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Converting Exploration Success into Commercial Success

Corporate Presentation
TSX: NGQ January, 2017 NASDAQ OMX: NGQ

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Cautionary Statement
All information included in this presentation, including any information as to the Company’s future financial or operating performance, and other statements that express management’s
expectations or estimates of future performance, other than statements of historical fact, constitute forward looking information or forward-looking statements and are based on expectations,
estimates, and projections as of the date of this presentation. For example, forward-looking statements contained in this presentation are found under, but are not limited to being included
under, the headings ” Core Assets, Project Constellation Summary, Summary PEA Results, Constellation copper and gold production, Next Steps, Exploration Upside, Summary, Project
Constellation Cost Details, and all Resource tables. For a full list of cautionary language related to the Project Constellation PEA please also refer to the Project Constellation Report.

Forward-looking statements are made to provide information about management’s current expectations and plans. Forward-looking statements are generally identifiable by, but are not limited
to, the use of the words “may”, “will”, “should”, “continue”, “expect”, “anticipate”, “estimate”, “believe”, “targeting”, “intend”, “plan”, “guidance”, “outlook”, “potential”, “strategy” or
“project” Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties and contingencies. Reliance on such forward-looking statements involves risks, uncertainties and other factors that may cause the
actual financial results, performance or achievements of NGEx to be materially different from those expressed or implied by those forward-looking statements, and the forward-looking
statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to, exploration and development risks, metal price risk, the
strength of the financial markets, the market price of NGEx shares, the ability to obtain financing, the risks inherent in foreign operations and the risk of inadequate infrastructure, currency
risks, environmental and socio-political risks, title risk to property, the dependence on key personnel, risks inherent in mineral resource estimation and exposure to uninsurable risks. Certain
data in this presentation was obtained from various external data sources, and the Company has not verified such data with independent sources. Accordingly, no representation or warranty,
express or implied, is made and no reliance should be placed, on the fairness, accuracy, correctness, completeness or reliability of that data.

For a more comprehensive discussion of the risks faced by the Company, and which may cause its actual financial results, performance or achievements to be materially different from those
expressed or implied by forward-looking information or forward-looking statements, please refer to the Company’s latest Annual Information Form, filed with Canadian securities regulatory
authorities at www.sedar.com. The risks described in the Annual Information Form are hereby incorporated by reference into this presentation.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by
applicable law.

Project Constellation PEA Disclosure Notes
The reader is advised that the PEA study results in this presentation are only intended to provide an initial, high-level summary of the project. The PEA is preliminary in nature and includes the
use of inferred mineral resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral
reserves and there is no certainty that PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability

Mineral Resource Disclosure Notes and Qualified Persons
This presentation includes written disclosure of Mineral Resources for the Los Helados, Josemaria, and Filo del Sol Deposits. These notes are an integral part of this disclosure and should be
read in conjunction with every written disclosure of the Mineral Resources in this presentation. To put the summary resource information included in this presentation into its complete
context the reader should review the entire relevant Technical Report for each project. This document may use the terms “Measured”, “Indicated”, and “Inferred “ Resources as these terms are
defined under Canada’s NI 43-101. U.S. investors are advised that, while such terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does
not recognize them. Readers are cautioned that Mineral Resources do not have demonstrated economic viability and are further cautioned not to assume that all or any part of Measured or
Indicated Resources will ever be converted into Mineral Reserves.
Los Helados/Josemaria and Project Constellation
Technical Report dated February 22, 2016 and titled “Project Constellation incorporating the Los Helados Deposit, Chile and the Josemaria Deposit, Argentina NI 43-101 Technical Report on
Preliminary Economic Assessment” with an effective date of February 12, 2016 the “Project Constellation Report” The Project Constellation Report is available for review under the Company’s
profile on SEDAR (www.sedar.com) and on the Company’s website (www.ngexresources.com). The Los Helados resource estimate has an effective date of September 19, 2014. The Josemaria
resource estimate has an effective date of August 7, 2015.
Qualified Persons
The disclosure of scientific and technical information regarding the Company’s properties in this presentation was prepared by or reviewed by: Bob Carmichael, P. Eng., the Company’s Vice
President, Exploration, and James Beck P.Eng., Manager of the Company’s conceptual engineering studies, who are Qualified Persons in accordance with the requirements of NI 43-101.

