TECHNICAL REPORT

Report Date: March 21, 2018 Effective Date: February 20, 2018

UPDATED TECHNICAL REPORT FOR ESTIMATED GOLD – SILVER RESOURCES AT LAS CALANDRIAS SANTA CRUZ PROVINCE, ARGENTINA

Submitted to:

New Dimension Resources Ltd. Qualified Persons: Suite 960 - 789 West Pender Street, Steven Ristorcelli, C.P.G. Vancouver, BC, V6C 1H2 Canada Peter Ronning, P. Eng. Travis Manning, P.E

MINE DEVELOPMENT ASSOCIATES MINE ENGINEERING SERVICES

CONTENTS

1.0 EXECUTIVE SUMMARY ...... 1 1.1 Location and Ownership ...... 1 1.2 History and Exploration ...... 2 1.3 Geology and Mineralization ...... 2 1.4 Metallurgical Testing and Mineral Processing ...... 3 1.5 Resources ...... 4 1.6 Conclusions and Recommendations ...... 6

2.0 INTRODUCTION AND TERMS OF REFERENCE ...... 7 2.1 Project Scope and Terms of Reference ...... 7 2.2 Frequently Used Terms, Acronyms and Abbreviations ...... 8

3.0 RELIANCE ON OTHER EXPERTS ...... 10

4.0 PROPERTY DESCRIPTION AND LOCATION ...... 11 4.1 Argentine Legal Framework ...... 12 4.1.1 Federal State Organization ...... 12 4.1.2 Mining Properties ...... 12 4.1.3 Obligations by the holder of exploration/exploitation permit ...... 13 4.2 Methodology ...... 14 4.3 LAS CALANDRIAS I (File Nº 420.323) ...... 15 4.4 Conclusions and Recommendations ...... 16 4.5 Location ...... 16 4.6 Land Area ...... 16 4.6.1 Discussion of Coordinate System Conversions ...... 17 4.7 Environmental Liabilities and Permitting ...... 20 4.8 Provincial Restrictions on Mining and Processing in Santa Cruz Province ...... 21

5.0 ACCESS, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY ...... 22 5.1 Access ...... 22 5.2 Climate ...... 22 5.3 Local Resources and Infrastructure ...... 22 5.4 Physiography ...... 23

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6.0 HISTORY ...... 25 6.1 Exploration History ...... 25 6.2 Historical Mineral Resource Estimates ...... 25

7.0 GEOLOGIC SETTING AND MINERALIZATION ...... 26 7.1 Regional Geology ...... 26 7.2 Local Geology ...... 27 7.3 Project Geology ...... 29 7.3.1 Calandria Sur and Calandria Norte ...... 29 7.3.1.1 Calandria Sur ...... 29 7.3.1.2 Calandria Norte ...... 32 7.3.2 El Nido Complex ...... 33 7.4 Mineralization ...... 36 7.4.1 Mineralization at Calandria Sur and Norte ...... 36 7.4.1.1 Calandria Sur ...... 36 7.4.1.2 Calandria Norte Vein ...... 38 7.4.2 El Nido Targets ...... 39 7.4.2.1 Nido Este ...... 39 7.4.2.2 Nido Norte ...... 39 7.4.2.3 Post-Model Drilling ...... 40 7.4.3 Exploration Potential ...... 43

8.0 DEPOSIT TYPES IN THE DESEADO MASSIF ...... 44

9.0 EXPLORATION ...... 45 9.1 Trenching ...... 45 9.2 Soil and Rock-Chip Sampling ...... 46 9.3 Geologic Mapping ...... 46 9.4 Geophysics ...... 46 9.4.1 Induced Polarization ...... 46 9.4.2 Ground Magnetics ...... 48 9.4.3 Controlled Source Audio Magnetotelluric Survey ...... 49 9.5 2011 – 2012 Re-Sampling of Drill Core ...... 50 9.6 Other Exploration Activities ...... 50

10.0 DRILLING ...... 51 10.1 Summary ...... 51 10.2 Drilling Procedures ...... 54

11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY ...... 55 11.1 Core Sampling ...... 55 11.2 Density Measurement Procedures ...... 56 11.3 Sample Preparation and Assaying ...... 56

12.0 DATA VERIFICATION ...... 58 12.1 Geologic Data Check ...... 58 12.2 Database Audit and Checks ...... 58

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12.2.1 Assay Table Audit ...... 58 12.2.2 Drill-Collar Table Check ...... 58 12.2.3 Down-Hole Survey Table Check ...... 59 12.3 Independent Sampling ...... 59 12.4 Quality Assurance and Quality Control Evaluation ...... 61 12.4.1 Standards ...... 61 12.4.2 Blanks ...... 63 12.4.3 Duplicates ...... 64 12.4.3.1 Field Duplicates ...... 64 12.4.3.2 Check Assays ...... 69 12.4.4 Quality Assurance and Quality Control Summary Statement ...... 69 12.5 Data Verification Conclusion ...... 70

13.0 MINERAL PROCESSING AND METALLURGICAL TESTING ...... 71 13.1 Introduction ...... 71 13.2 Calandria Sur ...... 71 13.2.1 Preliminary Investigations ...... 71 13.2.2 Metallurgical Composites ...... 72 13.2.3 Metallurgical Testwork ...... 72 13.2.3.1 Comminution Tests ...... 72 13.2.3.2 Carbon-in-Leach Tests ...... 73 13.2.3.3 Heap Leach Test ...... 74 13.2.3.4 Testwork on Primary Zone Composite ...... 74 13.2.4 Potential Processing Options ...... 74 13.3 Calandria Norte Vein ...... 75

14.0 MINERAL RESOURCE ESTIMATE ...... 76 14.1 Database ...... 76 14.2 Mineral Domains ...... 80 14.3 Oxide and Lithologic Models ...... 86 14.4 Density ...... 86 14.5 Composites and Estimation ...... 86 14.6 Estimation ...... 87 14.7 Gold and Silver Resources ...... 87 14.8 Discussion ...... 100 14.8.1 Calandria Sur ...... 100 14.8.2 Calandria Norte ...... 101 14.8.3 General Comments on Post-2011 Model Drilling ...... 101

15.0 ADJACENT PROPERTIES ...... 102 15.1 Escondido ...... 105

16.0 OTHER RELEVANT DATA AND INFORMATION ...... 107 16.1 Post-2011 Model Drilling ...... 107

17.0 INTERPRETATION AND CONCLUSIONS ...... 108

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18.0 RECOMMENDATIONS ...... 110

19.0 REFERENCES ...... 112

20.0 DATE AND SIGNATURE PAGE ...... 114

21.0 CERTIFICATES OF AUTHORS ...... 115

TABLES Table 2.1 Las Calandrias Resources ...... 5 Table 10.1 List of Drilling through 2012 by Phase and Area ...... 51 Table 12.1 Independent Samples From Trenches 2017 ...... 60 Table 12.2 Independent Samples From Drill Core 2017 ...... 60 Table 12.3 Summary of Standards ...... 63 Table 12.4 Correlation Coefficients, Blanks and Preceding Samples ...... 64 Table 12.5 Averages for Grades and Relative Differences in Field Duplicates, Gold ...... 68 Table 12.6 Averages for Grades and Relative Differences in Field Duplicates, Silver ...... 68 Table 12.7 Averages for Grades and Relative Differences in Check Assays, Gold and Silver ...... 69 Table 13.1 Oxidation Codes Used for Logging ...... 71 Table 13.2 Summary of LeachWell® Test Results for Calandria Sur ...... 72 Table 13.3 Composite Samples for Metallurgical Testwork ...... 72 Table 13.4 Comminution Test Results ...... 73 Table 13.5 CIL Test Results ...... 73 Table 13.6 Column Leach Test Results ...... 74 Table 13.7 Calandria Norte Vein LeachWell® Summary ...... 75 Table 14.1 Descriptive Statistics of the Las Calandrias Database ...... 79 Table 14.2 Classification Criteria ...... 90 Table 14.3 Total Gold and Silver Resources for Las Calandrias: Indicated and Inferred: Oxide ...... 92 Table 14.4 Total Gold and Silver Resources for Las Calandrias: Indicated and Inferred: Transition .. 93 Table 14.5 Total Gold and Silver Resources for Las Calandrias: Indicated and Inferred: Sulfide ...... 94 Table 14.6 Total Gold and Silver Resources for Las Calandrias: Indicated and Inferred: All Material Types ...... 95 Table 18.1 Budget Estimate for Phase 1 Exploration Program ...... 111

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FIGURES Figure 4.1 Location of Las Calandrias Property, Santa Cruz Province, Argentina ...... 17 Figure 4.2 Formal Definition of MD Las Calandrias I ...... 18 Figure 4.3 Resource and Drilling Map of Las Calandrias Project ...... 19 Figure 4.4 Surface Rights Controlled by Mariana ...... 20 Figure 5.1 Physiography of Las Calandrias Project Area ...... 24 Figure 7.1 Geology of the Deseado Massif ...... 27 Figure 7.2 Geology of the Las Calandrias Property ...... 28 Figure 7.3 Geology of Calandria Sur ...... 30 Figure 7.4 Cross Section through the Central Part of Calandria Sur Dome ...... 31 Figure 7.5 Cross Section through the Vieja Herradura Area ...... 31 Figure 7.6 Geology of Calandria Norte Dome ...... 32 Figure 7.7 Northwest-Southeast Cross Section through Calandria Norte Dome ...... 33 Figure 7.8 Geology of Nido Norte Area ...... 35 Figure 7.9 Cross Section A-A’ through Nido Norte Dome ...... 41 Figure 7.10 Cross Section B-B’ through Nido Norte Dome ...... 42 Figure 9.1 3D IP Chargeability Modeling ...... 47 Figure 9.2 3D IP Resistivity Modeling ...... 48 Figure 9.3 Preliminary Interpretation of Ground Magnetic Survey ...... 49 Figure 10.1 Drill Hole Location Map for Entire Las Calandrias Project Area ...... 53 Figure 12.1 Control Chart for Gold in G907-6 ...... 61 Figure 12.2 Silver in Blanks and in Preceding Samples ...... 63 Figure 12.3 Scatterplot, Gold Duplicate vs. Original ...... 65 Figure 12.4 QQ Plot, Gold Duplicate vs. Original ...... 66 Figure 12.5 Gold Relative Percent Difference - Duplicate vs. Original ...... 67 Figure 12.6 Gold Absolute Relative Percent Difference - Duplicate vs. Original ...... 67 Figure 14.1 Drill Hole Location Map for La Calandria Vein Zone and Calandria Sur ...... 78 Figure 14.2 Calandria Sur: Typical Section of the Gold Mineral Domains – Section 12 ...... 82 Figure 14.3 Calandria Sur: Typical Section of the Silver Mineral Domains – Section 12 ...... 83 Figure 14.4 Calandria Norte Vein: Typical Section of the Gold Mineral Domains – Section 12 ...... 84 Figure 14.5 Calandria Norte Vein: Typical Section of the Silver Mineral Domains – Section 12 ...... 85 Figure 14.6 Calandria Sur: Typical Section of the Gold Mineral Domains with Block Model Section 12 ...... 96 Figure 14.7 Calandria Sur: Typical Section of the Silver Mineral Domains with Block Model Section 12 ...... 97 Figure 14.8 Calandria Norte Vein: Typical Section of the Gold Mineral Domains with Block Model Section 12 ...... 98 Figure 14.9 Calandria Norte Vein: Typical Section of the Silver Mineral Domains with Block Model Section 12 ...... 99 Figure 15.1 Exploration Projects Near Las Calandrias ...... 103

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APPENDICES Appendix A Sample Statistics for Gold and Silver for Calandria Sur and La Calandria Vein Zone Appendix B Composite Statistics for Gold and Silver for Calandria Sur and La Calandria Vein Zone Appendix C La Calandria Vein Zone and Calandria Sur Gold and Silver Estimation Parameters

Appendix D Miscellaneous Resource Tabulations

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MINE DEVELOPMENT ASSOCIATES MINE ENGINEERING SERVICES

1.0 EXECUTIVE SUMMARY

Mine Development Associates (“MDA”) has been engaged by New Dimension Resources Ltd. (“New Dimension”) to prepare an updated Technical Report in support of the 2011 mineral resource estimate for the Las Calandrias project, Argentina. Las Calandrias has volcanic-hosted, epithermal gold and silver mineralization. Exploration at Las Calandrias by its previous owner, Mariana Resources Ltd. (“Mariana Resources”) had concentrated on two areas with defined resources – Calandria Sur and the Calandria Norte vein. Other areas within the property limits have potential for finding additional resources.

At the time of the 2011 resource estimate the Las Calandrias property was held 100% by Mariana Resources through its wholly owned subsidiary Minera Mariana Argentina S.A. (“Minera Mariana”). In July of 2017 Sandstorm Gold Limited (“Sandstorm”) acquired Mariana Resources. As announced in a news release dated February 20, 2018, New Dimension has entered into agreements with Sandstorm whereby New Dimension will acquire a 100% interest in ”the Santa Cruz Projects”, which include the Las Calandrias project and property. Additional information as to the agreements appears in Section 4.0.

This report has been prepared in accordance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”), Companion Policy 43-101CP updated in 2014, and Form 43-101F1, as well as with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines” (“CIM Standards”) of 2014.

1.1 Location and Ownership

The Las Calandrias property is located in the eastern part of Santa Cruz province in southern Argentina, approximately 210km south of the city of Comodoro Rivadavia. The property consists of the Manifestation of Discovery (“M.D.”) Las Calandrias I concession, covering 2499 ha. In a title opinion dated November 20, 2017, Minera Mariana’s legal counsel in Argentina described the status of the concession as “Manifestation of Discovery in due process” (see section 4.3). M.D. Las Calandrias I is controlled 100% by Minera Mariana and replaced the Pampa del Tongoril II exploration permit (cateo) which had been granted in 2011 and was in force until June, 2013. There is no associated annual holding cost. Minera Mariana has applied for an exploitation (mining) concession (Mina Las Calandrias concession) which, if granted, would then entail annual holding costs, royalty payments, and other obligations.

775-856-5700 210 South Rock Blvd. Reno, Nevada 89502 FAX: 775-856-6053

Updated Technical Report for Estimated Gold – Silver Resources at Las Calandrias New Dimension Resources Ltd. Page 2

The surface at Las Calandrias is part of the approximately 23,430ha La Calandria farm (“estancia”), which Mariana purchased in October 2010. The estancia gives New Dimension surface rights over the entire area of the MD Las Calandrias I.

1.2 History and Exploration

Until Mariana began exploration, there was no recorded exploration on the Las Calandrias property. Through a study of satellite imagery and subsequent follow-up on the ground, Mariana discovered quartz-sulfide veins and breccias over two broad zones about 600m apart, and applied for the Pampa del Tongoril II cateo in April 2008. High-grade gold vein-style mineralization was first discovered at what was then called “La Calandria Vein Zone” in the area known as Calandria Norte1, followed by discovery of silver- and gold-rich breccias at Calandria Sur. Exploration has also identified additional mineralization at the El Nido complex.

Since 2008, Mariana has undertaken rock-chip sampling, coarse-fraction (“lag”) soil sampling, diamond-saw channel sampling from 48 shallow trenches, detailed mapping, induced polarization, ground magnetics and CSAMT geophysical surveying, and extensive exploration and resource definition and expansion drilling on the property. Exploration has identified various exploration targets in volcaniclastic rocks around Calandria Sur. Between September 2009 and 2012, Mariana drilled 326 core holes totaling 44,050m.

1.3 Geology and Mineralization

The Las Calandrias property is located in the east-central part of the Deseado Massif in southern Argentina. The basement of the Deseado Massif consists of Cambrian metasedimentary rocks intruded by granitoids and tonalites. These are overlain by Permo-Triassic and Triassic continental sedimentary rocks, and by extensive Jurassic volcanic and intrusive rocks. Jurassic andesitic and basaltic units are overlain by rhyolite flows, ignimbrites, and volcaniclastic rocks. Cretaceous lake beds overlain by Tertiary and Quaternary alkali basalts partly cover the Jurassic volcanic plateau. The volcanic and sedimentary sequence is roughly horizontal, disrupted primarily by north- and northwest-trending extensional structures. The Deseado Massif hosts numerous low-sulfidation, epithermal, precious-metal quartz vein and vein-breccia deposits that appear to have closely followed the Jurassic felsic volcanism. Some mines and advanced projects in the Deseado Massif include Anglogold Ashanti’s Cerro Vanguardia gold-silver mine, Minera Don Nicolas, commissioned in December 2017, and Yamana Gold’s Cerro Moro gold-silver mine, currently under construction and scheduled for commissioning in mid-2018.

The Las Calandrias property geology is dominated by the Jurassic volcanic units. In the vicinity of Calandria Norte, Calandria Sur, and the El Nido complex, rhyolite domes, ignimbrites and tuffs, and lacustrine sedimentary rocks predominate. Calandria Sur, the best-explored target and the location of the majority of the resources, has gold-silver mineralization within the northwest-elongate, saucer- shaped rhyolite dome. Low-grade gold mineralization occurs as quartz-sulfide stockwork veining and

1 Mariana and New Dimension are standardizing nomenclature; the vein zone at Calandria Norte is now known as the Calandria Norte Vein. Most references to “vein zone” have been removed from this report, but where it does appear it refers to the Calandria Norte Vein.

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Updated Technical Report for Estimated Gold – Silver Resources at Las Calandrias New Dimension Resources Ltd. Page 3 there are distinct, generally discontinuous zones or pockets of high-grade mineralization, within the rhyolite dome. Additional mineralization is found in the adjacent volcaniclastic units. Silicification and kaolinite alteration are developed within the dome. Sulfides are mainly pyrite, with lesser amounts of marcasite, arsenopyrite, and acanthite. The mineralized zone at Calandria Sur extends over an area of 1,000m by 600m to depths exceeding 100m and is open to the northwest. Its northwest-southeast length is artificially limited by the southern boundary of Minera Mariana’s mineral tenure.

The Calandria Norte vein deposit is hosted in a separate rhyolite dome that is circular in plan – the Calandria Norte Dome or simply Calandria Norte. The deposit is 500m long by 80m wide by 200m down dip, and is tabular in shape, with a strike of about N50oE and a dip of approximately 70o northwest. Mineralization at The Calandria Norte vein contains marcasite/pyrite with interstitial electrum lying within a wide envelope of low-grade and weak stockwork. The vein breccias are generally less than one meter wide but can be up to 1.5m in width.

The El Nido complex, to the west and northwest of the domes of Calandria Sur and Calandria Norte, consists of several coalesced rhyolite domes aligned on a northeast-trending structure that crosses the major regional northwest structural trend of the area. Several holes have been drilled into the Nido Este target, intersecting pyrite-marcasite veinlets and wide zones of disseminated pyrite and marcasite in the rhyolite dome, but did not find significant gold and silver values. Drilling on the Nido Norte target has found sulfide-rich quartz veins, stockworks, breccias, and sulfide disseminations. The main vein-breccia structure, called La Despreciada, extends for a distance of 1.5km.

1.4 Metallurgical Testing and Mineral Processing

Preliminary metallurgical testwork on composite samples representing the oxide, transition and primary zones in the Calandria Sur deposit has shown that gold extraction by conventional cyanidation decreases as the degree of oxidation decreases. From the testwork completed the following potential processing options have been identified:

(i) On the oxide and upper-transition zones: heap leaching; or CIL processing on the combined oxide and upper transition zones, with heap leaching currently favored because of its lower capital and operating costs.;

(ii) On the combined primary and lower transition zones: bulk sulfide flotation/concentrate oxidation/cyanidation; or selective flotation of a saleable concentrate, with the latter currently favored, again because of its lower capital and operating costs.

Preliminary LeachWell® testing2 suggests that all mineralization in the Calandria Norte Vein, regardless of its degree of oxidation, may be amenable processing by CIL.

2 See section 13.2.1 for a description of the LeachWell® method of testing.

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Mariana notes that at the time of writing, two heap leach operations have permits in Santa Cruz Province. The report authors have not investigated the permitting regime for mineral processing facilities in Santa Cruz.

1.5 Resources

The resource estimate reported herein was completed in 2011 and was first reported in Ristorcelli et al., 2011.

The process of estimation was the same but was done separately for Calandria Sur and The Calandria Norte vein. Paper cross sections spaced at 25m were constructed to interpret the geometry of rhyolite domes, top of primary and transition oxide zones, and gold and silver domains. The work was done on site by MDA, working with Mariana personnel. Once completed, these interpretations were digitized and then either taken to plan (gold and silver domains) or made into solids (the dome) or surfaces (top of primary and transition zones).

Samples were coded on section; statistics were completed on both the gold and the silver; and grades were capped. Samples were composited to 3m lengths honoring only the high-grade domain contacts. Geostatistics were performed and the estimate, utilizing the inverse distance cubed algorithm, was completed. Multiple checks by volume, statistics, and visual reviews were done. Table 1.1 presents the Las Calandrias resources. Because of varying metallurgical recoveries and anticipated recovery processes, the resource is reported at two cutoffs, one for the oxide and transition zones and one for the primary zone. Based on the metallurgical work and conclusions given in Section 13.0, MDA believes that the resource reporting cutoff would best represent material with “reasonable prospects for economic extraction” at 0.3g AuEq/t for oxide and transition material and 0.7g AuEq/t for primary (unoxidized) material.

