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Saskatchewan Exploration and Development Highlights 2016 Miscellaneous Report 2016 4 Saskatchewan Exploration and Development Highlights 2016 PDAC Edition (March 2017) Compiled by Staff of the Saskatchewan Ministry of the Economy Miscellaneous Report 2016-4 Saskatchewan Exploration and Development Highlights Updates October 11, 2016 – February 10, 2017 • Uranium production in 2016 from Saskatchewan’s three operations totaled 36.4 million (M) pounds (lb) triuranium octoxide (U3O8) including 18 M lb U3O8, from the McArthur River mine - Key Lake mill, 17.3 M lb U3O8, from the Cigar Lake mine – McLean Lake mill and 1.1 M lb U3O8 from Rabbit Lake operation which was put in care and maintenance in April 2016. Production for 2017 is forecasted to be 36 M lb U3O8 with 18 M lb coming from each of the two active operations. • The southwest part of the Athabasca Basin is the focus of several substantive winter exploration programs including: o Nexgen Energy Ltd.’s 35 000 metre (m) drill program at its Rook 1 property, designed to further delineate the extents of the Arrow deposit; o Fission Uranium Corp. has planned over 19 000 m of drilling at its Patterson Lake South property where the company will continue to delineate the Triple R deposit as well as explore high-priority regional exploration targets; and, o Purepoint Uranium Group Inc. (partners AREVA Resources Canada Inc. (AREVA) and Cameco Corp. (Cameco)) is undertaking approximately 12 000 m of drilling at its Hook Lake project where the company is delineating the Spitfire zone. • Uranium exploration programs are also occurring on the east side of the basin including: o at the Wheeler River Joint Venture project where Denison Mines Corp. (with partners Cameco and Japan-Canada Uranium Exploration Company Limited (JCU)) is conducting more over 45 000 m of infill and exploration drilling designed to confirm and expand uranium mineralization at or near the Gryphon deposit; and, o at the Christie Lake project where UEX Corporation and partner JCU are undertaking a 12 000 m drill program with the aims of growing resources in the known deposit and exploration of a new segment of the Yalowega trend. • North Arrow Minerals Inc. closed a property purchase agreement with Stornoway Diamond Corp. and now holds a 100% interest in the Pikoo diamond project. • Alto Ventures Ltd. has started a drilling program on its GEFA claims, located immediately east of the Pikoo diamond project, to test targets identified from a 2015 high-resolution aeromagnetic survey that are up-ice from KIM dispersion trains. • Gold (Au) producer Silver Standard Resources Inc. reported total 2016 production of 77,640 ounces (oz) Au for its Seabee mining operation from 312,679 tonnes of ore grading 7.91 grams Au per tonne. This is a new annual production record for the operation, surpassing its previous record of 75,748 oz in 2015. Production guidance for the operation in 2017 is set at 72,000-82,000 oz. • Murchison Minerals Ltd. is undertaking a 5000 m drill campaign on its Brabant- McKenzie zinc copper property with the aim of testing newly identified geophysical conductors. • After enduring a year of lower realized sales values, Saskatchewan’s potash producers are anticipating a more positive market in 2017. • The Mosaic Company announced it will acquire Vale Fertilizantes, which will include Brazilian phosphate and potash operations, as well as the Kronau potash exploration project in Saskatchewan. • Agrium Inc. and Potash Corporation of Saskatchewan provided an update on their proposed merger, advising that the Ontario Superior Court has approved the ‘merger of equals’ transaction to be implemented by way of a plan of arrangement under the Canada Business Corporations Act. Shareholders of both companies had already overwhelmingly voted to approve the proposed merger. The companies will still be required to provide supplemental information to the Canadian Competition Bureau and the United States Federal Trade Commission, but expect the transaction to close mid-2017. Saskatchewan Exploration and Development Highlights 2016 Compiled by Staff of the Saskatchewan Ministry of the Economy 1. GENERAL OVERVIEW The value of mineral sales in Saskatchewan was Value of 2015 Mineral Sales = $8.2 B approximately $8.2 billion (B) in 2015 (Figure 1), compared to the $7.3 B realized in 2014 and $7.1 B in 2013. The increase can primarily be attributed to large potash sales volumes, as well as relatively $1.8 $0.3 strong sales in uranium. Other minerals produced included gold, coal, salt, silica sand, copper, zinc, bentonite, as well as sodium and potassium sulphate. Natural Resources Canada (NRCan) estimated that the value of Saskatchewan’s mineral production in 2015 accounted for approximately 