40/share • ~$215M of value created by Filo spin out • Same successful core management and exploration team • Lukas Lundin . “NEW” NGEX (Post Filo Mining Spin-out) • TSX and NASDAQ Stockholm: NGQ • Market Cap: $300M at $1.add value.Chairman • Wojtek Wodzicki . work towards a transaction 3 .CEO • Flagship Project: Constellation • One of the biggest and best undeveloped copper-gold projects in South America • Build on a strong base . create options.

Location BOLIVA BRAZIL PARAGUAY CHILE ARGENTINA URUGUAY 4 .

200.6 billion IRR 16.com .Core Assets PROJECT CONSTELLATION • 150.000 ounces of sliver JOSEMARIA per year for 48 years After tax NPV US$2.000 tonnes of copper • 180.000 ounces of gold • 1.sedar.6% LOS HELADOS 5 For details please see the Project Constellation Report which is available under the Company’s profile at www.

Held by ma jor or s tate owned company El Pachon Undeveloped .000.000 30. Copper .000.000 20.000 40.000.NGEx Toqui Cluster Toquepala Los Sulfatos One of the largest copper resources held by a junior Konkola Morenci Cobre Panama Cerro Verde Opera ting .000 25.Held by major or state owned company Salvador Tampakan World's 50 Largest Copper Resources Project Constellation Kamoto JV Project Corridor Mina Ministro Hales Quellaveco Undeveloped .000 Grasberg KGHM Polska Miedz Pebble SOURCE: SNL Metals & Mining.000 Los Pelambres Taimyr Peninsula Radomiro Tomic Buenavista Los Bronces Baimskaya Udokanskoe Kamoa Resolution Oyu Tolgoi Udokanskoe Reko Diq Andina Division Kamoa La Granja Project Constellation Central Region Antamina Quebrada Blanca Project Cons tellation .Contained Tonnes 5.000 0 10. Company Reports Pampa Escondida 69.600.000.e.000.000 15.900. available for a cquisition) Taca Taca Frieda River Centinela Sulfide Las Bambas Spence KSM Cerro Colorado Oroyek Aynak La Caridad Twin Metals El Abra 6 .Controlled by a junior company (i .000.000.000 Andina Division Escondida El Teniente Collahuasi Olympic Dam Chuquicamata 118.000.000 35.

000 1.500 2.6% CuEq Cutoff Cerro Casale El Soldado 0.000 3.500 Source: SNL Database – Measured and Indicated Resources plus Reserves.40 Andacollo Gabriela Mistral Relincho Antucoya Caserones 0.8949 * Au gpt (US$2.50 Spence Mantoverde Radomiro Tomic Quebrada Blanca Centinela Oxide Sierra Gorda El Abra 0.70 0. Au) .500 3.30 Lomas Bayas 0. US$1350/oz.80 Candelaria LH+JM 0.20/lb Cu.20 0 500 1.90 El Morro 0.60 Los Pelambres Cerro Colorado Constellation Los CuEq% Mantos Blancos Josemaria Helados Centinela Sulfide Zaldivar NuevaUnion LH+JM 0. Millions of Tonnes 7 CuEq % = Cu % + 0. Competitive Resource 1.000 2.00 Ministro Hales 0.

Blanco Los Helados C.A Deposit Cluster Exploration Upside is Excellent Copper Geochemistry Alteration C. Blanco Los Helados Josemaria Filo del Sol Josemaria 0 5 Kilometres 8 .

000m 9 .Josemaria 1.