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Table 1.1 Las Calandrias Resources Oxide Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 2,368,000 0.66 0.53 8.17 40,000 622,000

Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 419,000 0.90 0.80 5.57 10,800 75,000 Transition Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 3,382,000 0.79 0.58 12.10 63,000 1,315,000

Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 218,000 0.56 0.47 5.28 3,300 37,000 Primary Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.7 6,090,000 1.82 1.42 23.94 278,000 4,687,000

Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.7 233,000 1.66 1.58 4.34 11,800 32,000 Total Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag variable 11,840,000 1.29 1.00 17.40 381,000 6,624,000

Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag variable 870,000 1.01 0.93 5.17 25,900 144,000 Numbers in these tables are rounded to reflect appropriate precision for the resource estimate. Because of this rounding, any given value may not be exactly re-produced by re-calculations using other values in the same line or column.

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Since the 2011 resource estimate, Mariana has drilled 164 additional core holes for a total of 24,081m., many of which were drilled far from the existing defined resources and therefore would no impact the resource estimate. MDA has studied the potential impact of those holes drilled near the estimated resources since the 2011 estimate, were a new estimate to be done at this time. MDA expects that the resource at Calandria Sur might increase by 5% to 15%, while the Calandria Norte resource might increase by less than 5%.

An apparent northward shift of the southern property boundary, resulting from differences in the coordinates supplied for the southern boundary in 2011 and 2018, could result in a decrease in resource tonnage in the order of 1.5%.

1.6 Conclusions and Recommendations

The Las Calandrias property is an advanced-stage exploration property with a discovery of significant gold-silver mineralization and two defined resources of gold and silver whose classification is Indicated and Inferred. From a review of the data and field examination, it is concluded that Mariana has performed technical work that meets or exceeds industry standards and is sufficient to support the resources disclosed in this report. Since the reported resources were estimated in 2011, data from 164 drill holes has been added to the database. New Dimension intends to add additional drill holes in the first half of 2018. MDA recommends that once this additional drilling is completed, the resource estimate be updated with the added drill data, prior to undertaking economic studies of the mineralization.

Continued exploration is warranted at Las Calandrias particularly because of the existing resources and newly discovered mineralization in the country rock outside the rhyolite dome host rocks at Calandria Sur. MDA has reviewed the 5,000m drill program proposed by Mariana for the first half of 2018 and concurs that it is reasonable. Phase 1 of the recommended work program consists of:

• A follow-up diamond drill program of 5,000 meters in approximately 30 holes, designed to i) increase the existing mineral resources at the Calandria Norte gold-silver vein. ii) further evaluate three gold-silver vein/breccia systems (La Morena, El Nido Norte / Despreciada, and Las Calandrias feeders), all of which are located in the vicinity of the Calandria Norte vein system and all largely untested by Mariana. • Complete additional metallurgical testwork on the known gold-silver mineralization at Las Calandrias, with particular emphasis on quantifying potential gold and silver recoveries from the higher-grade portions of the system. • Complete an updated Mineral Resource Estimate for the Las Calandrias project prepared in accordance with NI 43-101 and CIM standards, which incorporates all the drill results up to, and including, the proposed 2018 drill campaign.

The work planned for Phase 1 is expected to cost $US 1,871,000. Success in Phase 1 would lead to a Phase 2 program. Details of such a Phase 2 program cannot be anticipated until the Phase 1 program is completed, but it is reasonable to assume that something in the order of 10,000 meters of additional drilling, at an all-in cost of about $US 4 million, would be needed. Allowing for ancillary studies and work, a Phase 2 budget in the order of $US 5 million could be anticipated, contingent on success in Phase 1.

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2.0 INTRODUCTION AND TERMS OF REFERENCE

Mine Development Associates (“MDA”) has been engaged by New Dimension Resources Ltd. (“New Dimension”) to prepare an updated Technical Report presenting the estimate of mineral resources for the Las Calandrias project, Santa Cruz Province, Argentina. Earlier names for the Las Calandrias project were Tongoril, Pampa del Tongoril, and Dos Calandrias. Las Calandrias is held 100% by Minera Mariana Argentina S.A. (“Minera Mariana”). As of the effective date of this report, New Dimension has the right, if it fulfills certain contractual obligations, to acquire 100% in Minera Mariana and Las Calandrias.

Throughout this report, the name “Mariana” is referred to as a source of information. It shall be taken to refer to Mariana Resources Ltd. and Minera Mariana Argentina S.A. interchangeably. Where there is reason to differentiate, such as in discussions of current control and ownership of the project, the names “Mariana Resources” and “Minera Mariana” are used.

Exploration at Las Calandrias has delineated low- to moderate-grade gold and silver resources in two different deposits, Calandria Sur and The Calandria Norte Vein, the latter of which is in the Calandria Norte area. Both deposits consist of epithermal gold and silver mineralization hosted in Jurassic rhyolite domes and nearby volcaniclastic units. Other areas of known mineralization exist on the property, but do not have estimated resources.

This report has been prepared in compliance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators’ National Instrument 43-101 (“NI 43-101”), Companion Policy 43-101CP of 2014, and Form 43-101F1, as well as with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines” (“CIM Standards”) adopted in 2010 and updated in 2014.

2.1 Project Scope and Terms of Reference

This report updates a 2011 Technical Report prepared by MDA that included the first-time disclosure of the Las Calandrias resource estimate (Ristorcelli et al., 2011). The purpose of this updated Technical Report is to support financial disclosures on the Las Calandrias property, a project of merit for New Dimension. The work done for this report included updating the database, evaluating the implications of drilling that post-dates the 2011 resource estimate, updating land and environmental issues, and otherwise making the report current.

This report has been prepared by Steven Ristorcelli, C. P. G., Principal Geologist for MDA, and Peter Ronning, P. Eng., an associate of MDA, who are both qualified persons under NI 43-101. There is no affiliation between Mr. Ristorcelli or Mr. Ronning and Mariana or New Dimension except that of an independent consultant/client relationship. Section 13 (Recovery Methods and Metallurgical Testing) was prepared by Travis J. Manning, P.E. of Kappes, Cassiday & Associates (“KCA”) in Reno, Nevada. There is no affiliation between Mr. Manning and Mariana or New Dimension; MDA represented Mariana and New Dimension for the purpose of KCA’s work.

MDA has relied on the data and information provided by Mariana for the completion of this report. MDA’s verification of data provided by Mariana is described in Section 12.0. In addition, MDA has

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The authors’ mandate was to make the 2011 Technical Report current. To do so, MDA checked and reviewed the drilling results completed since March 6, 2011. The post-March 6, 2011 drilling substantially supports the resource estimate presented in 2011. In addition, the drilling results since March 6, 2011 would incrementally expand the resources at Las Calandrias, when the estimate is updated with new drilling.

Ristorcelli and Ronning conducted a site visit from October 25 to October 27, 2010, and Ristorcelli made a second site visit from February 4 through February 7, 2011. Ronning, on behalf of MDA, visited the site in October 2017, arriving mid-afternoon on October 26 and staying until mid-morning of October 30. During the latter site visit Ronning reviewed the core from eighteen holes, supervised the collection of three independent samples from drill holes and six independent samples from trenches, checked the locations of thirteen drill holes and six trenches, and had numerous discussions with Mariana’s personnel on the topics of the project database, project geology and concepts for future exploration (Ronning, 2017).

MDA has relied almost entirely on data and information derived from work done by Mariana. A small number of independent samples supported the general tenor of grades reported by Mariana (Ristorcelli and Fitch, 2010; Ronning, 2017). MDA has reviewed much of the available data and made site visits and has made judgments about the general reliability of the underlying data. Where deemed either inadequate or unreliable, the data were either eliminated from use or procedures were modified to account for lack of confidence in that specific information. If the quality of underlying data was poor or not reliable, recommendations were made to modify that data’s use.

2.2 Frequently Used Terms, Acronyms and Abbreviations

Unless otherwise indicated, all references to dollars ($) in this report refer to currency of the United States. Frequently used acronyms and abbreviations are listed below.

AA atomic absorption spectrometry Ag silver anomalous when used in the context of gold or silver concentrations in soil or rocks, refers to values that stand out from the background, but are not in themselves potentially economic. Au gold AuEq gold equivalent cateo exploration permit estancia sheep-grazing farm g/t grams per metric tonne ha hectares ICP inductively coupled plasma km kilometers

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kV kilovolts lag sampling selective coarse-fraction soil sampling m meters Pb lead ppb parts per billion ppm parts per million QA/QC quality assurance and quality control rock chip sample a rock sample representing a point, with no implied dimension reconnaissance drilling scout drilling RQD rock-quality designation t metric tonne(s) Zn zinc

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3.0 RELIANCE ON OTHER EXPERTS

This report has been prepared by MDA for New Dimension. The information, conclusions, opinions, and estimates contained herein are based on: • Information available to MDA at the time of preparation of this report, • Assumptions, conditions, and qualifications as set forth in this report, • Site visits and independent sampling, and • Data, reports, and other information supplied by Mariana or obtained from third-party and public-domain sources.

Minera Mariana provided the text and information regarding the status of mining rights of Las Calandrias as updated by Lic. Carlos Saravia Frías, LL.M., from Saravia Frías & Mazzinghi Abogados, current legal counsel to Minera Mariana Argentina S.A. Lic. Saravia Frías is also currently the President of Minera Mariana Argentina S.A. The authors of this Technical Report are not experts in assessing the validity of legal, political, environmental, or tax matters relevant to the Technical Report, and therefore MDA has incorporated the work of Mr. Saravia Frías as presented, except where minor grammatical edits and formatting might have been warranted, and has relied on his work entirely. The documentation provided by Mariana is Section 4.0 in its entirety. The only editing done by MDA to the work of Mr. Saravia Frías was to remove information related to other projects of Mariana, but unrelated to Las Calandrias. MDA re-formatted Mr. Saravia Frías’ text to make it consistent with the remainder of the report.

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4.0 PROPERTY DESCRIPTION AND LOCATION

According to a news release by New Dimension dated February 20, 2018, New Dimension has agreed to acquire a 100% interest in various mineral properties in Santa Cruz Province (“the Santa Cruz Projects”) through agreements dated February 19, 2018 amongst Sandstorm, New Dimension, and certain subsidiaries of each entity. Las Calandrias, owned by Minera Mariana Argentina S.A., is one of those properties. In an email communication of February 14, 2018, Dr. Eric Roth advised MDA that the agreements include the acquisition of Minera Mariana Argentina S.A. by New Dimension.

As indicated in the news release of February 20, 2018, New Dimension will provide consideration to Sandstorm of: • A $400,000 amount payable to Sandstorm in cash or shares at New Dimension's election on each anniversary of the acquisition, until December 31, 2032 or earlier if certain events occur, including commencement of commercial production; and • A 2% net smelter returns royalty (“NSR”) on each of the Santa Cruz Properties.

The information contained in the news release of February 20, 2018 and the email of February 14, 2018 constitute MDA’s entire knowledge of those agreements. MDA has not reviewed the agreements between Sandstorm and New Dimension. MDA has no expertise in legal agreements and does not express an opinion as to their validity and merits.

All of the following information in section 4.0 was obtained from Minera Mariana Argentina S.A.

MDA is not an expert in land, legal, or environmental matters; consequently the following information on Argentine Legal Framework (Section 4.1), Methodology (Section 4.2), Las Calandrias I (Section 4.3), Conclusions and Recommendations (Section 4.4), and Environmental Liabilities and Permitting (Section 4.7) has been provided by Saravia Frías Abogados, current legal counsel to Minera Mariana Argentina S.A. Sections 4.1, 4.2, 4.3 and 4.4 are from a “Legal Title Opinion” written by Mr. Carlos Saravia Frías and dated November 20, 2017 (hereinafter referred to as “Saravia Frías, 2017”). Mr. Saravia Frías is also currently the President of Minera Mariana Argentina S.A.

In Section 4.0 and its subsections, information appearing in italic characters is copied directly from Saravia Frías, 2017. MDA has done some re-numbering of headings, and reformatting, but has not altered the text. Parts of the document that have no direct bearing on the Las Calandrias mineral titles have been excluded. For example, the Legal Title Opinion deals with a number of other mineral properties held by Minera Mariana Argentina S.A. Only those parts of the document that have direct bearing on Las Calandrias are included here.

The following glossary explains certain abbreviations and terms used in Saravia Frías, 2017:

MD: Manifestation of discovery, exploitation right Cateo: Exploration right PH: Mr. Pedro Huaiquinao DM: Mining Direction of the Province of Santa Cruz EIA: Environmental Impact Assessment

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MMASA: Minera Mariana Argentina S.A. POA: Power of Attorney MC: Mining Cadaster DIA: Authorization issued by the Environmental Authority that allows the company to proceed with the mining activity.

4.1 Argentine Legal Framework

4.1.1 Federal State Organization

According to Argentine Political State Organization, the mines belong to the Provinces, which grant the exploration and exploitation concession rights to the applicants. However, the Federal Government is entitled to enact the National Mining Code (hereinafter NMC) which is applicable to the whole country, while the Provinces have the Power to regulate the procedure aspects of the National Mining Code through each Provincial Mining Procedure Code (hereinafter PC) and to organize its local authorities. Therefore, differences in the procedure among provinces can be found. In the provinces under analysis, the mining rights are granted by a Mining Director who at the time is the mining Authority in charge of the administrative procedure.

4.1.2 Mining Properties

A mining concession allows its holder to carry out exploration and exploitation activities within the area established in the respective concession title, provided that prior to the beginning of any mining activity, such concession title is granted by the Mining Authority. According to the NMC there are two types of mining rights, the exploration and exploitation concessions, both being exclusive:

• The exploration concession: the holder of the right can explore the area during the period granted. In case of discovering a mine, the holder has an exclusive right to apply for an exploitation concession.

The time period of the exploration permit, depends on the extension of the area applied. The maximum extension allowed is 10.0003 has which are divided into unit of measurements of 500 has each one. For the first unit granted, the valid period is 150 days and for the following unit of measurements, 50 days are added for each unit. A relinquishment must be made after the first 300 days, and a second one, after 700 days being elapsed. The applicant should pay the Canon fee, submit a minimum working plan to be performed, and hand in an environmental impact assessment. It is important to point out, that exploration concessions are granted for a fix period of time, based on the extension of the area applied and there are no renewal or extensions of the term originally granted. Moreover, the licensor can not apply again for the same area until a year has elapsed. Therefore, the next step in the process, provided a mine is discovered in the exploration area, is to apply for the exploitation right as described hereunder.

3 Ten thousand hectares

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• The exploitation concession: It has no time limit provided the holder complies with the requirements of law, which are basically, the annual payment of a Canon, the compliance of the working and investment plan, and the submission of an environmental impact assessment that must be updated every two years. There are different ways of acquiring an exploitation permit: o By discovering a mine as a consequence of an exploration process as described above. o When a mine is discovered by “Chance,” that is, without an exploration process. o When an exploitation right has been declared and posted in the register as “vacant” due to a non-compliance with the requirements settled by law.

4.1.3 Obligations by the holder of exploration/exploitation permit

The holder of an exploration/exploitation permit must perform a series of obligations to maintain its full force and effect. The non-compliance of said obligations could end up in the revocation of the exploration/exploitation permit.

a. Exploration Period

• Field delimitation task: Once the exploration permit has been issued, the titleholder has 30 days for making the delimitation of the property through the pertinent field work.

• Working Plan: a minimum working plan must be filed setting out basic data related with the exploration activity.

• Canon: this payment must be done with the presentation of the application permit, only once. If an overlapping exists, and the concession cannot be issued, the applicant gets the reimbursement of the money. According to the Argentine NMC the amount to be paid as Canon is $ 400 per unit of exploration, being this 500 ha.

• Environmental Impact Assessment: the EIA is for the exploration process only. Therefore, the requirements are related to the exploration works proposed and settled in the regulations. This presentation is due only when the concession is granted and before starting with the field work.

b. Exploitation Period

• Canon: must be paid twice a year (June 30th and December 31st). The lack of payment ends up in the revocation of the permit, unless the title holder pays the canon within the 45 following days plus a 20% amount (fine). According to the NMC the amount to be paid is$ 800 per unit of disseminated tenement (pertenencia). A 3-year period free of canon payment takes place if a mine is discovered.

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• Legal Labour and Legal Survey: a legal labour to establish the limits of the mine must be performed within 100 days to be counted as from the registration of the mining right. Within 30 days after compliance with the legal labour, a filing requesting the legal survey must be done. The Mining Director of the Province has to set a date and the professional that will carry out the survey. Once the latter is completed the concession is registered with the Mining Cadastre and perfected.

• Working and Investment Plan: a working and investment plan to achieve a minimum production equivalent to 300 times the annual canon paid within five years following the year in which the application of the legal survey is submitted must be done. During each of the first two years the amount of the investment shall not be less than 20 %, while the rest of the investment (60 %) can be freely distributed during the remaining three years. Every year, an affidavit describing the investment done should be submitted to the Mining Director. If the affidavit is not submitted or does not correspond with real investment, the license expires and the mine is declared vacant, unless the holder amends the mistake or omission within the following 30 days counting from the receipt by the holder of the notification from the Mining Director. Every year, an affidavit describing the investment done should be submitted to the Mining Director. When the mine remains without activity during 4 years the Authority could ask the titleholder for the presentation of a “Reactivation Plan.” The obligation should be fulfilled within 6 months otherwise the mine is declared vacant. The owner should comply with each stage as described in the plan, which cannot exceed of 5 years.

• Environmental Impact Assessment: must be filed prior to initiating the field works and ought to be updated every two years.

4.2 Methodology

Mr. Saravia Frías described the methods employed in developing the Legal Title Opinion:

For conducting our due diligence, we have reviewed and analyzed the following documentation, laws and regulations applicable in Argentina and specially in the Province of Santa Cruz, as well as all other documents listed hereunder as we considered necessary and desirable as a basis for this legal due diligence, including without limitation: a) Analysis of the files at the Santa Cruz Mining Department related with each property, in which the proceedings for obtaining the concession title are evidenced. b) National Constitution of the Republic of Argentina and the Constitutions of the Province of Santa Cruz. c) Mineral Code of the Republic of Argentina, Law Nº 1.919 as amended by Decree Nº 456. d) Mining Procedure Code of the Province of Santa Cruz, Provincial Law Nº VI 0157- 2004 (5515). e) Mining Certificates issued by the Mining Clerk. f) Resolution N° 543 issued by the Mining Director of the Province of Santa Cruz.

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4.3 Las Calandrias I (File Nº 420.323)

Legal Status: Manifestation of Discovery in due process Project: Las Calandrias Extension: 2,499 has. Application date: 23/03/12 Location: Deparatamento Deseado, Las Calandrias Mineral: disseminated Au, Ag, Current Owner: Minera Mariana Argentina S. A.

Administrative Process: 16/09/13 under Disposition 449 the MD Las Calandrias I was registered under N 297 located at lote 11-12-20-19 “c” section “v” Department Deseado, with a surface of 2,499 has. being the landowners the following estancias: El Ceibo, Las Calandrias and La Magdalena. 08/04/16 an assignment of the MD from Mr. Bastias in favour of MMASA was delivered and registered. Legal labour and Legal Survey: 17/10/14 the legal labour was handed in and approved by the DM. the geological report was delivered as well. 01/06/15 DM notified that the mining right was declared vacant. 27/08/15 the MD was recovered by Mr. Emilio Bastias on behalf of MMASA. 18/02/16 a new legal labour was handed in. 19/02/16 the legal labour was rejected given 10 days for amendments. 06/06/16 the geological report demonstrating the disseminated situation of the mine was handed in. 22/06/16 the legal survey was conducted and delivered on 23 pertenencias of 100 has each one totalizing 2,300 has. 03/05/17 the publication of the legal survey was done and registered under N 73. Environmental Impact Assessment: 28/06/12 the second update of the EIA was approved. 19/07/14 update of the EIA was handed in. 13/04/15 the third update of the EIA was approved. 27/04/17 the forth update of the EIA was delivered. Surface and landowners: El Ceibo, Las Calandrias and La Magdalena.

Next Steps: the presentation of the working and investment plan that is pending.

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4.4 Conclusions and Recommendations

(MDA has here omitted part of the discussion in Savaria Frías’ conclusions and recommendations in which all of Minera Mariana’s mineral properties are listed in two groups according to their status. Las Calandrias I is assigned to a group that is described as “in due process”.)

In our opinion, each of the mining rights related to the properties analyzed in this report are in good standing, and there are no debts, registered agreements, liens or encumbrances on each of the properties which are therefore free of third party’s interests.

Should the titleholders continue with the administrative process settled by law they will get the concession in due time. There are no important risks associated with the process.

(MDA has here omitted a paragraph in Savaria Frías’ conclusions describing issues specifically relating to some of Mariana’s other properties but not to Las Calandrias I.)

Finally, we strongly recommend fulfilling the recommendations settled above in the analysis of each mining file under “next steps”.

