREEK
~95% permitted
Environmental assessment (expected 2H2015)
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KLONDEX APPROACH AT MIDAS
DISCIPLINED MINING AND EXPANSION
• Operating since 1998 (2.2 M oz Au; 27 M oz
Ag)
• High grade, ramp access, grid power
• Dedicated continued exploration on the
district
• Advance, Develop, Discover
• Significant management experience
operating Midas
LocationMine TypeOwnership
Elko County, NevadaUnderground, gold and silver100%
Proven and ProbableReserves AuEq
132.6k oz0.55 opt (18.8 g/T) - 242.1 k tons
M&I Mineral Resources AuEq (inclusive of reserves)
526k oz0.47 opt (16.2 g/T) - 1,117 k tons
Inferred Mineral ResourcesAuEq
287k oz0.33 opt (11.5 g/T) - 858 k tons
Mining Method Cut and Fill, Long Hole, Shrinkage
Mining rate 400-450 tpd
Processing Merrill Crowe (gravity and cyanide)1200 tpd capacity
Recoveries 94% Au; 95% Ag (actuals)
Operating Cost*Reserve cost
$315/t
Total costs*Reserve cost
$932/oz AuEq$485/oz net Ag by product
Reserve Life 2.8 yrs
Royalty 2.5% (on the mine) to FNV starting in 2019
See last slide for footnotes.
Reserves use US$ cost assumptions
Plan view of all exploration
2-yr Mine Plan
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MUC-027467.0 ft @ 1.2 opt AuEq
MIDAS DRILLING PROGRAM
RECENT INTERCEPTS ANNOUNCED APRIL 7, 2015
Within 100 ft of current mine workings (505 Vein)
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MIDAS EXPLORATION TARGET Q3 2015
DRILLING PLANNED 75,000 FT
14
Follow-up drilling on previous discoveries
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• High-grade 1.17 opt Au FY 2014 grade
• Ramp access, grid power
• Disciplined mining approach
• Began testing long hole mining in 2015
• Aggressive exploration
• Five main veins open in all directions
(along strike, up/down dip)
• Several other high-priority targets
FIRE CREEK PROJECTEA PERMITTING EXPECTED IN H2 2015
LocationMine TypeOwnership
Lander County, NevadaUnderground, gold and silver100%
Proven and ProbableReserves AuEq
241.4k oz1.3 opt (44.6 g/T) – 185.8 k tons
M&I Mineral Resources
AuEq (inclusive of reserves)
421k oz
1.1 opt (37.7 g/T) - 377 k tons
Inferred Mineral ResourcesAuEq
363k oz0.43 opt (14.7 g/T) – 840 k tons
Mining Method Cut and Fill, Long Hole, Shrinkage
Mining rate 125 - 200 tpd
Processing Midas Mill - $34/t shipping
Recoveries 94% Au; 95% Ag (actuals)
Operating Cost*Reserve cost
$460/t
Total costs*Reserve cost
$503/oz AuEq$492/oz net Ag by product
Reserve Life 3.8 yrs
Royalty 2.5% to FNV starting in 2019
See last slide for resource and reserve footnotes.
Reserves use US$ cost assumptions
Isometric View
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FIRE CREEK DRILLING TARGETS FOR 2015
DRILLING PLANNED 120,000 FT
Systematically extend mine drifts and set up additional levels for bulk sampling and
exploration activities
2015 OBJECTIVE: EXCAVATE MINE WORKINGS TO DRILL
TEST VERTICAL EXTENTS AND VEIN EXTENTIONS
VEINS OPEN UP-DIP, DOWN-DIP AND ALONG STRIKE
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FIRE CREEK PLAN VIEW
HUI WU DRILLING HIGHLIGHTS, MAY 21, 2015
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MIDAS MINE AND MILL
SIMPLE PROCESSING
Capacity: 1,200tpd, Recovery: 94% Au, 95% Ag
Conventional leach technology and Merrill Crowe
precipitation, with gravity
Currently Operating Midas mill @ 600-650 tpd
Klondex Mill feed from:
Fire Creek and Midas
Toll milling Washington Mine (concentrates)
Toll milling Golden Wonder (monthly shipments)
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ON TRACK TO MEET 2015 TARGETS
Production in 2015:
• 125,000-130,000 GEO
• Production costs:
• US$550- $600 (C$688-750) per GEO
• Low all-in sustaining costs:
• US$800 - $850 (C$1,000-1,063) per gold ounce
Exploration and Development:
• Complete Midas tailings expansion permit
• CAPEX Spend $33 million
Initial split of $9 million development and $6 million drilling at each of Fire
Creek and Midas
$3 million at the Midas mill
Corporate:
• Complete listing on NYSE MKT
• Begin conversion to reporting in USD
• Expected inclusion to Indices: GDXJ, S&P/TSX Global Gold
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The Underground Gold Company
PEOPLE
PROPERTIES
PROFITABILITY
FREE CASH FLOW.
15% PROFIT MARGIN FY14.
LOW AISC.
LOWERING PERMITTING
RISKS.
RESERVE STATEMENTS on
MIDAS AND FIRE CREEK.
DEDICATED TO
EXPLORATION AND
DEVELOPMENT.
ALIGNED WITH
SHAREHOLDERS.
LEVERAGING EXPERTISE.