000m Oxide gold zone (>0.Shallow oxide gold and high-grade copper zones 1.2 g/t gold) High grade copper zone (>0.65% copper) 10 .

76 CuEq 0.Los Helados.000m 240m 377m @ @ 0.7% CuEq cutoff) 0.3% CuEq Grade shell 1.Big resource.high grade core High grade “edge holes” open at depth 211Mt @ 0.84% CuEq East North 11 .82% CuEq (0.

000 tonnes of copper § 180.180.000 ounces of silver • Clean concentrates • Water • Excellent Upside § Optimization opportunities § District exploration potential For details please see the Project Constellation Report which is available under the Company’s profile at www.6% • Producing an annual average of: § 150.000 ounces of gold § 1.sedar.6 billion.Project Constellation Summary • Two deposits feeding a central processing plant • Start with an open pit mine at Josemaria • Later block cave underground mine at Los Helados • 48 year mine life • After tax NPV8 US$2.com . IRR 16.

000 0.Copper & Gold Metal Production Schedule 450 400 350 u A s 'z 300 o k d 250 n a u C se 200 n n 150 o t k 100 50 - 3 2 1 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 -r -r -r r a r a r a r a r a r a r a r a r a 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 5 ae ae ae e e e e e e e e e r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r Y Y Y Y Y Y Y Y Y ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Recovered Copper (kt) Recovered Gold (koz) First five years average: • 185.com .10 Constellation copper and gold production - 3 - r a 2 - r a 1 - r a 1 ra 2 ra 3 ra 4 ra 5 ra 6 ra 7 ra 8 ra 9 ra 0 1 r 1 1 r 2 1 r 3 1 r 4 1 r 5 1 r 6 1 r 7 1 r 8 1 r 9 1 r 0 2 r 1 2 r 2 2 r 3 2 r 4 2 r 5 2 r 6 2 r 7 2 r 8 2 r 9 2 r 0 3 r 1 3 r 2 3 r 3 3 r 4 3 r 5 3 r 6 3 r 7 3 r 8 3 r 9 3 r 0 4 r 1 4 r 2 4 r 3 4 r 4 4 r 5 4 r 6 4 r 7 4 r 8 4 r 9 4 r 0 5 r - e e e eY eY eY eY eY eY eY eY eY ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Los Helados Mineralization Josemaria Mineralization Waste Blended Grade (CuEq%) Project Constellation .000 tonnes copper • 345.000 ounces gold From Josemaria • 1. 20.000 ounces silver 13 For details please see the Project Constellation Report which is available under the Company’s profile at www.310.sedar.

Next Steps • De-risking § Land acquisition COMPLETE § Environmental baseline ONGOING § Water rights acquisition STARTING • Optimization § Josemaria gold oxide metallurgical testwork STARTING • Exploration target development 2016/17 § Surface mapping / sampling FIELD § Drilling? SEASON .

perhaps sooner than many people think • High quality projects will be revalued • The Lundin Group is good at making deals . • Copper and stock prices and M&A will come back. Summary An investment in NGEx is a bet that: • The mining industry is cyclical.

Copper.3% demand growth requires 480.000 tonnes of new Source: Teck supply • Green energy uses a lot of copper 16 . the next met coal? Supply more constrained than conventional wisdom • Structural increases to costs • Short term cost cutting will impact longer term supply flexibility • New supply set to decline once last boom time projects finished • Current surplus modest Long term demand picture is good • China growth rate slower but still adding a lot to demand in tonnage terms • 2.

Appendix 17 .

Strategic Partners NGEx is the majority partner and operator Pan Pacific Copper (PPC) • JX Nippon Mining and Mitsui Mining and Smelting • Major Japanese copper smelting group • Operators of the Caserones Mine.20km from Los Helados • Largest buyer of copper concentrate in the world • ~40% partner in Los Helados Japan Oil Gas & Metals National Corporation (JOGMEC) • Japanese government agency that invests in early stage resource exploration projects on behalf of Japanese companies • Transferred interest in Los Helados to PPC in 2012 • 40% partner in Josemaria 18 .