4.5 Location

The Las Calandrias property is located in the eastern part of Santa Cruz province in southern Argentina, approximately 210km south of the city of Comodoro Rivadavia (population approximately 180,000 in 2010) (Figure 4.1 ). The center of the project lies at approximately 47° 36’ 21” South and 67° 29’ 20” West. All maps and sections in this report use UTM coordinates in meters, Zone 19, WGS 84 Datum.

There are two principal areas that have been the focus of exploration by Mariana on the Las Calandrias property. The main focus has been on the Calandria Sur dome and The Calandria Norte vein. The other principal area is the El Nido complex, which includes El Nido Sur, El Nido Norte, El Nido Este, El Nido Oeste, and El Nido Centro targets. See Figure 4.3 for the locations of the exploration areas.

4.6 Land Area

The M.D. Las Calandrias I is controlled 100% by Mariana and is being converted to a group of 23 units of measurement of 100ha each, together named the MD Las Calandrias. The surface at MD Las Calandrias I is part of the approximately 23,430ha “La Calandria” farm (“estancia”). Mariana exercised its option and purchased the estancia as of October 12, 2010. The perimeters of the MD Las Calandrias and the Estancia La Calandria are shown on Figure 4.4.

Figure 4.2 shows the MD Las Calandrias I that comprises the Las Calandrias property, as legally defined, based on Gauss Kruger geographic coordinates. Figure 4.3 shows some of the significant exploration areas within the mina, using UTM coordinates. Recording of exploration data at Las Calandrias is done using UTM. As shown on Figure 4.3, the Calandria Sur resource is limited on its southern end by the MD Las Calandrias I concession boundary.

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4.6.1 Discussion of Coordinate System Conversions

MDA uses UTM coordinates supplied by Mariana for the working definition of property boundaries. At the time of the 2011 Technical Report (Ristorcelli et al. 2011), these were the boundaries of the Pampa del Tongoril II exploration permit. The most recent set of UTM coordinates describe the boundaries of the MD Las Calandrias I. They are the UTM equivalents of the Gauss Kruger coordinates listed in the lower part of Figure 4.2.

As a check on the effects of converting coordinates, MDA checked the total lengths of the eastern and southern sides of the MD Las Calandrias I. These are, referring to Figure 4.2, the distance from point 1 to point 5, and the distance from point 5 to point 30, respectively. MDA found that in both cases the distances using UTM coordinates were approximately 2 meters less than the distances using the official Gauss Kruger coordinates. MDA is not expert in geographic coordinate systems and does not offer an explanation for the differences. However, MDA has observed that it is common for small differences such as these to arise when coordinates are converted.

Figure 4.1 Location of Las Calandrias Property, Santa Cruz Province, Argentina (Provided by Minera Mariana, 2011; north is up.)

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Figure 4.2 Formal Definition of MD Las Calandrias I

Figure 4.2 was provided by Minera Mariana in February 2018.

The list titled “Coordenadas puntos esquineros de pertencias” in Figure 4.2 is a list of the corner coordinates of each concession comprising the MD Las Calandrias I.

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Figure 4.3 Resource and Drilling Map of Las Calandrias Project

Figure 4.3 was prepared by MDA in 2017 using geographic coordinates provided by Minera Mariana

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Figure 4.4 Surface Rights Controlled by Mariana (map provided by Minera Mariana, February 2018)

Note: coordinates are UTM, Zone 19S

4.7 Environmental Liabilities and Permitting

As described in Section 4.1.3, EIAs are required as part of the process of maintaining exploration and mining concessions in good standing with the PMD. An initial EIA is required before field work is permitted on a concession, and updates to the EIA are required before trenching and drilling are permitted. As noted in Section 4.3, Mariana filed the most recent EIA for Las Calandrias on April 27, 2017. Mariana advises MDA that this covers the expected exploration work described in sections 1.6 and 18.0. The EIA must be updated biannually as described in Section 4.1.3 or when the planned program of activities concludes, whichever happens first.

As of the date of this Technical Report, Minera Mariana is unaware of any environmental liabilities or required mitigation measures related to the Las Calandrias property outside of work-related commitments associated with routine exploration of the concession, including trenching and drilling, which has been in accordance with industry standards.

There are no restrictions to conducting mining operations at Las Calandrias if the project is determined to be economic, upon the fulfillment of the legal requirements described in sections 4.1 through 4.4.

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4.8 Provincial Restrictions on Mining and Processing in Santa Cruz Province

In November 2009, the Provincial Legislature of Santa Cruz passed new legislation providing for the creation of an Area of Special Interest for Mining. The new Area of Special Interest for Mining defines a perimeter within the Santa Cruz province where mining may occur and establishes a minimum distance from shores, rivers, and towns for mining developments. Mining activities are allowed beyond a distance of 4km from the shores of lakes and the axis of major rivers and beyond a distance of 10km from the city limits of towns. Mining plants and processing of ores should be situated at least 20km from these major water features.

Mariana’s MD Las Calandrias I is within the new Area of Special Interest for Mining.

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5.0 ACCESS, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY

5.1 Access

The Las Calandrias project is located about 210km south of the coastal city of Comodoro Rivadavia (“Comodoro”). The ports of Caleta Olivia and Puerto Deseado are located 140km by road north and 170km by road east, respectively, of the property. Access to the project is via paved national road N3 from Comodoro and then by 4km of good gravel road to the La Calandria estancia buildings. The project is 11km to the west of the main estancia building (casco de estancia) via gravel and graded dirt road. Travel time from Comodoro to the property by car is about three hours.

5.2 Climate

Las Calandrias lies in the arid to semi-arid Patagonian region of southern Argentina. As described by Rodriguez (2009), the climate in the region is cool, dry, and windy. Temperatures range from 25°C in the summer to -5°C in the winter (late June to the end of August). The average annual rainfall is about 200mm. There is occasional light snow in winter. Wind in this region averages 26 to 39km per hour and is persistent.

Although inclement weather might hamper exploration for brief periods, exploration and mining can be conducted year-round on the property.

5.3 Local Resources and Infrastructure

The Las Calandrias project area is sparsely populated. Isolated sheep-grazing farms (estancias) have been largely abandoned since the early 1990s, when deposits of ash from the eruption of a volcano in Chile severely disrupted the industry. The ash also covered areas of surface mineralization, making geochemical prospecting difficult (Mariana uses lag sampling, in which coarse particles in the range 2.0 to 6.0mm are screened on site from the unconsolidated surface material).

The town of Caleta Olivia is 140km north of Las Calandrias on paved national road N3. Caleta Olivia has a population of about 70,000 and is an active oil and gas field center with supporting services including transport, trucking, and oil-field drill rigs. The city of Comodoro Rivadavia is 70km north of Caleta Olivia and about 210km north of Las Calandrias on N3. Comodoro Rivadavia had a population of about 180,000 as of a 2010 census. It is an oil industry center with a regional airport having multiple daily flights to Buenos Aires. Both of these cities can provide services for exploration and mining. Fitz Roy and Jaramillo are small villages 60km north of Las Calandrias with populations of about 325 and 420, respectively. Although the two villages are about 20km apart, they are under the same local government. Mariana has undertaken collaborative efforts with these villages and is organizing a provider chain in order to improve the local service capacity. As an example, Mariana has in the past contracted with a local company to provide camp and food services.

The nearest electrical power line to the project runs roughly north-south, about 10km to the west of the Las Calandrias resource. MDA does not have information as to the capacity of this power line. The Las

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Calandrias property is located 10km west of one of the principal gas pipelines in Argentina. The 3,756 km, 30in-diameter General San Martin Gas Pipeline begins in Tierra del Fuego at the southern tip of Argentina, crosses the Strait of Magellan, and ends near the city of La Plata. The power line and the gas pipeline are both illustrated on Figure 15.1.

Water needed for previous drilling programs at Las Calandrias was obtained from a collection system that sourced several small seeps and shallow lakes that intermittently contain water from runoff. Most of the basins are dry lakes with internal drainage. A hydrogeologic study for Mariana (Giaccardi and Aquilera, 2010) measured the water level at depths of 51 to 64.9m in three of 16 drill holes in Calandria Sur. The 13 holes not measured were caved above the water depth. Results of water analyses from the three drill holes exceeded levels of fluorine allowed for drinking water, and one of the holes had high chlorine values. The preliminary hydrogeologic study by Giacarrdi and Aquilera was unable to develop a hydrogeologic model due to the limited data available.

No formal studies have been done as to suitable potential sites for mining infrastructure such as a processing plant, tailings storage area or heap leach pads. As owner of the surface rights to 23,430ha, Mariana has a large area within which to seek suitable sites for infrastructure, should the project progress to that stage. See Figure 5.1 for an illustration of the general character of the terrain available to Mariana for selecting sites.

A 1,000 tpd CIL plant and electrowinning circuit has recently been constructed roughly 40 kilometers southeast of Las Calandrias, for the Don Nicolas4 project, owned and operated by CIMINAS, an Argentine group. A hypothetical alternative to building a processing plant for Las Calandrias might be to ship ore as feed for the Don Nicolas facility. No formal discussions with CIMINAS about this possibility have been held, there is no certainty that an agreement to this end could be negotiated, and no studies exist as to the economic feasibility of such an arrangement. It is a possibility to be considered, should a decision be made to investigate the feasibility of exploiting the Las Calandrias resource.

5.4 Physiography

The project lies on the low-lying Patagonian plains of southern Argentina. The terrain in the project area has subdued relief (Figure 5.1) at altitudes between 130 and 200 meters above sea level. There are numerous scattered dry-lake basins (playas) that intermittently hold water from rainfall runoff. Vegetation is sparse.

4 Sandstorm Gold Ltd. holds a $3 per ounce gold royalty interest in the Don Nicolas project. This is unrelated to Sandstorm’s interest in Mariana, and there is no reason to suppose that the existence of the royalty would influence any decisions that CIMINAS might make in relation to any proposed business arrangements with Mariana.

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Figure 5.1 Physiography of Las Calandrias Project Area

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6.0 HISTORY

6.1 Exploration History

There was no known previous exploration at Calandria Norte and Calandria Sur. At a few locations on the Las Calandrias property, there are indications of previous rock-chip sampling, but it is not known which company or companies conducted this exploration.

Through a study of satellite imagery and subsequent follow-up on the ground, Mariana discovered quartz-sulfide vein/breccias over two broad zones about 600m apart and applied for the cateo in April 2008. High-grade gold mineralization was first discovered at the Calandria Norte Vein5. Recognition of the mineralization at Calandria Norte was followed by discovery of silver- and gold-rich breccias at Calandria Sur (Rodriguez et al., 2010).

Exploration by Mariana is described in Section 9.0.

6.2 Historical Mineral Resource Estimates

There is no evidence of previous mineral resource estimates having been made at Las Calandrias; indeed, as noted above, there is no known previous exploration beyond a few rock-chip samples about which Mariana and the report authors have no information.

5 At various times the Calandria Norte Vein has been referred to as La Calandria Vein Zone. The Calandria Norte Vein is used throughout the text of this report, but some figures still show the former name.

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7.0 GEOLOGIC SETTING AND MINERALIZATION

The following discussion of the geologic setting and mineralization of Las Calandrias is largely taken from Rodriguez (2009) with additional information as cited and updated information provided by Mariana.

7.1 Regional Geology

The Las Calandrias property is located in the east-central part of the Deseado Massif, a 60,000km2 rigid crustal block in southern Argentina bounded to the north by the Río Deseado, to the south by the Río Chico, to the east by the Atlantic coast, and to the west by the Andean Cordillera.

The basement of the Deseado Massif consists of Cambrian metasedimentary rocks (La Modesta Formation) that were intruded by granitoids and tonalites. Fluvial Permo-Triassic sequences6 of the La Juanita and La Golondrina formations unconformably overly the basement rocks; they were deposited in north- to northwest-trending rift basins that formed along older reactivated basement structures (Fernandez, 2010). The fluvial units are overlain by continental Triassic sedimentary rocks (arkosic sandstones, shales, conglomerates, and redbeds) of the El Tranquilo Formation (Fernandez, 2010). Deposition of the lower- to middle-Jurassic tuff of the Roca Blanca Formation in angular unconformity on the Triassic sedimentary rocks signaled initiation of extensive Jurassic volcanism on the Deseado Massif. Andesitic and basaltic volcanic and intrusive rocks of the Bajo Pobre Formation were followed by the rhyolitic Bahia Laura Group, including at least 2km-thick rhyolitic and dacitic ignimbrites of the Chon Aike Formation and tuff, tuffites, and pelites of the La Matilde Formation. Pankhurst et al. (2000) studied the ages of Jurassic volcanism in Patagonia using high-resolution SHRIMP U/Pb ages on zircons. They concluded that Jurassic volcanism occurred over more than 30 million years, with periods of peak activity at 188 to 178Ma, 172 to 162Ma and 157 to 153Ma.

Cretaceous lake beds cover portions of the Jurassic volcanic plateau. Tertiary and Quaternary alkali basalts were erupted through the older units and form volcanic cones and flood basalts.

One of the most striking features of the Patagonian stratigraphy is that the Permo-Triassic through Cenozoic volcanic-sedimentary sequences are roughly horizontal. Jurassic horsts and grabens trending northwest cut the Paleozoic basement. Northwest- and north-trending regional extensional structures appear to have controlled the locus of Jurassic magmatism and may also have controlled intrusion of Tertiary and Quaternary alkali basalts (Sanders, 2000).

The Deseado Massif hosts numerous low-sulfidation, epithermal, precious-metal, quartz vein deposits, the formation of which appear to have closely followed episodes of the Jurassic felsic volcanism.

Figure 7.1 is a simplified geologic map of the Deseado Massif.

6 The fluvial Permo-Triassic sequences are not illustrated on Figure 7.1

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Figure 7.1 Geology of the Deseado Massif (Provided by Minera Mariana, 2010; north is up)

7.2 Local Geology

According to Hodder and White (2010), the portion of the Las Calandrias property in the vicinity of the current exploration targets is a window through ash-flow tuff units of the Chon Aike Formation exposing felsic domes, coarse volcaniclastic rocks interbedded with gray-green tuff, lacustrine sedimentary rocks, and mafic dikes. The ash-flow tuffs appear to dip outward from the window, suggesting that the window may be exposing a paleo-topographic high. Three irregularly-shaped domes – Calandria Sur, Calandria Norte, and El Nido Este – occupy the central area of the window and appear to intrude the lacustrine sedimentary rocks and the tuff. A fourth dome, or cluster of coalescing domes, called El Nido occupies the northwest portion of the window.

Mineralization at Calandria Norte and Calandria Sur is hosted largely by two rhyolite domes that cut shallowly dipping, quartz-poor, welded ignimbrites, probably part of the Chon Aike Formation (Sillitoe, 2009a). This suggests that while the domes may be exposed in a window through the Chon Aike Formation, at least some of the intrusive activity was contemporaneous with Chon Aike deposition. The two domes are separated laterally by only 400 to 600m of the host ignimbrite. Both are completely

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Figure 7.2 shows the geology of the Las Calandrias property.

Figure 7.2 Geology of the Las Calandrias Property (Provided by Minera Mariana, March 2018)

Note: Area illustrated lies entirely within Mariana’s mineral tenure. Southern boundary of image is close to southern boundary of tenure.

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7.3 Project Geology

The following information is taken from reports by Rodriguez (2009), Sillitoe (2009b), and Mariana’s website7 in 2011, with updated information provided by Minera Mariana.

The main focus of Mariana’s work at Las Calandrias has been at the Calandria Sur and Calandria Norte Jurassic rhyolite domes in the southeastern part of the project area (referred to collectively as “Dos Calandrias zone”), and, to a lesser extent, at the El Nido dome complex located to the west. El Nido includes the prospects at El Nido Sur, El Nido Norte, El Nido Este, and El Nido Centro.

7.3.1 Calandria Sur and Calandria Norte

The Calandria Sur and Calandria Norte mineralized zones are part of a rhyolite dome complex, 3km by 3km in area, that intrudes ignimbrite of the Jurassic Chon Aike Formation. The Calandria Sur and Calandria Norte domes (Figure 7.2) are centered on an area 1.5km by 1.3km. An early polymictic breccia, interpreted to be a phreatic or phreatomagmatic vent fill (Sillitoe, 2009b), crops out on the lower ground around the dome margins. The rhyolite domes were emplaced into the breccia fill and exhibit flow banding and total devitrification.

7.3.1.1 Calandria Sur

The following information is taken from Sillitoe (2009a) and Hodder and White (2010) with updated information from Minera Mariana.

Figure 7.3 shows the geology of Calandria Sur. Gold mineralization is encountered within a northwest- elongate, saucer-shaped rhyolite dome (Figure 7.4). Calandria Sur appears to consist of coalescing felsic domes (Hodder and White, 2010). These domes reached the surface and became short lobe flows, leaving septa of ash flow tuff between domes and beneath lobes.

The domes and lobe flows have a carapace of autoclastic crackle and jig-saw breccia a few meters thick in which the clasts are generally finely flow banded and the rectangular clasts’ long axes are parallel to the flow banding. The clasts are interpreted as devitrified glass. With depth, the flow-banded clasts give way in a few tens of meters to less abundant clasts of massive rhyolite. Abundant and large spherulites and lithophysae fade downward to fewer and smaller ones as the rock becomes more massive.

A simplified geological section across Calandria Sur shows that: 1- The upper parts are spherulitic and partially brecciated (clast-supported breccias), typically from the surface to 45m in depth. 2- A central part is composed of flow-banded rhyolite (in part, amygdaloidal). 3- A dome breccia (pepperite-like breccia) is close to the dome margin.

7 At the time of writing in 2017-18, Mariana does not maintain a web site.

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4- A transition zone contains intercalated dome and volcaniclastic rocks. 5- At the base of the dome there are volcaniclastic rocks and quartz-poor, lithic-rich ignimbrites. In 2011 then-recent mapping had identified an andesite dike swarm best developed in the northwest part of the Calandria Sur dome. This area, named La Vieja Herradura (Figure 7.3), was considered a low- priority target due to the extensive cover and the fact that drill holes along the northern margin of the dome had returned low grades (CSD28, CSD34, CSD109). The dikes strike northwest and are arranged in a braided pattern in plan view. Based on drill-section interpretations, the dikes dip steeply to the southwest (Figure 7.5). Individual dikes are up to 30m in width and up to 600m in length and are composed of porphyritic cores and fine-grained margins. The cores of the dikes contain phenocrysts of plagioclase up to 1mm across, and hornblende and biotite. In the La Vieja Herradura area, the dikes intrude both the rhyolite domes or lobes and the volcaniclastic rocks (Figure 7.5).

Figure 7.3 Geology of Calandria Sur (Provided by Minera Mariana, March 2018)

Note: Area illustrated lies entirely within Mariana’s mineral tenure. Southern boundary of image is close to southern boundary of tenure.

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Figure 7.4 Cross Section through the Central Part of Calandria Sur Dome (Section A as shown on Figure 7.3; provided by Minera Mariana, 2011, 2018)

Note: The lithological color codes on Figure 7.4 are the same as those on Figure 7.3.

Figure 7.5 Cross Section through the Vieja Herradura Area (Section I as shown on Figure 7.3; provided by Minera Mariana, 2011)

Note: The lithological color codes on Figure 7.5 are the same as those on Figure 7.3.

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7.3.1.2 Calandria Norte

The following information is taken from Hodder and White (2010).

Outcrops at Calandria Norte appear to be of a single dome that intrudes accretionary lapilli tuff, either extending just into or overlain by ash-flow tuff. Calandria Norte is considered distinct from Calandria Sur primarily because of intervening low ground in which there is no outcrop. The rock at Calandria Norte is white, spherulitic, flow-banded, devitrified and is clay rich. It is not significantly brecciated except for a one-meter interval that appears to be a late, silicified fault. Microcrystalline to crystalline quartz in outcrop at Calandria Norte is mostly confined to structures that appear to dip gently into the dome. This quartz is a lower-temperature variety than that observed at Calandria Sur.

Figure 7.6 shows the geology of Calandria Norte, and Figure 7.7 is a cross section through the dome.

Figure 7.6 Geology of Calandria Norte Dome (Figure Provided by Minera Mariana, 2018)

Note: Area illustrated lies entirely within Mariana’s mineral tenure.

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Figure 7.7 Northwest-Southeast Cross Section through Calandria Norte Dome (Section line is traced on Figure 7.6; this figure provided by Minera Mariana, 2011, updated 2018)

7.3.2 El Nido Complex

The following information is taken from Hodder and White (2010), from the former Mariana website, and from updated information provided by Mariana.

El Nido appears to consist of several coalesced or adjacent rhyolite domes aligned on a northeast- trending system of faults or factures that crosses the major regional northwest structural trend of the area. The El Nido domes form a northeast-trending belt that is 3.5km by 2.5km in area and lies west and northwest of the Calandria Sur and Calandria Norte domes. El Nido has carapace autobreccias of flow- banded devitrified glass overlying massive coherent rhyolite. The rock is not spherulitic in the north but is in the south. Planar quartz veins follow cooling joints through the breccia. Surface exposures are thoroughly oxidized and have only trace amounts of precious metals.

