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Altan Tsagaan Ovoo “ATO” Gold Mine

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.

NI 43-101 compliant 1.22 Moz Au Eq resources (M&I)

FULLY PERMITTED

Phase I – Open pit, heap leach mine fully completed and commissioned.
Successfully tested and operated the ADR plant.

HIGH MARGIN PRODUCTION

Low-opex, high-margin oxide heap leach gold and silver production.
Cash cost per ounce: US$550

COMMENCED PRODUCTION

Mined, crushed and stacked ~ 400,000t of ore at 2.13g/t gold on the leach pad.
Leaching start in Q1 of 2020, with projected production of ~60koz annuallly.

FULLY PERMITTED AND COMMENCING GOLD PRODUCTION

Drilling programs at the ATO Gold Project will be ongoing for the remainder of 2020 and a substantial amount of results are pending that will be reported in the coming weeks.