The PEA is preliminary in nature and includes the use of inferred mineral resources which are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty that PEA results will be realized. The reader is advised that the PEA study results in this presentation are only intended to provide an initial.3% Cu 72.08 billion LOM Sustaining Capital Expenditures $4.310.000 t Cu 185.43 billion NPV 20.000 oz Ag LOM Average Process Recovery 88.com .600.000 oz Au 415.6 Years (undiscounted.000 t/d Mine Life 48 years Average Annual Metal Production (rounded) Life of Mine First 5 years Peak 150. high-level summary of the project.000 t Cu 180.275/oz Au $20. Mineral resources are not mineral reserves and do not have demonstrated economic viability.7% IRR After-Tax NPV (8%) & IRR $2.sedar.6% IRR Payback Period 3.05/lb Cu payable (net of by-product credits) Nominal Mill Capacity 150.7% Au 61. after-tax cash flow) Metals Prices Assumed $3.61 billion NPV 16.180.4% Ag All figures reported are in 2015 US dollars and on a 100% Project and 100% equity basis valuation.000 oz Au 1. Summary of PEA Results Pre-Tax NPV (8%) & IRR $4.00/lb Cu $1.000 oz Au 345. For details please see the Project Constellation Report which is available under the Company’s profile at www.000 t Cu 215.00/oz Ag Initial Capital Expenditures $3.000 oz Ag 1.36 billion LOM C-1 Cash Costs $1.000 oz Ag 1.

50/lb Copper Rate & Copper Prices (US$ billion) (US$ billion) (US$ billion) Pre-Tax After-Tax Pre-Tax After-Tax Pre-Tax After-Tax Discounted at 5% 4.87 Discounted at 8% 2.60 0.61 6.77 4.54 2.84 Discounted at 10% 1.28 3. NPV Sensitivity.50/lb Copper $3.43 2. PEA base case highlighted.95 3.99 10. US $Million (rounded) Sensitivity to Discount $2.08 7.com .65 4.59 6. Note: For details please see the Project Constellation Report which is available under the Company’s profile at www.57 1.62 Table shows the sensitivity of estimated NPV’s for the Project’s cash flows at various copper prices and discount rates (Au and Ag held flat at $1.07 1.00/lb Copper $3.275/oz and $20/oz respectively).36 4.sedar.66 3. Sensitivities After-Tax.

sedar.08/kWh for analysis • Concentrate aquifers in Argentina transported by trucks to • 8 km pipeline to the plant the coast • Optimization of reclaim • Possible use of existing water from tailings and filter port facilities near the plants city of Caldera • Approx. Note: For details please see the Project Constellation Report which is available under the Company’s profile at www. Infrastructure Assumptions POWER • 220 kV. 250km connection to the Argentine grid • Assumed long term WATER contract rates of TRANSPORT • Make-up supply via valley $0. trucking distance of 380 km.com .

Contingency $0.34 Note: For details please see the Project Constellation Report which is available under the Company’s profile at www.08 LOM Sustaining Capital $4.80 $0.) $0. in general the capital costs are expected to be within a - Plant & Processing $0. Project Constellation Cost Details Estimated Capital Costs US$ billion Capital costs were derived from a variety of sources including comparative analysis of other operations.com . Port.20 from other costs contained within the PEA study.09 General & Administration $0.60 $4.80 $0.43 $4.02 Tailings $0.02 $0. derivation from first principles.70 $9. The accuracy of the estimates Pre-Stripping $0.36 Estimated Operating Costs Josemaria Los Helados Life of Mine (US$/t) (US$/t) (US$/t) Mining (mineralization processed) $3.85 The PEA estimates that the C-1 cash costs (net of by-product credits) over the life of Indirect Costs $0.13 include at-mine cash operating costs. TOTAL INITIAL CAPEX $3. etc.06 $0. treatment and refining charges.13 TOTAL $8.91 $4.07 Other (Roads.sedar. Closure.02 $0. royalties. equipment quotes and factoring Open Pit Mine $0.48 mine will average $1. transportation costs.30 $0.87 30% to +50% at the 85% confidence level.55 TOTAL DIRECT COSTS $1.26 $4.80 Pumping $0.23 Processing $3.62 selling costs. Infrastructure $0.07 $0.14 contained within this study vary due to the different methods of derivation used to Underground Access Tunnel $0. C-1 cash are a non-GAAP measure of costs which Owner’s Costs $0.09 estimate the costs however.05/lb Copper. and by-product credits.64 $9.07 $0.