Nido Este is the most central dome, situated between Calandria Sur and El Nido. It is probably the stratigraphically highest dome in the district (Hodder and White, 2010). In outcrop, it is the smallest and most circular in shape. Nido Este intrudes thinly laminated lacustrine sedimentary rock and crystal-rich ash-flow tuffs. The lacustrine beds contain authigenic marcasite that Hodder and White (2010) interpret as sedimentary rather than hydrothermal. This dome has a very spherulitic margin surrounding massive cryptocrystalline rhyolite with small quartz phenocrysts.

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Nido Norte consists of a series of rhyolitic domes and lava flows which extend over an area of about of 3.5 by 2.5km with a northeast-southwest strike (Figure 7.8). These domes are emplaced in the Chon Aike(?) pyroclastic sequence. The drill program undertaken in Nido Norte, reaching a depth of 250m, shows the continuity of the domal bodies and the existence of at least four domes. Discernible rhyolitic domal facies alternate with thin pyroclastic deposits. The domes are vertical at depth and sub-horizontal at the surface.

The Chon Aike(?) pyroclastic sequence at Nido Norte is characterized by lithic ignimbrites, ash, and other tuffs, and crops out surrounding the Nido Norte target. The elongated trend of the rhyolitic domes is coincident with a regional lineament which may represent a fault or fracture system that localized the principal rhyolite dome emplacement. Flow banding and microspherulite textures are present in the most-developed rhyolithic domes, and vitrophyric textures are present in the lava flows at the surface.

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Figure 7.8 Geology of Nido Norte Area (Figure provided by Minera Mariana, March 2018)

Note: Area illustrated lies entirely within Mariana’s mineral tenure.

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7.4 Mineralization

7.4.1 Mineralization at Calandria Sur and Norte

The following information has largely been taken from reports by Rodriguez (2009), Rodriguez et al. (2009, 2010), Sillitoe (2009b), Rodriguez et al. (2011) and news releases on Mariana’s former website, with updated information provided by Mariana.

Like the producing mines in the region, the mineralization on the Las Calandrias property is of the low- sulfidation epithermal type. Mariana has identified gold mineralization hosted by silicified structures and vein breccias. High-grade gold and silver veins and breccias are closely related to subaerial rhyolite flow domes that were emplaced at the junctions of northwest- and northeast-trending fractures.

At Calandria Sur Ag:Au ratios are in the range 10 to 130, averaging 25, while at the Calandria Norte vein the ratios are in the range < 1 to 45, averaging 6. Both deposits have relatively low base-metal contents. Mineralization in the two deposits is not restricted to quartz veins but occurs also as disseminations in wall rock and in chalcedonic hydrothermal breccia filling. Some of the mineralized zones in drill-hole intercepts from Calandria Sur appear to correlate with roughly sub-horizontal zones rather than steeply dipping veins. In contrast, some gold in the Calandria Norte dome occurs within a breccia that is from a few centimeters up to 1m wide and strikes northeast, dipping steeply to the north.

Although the deposits locally contain abundant sulfides mainly pyrite and marcasite, they formed in a low-sulfidation epithermal system (Sillitoe, 2009b). The highest gold concentrations occur in arsenic- rich pyrite and electrum that overgrow or associate with acicular marcasite embedded in a fine-grained quartz-illite matrix. This mineralizing event was contemporaneous with deposition of arsenopyrite and minor galena, sphalerite, tetrahedrite, argentite and covellite (Barnett et al., 2010). Alteration of rhyolite consists of pervasive silicification within a broad illite-smectite halo that grades outward into widespread propylitic alteration.

At the surface, the veins of the Las Calandrias project area are composed almost entirely of dense brown chalcedony that is, in part, hydrothermally brecciated. This chalcedony is locally crustiform, and cavities within the veins are filled with massive kaolinite. High levels of arsenic, antimony, and mercury are present, which combined with the presence of chalcedony and late vug-filling kaolinite suggests a shallow level of exposure (Sillitoe, 2009b). The veins are irregularly developed but locally are up to 1m in width. Pyrite and marcasite are found in both brecciated and non-brecciated vein material.

7.4.1.1 Calandria Sur

Calandria Sur is located in a northwest-trending rhyolite dome which hosts gold and silver mineralization that is cut by steeply dipping structures. The mineralization was originally thought to be almost entirely within the limits of the dome, but later mapping, sampling, and drilling confirm it continues into the surrounding volcaniclastic rocks. In all the cases, the mineralization has poor expression at the surface.

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At Calandria Sur the northwest-trending mineralized zone is 740m long (artificially restricted by the southern property boundary) by 350m wide by 120m thick and is open laterally both to the northwest and east-southeast. The deposit is shaped like an elongated, shallow-bottomed saucer, or bowl. The long dimension strikes at approximately N50°W. The mineralization consists of quartz-sulfide stockwork veining with moderately continuous to discontinuous high-grade breccias, stockworks, and disseminations.

Mineralization at Calandria Sur has three main types of breccias: Type A: Monomictic breccia with fine-grained angular fragments with brown chalcedony cement without sulfides. Grades are around 0.1g Au/t and <10g Ag/t. Type B: Monomictic breccia with sub-angular to rounded fragments. Microcrystalline quartz to chalcedony cement is low in sulfides (<2%). Grades of the breccia are between 0.2 and 0.6g Au/t and 5 to 15g Ag/t. Type C: Monomictic breccia with pervasively silicified monomictic clasts, sulfide-rich (<20% volume), with grades between 1 and 40g Au/t and 30 to 400g Ag/t.

Type C breccia is thought to have developed at or near main fluid conduits and to grade upward or laterally to Type B and Type A breccia.

Although pyrite and marcasite are present sporadically with iron oxides in outcrop and to depths of 20 to 30m in drill core, limonite, hematite, and minor jarosite are most common to these depths. The iron oxides appear to be mostly on planar joints.

The bulk of the mineralization included in the current resource estimate is centered in the core of the Calandria Sur rhyolite dome and consists of thick (up to 90m) zones of disseminated sulfides, stockworks, and subordinate breccias. The highest gold and silver grades coincide with an increase in the intensity of silicification and density of stockwork veinlets. In the westernmost part (La Vieja Herradura), mineralization has characteristics in common with the core of Calandria Sur, but in some instances, gold and silver increase near the contact of andesite dikes (e.g., drill holes CSD255, CSD109). The timing of intrusion of the andesite dikes is not clearly defined, but drill-hole intersections across the dikes returned no gold and silver values, and pathfinder elements are low (e.g., intervals in holes CSD33, CSD109, CSD115, CSD255, CSD257, CSD264) suggesting they are post-mineralization. However, some high-grade gold and silver intersections are in close spatial relation to andesite dikes.

Extensive zones of pervasive and vein-style silicification have been identified outside of the rhyolite domes on the northern margin of Calandria Sur. The areas named La Picasa and Loma Verde (east) define an alteration zone up to 400m wide (ENE-WSW) by 450-500m in length (NW-SE). Individual zones strike northwest and northeast, are up to 25m wide by up to 350m in length, and are characterized by volcanic rocks replaced by chalcedonic silica and cm-scale quartz veinlets. At Picasa 2011 drilling results show extensive mineralization in silicified volcaniclastics with 40 m @ 1g Au/t including 3m @ 5.1g Au/t and 4m @ 3.1g Au/t (CSD273) or 6m @ 1.4g Au/t including 1m @ 4.5g Au/t (CSD269). At LomaVerde 2011 drilling also returned interesting results in the volcaniclastics with 22m @ 0.6g Au/t, including 1m @ 1.92g Au/t (CSD272) or 36m @ 0.4g Au/t including 1m @ 2.21g Au/t. All lengths are intercepts and do not imply true widths.

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7.4.1.2 Calandria Norte Vein

The Calandria Norte rhyolite dome, located about 600m north of Calandria Sur, hosts mostly northeast- trending veins and vein/breccia mineralization entirely within the circular rhyolite dome. This vein and vein/breccia mineralization lies within a broader area of weak stockwork to disseminated mineralization. At least three distinct vein systems are found within Calandria Norte: the Calandria Norte Vein and the Tongoril Vein in the southern half of the dome, and La Morena Vein Zone in the northern part (see Figure 7.6).

At the discovery outcrop of the Calandria Norte Vein vein-breccia, where the mineralization was originally identified by trenching, the vein-breccia is up to 0.7m wide with multiple parallel veins; the vein-breccia strikes northeast and dips steeply to the north. The vein-breccia is filled with brown chalcedony and microcrystalline quartz with black sulfides. This vein has been followed for almost 400m along strike with widths typically between 0.4 and 0.8m, assaying between 2.3 and 20.2g Au/t and 8 to 55g Ag/t at the surface (Rodriguez et al., 2009) and has been modeled over 500m long by 80m wide (including the stockwork) by 200m down dip.

Detailed logging and assay results allow a better understanding of the structural setting and gold-silver mineralization at La Calandria Vein Zone. The main findings are synthesized below:

Structural Setting: 1) La Calandria Vein Zone forms a complex system characterized by monomictic (volcanic?) breccias that are up to 1.5m wide and planar sulfide veinlets up to 0.2m wide that are better developed in the hanging wall of the main breccia. 2) The breccias strike northeast (~ 40°) and dip to the northwest 65-70°. The halo of planar veinlets trends mostly east-northeast (~ 70°) and dips steeply opposite to the main breccia. 3) The breccias are variably mineralized and range from unmineralized to strongly mineralized with bonanza gold and silver grades. The breccias range from crackle, to matrix- to clast- supported, to hydrothermal with rounded clasts and quartz-sulfide-supported breccias. 4) The planar quartz sulfide veinlets have sharp contacts and represent mineralized joints. 5) Both structural sets intercept in some areas, and the intercepts can be the loci for higher gold grades.

Mineralization: 1) There is a wide range of sulfide textures (massive, colloform-crustiform), but they do not correlate with gold mineralization. An exception is marcasite needles or skeletal marcasite that is ubiquitous in high-grade gold zones at La Calandria Vein Zone. 2) There is usually a sharp change in the vein textures along a single structure in section. Gold and silver can also be highly erratic within a single cross section. 3) High-grade gold-silver mineralization starts 50 to 60m below the surface. 4) There is a clear difference in the gold-assay pattern in the holes that intercept the veinlet halo, the veinlets-breccia intersection, and the breccia (without associated veinlets or breccia-

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veinlets intersection). The hanging-wall veinlets carry low silver and copper but high arsenic. The mineralized breccia at the intersection of breccias and veinlets has silver in ratios to gold of 1 to 2, high copper, and high arsenic; the veinlets that form the halo of the breccia (up to 5m on both sides of the breccia) might carry high to bonanza gold (e.g., CND123) and usually form a high-grade halo around the bonanza breccia. The breccias without signs of mineralization (no silica/sulfide introduction) do not carry gold, but arsenic can be high.

Additional prospecting in the northern part of the Calandria Norte dome identified float of chalcedonic quartz that returned good gold grades. The nature of float is such that dimensions of mineralization cannot be determined. In spite of the lack of any surface expression, a limited number of drill holes were collared in this area with the best intersect being 19.5m assaying 3.3g Au/t and 8g Ag/t, including 0.6m assaying 68.1g Au/t and 107g Ag/t. Lengths are intercepts and do not necessarily reflect true widths. Based on section interpretation, it is inferred that this area, named La Morena vein zone, strikes northeast and dips steeply to the east-southeast (see Figure 7.6 and Figure 7.7).

7.4.2 El Nido Targets

7.4.2.1 Nido Este

The Nido Este target is a northeast-trending rhyolite dome located just west of La Calandria Vein Zone and 1.1km northwest of Calandria Sur. Northeast-trending veins have been mapped in the northern part of this dome. Two holes have intersected wide zones of disseminated pyrite and marcasite as well as pyrite-marcasite veinlets in the rhyolite dome. The intersections ranged in length from 70m in NED48 to 120m in NED47, with zones of higher sulfide concentrations ranging by drill intercept length from 6m to 27m; however, neither hole returned significant gold and silver values. This mineralization is similar to that at Calandria Sur, consisting of opaline chalcedonic quartz veinlets and replacements with pyrite and marcasite and smectite/illite alteration.

7.4.2.2 Nido Norte

The Nido Norte target is located 2km northwest of Calandria Sur. The mineralization at Nido Norte shows low-sulfidation epithermal features with significant gold and silver anomalies on a main vein- breccia structure called La Despreciada (Figure 7.9 and Figure 7.10).

La Despreciada vein-breccia extends for a distance of 1.5km along a northeast-southwest strike direction within the Nido Norte domes and is dominated by brecciated chalcedonic quartz textures. In addition, mineralization occurs along lithologic contacts and contact autobreccias that are found between the edges of adjacent domes, and consists of chalcedonic stockworks containing sulfides.

There are no silver and gold anomalies along the main, La Despreciada structure on the surface. From a depth of 50m, anomalous drill hole intercepts reach 26.3m averaging 1g Au/t and 8g Ag/t, including 1.6m averaging 5.2g Au/t and 71g Ag/t on the structure, as well as 0.75m averaging 8g Au/t and 54g Ag/t on lithologic contacts close to the main structure. One outcrop in the contact between the rhyolite dome and lithic ignimbrite adjacent to the main structure shows about 1-2% of pyrite with associated visible gold and silver sulfosalts with 0.5m averaging 8.24g Au/t and 2,940g Ag/t, as well as 0.50m

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7.4.2.3 Post-Model Drilling

Drilling done in the vicinity of El Nido since the resource model was completed in 2011 has substantiated the existence of the mineralization identified in the pre-model drilling. Additional work is justified to evaluate if the mineralization can be modeled and a resource estimated that would at least meet the requirements for Inferred mineralization.

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Figure 7.9 Cross Section A-A’ through Nido Norte Dome (See Figure 7.8 for location of section; provided by Mariana Resources Ltd., 2011)

Note: Figure 7.9 shows only the central 250 meters of the line of section shown on Figure 7.8. Use drill hole collars to locate this figure on the line of section. X-axis coordinates are not UTM.

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Figure 7.10 Cross Section B-B’ through Nido Norte Dome (See Figure 7.8 for location of section; provided by Mariana Resources Ltd., 2011)

Note: Figure 7.10 shows only the central ± 300 meters of the line of section shown on Figure 7.8. Use drill hole collars to locate this figure on the line of section. X-axis coordinates are not UTM. Bedrock at the southeast end of the section is interpreted in area of transported cover.

The Despreciada structure shows variations at depth; some specific sectors show a strong increase in pyrite and anomalous gold grades, while other sectors show a lack of brecciation and gold-silver

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7.4.3 Exploration Potential

Some targets that merit further exploration at Las Calandrias are:

La Morena vein (Calandria Norte dome). A scout hole, CND250, at La Morena intersected 0.6m averaging 68.1g Au/t and 107g Ag/t in a vein-breccia from a depth of 59m within a broad stockwork intercept of 19.5m averaging 3.3g Au/t and 8g Ag/t from a depth of 45m. All lengths are drill intercepts whose relationships to true widths are unknown. The vein-breccia system has no surface expression and was discovered by drilling the southwest end of an IP chargeability anomaly. Limited drilling indicates that La Morena vein-breccia mineralization strikes north-northeast for 350m, dips steeply south- southeast, and is open in all directions. Further drilling at La Morena should target extensions and the possible intersection with the Calandria Norte Vein at depth.

Calandria Sur extension in the volcaniclastic rocks. Detailed mapping and trenching have indicated continuity of mineralization into the volcaniclastic rocks adjacent to the Calandria Sur rhyolite dome on the north. The presently defined mineralized areas are named Loma Verde (eastern part), La Picasa (Central part), and Vieja Herradura (western part). These areas define a northwest-trending zone up to 900m in length by 200m in width. Mineralization consists of pervasively silicified rocks and quartz veinlets trending west-northwest and east-northeast. The best trench assays are 20m averaging 1.0g Au/t in Loma Verde and 20.8m averaging 1.5g Au/t, including 8.4m averaging 2.9g Au/t in La Picasa. All lengths are drill intercepts whose relationships to true widths are unknown.

La Calandria vein extension (Calandria Norte dome). Mapping, trenching, and rock and lag sampling southwest of the Calandria Norte dome have discovered the El Clavo vein trend interpreted as a southwestern extension of the Calandria Norte Vein vein-breccia into the surrounding volcaniclastic rocks. Zones of intense, pervasive vein-style silicification crop out irregularly over a 550m strike, with rock chips from initial sampling assaying between 0.2 and 1.4g Au/t.

Nido Este. Nido Este, located some 450m northwest of the center of Calandria Norte dome, is another area that has been explored with a tight lag-sampling grid, rock sampling, and trenching. Two holes were collared in 2008 to test a strong chargeability anomaly. Although the holes did not return significant gold and silver values, highly anomalous pathfinder elements (particularly arsenic) were encountered. Later lag and rock-chip sampling indicates that anomalous gold and silver are located to the east of the drill-tested area, suggesting a potential mineralization vector towards Calandria Norte.

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8.0 DEPOSIT TYPES IN THE DESEADO MASSIF

The Deseado Massif hosts numerous low-sulfidation, epithermal, precious-metal quartz vein and vein- breccia deposits, of which the Las Calandrias deposits are examples. Hydrothermal activity and formation of these deposits closely followed episodes of the Jurassic magmatism and extension in the Deseado Massif. The Deseado Massif has become a significant gold-silver mining province since the discovery and development of the Cerro Vanguardia gold mine in the early 1990s. The region hosts over thirty gold-silver mineralized areas, including seven producing or recently producing mines: • Cerro Vanguardia (AngloGold Ashanti-Fomicruz); • Mina Martha (Hunt Mining Corp.); • San Jose (Hochschild- McEwen Mining); • Manantial Espejo (Pan American Silver). • Cerro Negro (Goldcorp) • Lomada de Levia (Patagonia Gold); • Cap Oeste (Patagonia Gold); • Don Nicolas (Compañía Inversora en Minas aka CIMINAS )

In addition there are four advanced-stage exploration to feasibility-stage projects: • Cerro Moro (mine under construction) (Yamana Gold); • Pinguino (Austral Gold as owner of Argentex); and • La Josefina (Hunt Mining -Fomicruz).

Although the Deseado Massif deposits are considered to be of a similar geologic type, they differ in significant aspects, including economic metal content. For example, Cerro Vanguardia is a gold- dominated (by value) deposit with a Ag:Au ratio of 9:1, whereas Mina Martha is silver-dominated with a Ag:Au ratio of 1,000:1, and Pinguino has a Ag:Au ratio of 128:1 with elevated base metals of Zn, Pb, and In (From company 43-101 reports and news releases of reported resources). This variation in metal signature may be due to the vertical level of deposit formation or simply to differing metallogenic sub- provinces.

Sillitoe (2009a) commented that Calandria Sur was the first example of bulk-tonnage gold-silver mineralization hosted in a dome-related hydrothermal breccia discovered as of that date in the Jurassic epithermal precious-metal province of Patagonia.

Mineralization at the Las Calandrias project is not restricted to sharp-walled quartz veins but occurs also as stockwork, disseminations in wall rock and in hydrothermal breccia filling. Some of the mineralized zones in drill-hole intercepts appear to correlate as roughly sub-horizontal zones rather than steeply dipping veins. These geologic features are favorable for bulk-tonnage deposits. Las Calandrias mineralization is related to certain rhyolite-dome complexes and the dikes that fed them. Although the deposits contain locally abundant sulfides (pyrite-marcasite), they have mineralogical characteristics of the low-sulfidation, epithermal type of precious-metal deposits.

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9.0 EXPLORATION

Mariana’s exploration at the Las Calandrias property began with regional exploration and included geological mapping, rock and soil sampling, geophysics, trenching, and core drilling. Exploration has been conducted at Calandria Sur, La Calandria Vein Zone, and the five El Nido sub-areas (see Figure 7.2).

Using satellite imagery, structural analysis, and coincidence of Jurassic Bahia Laura Group rocks, Mariana identified alteration zones in the Las Calandrias area in 2008. Initial exploration identified eight distinct areas of gold-silver mineralization on the property, of which the Dos Calandrias zone (Calandria Sur and La Calandria Vein Zone in Calandria Norte) in the southeastern part of the property is the most promising target (Rodriguez, 2009).

Initial rock-chip samples returned assays of 21.7g Au/t and 62g Ag/t; 3g Au/t and 6g Ag/t; and 1.2g Au/t and 133g Ag/t. Note that the grades reported from rock chip samples should be considered “point” grades. They indicate the presence of mineralization, but the grades do not apply over any known dimensions. In early 2009, consultant Dr. Richard Sillitoe recognized that the rhyolite domes had the potential for low-sulfidation epithermal mineralization in veins and breccias (Sillitoe, 2009b).

Mariana commenced drilling in the fall of 2009 and in late 2009 discovered disseminated gold mineralization around the eastern brecciated margin of the rhyolite dome at Calandria Sur. Section 10.0 describes Mariana’s drilling on the Las Calandrias project.

9.1 Trenching

Mariana initially excavated diamond-saw channel samples from 21 shallow trenches at both Calandria Sur and La Calandria Vein Zone. Shallow channel samples included assays of 17.5m of 1.9g Au/t and 56.3g Ag/t at Calandria Sur and 2.7m of 5.4g Au/t and 7.7g Ag/t, including 0.7m of 20.2g Au/t and 25.4g Ag/t, at La Calandria Vein Zone. The reported lengths are trench intercepts whose relationships to true widths are unknown. At Calandria Sur, trenching confirmed that wide zones of gold and silver mineralization are hosted in brecciated rhyolite bodies.