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FOR M ORE INFORM ATION
ALISON DWOSKIN
647-233-4348; 775 -299-1049
ADWOSKIN@KLONDEXM INES.COM
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GLOBAL RESERVES AND RESOURCES
Mineral Resources
Category
Au opt (g/t)
Ag opt(g/t)
AuEq opt(g/t)
Au Ounces(000’s)
Ag Ounces(000’s)
AuEqOunces (000’s)
Tons(000’s)
Fire CreekM&I Au 1.10 (37.7) 0.86 (29.5) 1.11 (38.1) 415.5 324.2 420.5 377.4
Inf. Au 0.43 (14.7) 0.38 (13.0) 0.43 (14.7) 358.3 320.8 363.3 840.0
MidasM&I Au 0.38 (12.9) 6.05 (207.7) 0.47 (16.2) 421 6,765 526 1,117
Inf. Au 0.28 (9.6) 3.48 (119.3) 0.33 (11.5) 241 2,988 287 858
TOTAL M&I : 946 k oz AuEq
TOTAL INF: 650 k oz AuEq
Mineral Reserves
Category Au opt Ag opt Au Eq optAu
Ounces (000's)
Ag Ounces (000's)
AuEqOunces (000's)
Tons (000's)
Fire Creek Proven Reserves 1.462 1.108 1.479 118.2 89.6 119.6 80.9
Probable Reserves 1.149 0.787 1.161 120.5 82.6 121.8 104.9
Proven + Probable 1.285 0.927 1.300 238.7 172.2 241.4 185.8
MidasProven Reserves 0.381 13.349 0.588 51.1 1,790.5 78.8 134.1
Probable Reserves 0.376 7.918 0.498 40.6 855.2 53.8 108.0
Proven + Probable 0.378 10.926 0.548 91.6 2,645.6 132.6 242.1
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PROPERTY – HIGH GRADE
INCREASING MINERAL RESOURCES; INCREASING M&I
428 363
287 420
FC 2014 FC 2015 ($1200/OZ A U)
Inf M&I
75
287
384
526
MID A S 2013 MID A S 2014 ($1200/OZ A U)
Inf M&I
FIR
E C
REEK
MID
AS 0.47 opt
AuEq
1.11 opt
AuEq
0.43 opt
AuEq
0.33 opt
AuEq
+46% M&IFIRE CREEK MINERAL RESOURCE
+37% M&IMIDAS MINERAL RESOURCE
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PROPERTIES - HIGH GRADE
ONE OF THE HIGHEST GRADE GOLD OPERATORS IN THE WORLD
Source: M Partners and company reports on February 12, 2015, using resource grades.
PROJECT OPERATOR GRADE (g/T) COUNTRY
Fire Creek Project Klondex Mines 38.10 USA
Valley of the
Kings* Pretium Resources 17.98 Canada
Midas Mine Klondex Mines 16.20 USA
TauTona AngloGold Ashanti 16.01 South Africa
Main Break + SMC Kirkland Lake Gold 15.74 Canada
Buriticá Project* Continental Gold 15.12 Colombia
Moab Khotsong
AngloGold Ashanti
Limited 14.05 South Africa
Gosowong Newcrest Mining 13.00 Indonesia
Red Lake Goldcorp 12.27 Canada
Curraghinalt
Dalradian
Resources 10.41 Ireland
Kupol Project Kinross Gold 8.89 Russia
Phoenix Gold
Project Rubicon Minerals 8.1 Canada
Island Gold Mine Richmont Mines 6.36 Canada
Turquoise Ridge Barrick Gold 5.12 USA
Timmins West Mine Lake Shore Gold 5.09 Canada
Fire Creek
Project
Valley of
the KingsMidas Mine TauTona
Main Break
+ SMC
Buriticá
Project
Moab
KhotsongGosowong Red Lake
Curraghina
lt
Kupol
Project
Phoenix
Project
Island Gold
Mine
Turquoise
Ridge
Timmins
West Mine
Grade (g/T) 38.1 18.0 16.2 16.0 15.7 15.1 14.1 13.0 12.3 10.4 8.9 8.1 6.4 5.1 5.1
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
Global M&I Gold Equivalent Grade (g/T)
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FOOTNOTES
Price assumptions in mineral reserves and resources use US dollars unless otherwise stated.
All Midas and Fire Creek mineral resources and reserves are prepared by Practical Mining LLC.
Mineral resources and mineral reserve estimates have been prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s (CIM) “CIMDefinition Standards – For Mineral Resources and Mineral Reserves” adopted by the CIM Council on May 10, 2014. Proven and probable mineral reserves are theeconomically minable portions of the measured and indicated Mineral Resources after the application of appropriate Modifying Factors.
Notes to the Mineral Resources
Fire Creek mineral resource update has an effective date of December 31, 2014 (press released January 30, 2015)
Midas mineral resource update has an effective date of June 30, 2014 (press released September 30, 2014)
1. Mineral resources have been estimated at a gold price of $1,200 per ounce and a silver price of $19.00 per ounce, and, $800 per ounce gold and $12.67 per ounce silver;
2. Gold and silver recoveries are 94% and 92%, respectively;
3. Mineral resources include dilution to achieve mining widths of four feet or the vein width plus two feet whichever is greater;
4. Mineral resources include allowances for 5% mining losses and an additional 10% unplanned dilution;
5. Cutoff grade thicknesses are calculated using mining, processing and administrative costs of $249 per ton of mineralization and a minimum mining width of four feet;
6. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title socio-political, marketing or other relevant issues;
7. The quantity and grade of reported inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
Ore Reserves
1. Reserves have been estimated with a gold price of $1000/ounce and a silver price of $15.83/ounce
2. Metallurgical recoveries for gold and silver are 94% and 92% respectively;
3. Mining losses of 5% and unplanned mining dilution of 10% have been applied to the designed mine excavations.
4. Fire Creek Mineral reserve uses an effective date of December 31, 2014.
4. Mineral reserve uses an effective date of August 31, 2014.