000 ounces silver n n 150 to 100 k Per year For details please see the Project Constellation 50 Report which is available under the Company’s profile at www.30 q E u C • Approx 1:1 strip n n o t 40.000 (% o s e 0.60 • Initial open pit production from la ir 80.70 100.000 k 0.20 • Staged production from Los 20. - -3 -2 -1 1 r 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 are are are ae ar ar ar ar ar ar ar ar r 1 r 1 r 1 r 1 r 1 r 1 r 1 r 1 r 1 r 1 r 2 r 2 r 2 r 2 r 2 r 2 r 2 r 2 r 2 r 2 r 3 r 3 r 3 r 3 r 3 r 3 r 3 r 3 r 3 r 3 r 4 r 4 r 4 r 4 r 4 r 4 r 4 r 4 r 4 r 4 r 5 eY eY eY eY eY eY eY eY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY eaY Y Y Y Y Los Helados Mineralization Josemaria Mineralization Waste Blended Grade (CuEq%) Project Constellation .40 ) Josemaria M f 60.310.sedar. Production Profile Charts Project Constellation .000 ounces gold u C 200 s e • 1.000 0.000 0.PEA Production Plan 120.Copper & Gold Metal Production Schedule 450 400 350 First five years average: u A s' 300 z • 185.000 Helados block cave starting in 0.000 tonnes copper ko d 250 n a • 345.000 0.50 the highest grade part of et a 0.com - 3 2 1 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 -r - r -r ra r a r a r a r a r a r a r a r a 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 5 ae ae ae e e e e e e e e e r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r r ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae ae Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Y Recovered Copper (kt) Recovered Gold (koz) .10 year 8 .