Assay results from trenches excavated in the northern border of Calandria Sur resulted in the identification of targets in the volcaniclastic rocks. In 2011, 27 trenches (1,690 line-meters) were excavated to explore such target areas around Calandria Sur. A total of 189 diamond-saw channel samples were collected.

Surface channel sampling was undertaken at El Nido Norte and returned high gold and silver assays that included 0.4m of 62g Au/t and 332g Ag/t; 0.5m of 106g Au/t and 510g Ag/t; and 0.7m of 8.2g Au/t and 2,940g Ag/t. Reported lengths are channel intercepts whose relationships to true widths are not known. Detailed mapping, lag sampling, and trenching were conducted at El Nido Norte.

Mariana’s procedures for collecting surface channel samples were good, and the authors consider the resulting samples to be representative of the intervals sampled. As noted in the preceding paragraphs, the nature of the mineralization is such that true widths cannot be determined from surface channel samples.

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9.2 Soil and Rock-Chip Sampling

Coarse-fraction (“lag”) soil sampling in the first half of 2009 defined two gold anomalies based on a total of 327 samples: one 850m by 150m at Calandria Sur and one 550m by 100m at La Calandria Vein Zone. At Calandria Sur, samples were collected every 50m on east-west lines paced 50m apart over an area 800m by 600m. At La Calandria Vein Zone, samples were collected every 25m along southeast- northwest lines spaced 50m apart over an area 600m by 300m. Eight percent of the samples were anomalous (Au > 73ppb). Soil gold anomalies coincided with known silicified rocks.

Follow up of lag gold anomalies revealed further veins at La Calandria Vein Zone and breccias at Calandria Sur. Rock chips at Calandria Sur yielded results that were sufficiently anomalous in gold and silver to encourage further exploration, from the Deseada breccia zone and from the El Abra breccia zone located 200m northwest of Deseada. Low-sulfide breccias that surround the sulfide breccias at Calandria Sur yielded anomalous results at Deseada and Cristal (750m northwest of Deseada), respectively. Grades in rock chip samples should be considered as “point” grades with no inferred dimensions. They do not represent a defined length or volume of material.

The most recent sampling was carried out by Mariana in May, 2011 to May, 2012. A total of 918 lag- type soil samples were collected in the Calandria Sur, Calandria Norte and other areas during this period. Mariana also collected ~200 rock-chip samples in the Calandria Sur area, and 1500 samples were taken from 25 trenches during this period.

9.3 Geologic Mapping

Detailed mapping, rock-chip geochemistry, and geophysical surveying were conducted following the Calandria Sur discovery in late 2009. Detailed mapping revealed the northeast-trending El Nido rhyolite dome complex. Mapping and rock-chip sampling identified surface exposures of sulfide-bearing vein and breccia mineralization at El Nido Sur, El Nido Norte, and El Nido Centro yielded anomalous results.

Later detailed mapping along the northern margin of Calandria Sur identified areas of strong pervasive silicification and quartz veinlets named: Vieja Herradura, La Picasa, and Loma Verde (see Figure 7.3) as well as El Clavo (see Figure 7.6).

9.4 Geophysics

9.4.1 Induced Polarization

Mariana contracted with Quantec Geoscience Ltd. (“Quantec”) to conduct a 3D induced polarization (“IP”) and resistivity survey over an area about 1.4km by 1.8km over the Calandria Sur, Calandria Norte, and El Nido Norte rhyolite domes (Rideout, 2010). In addition, Quantec conducted a north-south pole-dipole test array and five pole-dipole sections of 500m each for a total of 3km on Nido Norte, Nido Centro, and Nido Sur. These surveys utilized an “offset pole-dipole 3D array,” which can image sulfide mineralization to depths greater than 300m. Sizeable IP anomalies with moderately elevated chargeabilities were identified at both Calandria Norte and Calandria Sur. According to Rideout (2010), these anomalies suggested the possibility of sulfides, which have been shown to accompany gold-silver

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In September 2010, Quantec conducted additional geophysical surveying at Las Calandrias, including two detailed 2D grids of pole-dipole-array IP (RealSection array) run on Calandria Norte and Calandria Sur. At the former, six lines 750m in length were run 100m apart with 25m dipole spacing. At Calandria Sur, five lines 1,000m in length were run, also 100m apart with 25m dipole spacing.

In addition, two 3D IP survey blocks have been completed over an area of 2km by 2.8km at the Nido Norte target and 1.8km by 2.8km at the Nido Sur target. The 3D IP modeling of the Nido Norte block revealed several chargeability anomalies at the Nido Norte, Nido Oeste, and Nido Centro prospects and new target areas outlined at the Pichones (ring-shaped resistivity high) (Figure 9.1). The 3D resistivity confirms the presence of a major untested 2km by 1km dome complex in the subsurface centered on Nido Norte, 1.8km northwest of the Calandria Sur gold deposit (Figure 9.2). The modeling shows the complex may extend to more than 300m below surface.

Of particular interest at Nido Norte is a 2,000m by 350m 3D resistivity anomaly (Figure 9.2) coinciding with a 1.5km-long gold/silver-bearing vein structure with high-level epithermal textures.

Chargeability anomalies coinciding with resistivity highs are considered highly prospective such as those seen along El Nido Oeste (1,000m by 220m resistive zone), Pichones (1km west of Nido Norte), and the Gamekeeper dome (0.6km east of Nido Norte) (Figure 9.1), and along the La Despreciada trend, which trends northeast in the vicinity of Nido Norte.

Figure 9.1 3D IP Chargeability Modeling (Provided by Minera Mariana, 2011)

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Figure 9.2 3D IP Resistivity Modeling (Provided by Mariana Resources Ltd., 2011)

9.4.2 Ground Magnetics

A ground magnetics survey over an area 4km (north-south) by 4.5km (east-west) was carried out by Akubra S.A using a portable magnetometer GSM-19 Overhauser (with GPS). Readings were conducted along north-south lines 50m apart, with a sampling rate of 5 readings/sec.

Preliminary interpretation indicates a number of northwest-southeast and northeast-southwest intersecting lineaments , multiple felsic volcanic centers, and two possible high-level intrusions at the southwestern corner of the area covered (Figure 9.3).

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Figure 9.3 Preliminary Interpretation of Ground Magnetic Survey (Reduced to Pole Image provided by Mariana Resources Ltd., 2011; north is up)

9.4.3 Controlled Source Audio Magnetotelluric Survey

In late April and May 2017, Quantec Geoscience Argentina S.A. did a Controlled Source Audio Magnetotelluric (“CSAMT”) survey, covering 36.75 line kilometers, over parts of the Las Calandrias project area (Ensinck et al, 2017). CSAMT is an electrical method which produces data that can be used to model sub-surface resistivity in three dimensions. According to Ensinck et al. (2017) the survey objectives were: • “Detecting and delineating lithological areas of interest and structures with CSAMT resistivity. • “Mapping the resistivity features related to mineralization, alteration, faults and lithologies.” According to Ensinck et al. (2017), “… the survey has, in general, successfully acquired results of excellent quality.” They offered a brief interpretation, as follows: “ The general behaviour in the area shows a very conductive environment over the south of the grid,for the shallowest levels, while Calandrias Norte and Sur show more resistive bodies related with the known domes. For the middle depth levels, the most resistive bodies are located in Calandrias

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Norte,and the very conductive anomalies disappear. For the deepest levels, a very interesting resistive anomaly appears over the south of Calandrias Norte and west of Calandrias Sur. It is not very well mapped because it is located just in the border of the 25 m dipole block of Calandrias Sur. It may be worth to extend the 25 m dipole lines in the future to cover this anomaly.”

Ensinck et al. recommended that the CSAMT results be further interpreted by Mariana in light of the latter’s knowledge of the geology and mineralization of the area. Mariana’s geological staff did so, with their findings described in an internal report that is undated, but must necessarily have been prepared sometime after Mariana received the CSAMT results from Quantec (Gomez and Stoessel, 2017). The interpretations of Gomez and Stoessel are incorporated into the discussion of exploration targets in section this report.

9.5 2011 – 2012 Re-Sampling of Drill Core

After the recognition in 2011 of disseminated and vein-stockwork mineralization in the rocks adjacent to the northern margin of the Calandria Sur dome, Mariana geologists re-inspected and re-sampled drill core from Calandria Sur in 2012. A total of 1,447 samples of previously un-assayed core were extracted in two batches from a total of 48 holes.

9.6 Other Exploration Activities

High-resolution IKONOS (GEOEYE) satellite, LANDSAT multispectral and ASTER/GDEM digital reflectance and topographic data were enhanced to provide a basis for a photogeological/spectral study. Prominent centers of alteration were identified at the Calandria Norte dome, Pichones, and an area west of El Nido Sur.

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10.0 DRILLING

10.1 Summary

Drilling by Mariana began at the Las Calandrias project in September 2009. No drilling had been undertaken on the property prior to that of Mariana. Drilling has taken place in multiple target areas (Figure 10.1, showing drilling through 2012), but mostly in Calandria Sur and La Calandria Vein Zone (Calandria Norte in Table 10.1). Since drilling began in 2009, there have been five phases of drilling as summarized in Table 10.1; the most recent drilling took place in 2012:

• In 2009, phase I drilling (September-October) consisted of 16 scout holes (1,566m) testing the Calandria Norte Vein and the Calandria Sur dome breccia targets, where significant gold mineralization was discovered.

• The phase II drilling (March-April 2010) consisted of 4,400m in 37 holes and tested Calandria Sur and Calandria Norte, demonstrating that significant continuous mineralization existed. This phase also identified mineralization at El Nido Este and El Nido Norte.

• The phase III drilling consisted of 14,003m in 110 holes drilled in September-December 2010 and an additional 90 holes totaling 15,736m drilled in January-April 2011. Phase III delineated mineralization at Calandria Sur and Calandria Norte sufficiently to define Indicated and Inferred resources. Phase III drilling also explored other parts of the concession and expanded the known mineralization at Nido Norte.

• Phase IV consisted of 6,098m drilled in 47 holes during August and September 2011.

• Phase V drilling took place in 2012 with a total of 3,108m in 26 holes, six of which were previously drilled holes that were deepened in 2012.

Table 10.1 List of Drilling through 2012 by Phase and Area Area/Sub-Area Phase I Phase II Phase III Phase IV Phase V Total Total Sep-Oct2009 Mar-Apr2010 Sep-Dec2010 Jan-Apr2011 Aug-Sep2011 2012 (m) (holes) (m) (holes) (m) (holes) (m) (holes) (m) (holes) (m) (holes) (m) (holes) Dos Calandrias Calandria Norte 683 7 298 2 6,175 43 3,430 21 354 3 10,940 76 Calandria Sur 883 9 3,212 28 6,186 56 2,747 6 4,283 35 1,336 12 18,647 146 El Clavo 1,119 7 1,329 11 2,448 18 Herradura 168 2 168 2 Nido Nido Este 310 2 132 1 443 3 885 6 Nido Norte 580 5 1,054 7 2,865 16 210 1 4,708 29 Nido Oeste 421 2 1,130 7 1,550 9 Nido Centro 3,550 21 3,550 21 Nido Sur 1,883 18 1,883 18 Game Keeper 132 1 132 1 Total 1,566 16 4,400 37 14,003 110 15,736 90 6,098 47 3,108 26 44,911 326

As summarized in Table 10.1, a total of 326 holes have been drilled at Las Calandrias. Table 10.1 shows that 44,911m of drilling have been completed, however the 2017 database compiled by Mariana

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Of the 164 post-model drill holes, fifty were drilled within or immediately adjacent to the Calandria Sur resources, and thirteen core holes were drilled within or immediately adjacent to the Calandria Norte resources. The remainder of the drill holes were drilled either near the resource areas, but not sufficiently close to have any impact on the estimate, or distal to the resource areas.

The impacts of the added drilling on the current, 2011 resource estimate are discussed in Section 14.8.3. It should be noted that Table 10.1 of Ristorcelli et al. (2011) listed substantially more drilling (though April, 2011) than was included in the 2011 resource database.

The drilling at Las Calandrias has been all conducted with equipment that produces core, most of which was HQ-diameter and with good recovery such that the core will produce a fair and reliable sample. For the most part, the drilling is perpendicular or close to perpendicular to the deposits, providing appropriate intersections to the mineralization and often true thicknesses.

Illustrations of the drill hole locations, and of their relationships to mineralization, may be found in Figure 10.1 and in Figure 14.1 through Figure 14.9.

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Figure 10.1 Drill Hole Location Map for Entire Las Calandrias Project Area (Drilling through 2012)

Figure 10.1 was prepared by MDA using information provided by Mariana

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10.2 Drilling Procedures

Mariana had used Boart-Longyear Argentina initially as their drill contractor at Las Calandrias. A Boyles 37A drill rig was used in the 2009 drilling, up to drill hole CSD16. A 25HH-3 rig capable of drilling 300m depths was used for the 2010 drilling. In February 2011, Mariana used ECOSandvik DE710 and EDM2000 rigs owned and operated by ECO Minera, an Argentinean drilling company. During the Phase IV and Phase V drilling in 2011 and 2012 ECO Minera used a Sandvik UDR200 core drill. All of the drilling produced HQ core.

In general, core recovery appeared to be high (Ristorcelli and Ronning, 2010). The core was placed in one-meter-long, three-row wooden core boxes, and lids were put on the boxes prior to hauling to the core-logging and sampling shed.

The core was hauled to the core shed at the estancia office, where it was laid out and washed by a technician. Core recovery and RQD were measured between wood blocks placed at the end of each core run. A technician measured core recovery and performed RQD logging; a geologist verified recovery, position of the core run blocks, and RQD. The length of missing core for the run (if any) was written on the core-box partition at the end of a run. The missing lengths were recorded in the database and core recovery was calculated for each run. A geologist logged lithology, mineralization, alteration and oxidation codes. The core was then marked up in one-meter intervals, taking core recovery into account. Marks were placed on the core-box partition, and the sample number was written on the core- box partition. Sample numbers were consecutive, and standards, blanks and duplicates were included in the numbered sequence. Placement for standard samples was represented by an empty, marked, and ticketed bag. The core was photographed both dry and wet before sawing. Core is stored in a galpon (shed) at the estancia.

Drill rigs were set up with collar pegs, and the side of the rig was aligned to azimuth along an offset parallel line marked with lime, pegs, and a shallow trench. Collars were initially located using hand-held GPS units measuring in WGS 84 Datum. The rig had a clinometer for setting the mast’s inclination. In the field, a geologist checked the azimuth and inclination of the core hole and progress of the drill.

In the drill program ongoing in February 2011, down-hole surveying was done with a Reflex EZ-Trac. The practice was for a measurement to be taken about every 50m and the data downloaded electronically once the instrument was returned to the surface. In previous programs, a different Reflex instrument was used, and the data were manually written on paper. The average distance between measurements is 79m, including down-hole distance from the drill-hole collar. After April, 2011 a Reflex ACT instrument was used and measurements were made at approximately 75m – 100m intervals.

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11.0 SAMPLE PREPARATION, ANALYSES, AND SECURITY

11.1 Core Sampling

Mariana used the following sampling procedures for its core drilling. All of their drilling has been core at HQ size. All samples were collected under the supervision of Mariana geologists.

The geologist who logged the core marked it with a line to guide the core cutting to produce a representative half-core sample. Core was sampled on approximately one-meter intervals, unless there was a contact deemed important by the geologists.

The core was cut with an electric diamond saw by a trained technician along the marked line, and both halves and any fines were set back into the core box in the same position from which they were taken. The samples were taken and bagged by a technician, with the sample numbers written on the outsides of sample bags. The sample ticket was inserted into one edge of the upper part of the bag, which was folded accordion-style with the ticket number visible, folded over, and secured with a plastic lock tie. Each sample was weighed and the weight recorded.

The bagged core samples were laid out and then several samples are placed sequentially into larger bags, which ended up weighing about 25kg each. The larger bags were marked with sample numbers and contained approximately seven samples each. Depending on the bulk quantity, the drill samples were either picked up at the estancia by AndesMar trucking company or delivered to the station at Caleta Olivia by Mariana personnel for transport to the sample prep lab in Mendoza.

Duplicates were created in the following manner: a duplicate sample interval was chosen, then the core was sawed in half, and one of the half-core lengths was sawed in half again to provide two samples of quarter-core, leaving half the core in the box for future reference. The duplicate samples were bagged and tagged with sequential numbers and inserted into the sample sequence. Blanks were bagged and inserted in the sample sequence. The blanks were from an outcrop source of granite near the estancia. Mariana has assayed the material and found it to be less than 0.005g Au/t and less than 0.20g Ag/t.

Mariana has taken oriented core samples at the Calandria Norte Vein in vein breccias mainly on the mineralized structure, but also on its hanging wall and footwall. At Calandria Sur, oriented core was taken in stockwork and disseminated mineralization along each hole every nine meters and mainly where stockwork density was higher. The instrument is an ACT II manufactured by Reflex, and measurements are taken by a trained Mariana employee/operator.

The ACT II instrument has an accelerometer located at the top of the core drill barrel. Once three meters have been drilled, the accelerometer records the core location. At the surface, the operator draws a line along the underside of the core indicating the azimuth of the hole. In the galpon, the core was oriented using a device that simulates drill-hole dip and azimuth. Structures, faults, joints, flow directions, and any important structural information were logged, and their strike and dip were recorded. A Reflex Act II supplier had visited the project checking on operational procedures.

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11.2 Density Measurement Procedures

MDA reviewed the procedures that were in place for measuring density in October 2010: • The geological staff selected an assay sample interval from which to take a density sample for measurement. • The technician took a sample, albeit limited by the 300g capacity of the scale. • The sample was washed to remove surface contaminants such as drilling mud. • The sample was dried for one hour. • Fresh distilled water was placed in a beaker, and the temperature of the water was taken to determine a factor for the varying water density (the factor is very small but nevertheless, Mariana thought of it and did it). • The balance was zeroed (electronically calibrated; Mariana should occasionally place a known weight on the scale to ensure that the balance was, in fact, measuring properly). • The sample was weighed dry, weighed while submerged in water, and then weighed again out of the water (with any water that would have permeated the sample). • A photo was taken of the sample. • Data were entered into a spreadsheet where the calculations were automatically done.

Mariana checked for reproducibility. MDA checked the spreadsheet and found reproducibility to be reasonable. MDA finds these density measuring procedures to be acceptable, but recommends either taking many more samples to account for the small sample size and the apparent high variability in density, or getting a larger scale. Mariana should also consider the simpler and more appropriate (when vugs are present) volumetric method for density measurement.

11.3 Sample Preparation and Assaying

Depending on the bulk quantity, the drill samples were either picked up at the estancia by AndesMar trucking company or delivered to the station at Caleta Olivia by Mariana personnel for transport by AndesMar to the sample prep lab in Mendoza. AndesMar was under contract to ALS Minerals (“ALS,” formerly known as ALS Chemex) in Mendoza, the primary assay lab. Mariana sent all samples to ALS for sample preparation at their facilities in Mendoza and assaying at their facilities in Chile. An employee of Mariana received the pulps in Mendoza and inserted the standards into the correct sample sequence, prior to air shipment to La Serena, Chile.

Sample preparation included weighing, drying, crushing of the entire sample to greater than 70% -2mm, taking a split of 250g, and pulverizing the split to greater than 85% passing 75microns (ALS PREP-31, DRY-22).

Analyses consisted of gold assays and multi-element ICP (Inductively Coupled Plasma) analysis. Gold analyses for all samples were by fire assay with an atomic absorption (“AA”) finish (ALS Au-AA24, 50g nominal sample weight, range 0.005-10ppm). Any results over 10g Au/t were checked using a gravimetric finish (ALS Au-GRA22, 50g, with a range of 0.05-1.000g Au/t). The 34-element ICP analyses (ALS ME ICP41 package) used aqua regia digestion. Silver grades exceeding 100g Ag/t were checked by fire assay with a gravimetric finish (ALS Ag-GRA21, 30g nominal sample weight, range 5-

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10,000ppm). In 2012 some samples were analyzed for mercury using a cold-vapor AA method (ALS Hg-CV41).

The sampling procedures, sample handling and security, as well as the analytical procedures, are well within acceptable industry norms and are adequate for their purpose.

ALS is ISO 9001:2000 and ISO 17025:1999 certified. ALS is independent of Mariana and New Dimension.

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12.0 DATA VERIFICATION

12.1 Geologic Data Check

MDA did not do a specific audit of the quality of the geological data entry into the Las Calandrias project database. However, during three field visits to the site, in 2010, 2011 and 2017, MDA examined core in several drill holes, with core logs in hand and with reference to the geology table in the database. Furthermore, when MDA modeled the mineral domains on paper cross sections, this was done with both logs and core photos in hand. Much of this modeling was done at the site, working with Mariana’s geologists, where MDA also had the ability to check the drill core when necessary. MDA considers that this approach to modeling is also a very effective check on the geological logging and data entry.