20% $6.1 of Canada’s total, second only to Ontario. Potash Uranium Other NRCan reported that Saskatchewan continued to lead all provinces and territories in 2015, with intended capital investments of $3.6 B in the mineral Figure 1 – Value of mineral sales in Saskatchewan for 2015. extraction sector, representing 34% of national expenditures. For the second year in a row, In the Fraser Institute’s 2015 survey of mining companies, Saskatchewan ranked first in Canada and second overall out of 109 jurisdictions for Investment Attractiveness. The Investment Attractiveness Index is a composite of the survey’s Best Practices Mineral Potential Index (i.e., geologic attractiveness) and Policy Perception Index, which measures the effects of government policy on attitudes toward exploration investment. The rating for Investment Attractiveness is based 60% on geological potential and 40% on composite policy factors. A preliminary estimate by NRCan indicated that Saskatchewan will account for about 16.4% of Canadian exploration expenditures in 2016, ranking second only behind Ontario. Another key metric revealed in the NRCan data is the dramatic decrease in mineral exploration spending in Canada, from a record $4,227 million (M) in 2011 down to an estimated $1,400 M in 2016. Despite the prolonged downturn in mineral commodity prices, an initial estimate is that $226 M will be spent on mineral exploration in Saskatchewan in 2016 (Table 1). This compares to actual expenditures of $211 M in 2015, $216 M in 2014, $236 M in 2013 and $323 M in 2012. Most of the 2015 expenditures were planned for uranium and potash projects, with lesser expenditures planned for diamonds, gold and base metals. Exploration expenditures in the province remain well above historical levels, with over $3.4 B spent since 2003. Saskatchewan’s unique geology—which includes thick Phanerozoic cover in the southern two thirds of the province, and the exposed Precambrian Shield and the Athabasca Basin in the north—has given the province a rich and diverse mineral endowment of a variety of metallic, non-metallic and industrial mineral deposits, as well as petroleum and natural gas reserves. It is this diversity that has allowed the province’s mining and energy industries to continue to thrive even through times of slumping commodity prices. As of October 31, 2016 active mineral dispositions, issued pursuant to The Mineral Tenure Registry Regulations, totalled about 8.04 M hectares (ha). In comparison, 7.79 M ha were under disposition in 2015 and 9.08 M ha were disposed in 2014. Also as of the end of October 2016, 2.9 M ha issued pursuant to The Subsurface Mineral Tenure Regulations were under disposition for potash. This is down from the 4.36 M ha under disposition in 2015 and the 4.37 M ha under disposition in 2015. Saskatchewan Exploration and 1 Saskatchewan Geological Survey Development Highlights 2016 Saskatchewan Ministry of the Economy Also as of the end of October 2016, 0.09 M ha were disposed for coal compared to 0.14 M ha in 2015 and 0.15 M ha in 2014. Table 1 – Mineral exploration expenditures in Saskatchewan. Data in the histogram compare actual historical expenditures to estimates (e) for 2016, compiled from the annual survey of exploration expenditures by the Saskatchewan Geological Survey. Tabulated data are from the same survey. All values are in millions of Canadian dollars ($M). 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016e Uranium 199.2 204.4 108.6 103.2 101.2 115.8 143.8 138.7 136.1 133.2 Diamonds 76.6 73.2 10.9 17.3 7.9 5.2 4.2 3.6 17.3 14.5 Gold 15.3 8.9 3.0 9.5 10.5 13.1 6.3 6.0 2.2 3.7 Base Metals/PGM 1,3 11.6 6.8 3.0 6.5 13.3 13.0 7.8 2.9 3.8 1.2 Industrial Minerals 2 22.6 180.7 151.2 184.0 160.3 176.5 74.3 64.6 51.5 73.7 Total 325.3 473.9 276.6 320.5 293.2 323.6 236.4 215.7 211.0 226.3 1 Platinum group metals 2 Includes rare earth elements, potash and clays. 3 Base metals and platinum group metals combined to maintain confidentiality standards. According to the World Nuclear Association (WNA), Saskatchewan remained the world’s second largest supplier of primary uranium in 2015, contributing 22% (34.6 million pounds (M lb) U3O8) of the global total. The vast majority of the production came from the world’s two most prolific uranium operations: McArthur River mine/Key Lake mill (19.1 M lb U3O8); and Cigar Lake mine/McClean Lake mill (11.3 M lb U3O8). The balance was produced from the Eagle Point mine at the Rabbit Lake Operation (4.2 M lb U3O8). Forecasts for 2016 suggest production will rise modestly to 35.1 M lb U3O8. Production from McArthur River/Key Lake and Cigar Lake/McClean Lake will again dominate (forecasted at 18 and 16 M lb U3O8, respectively) with an additional 1.1 M lb from Eagle Point.
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