40 1.4 0.07/t operating costs and include a provision for capital expenditure. For each cutoff grade.com The Los Helados resource estimate has an effective date of September 19. MSc. 4. Totals may not sum due to rounding as required by reporting guidelines.6264*Au (g/t) + 0.099 0. Mineral Resources are reported within block cave underground mining shapes based on diluted CuEq grades.51 15. The Los Helados estimate has an effective date of September 19.2 0.sedar.1 0. 3..32 0.11 1.48 17. 2014.395 0. Los Helados . 5.58 There are no Inferred Mineral Resources inside the mining shape at this cutoff grade 0.16 1. Cutoff grades refer to diluted cutoff grades used to generate the corresponding block cave shapes. RM CMC.33 2.8 2. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. 6. Cu% + 0.6 28. who is the qualified person for the estimate.5 Los Helados Inferred Mineral Resource Tonnage Resource Grade Contained Metal 1 Cu Au Ag Cutoff (million Cu Au Ag CuEq (billion (million (million (CuEq1) tonnes) (%) (g/t) (g/t) (%) lbs) oz) oz) 0.50 41 0.37 0.38 0.7 49.3 0.15 1.9 0.6337*Au (g/t) + 0.1 Los Helados Mineral Resource table: Notes to accompany 1. 2014. Cu% + 0.66 0.44 176 0.78 0.Resource Los Helados Indicated Mineral Resource Tonnage Resource Grade Contained Metal Cu Au Ag Cutoff (million Cu Au Ag CuEq 1 (billion (million (million (CuEq1) tonnes) (%) (g/t) (g/t) (%) lbs) oz) oz) 0.58 9.52 0.733 0.9 7.45 0. US$ 1.1 1.51 0.7 5.50 981 0.41 0.3 18.50 0.54 12. Base Case cutoff grades are highlighted.61 0. . and includes a provision for selling costs and metallurgical recoveries corresponding to three zones defined by depth below surface.43 3. Copper equivalent is calculated using US$3. Chile and the Josemaria Deposit. Details on the Los Helados Resource Estimate are included in the Technical Report dated February 22.2 68.37 0.6 10.0047*Ag (g/t) for the Upper Zone (surface to ~ 250 m). The base case cutoff grade of 0.21 1.0077*Ag (g/t) for the Intermediate Zone (~250 m to ~600 m).45 0. 24 7.35 0.40 399 0. The Mineral Resource estimate is reported using the 2014 CIM Definition Standards and was prepared by Mr.2 0.18 1.3 0.40 0.10 1.13 1. 2016 The Report is available for review under the Company’s profile on SEDAR www.56 0.7 35.0096*Ag (g/t) for the Deep Zone (> ~600 m).6 9.39 5.58 531 0. $13.45 1.15 1.44 1. the tonnes and grade represent the total Indicated or Inferred undiluted material within each of these shapes.300/oz gold and US$23/oz Ag.3 8.47 0.32 0.4 0. Argentina NI 43-101 Technical Report on Preliminary Economic Assessment” with an effective date of February 12. Gino Zandonai.6366*Au (g/t) + 0. 2016 and titled “Project Constellation incorporating the Los Helados Deposit.1 92. 2. The formulas used are: CuEq% = Cu% + 0.65 5.33 827 0.8 0.4 80.33% CuEq was derived through an economic evaluation of several block cave shapes developed over a range of different cutoff grades and is the cutoff grade which results in a zero net present value.9 3. Mineral Resources are reported using a copper equivalent (CuEq) cutoff grade.2 2.42 0.00/lb copper.10 1.

3 0. Mineral Resources are reported using a copper equivalent (CuEq) cutoff grade.35 0.6 0. Gold recoveries were fixed between 62% and 73% and silver recoveries were fixed between 53% and 75% depending on the zone.1 0.20/t. porphyry and supergene zones. 2016 and titled “Project Constellation incorporating the Los Helados Deposit.15 0.0 0.56 0.8 0.49 6. copper selling cost: US$0.400/oz gold and US$23/oz Ag and was based on copper.19 0.31 0.00/lb. Chile and the Josemaria Deposit.22 1.40 0. The oxide resource was treated as waste for the Whittle run. CuEq was calculated using US$3. MSc. 6.0 3.76 1.65 3.8 0.28 1.38 1.2 0. Copper recovery in the supergene zone was fixed at 85%.6 2.9 0.44 7. Argentina NI 43-101 Technical Report on Preliminary Economic Assessment” with an effective date of February 12.2% CuEq cutoff grade.1 0..2 g/t Au cutoff grade.20 404 0.60 148 0.24 0.45 0.33 2.1 0. .8 6.30 835 0.4 34.4 7.28 0.55 4. Totals may not sum due to rounding as required by reporting guidelines.sedar. Mineral Resources are reported within a conceptual Whittle pit that uses the following input parameters: Cu price: US$3. tonalite and porphyry zones were calculated as a function of copper grade.0 10.0 2.0 0. Copper recoveries for the rhyolite.52 0.4 6. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.30 236 0.3 0. The Mineral Resource estimate for Josemaría is reported using the 2014 CIM Definition Standards.40 559 0.25 1. US$ 1. The Josemaría estimate effective date is August 7.6 29.37 0. process cost (including G&A): US$7.1 0. Josemaria – Sulphide Resource Josemaría Indicated Mineral Resources (sulphide) Tonnage Grade Contained Metal Cu Au Ag Cutoff (million Cu Au Ag CuEq1 (billion (million (million (CuEq1) tonnes) (%) (g/t) (g/t) (%) lbs) oz) oz) 0. 2015.com .5 0.38 1.4 1. 2016 The Report is available for review under the Company’s profile on SEDAR www. tonalite.23 1.9 5.2 12. Details on the Josemaria Resource Estimate are included in the Technical Report dated February 22.5 6.40 85 0. 4. however preliminary testwork has shown good recovery of gold through cyanide leaching and there is a reasonable prospect of eventual economic extraction of gold and silver using this method.35/lb and Over-all pit slope angle of 42º.8 1.066 0. The Mineral Resource estimate was prepared by Mr.8 0.2 21. 5. Additional testwork is planned to confirm these results however there was no contibution from the oxide resource to the PEA project economics. 3.31 0.00/lb copper.20 1.7 0.7 0.50 295 0. ranging from a low of 81% to a high of 97%.6 0.8 Josemaría Mineral Resource tables Notes to accompany 1.50 9 0. gold and silver recoveries obtained in metallurgical testwork on four composite samples representing the rhyolite.40/t processed. Gino Zandonai. Mineral Resources (sulphide) have a base case estimate using a 0.9 0. mining cost: US$2. RM CMC who is the qualified person for both estimates.29 1.5 Josemaría Inferred Mineral Resources (sulphide) Tonnage Grade Contained Metal Cu Au Ag Cutoff (million Cu Au Ag CuEq1(%) (billion (million (million (CuEq1) tonnes) (%) (g/t) (g/t) lbs) oz) oz) 0. 2.47 0.34 1. Mineral Resources (oxide) are reported using a 0.