12.2 Database Audit and Checks

MDA did an audit of the assay table in the Las Calandrias database and checked the collar-location table and the down-hole survey table. For the purpose of this discussion, the distinction between “audit” and “check” is that the assay-table audit was done using data generated by the primary laboratory and obtained by MDA directly from the lab, independently of Mariana, whereas the collar and survey checks were done using data generated by and obtained directly from Mariana.

12.2.1 Assay Table Audit

On instructions from Mariana, ALS emailed copies of the assay certificates and data files directly to MDA. The first email delivery to MDA was in June 2010, which included all files prior to that time, and deliveries were received sporadically as new assays were generated, up until mid-February 2011.

MDA used the data files received from ALS to build an assay table completely independently of Mariana. The independent table was compared to the project assay table, using various software tools, primarily Microsoft Access. Very few discrepancies were identified, and any that arose were resolved via email communications with Mariana’s project staff. While a large data table can rarely be made perfect, there are no known errors in the assay table used for the resource estimate, and the checks done are sufficient to give confidence that any undetected errors that may exist would be inconsequential in terms of the resource estimate.

12.2.2 Drill-Collar Table Check

MDA’s verification of collar locations had two aspects. First, during the site visit of October 2010, GPS measurements of six drill-hole collars were taken. Within the precision possible with a small hand-held GPS, without any differential or other corrections, the collar locations obtained by MDA in the field correspond to those in Mariana’s database.

In February 2011, MDA received two spreadsheets from the surveyor responsible for surveying the collar locations. MDA compared the data in those spreadsheets to the collar locations in the database, following procedures similar to those used for checking the assays. Unlike the assay check, this check cannot be considered to be independent of Mariana, since MDA received the survey data from Mariana’s surveyor. It is a good check that the collar location data were loaded correctly into the database.

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12.2.3 Down-Hole Survey Table Check

Drill rigs are set up with a collar peg, and the side of the rig is aligned to azimuth along an offset parallel line marked with lime, pegs, and a shallow trench. In the drill program that was in progress when MDA visited the project in October 2010, down-hole surveying was being done with an EZ Trac Reflex. A measurement is reportedly taken about every 50m, and the data are downloaded electronically once the instrument is returned to the surface. In previous programs, a different Reflex instrument was used, and the data were manually written on paper.

During the October 2010 site visit, MDA was given a set of digital files originating from the Reflex instrument. As it turned out, they were in a format for which MDA does not have applicable software. In February 2011, Mariana provided MDA with an Excel file containing a compilation of the down-hole survey data. MDA used this spreadsheet to check the down-hole survey data in the database used for the resource estimate. The spreadsheet is one step removed from original data, but MDA believes that it serves as a useful but not unequivocal check on the data in the database.

12.3 Independent Sampling

MDA has collected independent samples in the field at Las Calandrias on two occasions. The first was in 2010, as reported in Ristorcelli and Fitch (2010). The authors noted that “… the grades obtained by MDA support both the general tenor of grades reported by Mariana and the presence of mineralization.”

During the site visit of October 2017, MDA collected three quarter-core duplicate samples and six samples from trenches.

The three quarter-core duplicate samples were collected by Mariana’s field technicians, using Mariana’s standard methods, with Ronning observing. They were sawn from the half-core that remained after the original samples were collected, using the same equipment and sampling method that would have been used for Mariana’s original sampling. Quarter-core duplicates have the disadvantage of different “support” than the original half-core samples, but the value of leaving part of the core for future reference outweighs that disadvantage.

The six trench samples were collected by Gabriel Gomez, a geologist employed by Mariana, with Peter Ronning observing and recording. Field notes and photographs were collected for each sample. The trench samples cannot be considered true duplicates of Mariana’s original samples because: • In some cases the original samples were collected with the aid of a gas-powered saw, which was not available for MDA’s 2017 sampling, • MDA’s samples are “continuous chip samples”, as opposed to true channel samples. They are a series of contiguous chips, but given the time and tools available it is unlikely that every chip has the same width and depth as every other chip. • While Mariana’s trench samples were originally well-marked, sloughing and weathering since they were collected have resulted in the limits of original samples now being unclear in some cases.

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Table 12.1 and Table 12.2 show the results obtained from MDA’s samples for gold and silver, with Mariana’s data for comparison. MDA concludes that its trench samples demonstrate the presence of mineralization in concentrations similar to those obtained by Mariana, taking into account natural geological variability and different samplers using different tools.

Two of MDA’s three drill core samples compare well with Mariana’s from the same intervals, again taking into account natural geological variability.

MDA’s third sample from drill core, number 00354509, yielded very different gold and silver grades from the corresponding grades reported by Mariana. This result was expected. That interval was selected for re-sampling because, when reviewing drill core together, MDA and Mariana’s geologist agreed that the interval did not look well-mineralized, despite the reported grades. The results of the re- sampling showed that they were correct.

The reason for the discrepancy in sample 00354509 cannot be ascertained with certainty. MDA postulates that the most likely cause is a sample mix-up.

During MDA’s four site visits to Las Calandrias, MDA and Mariana have looked at hundreds of sample intervals together, with assay results in hand. With experience, mineralized material can be readily identified by visual inspection. Surprises such as sample 00354509 are very rare, suggesting that whatever caused the discrepancy is not a systemic problem.

Table 12.1 Independent Samples From Trenches 2017 Sample ID Au ppm Ag ppm Mariana Trench Length (m) MDA Mariana MDA Mariana MDA (nearest) 11663 00354502 TCS01 0.75 0.18 1.40 5.7 27.56 11814 00354503 TCS13 1.7 11.35 1.47 510.0 63.63 12511 00354504 TCS50 0.9 7.31 1.39 2.4 8.72 11736 & 2.28 6.82 5.3 24.33 00354505 TCN07 0.65 11737 (avg) (avg) 11744 00354506 TCN08 0.43 1.83 4.13 6.3 24.83 11783 to 0.45 0.42 3.05 6.60 00354507 TCN11 1.7 11786 (avg) (avg) Notes: In Table 12.1 MDA samples are not duplicates of Mariana samples. The Mariana samples indicated are the nearest approximation to the MDA samples.

Table 12.2 Independent Samples From Drill Core 2017 Sample ID Interval (m) Au ppm Ag ppm Drill Hole Mariana MDA From To Mariana MDA Mariana MDA 41161 00354501 CND229 100 100.5 24.1 25.74 26.1 15.33 41869 00354508 CSD239 67 68.0 1.32 1.08 21.0 18.74 56765 00354509 CSD320 11 12.5 8.04 0.05 12.9 <2

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12.4 Quality Assurance and Quality Control Evaluation

The discussion of quality assurance and quality control (“QA/QC”) in this section covers drill hole data that were available at the time of the 2011 resource estimate, and data that were generated subsequently, up to the end of drilling in 2012.

Mariana’s QA/QC program for Las Calandrias includes the use of standards (certified reference materials), coarse blanks, field duplicates, some preparation duplicates and some external pulp checks. The standards, blanks, field duplicates and external pulp checks are discussed under separate headings in the following subsections of section 12.4. The preparation duplicates are not discussed because no newer data, generated after the QA/QC review in Ristorcelli et al., 2011, are available.

12.4.1 Standards

Mariana employed standards to monitor the quality of gold and silver assays throughout the drill program at Las Calandrias. Eight different gold standards and four different silver standards were obtained from Geostats Pty Ltd, a well-known supplier of certified reference materials used in the mineral industry. One standard, MAR-St-01, used briefly in October 2009, appears to have been custom-made, although it isn’t clear from the available certificate who prepared it and what material was used.

MDA evaluated the results obtained for the standards using control charts, one example of which is shown in Figure 12.1 to illustrate the method.

Figure 12.1 Control Chart for Gold in G907-6 Control Chart for Gold in G907-6 8.5

USL=8.12 8.0 UCL=7.99 UCL=7.7 7.5 Avg=7.47 Avg=7.21 Target=7.25

Au ppm Au 7.0 LCL=6.95 LCL=6.72 6.5 LSL=6.38

6.0

ME10050606 ME10059095 ME10059099 ME10062793 ME10128926 ME10143072 ME10143078 ME10160784 ME10160785 ME10160786 ME10175295 ME10014368 ME10039090 ME10039091 ME10041265 ME10048595 ME10048595 ME10050601 ME10050603 ME10050604 ME10050606 ME10059096 ME10062791 ME10115817 ME10135931 ME10143072 ME10143079 ME10148582 ME10148583 ME10148583 ME10148584 ME10157945 ME10157945 ME10157947 ME10157947 ME10157948 ME10160783 ME10160783 ME10160784 ME10160786 ME10175291 Assay Report Data Collection from 27 April 2010 - 10 Dec 2010 Notes: USL (Upper Specification Limit), Target and LSL (Lower Specification Limit) are based on the mean and standard deviation provided by the supplier of the standard (pink lines). UCL (Upper Control Limit), Avg (Average) and LCL (Lower Control Limit) are based on the mean and standard deviation of the assays of this standard in Mariana’s data set (solid green and red dashed lines).

MDA uses the mean ± three standard deviations as failure limits for standards. These are labelled “USL” and “LSL” on Figure 12.1. Two sets of limits are indicated on the figure; one set using statistics

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No analyses of G907-6 were high-side failures, that is, above the USL. There is one low-side failure, off the scale of Figure 12.1. There is uncertainty about the identity of the standard in that case, and the failure is likely not an analytical one.

The red dots in Figure 12.1 mark statistical “warnings”, but not outright failures.

In Figure 12.1 it is evident that, during the period late April to mid-May of 2010, the gold assays obtained for G907-6 were, on average, biased high by about 3%, relative to the target value. From mid- May of 2010 onward, there was a very slight low bias. Gold results for other standards analyzed during the same time period do not show a distinct change in bias, suggesting that the change of bias in G907-6 may not have been due to a systematic change at the lab. The reason for the change in bias is unknown.

Table 12.3 summarizes the results obtained for all of the standards, based on evaluations using charts similar to Figure 12.1. Some observations are:

• Some positive biases are present, in the range 1 – 3 percent, but the strongest biases are negative, three of which exceed 5%. • There are eleven low-side failures, but only two high-side failures, both in silver. MDA reviewed the analyses of samples from the two sample batches containing the high-side failures, and there were no very high silver analyses in the samples, so the high-side failures are moot. It appears that Mariana elected not to have those two batches re-analyzed. • MDA identified one instances in which Mariana had re-analyzed a sample batch containing two analytical failures of standards. In both cases the failures were on the low side. MDA concludes that the results obtained for standards support the use of Mariana’s assay data in a resource estimate.

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Table 12.3 Summary of Standards Count Count Count Period Used Grades, ppm Bias Identifier Metal Failures Re- uses % From To Expected Average High Low Runs G301-5 Gold 32 16-Oct-09 25-May-10 4.29 4.35 1.4 0 0 0 G305-5 Gold 150 27-Apr-10 16-Nov-10 2.43 2.43 0.0 0 1 0 G306-4 Gold 12 21-Dec-10 2012 21.57 22.00 2.0 0 0 0 G310-1 Gold 41 29-Apr-11 17-Jul-12 4.94 4.81 -2.6 0 1 0 G310-4 Gold 206 26-Nov-10 17-Jul-12 0.43 0.40 -7.6 0 5 2 G901-5 Gold 192 26-Nov-10 17-Jul-12 1.65 1.63 -1.2 0 2 0 G902-2 Gold 11 27-Apr-10 29-Jan-11 22.39 21.01 -6.2 0 1 0 44 27-Apr-10 20-May-10 7.25 7.47 3.0 0 1 0 G907-6 Gold 118 20-May-10 10-Dec-10 7.25 7.21 -0.6 0 0 0 MAR-St-01 Gold 16 16-Oct-09 19-Oct-09 2.27 2.30 1.3 0 0 0 GBM310-7 Silver 177 16-Dec-10 17-Jul-12 50.1 49.7 -0.8 0 0 0 GBM906-6 Silver 4 19-Oct-09 20-Oct-09 392.8 391.8 -0.3 0 0 0 GBM908-13 Silver 140 16-Dec-10 8-May-12 151.4 155.3 2.6 2 0 0 GBM997-6 Silver 23 18-Dec-10 11-Oct-11 462.7 436.4 -5.7 0 0 0 MAR-St-01 Silver 13 16-Oct-09 20-Oct-09 2712.9 2658.5 -2.0 0 0 0

12.4.2 Blanks

Data are available for the analyses of 732 coarse blanks, analyzed during the period 16 October 2009 through 17 July 2012. The blank material is obtained from an outcrop of granite near the Estancia Las Calandrias. As a coarse blank, it undergoes the full sequence of crushing, splitting, pulverization and analysis at the lab.

MDA evaluated the results obtained for the blanks using scatterplots and time series charts. Figure 12.2 is an example of a time series chart, using the data for silver, to illustrate the method.

Figure 12.2 Silver in Blanks and in Preceding Samples Silver in Blanks and in Preceding Samples 4.0 1600 Silver in Blanks Silver in Samples Sequentially Preceding Blanks 3.5 1400 3.0 1200 2.5 1000 2.0 800 1.5 600

Ag ppm in Blank in ppm Ag 1.0 400 0.5 200

0.0 0

Ag ppm in Preceding Samples Preceding in ppm Ag

ME09105159 ME10048595 ME10062791 ME10143072 ME10160782 ME10180273 ME10199820 ME11003590 ME11024677 ME11041357 ME11053458 ME11067322 ME11185804 ME11195538 ME11223284 ME12120602 ME09110058 ME10039091 ME10050601 ME10050606 ME10059097 ME10115815 ME10128926 ME10143079 ME10157945 ME10160786 ME10175290 ME10175295 ME10187222 ME10197894 ME11002512 ME11002517 ME11005389 ME11020287 ME11026114 ME11031893 ME11031897 ME11043857 ME11050175 ME11055719 ME11060847 ME11079411 ME11163153 ME11179348 ME11185806 ME11191650 ME11202594 ME11217590 ME12017878 ME12080441 ME12102250 ME12129556 ME12133562

Assay Report

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In Figure 12.2 the analyses of silver in the blanks are plotted in blue, and the analyses of silver in the immediately preceding samples are plotted in red. The chart for silver is used as the example, because it illustrates an issue that is not evident in the data for gold in the blanks. The purpose of plotting the analyses of the blanks and the preceding samples on the same chart is to see if there is any tendency for silver grades in the blanks to be higher if the samples immediately preceding the blanks have high silver grades. In Figure 12.2 there is a visual impression that silver in the blanks and in the preceding samples have some tendency to spike in unison. Also evident is a cluster of spikes in the silver analyses of the blanks in the left center of the chart. This corresponds to a series of assay reports dating from the period November 15, 2010 to January 26, 2011.

To see if the visual impressions gained from Figure 12.2 can be quantified, MDA calculated correlation coefficients for the blanks with their preceding samples. These are set out in Table 12.4.

Table 12.4 Correlation Coefficients, Blanks and Preceding Samples Data Set Correlation Coefficient p Value All Gold 0.029 0.44 All Silver 0.270 0 Silver Nov 15, 2010 to Jan 26, 2011 0.371 0 Note: p values of less than 0.05 indicate that the correlation is probably significant.

The correlations in Table 12.4 suggest that there is no significant tendency for gold reported in the blanks to be higher if the blanks are immediately preceded by samples having high gold contents. On the other hand, the silver reported in the blanks does have some tendency to be higher if there are high silver grades in the immediately preceding samples. This is especially the case for analyses obtained during late 2010 and January 2011.

The results for the blanks suggest that there may have been some contamination of silver between samples. It was not severe enough to materially affect the usability of the silver assays, but awareness is warranted.

12.4.3 Duplicates

12.4.3.1 Field Duplicates

Field duplicates are quarter-core. Ordinary samples from drill core are half-core, cut with a rock saw. In order to create duplicate samples, the one-half of the core that would ordinarily constitute the sample is cut longitudinally a second time, to create two quarter-core samples. This is done for approximately every twentieth sample. Field duplicates are available for the period October 2009 through July 2012.

Gold in Field Duplicates

The QA/QC data available to MDA include 846 field duplicate pairs having gold assays from the raw data table. These were evaluated using scatterplots, relative difference charts, and QQ plots. After examining the various plots, MDA eliminated ten outlier pairs having extreme differences, because these outliers distort the statistical results. Note that the decision to exclude the outlier pairs does not

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Figure 12.3 Scatterplot, Gold Duplicate vs. Original Gold Duplicate vs. Original 6 Au Duplicate vs. Au Original Y = X 5 RMA Regression Line

4

3 Au ppm Dup ppm Au

2

1 RMA Regression equation: y = 0.913X + 0.011 836 of 846 pairs used (see exclusion list) 0 0 1 2 3 4 5 6 Au ppm Original

Figure 12.3 illustrates the duplicate pairs as a scatterplot. It is typical of a scatterplot for field duplicates, although it does imply that the duplicate samples tend to be lower-grade than the originals, indicated by the relative positions of the red regression line and the black y = x line. However, making such a conclusion based on the entire data set is misleading, as illustrated by Figure 12.4.

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Figure 12.4 QQ Plot, Gold Duplicate vs. Original Gold QQ Plot Duplicate vs. Original 2.0 QQ Au Dup Assay vs. Au Original 1.8 Y = X Line

1.6

1.4

1.2

1.0

0.8 Au ppm Dupicate Dupicate ppm Au

0.6

0.4

0.2

0.0 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Au ppm Original

Figure 12.4 is a quantile-quantile (“QQ”) plot for a lower-range subset of the duplicate data. It suggests that at gold grades of about 0.5 ppm Au or lower, the quantile pairs track the y = x line closely, while from about 0.5 ppm Au to 1.5 ppm Au, the duplicate sample quantiles have a pronounced tendency to be lower grade than the original sample quantiles. Above 1.5 ppm Au, including those high-grade samples beyond the scale of Figure 12.4, the QQ plot is erratic. These observations suggest that a regression line based on the entire data set, as in Figure 12.3, is misleading. Figure 12.5 and Figure 12.6 illustrate the relative percent difference and absolute relative percent difference, respectively, for gold. MDA calculates relative difference two ways. The calculation underlying Figure 12.5 and Figure 12.6 is: (푑푢푝푙푖푐푎푡푒 – 표푟푖푔푖푛푎푙) 100 푥 푙푒푠푠푒푟 표푓 푝푎푖푟 The alternative formula for relative differences is also used in the Las Calandrias evaluations, but results are not reported in this memorandum. The alternative formula is: (푑푢푝푙푖푐푎푡푒 – 표푟푖푔푖푛푎푙) 100 푥 푚푒푎푛 표푓 푝푎푖푟 The former calculation accentuates extreme differences, which is useful for identifying outliers on relative difference charts.

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Figure 12.5 Gold Relative Percent Difference - Duplicate vs. Original Gold Relative Percent Difference - Duplicate vs. Original 500 400 300 200 100 0 -100 -200

Realitve Percent Difference PercentRealitve -300 836 of 846 pairs used (see exclusion list) -400 -500 0.001 0.010 0.100 1.000 10.000 Mean of Pair, Au ppm Gold Relative Percent Difference 30 per. Mov. Avg. (Gold Relative Percent Difference)

Figure 12.6 Gold Absolute Relative Percent Difference - Duplicate vs. Original

Gold Absolute Relative Percent Difference - Duplicate vs. Original 500 450 836 of 846 pairs used (see exclusion list) 400 350 300 250 200 150

RealitvePercentDifference 100 50 0 0.001 0.010 0.100 1.000 10.000 Mean of Pair, Au ppm Gold Abs Rel Percent Difference 30 per. Mov. Avg. (Gold Abs Rel Percent Difference)

In Figure 12.5 it is apparent, referring to the red moving average line, that in the grade range from about 0.4 or 0.5 ppm Au to roughly 1.5 ppm Au, field duplicate samples have a tendency to be lower grade than the originals. At lower grades, no such consistent bias is apparent, while above that grade range,

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Table 12.5 lists average8 values of some parameters for duplicate pairs, including the relative differences, and absolute relative differences. Averages are shown for the entire data set, and for subsets having grades of less than 0.5 ppm Au, and grades equal to or greater than 0.5 ppm Au. It is notable that the average relative differences are slightly positive in the lower grade range, but strongly negative in the higher-grade range. The reason for this is not known to MDA.

Table 12.5 Averages for Grades and Relative Differences in Field Duplicates, Gold Data Average Gold Grades in ppm Average Relative Differences, percent count Set Original Dupl Mean Diff RPD1 Abs RPD RPD2 Abs RPD all 836 0.265 0.253 0.259 -0.012 0.9 36.4 -0.1 24.3 <0.5 731 0.100 0.100 0.101 0.063 2.5 35.7 1.0 23.8 ≥0.5 105 1.411 1.319 1.365 -0.910 -10.8 41.3 -7.3 27.4 Notes: 1 RPD is calculated based on the lesser of the two values in the assay pair. 2 RPD is calculated based on the mean of the pair. RPD and absolute value in italics. 10 duplicate pairs, deemed to be outliers, were not included in the statistics presented in Table 12.5 Silver in Field Duplicates

The QA/QC data available to MDA include 845 field duplicate pairs having silver analyses. These were evaluated in the same manner as the gold field duplicate pairs, using scatterplots, relative difference charts, and QQ plots. The plots and charts are not illustrated in this report. Table 12.6 summarizes parameters for the duplicate pairs. MDA did not find it useful to evaluate subsets as was done for gold, but did eliminate eight outlier pairs, and 280 pairs having mean grades of 0.4 ppm Ag or less. It was found that pairs having these low grades, so close to the detection limit, produce exaggerated relative differences that distort the statistics of the data set. As a result, the data set summarized in Table 12.6 contains 557 duplicate pairs.

