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ATO Mine

Advanced-Stage Gold Project with Positive Economics

The Altan Tsagaan Ovoo gold and silver project (the “ATO Project”) is located in the territory of Tsagaan Ovoo soum, Dornod province of Eastern Mongolia.  The ATO Project is comprised of one mining licence (MV-017111) over an area of 5,492.63 hectares.

The Technical Report dated October 4, 2017 proposed a development plan for an open-pit heap leach operation at the ATO Project estimated to produce 146,699 ounces of Au and 672,518 ounces Ag over the project period at an attractive total capital cost of US$19.6 million and total operating cost of US$48.8 million over the project period.

NEAR-TERM GOLD PRODUCER
BUILDING MONGOLIA’S NEXT GOLD AND SILVER MINE

NI 43-101 COMPLIANT
1.26 Moz AuEq (M&I)

HIGH MARGIN PRODUCTION


Focus on quick start-up, low capex, low-opex, high-margin oxide heap leach gold silver production.

Cash cost per ounce: US$333*

Targeting first gold and silver production in next 12 months.

NEAR-MINE EXPANSION POTENTIAL


First Mungu drill hole:
46 m @ 14.98 g/t Au and 82.02 g/t Ag 20,000m drilling program ongoing with initial resource estimate planned for Q2 2018.

BAYANMUNKH DISCOVERY


Gold Copper Porphyry Discovery Drilling to commence Q2 2018.

FULLY FINANCED


US$23M gold and silver streaming agreement and C$4M placement secured
with Triple Flag Mining Finance to develop the mine.

Mining licence fully permitted for 30 years.

ATO PROJECT SITE

ATO PROJECT: BLOCK MODEL

A Cross Section view showing estimated block grades of the ATO Pipes

3D view of estimated Au block grades of the ATO Pipes

Oxide Resource by Deposit

M&I Resource by Deposit g/t Au Koz Au g/t Ag Koz Ag
Pipe 1 1.48 144 9.37 912
Pipe 2 0.62 25 4.81 190
Pipe 4 1.25 40 18.06 579
Total / Average 1.23 208 9.96 1,680