10 77 0.10 7 0.40 1.00 0.02 0.20 43 0.18 0.25 1.0 48 145 0.40 10 0.2 27 73 0.0 610 2.610 0.4 150 460 0.520 Josemaría Inferred Mineral Resources (oxide) Contained Tonnage Grade Metal Cutoff Cu Au Ag Au Ag (million tonnes) (Au g/t) (%) (g/t) (g/t) (thousand oz) (thousand oz) 0.26 0.00 0.15 0.3 290 950 0.32 1.30 3 0.9 62 214 .1 37 102 0.20 4 0.40 2 0.46 1.13 0.30 23 0.Josemaria – Oxide Resource Josemaría Indicated Mineral Resources (oxide) Contained Tonnage Grade Metal Cutoff Cu Au Ag Au Ag (million tonnes) (Au g/t) (%) (g/t) (g/t) (thousand oz) (thousand oz) 0.43 1.34 1.16 0.00 0.40 1.2 450 1.

MBA. Director Securities Lawyer (ret. M&A Transactions Management Wojtek Wodzicki. Previously with Teck. Strong background in exploration project management and resource estimation. Expertise in merchant banking and private equity. Lead Director Securities Lawyer (ret.D. Former head of HSBC Capital (Canada). P. With Lundin Group since 2007. Bill Rand. Cheri Pedersen. Mechanical Engineer.Management and Board Expertise in Exploration. Fulcrum Capital. Director. CEO & Director Geology Ph. P. Chairman Successful entrepreneur focused on natural resources. Financing. Has led numerous companies through successful M&A. P. Bob Carmichael. Strong background in financial management and reporting. VP Exploration Geological Engineer.) Senior Business Adviser to Lundin Group Companies for more than 35 years. Jack Lundin Engineer.) practiced for more than 30 years focused on resource industries David Mullen. Eng. International project management experience with a strong background in finance. Joyce Ngo. CPA. Project Studies. Corporate Development Board Lukas Lundin. CFO Chartered Accountant. Masters degree in Mineral Resource Engineering University of Arizona Wojtek Wodzicki. Eng. Geo 25 years international exploration management and business experience. Jamie Beck. Director See above . 24 years international experience.. CA. Director Finance professional.