Table 12.6 Averages for Grades and Relative Differences in Field Duplicates, Silver Data Average Silver Grades in ppm Average Relative Differences, percent count Set Original Dupl Mean Diff RPD1 Abs RPD RPD2 Abs RPD all 557 8.3 8.2 8.3 -0.1 -0.9 36.0 -0.5 24.3 Notes: 1 RPD is calculated based on the lesser of the two values in the assay pair. 2 RPD is calculated based on the mean of the pair. RPD and absolute value in italics. 8 duplicate pairs, deemed to be outliers, were not included in the statistics presented in Table 12.6.

8 In looking at the averages reported in Table 12 5 and similar tables it is important to be aware that the differences (“Diff”) and relative differences (“RPD”) have approximately normal distributions, so that the averages approximate population means. The distributions of all other items have strong positive skews. While their averages are useful for comparing one subset of data to another, they should not be given the same significance as the means of normal distributions.

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280 duplicate pairs, deemed to be so close to the lower detection limit that they produce large relative differences which have little meaning, but skew the results, were not included in the statistics presented in Table 12.6. The bias between the original and duplicate silver values is, on average, negligible.

12.4.3.2 Check Assays

Mariana’s database contains records of 224 gold check assays and 157 silver check assays. These are second splits from pulps prepared at the primary lab, sent to a second lab for analysis, to be compared with the analyses obtained from the primary lab. The purpose of these check assays is to determine that two reputable labs obtain substantially the same assay results. Gold check assays are available for the period October 2010 through December 2011, while silver check assays are available for the period October 2010 through January 2011. The second lab used for check assays in the 2010 – 2012 period was Acme Labs, now in 2018 a part of Bureau Veritas.

MDA evaluated the check assays using the same types of charts described for the field duplicates. Charts are not presented herein, but the results are summarized in Table 12.7.

Table 12.7 Averages for Grades and Relative Differences in Check Assays, Gold and Silver Data Average Grades in ppm Average Relative Differences, percent count Set Original Dupl Mean Diff RPD1 Abs RPD RPD2 Abs RPD gold 203 0.347 0.353 0.0.351 0.006 6.2 11.8 -5.4 10.4 silver 107 9.1 9.0 9.0 -0.2 -9.7 13.5 -8.6 12.1 Notes: 1 RPD is calculated based on the lesser of the two values in the assay pair. 2 RPD is calculated based on the mean of the pair. RPD and absolute value in italics. Some duplicate pairs were excluded from the statistical calculations summarized in Table 12.7, either because they were deemed to be outliers or because their grades were so low that slight differences created large relative differences. In Table 12.7 some biases between the check lab results and the original results are evident. The check lab tended to yield higher gold values and lower silver values. Biases will inevitably exist between results obtained from any two labs, and there is no way, in this case, to determine which lab is “better”.

For both gold and silver, the linear correlation coefficient between the original and the check assays exceeds 0.99; they correlate almost perfectly.

MDA considers the results of the check assays to be acceptable.

12.4.4 Quality Assurance and Quality Control Summary Statement

In MDA’s opinion the QA/QC data support the use of the assays in Mariana’s database as the basis for the resource estimate described in this report.

MDA did find that the manner in which the QA/QC data are stored and identified in the spreadsheets that comprise the project database is not always consistent, which made the process of extracting and using the QA/QC data more difficult than it should have been.

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12.5 Data Verification Conclusion

Based on MDA’s evaluation of the QA/QC data described in Section 12.4 and MDA’s auditing and checking of the project database, MDA concludes that the data used for the Las Calandrias resource estimate in 2011 are of high quality and are accurately compiled in the project database. They are suitable for use in the resource estimate described in Section 14.0 and support the resource classification described therein.

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13.0 MINERAL PROCESSING AND METALLURGICAL TESTING

13.1 Introduction

Metallurgical investigations commenced in July 2010, followed by a preliminary program of metallurgical testwork starting in late September 2010 and testing continued through January 2012. All testwork has been completed at ALS (formerly Metcon Laboratories Pty. Ltd. in Sydney, Australia).

13.2 Calandria Sur

13.2.1 Preliminary Investigations

At the beginning of the metallurgical investigations it had been established that the Calandria Sur deposit consisted of a near-surface oxide zone overlying the main primary or sulfide zone. It is well known that in some gold deposits the percentage of gold extractable by conventional cyanidation can decrease as the degree of oxidation decreases. Consequently, before embarking on any metallurgical testwork the extent to which this occurred at Calandria Sur was investigated.

Firstly, a more precise assessment of the degree of oxidation was established by logging all the core using the oxidation codes in Table 13.1.

Table 13.1 Oxidation Codes Used for Logging

Oxidation code Degree of oxidation 4 Complete oxidation: all sulfides replaced by limonite-jarosite 3 Strong oxidation: scarce sulfides, nearly all limonite 2 Moderate oxidation: minor sulfides with pervasive limonite 1 Weak oxidation: sulfides with limonite in fractures 0 No oxidation: only fresh sulfides

Secondly, LeachWell® tests were completed on 171 samples from continuous intersections from 9 separate drill holes, which were located in the center of the deposit. Subsequently, several series of LeachWell® tests were completed on additional drill holes. A review of the available data indicates that, including the original 171 tests, a total of 1,181 Calandrias Sur samples from 87 separate drill holes have had LeachWell® tests completed on them. The majority of the samples represented a single oxidation code.

The LeachWell® test provides an indication of the amount of gold that would be extractable by conventional cyanidation, but it is not definitive.

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The LeachWell® tests involved mixing 70g solids with 250ml water and agitating the pulp for 2 hours with one LeachWell Assay Tab.9 The resultant solution was assayed for gold and the percentage gold extracted was then calculated using the assayed gold head grade.

The results are shown in Table 13.2, and showed clearly that the amount of gold extracted decreased as the degree of oxidation decreased.

Table 13.2 Summary of LeachWell® Test Results for Calandria Sur

Average Number of Total Head Oxidation Intercepts From Number Meters Grade, g/t % Au extraction Code Tested of Drill Holes Tested Au Average Range Oxide 2,3&4 325 69 685.16 0.97 91.9 7.84-96 Transition 1 236 62 579.43 1.01 68.6 0.4-96 Primary 0 620 68 1597 1.62 41.4 0.66-96

13.2.2 Metallurgical Composites

Based on the original 171 LeachWell® results, three composite samples (Table 13.3) were made up for the preliminary metallurgical testwork using intercepts from the same drill holes used for the LeachWell® tests.

Table 13.3 Composite Samples for Metallurgical Testwork

Composite Oxidation Number of Total Weight Au % Au extraction Codes Holes Intercepts Meters kg (g/t) by LeachWell Oxide 2, 3 & 4 4 22 56.5 73.9 1.60 94.5 Transition 1 5 16 38.0 51.8 1.67 74.0 Primary 0 8 51 133.5 133.5 1.67 27.6

13.2.3 Metallurgical Testwork

13.2.3.1 Comminution Tests

The results of comminution tests completed on each composite are shown in Table 13.4.

9 (* The LeachWell Assay Tabs are supplied by Mineral Process Control (MPC) Pty. Ltd., Perth, Australia and consist of 7.5g NaCN and 2.5g LeachWell, the latter being a proprietary component that ensures very rapid gold dissolution.)

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Table 13.4 Comminution Test Results

Rod Mill Work Index Ball Mill Work Index Abrasion Composite Product P80, mm kWh/t Product P80, mm kWh/t Index 0.079 16.8 Oxide 0.837 18.8 0.205 0.056 17.3 0.080 17.7 Transition 0.883 20.6 0.272 0.055 17.9 0.079 16.7 Primary 0.857 18.7 0.298 0.055 16.9

13.2.3.2 Carbon-in-Leach Tests

Carbon-in-Leach (“CIL”) tests over 24 hours at a grind size of P80 75µm and with 0.1% cyanide concentration were completed on each composite with and without a preceding gravity concentration stage. Gold extractions by gravity were very low at 1.7%, 6.2% and 0% for the oxide, transition and primary zone composites, respectively. The results of the CIL tests are summarized in Table 13.5.

Table 13.5 CIL Test Results

Composite Oxide Transition Primary Gold Gravity Separation No Yes No Yes No Yes Assay head (g/t Au) 1.33 1.33 1.28 1.28 1.47 1.47 Calculated head (g/t Au) 1.50 1.44 2.21 1.35 1.58 1.64 Residue (g/t Au) 0.08 0.11 0.49 0.46 1.15 1.20 GRG Extraction (%) n/a 1.7 n/a 6.2 n/a 0.0 CIL Extraction 94.6 92.4 77.9 66.4 27.1 26.3 Total extraction (%) 94.6 94.1 77.9 72.6 27.1 26.3 LeachWell extraction (%) 94.5 94.5 74.0 74.0 27.6 27.6 Silver Assay head (g/t Ag) 16 16 21 21 34 34 Calculated head (g/t Ag) 14.4 16.1 22.3 22.2 34.5 34.7 Residue (g/t Au) 1.5 1.6 4.5 5.1 20.2 21.0 Actual extraction (%) 89.6 90.2 79.8 77.0 41.7 39.5 Reagent consumptions NaCN (kg/t) 0.24 0.24 0.33 0.24 0.41 0.6 Lime (kg/t) 0.51 0.47 0.65 0.59 0.69 0.61

The very close agreement between the actual CIL gold extractions and those predicted from the LeachWell® tests indicate that the latter are a reliable method of assessing potential gold extraction across the deposit.

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13.2.3.3 Heap Leach Test

A column heap leach test was also completed on the oxide composite at a crush size of minus 6.3mm. The results of the column leach test are summarized in Table 13.6.

Table 13.6 Column Leach Test Results

Sample Oxide Crush, P100 mm 6.3 Days of Leach 38 Au Ag Head Assay, g/t 1.33 16 Calc Head, g/t 1.56 13.8 Extracted, % 79.5 54.5 Consumption NaCN, kg/t 0.21 Cement Addition, kg/t 5.0

13.2.3.4 Testwork on Primary Zone Composite

A diagnostic leach test on the residue from the CIL test on the primary zone composite showed that 98% of the unrecovered gold was locked in sulfide minerals, which consist mainly of pyrite. Therefore, the following two processing options aimed at increasing gold extraction from the primary zone were examined:

(i) Bulk sulfide flotation followed by pressure oxidation of the flotation concentrate and then cyanidation of the oxidized product. This gave overall extractions of 83.3% for gold and 75.2% for silver.

(ii) Selective flotation of a gold- and silver-rich pyrite concentrate for sale to a smelter. This produced a concentrate of 3.3% weight assaying 40.7g Au/t, 884g Ag/t, and 40.2% S at gold and silver recoveries of 82.1 and 82.9%, respectively.

13.2.4 Potential Processing Options

Based on the results of the preliminary testwork the following alternative processing options exist. These will be investigated in more definitive future testwork.

• (i) Heap leaching; and (ii) CIL processing on the combined oxide and upper transition zones, with heap leaching currently favored because of its lower capital and operating costs.

• (i) Bulk sulfide flotation/concentrate oxidation/cyanidation; and (ii) Selective flotation of a saleable concentrate on the combined primary and lower transition zones, with the latter currently favored, again because of its lower capital and operating costs.

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13.3 Calandria Norte Vein

No metallurgical testing has been completed on the Calandria Norte Vein. However, a total of 236 Calandria Norte Vein samples from 50 separate drill holes have had LeachWell® tests completed on them. The LeachWell® results are summarized in Table 13.7.

Table 13.7 Calandria Norte Vein LeachWell® Summary

Number From Average of Number Total Head Oxidation Intercepts of Drill Meters Grade, Code Tested Holes Tested g/t Au % Au extraction Average Range Oxide 2,3&4 26 12 66.17 2.01 94 30.5-96 Transition 1 17 13 31.55 2.01 86.3 25.6-96 Primary 0 178 40 244.37 6.45 84.5 1.0-96

These limited results suggest that all the gold mineralization in the oxide, transition and primary zones may be amenable to processing by CIL.

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14.0 MINERAL RESOURCE ESTIMATE

The resource estimate reported herein for the Las Calandrias deposits includes Calandria Sur and Calandria Norte (La Calandria Vein Zone). It was first presented in the Technical Report by Ristorcelli et al. (2011). The 2011 resource estimate is reported herein as current because Mariana has deemed the post-2011 drilling results to not be material to the company. MDA evaluated the post-2011-estimate drilling data, which has been found to have no material impact on the 2011 estimate. Specifically, the drilling substantially supported the 2011 model, will cause some resources to be moved around spatially and only a bit from where previously estimated, and incrementally increased the resources at Calandria Sur (see Section 14.8.3 for details). Presently, MDA is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, political, or other relevant factors that would preclude the estimated material from being classified as a resource.

Since the 2011 resource estimate update, Mariana has drilled 164 additional core holes for a total of 24,081m. Of the 164 post-model drill holes, fifty were drilled within or immediately adjacent to the Calandria Sur resources, and thirteen core holes were drilled within or immediately adjacent to the Calandria Norte resources. The remainder of the drill holes were drilled either near the resource areas, but not sufficiently close to have any impact on the estimate, or distal to the resource areas.

In mid-2016 and again in December of 2017, MDA reviewed cross sections through both deposits with resources, and also through the Nido area. Those cross sections had the new and the previous drill holes’ gold and silver grades, logged lithology and oxidation data as well as the block model, gold and silver domains and modeled lithologic and oxidation contacts.

Overall, were an updated resource estimate to be done based on the drill data available in December of 2017, the change in resources due to the post-2012-model drilling would be positive. It is expected that the Calandria Sur estimate could increase by 5% to 15%, while Calandria Norte resources could increase but by less than 5%.

14.1 Database

The Las Calandrias database includes drill data completed entirely by Mariana since 2009. The deposits were discovered by Mariana, which has done all of the exploration. The Las Calandrias database contains drilling from the entire project area within the limits of MD Las Calandrias I. As of March 6, 2011, the cutoff date for the database used for this estimate, there was a total of 20,304m of sampling in the entire database, of which 19,968m are drill data and 336m are trenches (note, this does not match Table 10.1 as that tabulates all drilling through 2012). However, the tabulations and evaluations in this section of the report are given for only those drill holes that lie within the bounds of the block model and within the limits of the defined areas for Calandria Sur and The Calandria Norte Vein (Figure 14.1, showing drilling as of the March 6, 2011 database cutoff). After the database cutoff date (March 6, 2011), 55 holes were drilled within and around the defined resource at Calandria Sur, which substantially verified the model and expanded the mineralization into rocks adjacent to the rhyolite dome, which will, if the resource is updated, incrementally increase the size of the resource. Eighteen holes were drilled within the defined resource or immediately adjacent to La Calandria Vein Zone (Calandria Norte); they substantially verified the model, but the locations of mineralization will be

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The March 6, 2011 Las Calandrias database was audited prior to being used in modeling. Auditing and general database discussions are described in Section 12.0 of this report.

All the drilling at Las Calandrias has been core. At Calandria Sur and the immediate surrounding area and as of March 6, 2011, there was a total of 10,303m of drilling with 7,635 gold assays and 7,636 silver assays. At La Calandria Vein Zone and the immediately surrounding area, there was a total of 7,034m of drilling with 3,293 gold and silver assays. Descriptive statistics of the database used in modeling are given in Table 14.1. The average drill spacing was 36m at Calandria Sur and 25m at La Calandria Vein Zone.

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Figure 14.1 Drill Hole Location Map for La Calandria Vein Zone and Calandria Sur

Note: Figure 14.1was prepared at the time of the resource estimate reported in Ristorcelli et al., 2011. The Pampa del Tongoril II Boundary, as it then was, was at essentially the same location as the current southern boundary of the MD Las Calandrias I.

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Table 14.1 Descriptive Statistics of the Las Calandrias Database Calandria Sur All Drill Hole Data Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 9,385 1.10 0.10 4.50 m Au 7,635 0.232 0.549 1.324 2.412 0.002 40.2 g/t Ag 7,636 5.100 12.213 35.320 2.892 0.100 2520.0 g/t As 7,623 337 451 537 1.2 3 10000 ppm Sb 7,621 9 14 21 1.5 1 429 ppm Hg 7,621 0.05 0.12 0.21 1.79 0.01 3.70 ppm Cu 7,623 3 3 4 1.4 1 282 ppm Pb 7,623 22 22 11 0.5 1 213 ppm Zn 7,624 22 43 71 1.7 1 2300 ppm Density 423 2.21 2.21 0.16 0.07 1.58 2.86 g/cm3 Core Recovery 9,159 100 98 8 0.09 9 121 % RQD 9,157 67 62 23 0.37 0 103 % Sulfide Int. 6,074 1 10 Silication Intens. 7,512 1 3 Oxide code 8,529 0 4 Leachwell_Sol 349 37 47 33 1 3 116 % Leachwell_Res 349 0.86 1.16 1.20 1.03 0.00 6.59 g/t

La Calandria Vein Zone All Drill Hole Data Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 6,765 1.04 0.20 3.00 m Au 3,293 0.109 0.645 9.064 14.051 0.002 450.3 g/t Ag 3,293 0.70 2.52 20.33 8.07 0.10 981.0 g/t As 3,292 166 264 384 1.5 1 10000 ppm Sb 3,292 5 8 17 2.2 1 569 ppm Hg 3,291 0.13 0.30 1.04 3.40 0.01 25.50 ppm Cu 3,292 2 3 24 7.9 1 1370 ppm Pb 3,292 24 27 21 0.8 1 933 ppm Zn 3,292 38 78 144 1.8 1 3110 ppm Density 41 2.42 2.41 0.13 0.05 2.09 2.71 g/cm3 Core Recovery 6,624 100 99 4 0.04 23 130 % RQD 6,622 71 68 18 0.26 0 106 % Sulfide Int. 2,613 0 5 Silication Intens. 4,947 0 3 Oxide code 5,766 0 4 Leachwell_Sol 35 84 82 17 0 33 129 % Leachwell_Res 0 g/t

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14.2 Mineral Domains

Paper cross sections were plotted with geologic and analytical drill data and topography. Mapped surface geology was transferred to the sections manually. Interpretations of lithology, oxidation, and mineral domains were done on these cross sections at the project site, working with Mariana staff. Using the geology as a guide, along with the assays color-coded according to natural distributions, mineral domains were made that reflected different styles of mineralization. Mineralization is controlled by flow banding, structural breaks or faults, and irregular breccias. When continuity of the higher-grade material is noted, it often correlates with a specific rhyolite lithology. Modifications to those interpretations were made in MDA’s Reno office, once the paper interpretations were digitized, and iterations were done between sections.

Three gold mineral domains were modeled for each deposit. The two lowest-grade domains are best described as having weak (low-grade domain) to moderate (mid-grade domain) stockwork mineralization; these two domains are named “weak stockwork” and “strong stockwork”. Likely there is a component of disseminated mineralization in these two. The highest-grade domain is composed of a mix of styles of mineralization, generally with poor to as-yet unproven continuity. The silver domains are similarly described but are more restricted spatially.

The gold and silver domains were modeled separately. They have similar overall geometries; they behave similarly, but there is essentially no correlation between them on a sample-by-sample basis.

After the sections were interpreted and checked, they were digitized. Solids were not made because the shapes of this deposit, like those of most gold deposits, are too complex to be properly represented by the solids that can be made using any existing software and in reasonable time frames. The polygons were sliced to plan, and more than 60 level-plan interpretations were made, every 3m level or two per level of the block model. One set was made for gold and one for silver.

Calandria Sur

The weak- and strong-stockwork domains are distinguished from each other by a general increase in thin black veinlets, black sulfides, and possibly additional silicification. The low- (>~0.1g Au/t) and mid- grade domains are difficult to distinguish visually, though the mid-grade domain (>~0.5g Au/t) generally has more black sulfides and/or structural deformation. This deformation is brittle crackle breakage. These domains' overall geometries vary in a way that is not easy to predict, likely because of a dominant control of internal dome features such as flow banding, chill margins, crackle breccias, stockwork, and faults.

The high-grade domain is quite easy to distinguish geologically from the weak- and strong-stockwork domains in that it almost always has some sort of mineralized vein and/or vein breccias (generally less than 20cm wide but dense with black sulfides), intense stockwork or strong, but local (i.e., less than meter-long intersections) impregnations of black sulfides. The high-grade domain appears to have definable continuity on only a few sections. Many of the high-grade mineralized structures (>~4g Au/t) lie within a zone that parallels the country rock/dome contact.

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The main mineralized body follows the dome contact relatively well and extends out into the country rock. Drill data subsequent to the 2011 database cutoff has shown that the extension of mineralization into the country rock is more common than previously thought.

Silver behaves in a similar fashion to gold, though it seems to be spatially less broad. Silver and gold were modeled separately (Figure 14.2 and Figure 14.3).

The Calandria Sur deposit is 700m long (artificially restricted by the southern property boundary) by 250m wide by 120m thick. The deposit is shaped like an elongated shallow-bottomed bowl. The long dimension strikes about N50oW.

Calandria Norte Vein

The Calandria Norte Vein has three defined mineral domains for gold, and two for silver. The Calandria Norte Vein mineralization is similar to that at Calandria Sur, but the stockwork mineralization that surrounds the main mineralized zone/structure is particularly low-grade (>~0.1g Au/t) and the strong- stockwork (>~0.5g Au/t) is much more limited in volume. The strong stockwork does envelope and parallel the higher-grade vein/vein breccia domain. The Calandria Norte Vein deposit is almost 500m long by 80m wide by 200m down dip. The overall shape is tabular and strikes about N50oE, dipping around 70o to the northwest. The high-grade mineralized structural zone averages between one and one and a half meters thick and has similar strike length and orientations to the just-described overall deposit (Figure 14.4). It is a discontinuously mineralized structure.

Silver occurs in only two domains, a much more restricted stockwork and a more restricted vein/vein- breccia, as compared to gold (Figure 14.5).

Along the strike of The Calandria Norte Vein, the mineralized structure or zone central to the mineralization has highly variable grades (Appendices A and B) and mineralization styles. Observations to date indicate that the highest grades are associated with breccias whose fragments have not moved far and are angular. This zone may be a structural and/or lithologic zone; on a few sections, this zone parallels a contact internal to the dome between two distinct phases of rhyolite. Flow foliation seems to play a role in controlling mineralization. The breccia matrix is sulfidic and silicic but of particular note are the breccia fragments, which are rimmed by colloform rinds of sulfides.

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Figure 14.2 Calandria Sur: Typical Section of the Gold Mineral Domains – Section 12

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Figure 14.3 Calandria Sur: Typical Section of the Silver Mineral Domains – Section 12

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Figure 14.4 Calandria Norte Vein: Typical Section of the Gold Mineral Domains – Section 12

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Figure 14.5 Calandria Norte Vein: Typical Section of the Silver Mineral Domains – Section 12

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14.3 Oxide and Lithologic Models

The rhyolite dome at Calandria Sur was modeled into a solid and used to guide modeling of the gold and silver domains. Although a solid was built for the dome at Calandria Norte, the drilling at The Calandria Norte Vein intersected the dome contact only twice, so the true location and form of the dome is unknown.

An oxidation model was constructed for both deposits that was composed of primary, transition, and oxidized rock. The primary zone has no oxidation except for very minor quantities and then only locally. The oxidized zone is composed of completely oxidized rock except for some very minor and local remnants of primary mineralization. The transition zone is all that material with oxide or sulfide material that is too finely intermixed for segregation, or material that is partially oxidized. The surfaces that separate these zones are sub-horizontal with some local depression at Calandria Sur, and the top of the primary and top of the transition zones are generally about 20 to 40m and 10 to 20m below the surface, respectively (Figure 14.2 or Figure 14.3).

Of particular note at the Calandria Norte Vein is the abrupt increase in depth of oxidation in the footwall of the mineralization. A trough of oxidized rock paralleling the mineralization is about 100m wide and 100m deep, but in some areas it can reach 150m deep (Figure 14.4 or Figure 14.5).

14.4 Density

There were 464 density samples in the drill-hole database in 2011. The mean density of all samples is 2.23g/cm3. MDA searched for relationships between density and geologic characteristics and found the strongest relationship between modeled geology and density was with the oxidation. Based on the breakdown of density measurements by oxidation code, MDA assigned a density of 2.25g/cm3 to primary material, 2.22g/cm3 to transition, and 2.20g/cm3 to oxide material. There was not a distinguishable or significant difference between the surrounding rock and the rhyolite domes.

14.5 Composites and Estimation

After capping of the outlier grades by domain (Appendix A), the drill samples were composited into 3m down-hole composite intervals honoring the high-grade domains, but compositing across the rest of the domains. Descriptive statistics of the composite database used for gold and silver domains are presented in Appendix B.

Following compositing and review of statistical analyses of those composites, correlograms were constructed in multiple directions on various combinations of mineral zones for gold and silver separately. Gold correlograms for the high-grade domain cannot be modeled, likely because of the small quantity of composites within the high-grade domains. As a consequence, most of the time and effort were spent modeling various combinations of stockwork mineralization with and/or without the high-grade domain composites. In the stockwork mineralization at Calandria Sur, the ranges were well over 60m and the nuggets stood at about 50% of the total sill. The ranges of the correlograms decreased to 20m from 60m when considering only the strong stockwork domain. Ranges were much shorter at The Calandria Norte Vein, and more often the correlograms could not be modeled, possibly as a result

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14.6 Estimation

The estimation parameters were selected to honor understood geologic controls and sample distributions and, in part, to honor the correlogram models. The estimation parameters are given in Appendix C. Inverse distance cubed estimation was chosen for the reported estimate, but estimates were also made by nearest neighbor and kriging. A single search was used to fill in all blocks in the domains. Each domain was estimated separately and was then weight averaged for the reported whole-block model.

14.7 Gold and Silver Resources

MDA classifies resources in order of increasing geological and quantitative confidence into Inferred, Indicated, and Measured categories to be in compliance with the “CIM Definition Standards - For Mineral Resources and Mineral Reserves” (2014) and therefore Canadian National Instrument 43-101. CIM mineral resource definitions are given below, with CIM’s explanatory material shown in italics:

Mineral Resource

Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource. A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth’s crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling.

Material of economic interest refers to diamonds, natural solid inorganic material, or natural solid fossilized organic material including base and precious metals, coal, and industrial minerals. The term Mineral Resource covers mineralization and natural material of intrinsic economic interest which has been identified and estimated through exploration and sampling and within which Mineral Reserves may subsequently be defined by the consideration and application of Modifying Factors. The phrase ‘reasonable prospects for eventual economic extraction’ implies a judgment by the Qualified Person in respect of the technical and economic factors likely to influence the prospect of economic extraction. The Qualified Person should consider and clearly state the basis for determining that the material has reasonable prospects for eventual economic extraction. Assumptions should include estimates of cutoff grade and geological

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continuity at the selected cut-off, metallurgical recovery, smelter payments, commodity price or product value, mining and processing method and mining, processing and general and administrative costs. The Qualified Person should state if the assessment is based on any direct evidence and testing. Interpretation of the word ‘eventual’ in this context may vary depending on the commodity or mineral involved. For example, for some coal, iron, potash deposits and other bulk minerals or commodities, it may be reasonable to envisage ‘eventual economic extraction’ as covering time periods in excess of 50 years. However, for many gold deposits, application of the concept would normally be restricted to perhaps 10 to 15 years, and frequently to much shorter periods of time.

Inferred Mineral Resource An Inferred Mineral Resource is that part of a Mineral Resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

An Inferred Mineral Resource is based on limited information and sampling gathered through appropriate sampling techniques from locations such as outcrops, trenches, pits, workings and drill holes. Inferred Mineral Resources must not be included in the economic analysis, production schedules, or estimated mine life in publicly disclosed Pre-Feasibility or Feasibility Studies, or in the Life of Mine plans and cash flow models of developed mines. Inferred Mineral Resources can only be used in economic studies as provided under NI 43-101. There may be circumstances, where appropriate sampling, testing, and other measurements are sufficient to demonstrate data integrity, geological and grade/quality continuity of a Measured or Indicated Mineral Resource, however, quality assurance and quality control, or other information may not meet all industry norms for the disclosure of an Indicated or Measured Mineral Resource. Under these circumstances, it may be reasonable for the Qualified Person to report an Inferred Mineral Resource if the Qualified Person has taken steps to verify the information meets the requirements of an Inferred Mineral Resource.

Indicated Mineral Resource An Indicated Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit.

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Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing and is sufficient to assume geological and grade or quality continuity between points of observation. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Mineral Reserve. Mineralization may be classified as an Indicated Mineral Resource by the Qualified Person when the nature, quality, quantity and distribution of data are such as to allow confident interpretation of the geological framework and to reasonably assume the continuity of mineralization. The Qualified Person must recognize the importance of the Indicated Mineral Resource category to the advancement of the feasibility of the project. An Indicated Mineral Resource estimate is of sufficient quality to support a Pre- Feasibility Study which can serve as the basis for major development decisions.

Measured Mineral Resource

A Measured Mineral Resource is that part of a Mineral Resource for which quantity, grade or quality, densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit.

Geological evidence is derived from detailed and reliable exploration, sampling and testing and is sufficient to confirm geological and grade or quality continuity between points of observation.

A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proven Mineral Reserve or to a Probable Mineral Reserve.

Mineralization or other natural material of economic interest may be classified as a Measured Mineral Resource by the Qualified Person when the nature, quality, quantity and distribution of data are such that the tonnage and grade or quality of the mineralization can be estimated to within close limits and that variation from the estimate would not significantly affect potential economic viability of the deposit. This category requires a high level of confidence in, and understanding of, the geology and controls of the mineral deposit.

Modifying Factors

Modifying Factors are considerations used to convert Mineral Resources to Mineral Reserves. These include, but are not restricted to, mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors.

MDA reports resources at cutoffs that are reasonable for deposits of this nature, given anticipated mining methods and plant processing costs, while also considering economic conditions, because of the

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Updated Technical Report for Estimated Gold – Silver Resources at Las Calandrias New Dimension Resources Ltd. Page 90 regulatory requirements that a resource exists “in such form and quantity and of such a grade or quality that it has reasonable prospects for eventual economic extraction.” Exploitation at Las Calandrias will most likely be by open-pit mining methods, although consideration should be given to some combination of underground and open pit for The Calandria Norte Vein. Based on the metallurgical work and conclusions given in Section 13.0, MDA believes that the resource reporting cutoffs at 0.3g AuEq/t for oxide and transition material and 0.7g AuEq/t for primary (unoxidized) material are appropriate. Gold equivalent is calculated using the long-term silver to gold ratio of 60:1. The cutoff grades considered expected costs from similar operations in similar conditions for open-pit mining and heap-leach processing for oxide and transition material and flotation for the primary (sulfide) material. Expected recoveries used in determining the cutoffs are presented in Section 13.0.

MDA classified the Las Calandrias resources by a combination of distance to the nearest sample, number of samples, the confidence in geologic interpretations, and confidence in the samples used in a block’s estimate. The criteria for resource classification are given in Table 14.2. Classification was based entirely on the gold estimate and did not consider silver, though the silver is classified or carried by the gold classification because assaying for both metals is similar and metal distribution is also similar. The resources herein are classified from a technical basis with reasonable economic assumptions applied, and not from a legal, environmental, or regulatory basis.

Table 14.2 Classification Criteria Indicated Inside a defined mineral domain and No. of drill holes used in estimate / distance >=3 and <=40m from closest sample or No. of samples used in estimate / distance >=2 and <=20m from closest sample or No. of samples used in estimate / distance >=1 and <=10m from closest sample Inferred Inside a mineral domain that is not Indicated or Outside mineral domains and >=2 and <=20m from closest sample No. of samples / distance (with very strong outlier restrictions)

To date, the Calandria Sur resource as defined is 700m long (restricted by the southern property boundary) by 250m wide by 120m high. The deposit is oval-shaped but cut in half with the flat part at the topographic surface. The long dimension strikes about N50oW. The Calandria Norte Vein resource is slightly less than 500m long by 80m wide by 200m down dip. The overall shape is tabular and strikes about N50oE and dips approximately 70o to the northwest.

MDA is reporting a block-averaged resource. By block-averaged resource, we mean that the reported grade is the weighted average grade of each block’s domain grades weighted by their respective percentage volumes in each block. The percentage of each block outside the mineral domains is considered because we are assuming that the mining will be dominated by open-pit mining.

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Gold equivalent was calculated considering long-term average silver and gold metal-price ratios. For this resource, a ratio of 60 to 1, respectively, is used. Gold-equivalent calculations reflect gross metal content and have not been adjusted for metallurgical recoveries or relative processing and smelting costs. The gold-equivalent grades were used only for establishing cutoff grades for reporting.

MDA notes that the resources reported herein are cut off at the south boundary of what was the Pampa del Tongoril II exploration permit in 2011. The UTM coordinates supplied for the current MD Las Calandrias I indicate a northward shift of that boundary of approximately 1 to 2 meters, for reasons unknown to MDA. If real, this shift would entail the loss of some resource blocks along the southern edge. MDA calculates the potential loss to be in the order of 1.5 % of the tonnage. As this is within the margin of error for this estimate, MDA has not changed the tonnages as they were estimated in 2011.

Table 14.3 through Table 14.6 present the Indicated and Inferred Las Calandrias resources by material type and in total. Appendix D has breakdowns of the resources by area (The Calandria Norte Vein and Calandria Sur) and by oxidation state (primary, transition, and oxide) and for The Calandria Norte Vein, undiluted. Figure 14.6 and Figure 14.7 present the same cross sections as Figure 14.2 and Figure 14.3, but with block model grades also plotted. Similarly, Figure 14.8 and Figure 14.9 present the same cross sections as Figure 14.4 and Figure 14.5. The model blocks are 6m long by 6m across by 6m high in a model rotated 65o clockwise in a horizontal plane to best match the vein trend in the more important part of the deposit. The dimensions were chosen to best reflect possible block sizes for open-pit mining.

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Table 14.3 Total Gold and Silver Resources for Las Calandrias: Indicated and Inferred: Oxide

Oxide Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g g AuEq/t AuEq/t g Au/t g Ag/t Au Ag 0.2 3,473,000 0.53 0.42 6.84 47,000 764,000 0.3 2,368,000 0.66 0.53 8.17 40,000 622,000 0.4 1,622,000 0.81 0.66 9.32 34,000 486,000 0.5 1,184,000 0.95 0.77 10.33 29,000 393,000 0.6 878,000 1.09 0.90 11.12 25,000 314,000 0.7 635,000 1.25 1.05 12.03 21,000 245,000 0.8 482,000 1.41 1.20 12.89 19,000 200,000 0.9 393,000 1.54 1.32 13.45 17,000 170,000 1.0 324,000 1.67 1.44 13.96 15,000 145,000

Oxide Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g g g g AuEq/t AuEq/t Au/t Ag/t Au Ag 0.2 794,000 0.59 0.52 4.17 13,200 107,000 0.3 419,000 0.90 0.80 5.57 10,800 75,000 0.4 297,000 1.12 1.02 6.25 9,700 60,000 0.5 239,000 1.29 1.17 7.06 9,000 54,000 0.6 182,000 1.52 1.38 8.19 8,100 48,000 0.7 138,000 1.80 1.65 9.15 7,300 41,000 0.8 113,000 2.03 1.87 9.75 6,800 35,000 0.9 101,000 2.17 2.00 10.04 6,500 33,000 1.0 90,000 2.32 2.15 10.10 6,200 29,000 Numbers in these tables are rounded to reflect appropriate precision for the resource estimate. Because of this rounding, any given value may not be exactly re-produced by re-calculations using other values in the same line or column.

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Table 14.4 Total Gold and Silver Resources for Las Calandrias: Indicated and Inferred: Transition

Transition Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g g AuEq/t AuEq/t g Au/t g Ag/t Au Ag 0.2 4,304,000 0.67 0.50 10.48 69,000 1,450,000 0.3 3,382,000 0.79 0.58 12.10 63,000 1,315,000 0.4 2,552,000 0.93 0.70 13.76 57,000 1,129,000 0.5 1,933,000 1.08 0.83 15.36 51,000 955,000 0.6 1,516,000 1.23 0.95 16.74 46,000 816,000 0.7 1,261,000 1.35 1.05 17.83 43,000 723,000 0.8 1,074,000 1.45 1.14 18.84 39,000 650,000 0.9 911,000 1.56 1.23 19.88 36,000 582,000 1.0 780,000 1.66 1.32 20.63 33,000 517,000

Transition Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g g g g AuEq/t AuEq/t Au/t Ag/t Au Ag 0.2 431,000 0.40 0.33 4.01 4,600 56,000 0.3 218,000 0.56 0.47 5.28 3,300 37,000 0.4 137,000 0.68 0.58 5.89 2,600 26,000 0.5 95,000 0.79 0.68 6.36 2,100 19,000 0.6 49,000 1.01 0.89 7.16 1,400 11,000 0.7 30,000 1.24 1.11 7.41 1,100 7,000 0.8 20,000 1.50 1.37 7.27 900 5,000 0.9 17,000 1.61 1.49 7.17 800 4,000 1.0 14,000 1.74 1.62 7.43 700 3,000 Numbers in these tables are rounded to reflect appropriate precision for the resource estimate. Because of this rounding, any given value may not be exactly re-produced by re-calculations using other values in the same line or column.

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Table 14.5 Total Gold and Silver Resources for Las Calandrias: Indicated and Inferred: Sulfide

Primary Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.2 15,923,000 0.93 0.72 12.46 368,000 6,380,000 0.3 12,508,000 1.11 0.86 15.07 347,000 6,061,000 0.4 9,732,000 1.33 1.03 17.99 323,000 5,627,000 0.5 7,977,000 1.53 1.19 20.49 304,000 5,255,000 0.6 6,873,000 1.68 1.31 22.38 290,000 4,946,000 0.7 6,090,000 1.82 1.42 23.94 278,000 4,687,000 0.8 5,506,000 1.93 1.51 25.33 267,000 4,484,000 0.9 4,981,000 2.05 1.60 26.78 256,000 4,288,000 1.0 4,543,000 2.15 1.68 28.16 246,000 4,113,000

Primary Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.2 2,249,000 0.45 0.41 2.42 29,600 175,000 0.3 990,000 0.72 0.66 3.39 21,000 108,000 0.4 581,000 0.98 0.91 4.15 17,000 78,000 0.5 434,000 1.16 1.09 4.40 15,200 61,000 0.6 312,000 1.40 1.32 4.70 13,300 47,000 0.7 233,000 1.66 1.58 4.34 11,800 32,000 0.8 193,000 1.84 1.77 4.20 11,000 26,000 0.9 168,000 1.99 1.93 4.08 10,400 22,000 1.0 155,000 2.08 2.02 4.04 10,000 20,000 Numbers in these tables are rounded to reflect appropriate precision for the resource estimate. Because of this rounding, any given value may not be exactly re-produced by re-calculations using other values in the same line or column.

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Table 14.6 Total Gold and Silver Resources for Las Calandrias: Indicated and Inferred: All Material Types

All Material Types Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g g g AuEq/t g AuEq/t Au/t Ag/t Au Ag 0.2 23,700,000 0.82 0.63 11.28 484,000 8,594,000 0.3 18,258,000 0.99 0.77 13.63 450,000 7,998,000 0.4 13,906,000 1.20 0.93 16.20 414,000 7,242,000 0.5 11,094,000 1.39 1.08 18.51 384,000 6,603,000 variable 11,840,000 1.29 1.00 17.40 381,000 6,624,000 0.6 9,267,000 1.55 1.21 20.39 361,000 6,076,000 0.7 7,986,000 1.70 1.33 22.03 342,000 5,655,000 0.8 7,062,000 1.82 1.43 23.49 325,000 5,334,000 0.9 6,285,000 1.94 1.53 24.95 309,000 5,040,000 1.0 5,647,000 2.06 1.62 26.31 294,000 4,775,000 All Material Types Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g g g AuEq/t g AuEq/t Au/t Ag/t Au Ag 0.2 3,474,000 0.48 0.43 3.02 47,400 338,000 0.3 1,627,000 0.74 0.67 4.21 35,100 220,000 0.4 1,015,000 0.98 0.90 5.00 29,300 164,000 0.5 768,000 1.15 1.06 5.47 26,300 134,000 variable 870,000 1.01 0.93 5.17 25,900 144,000 0.6 543,000 1.41 1.30 6.09 22,800 106,000 0.7 401,000 1.67 1.57 6.22 20,200 80,000 0.8 326,000 1.89 1.78 6.31 18,700 66,000 0.9 286,000 2.03 1.93 6.37 17,700 59,000 1.0 259,000 2.15 2.04 6.33 16,900 52,000 Numbers in these tables are rounded to reflect appropriate precision for the resource estimate. Because of this rounding, any given value may not be exactly re-produced by re-calculations using other values in the same line or column.

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Figure 14.6 Calandria Sur: Typical Section of the Gold Mineral Domains with Block Model Section 12 (variable block sizes are due to this non-orthogonal view)

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Figure 14.7 Calandria Sur: Typical Section of the Silver Mineral Domains with Block Model Section 12 (variable block sizes are due to this non-orthogonal view)

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Figure 14.8 Calandria Norte Vein: Typical Section of the Gold Mineral Domains with Block Model Section 12 (variable block sizes are due to this non-orthogonal view)

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Figure 14.9 Calandria Norte Vein: Typical Section of the Silver Mineral Domains with Block Model Section 12 (variable block sizes are due to this non-orthogonal view)

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14.8 Discussion

MDA did several iterations of the estimate to test for sensitivity and performed several checks on the model. MDA performed volume checks, point validation, assigned-grade polygonal estimates, nearest neighbor, kriged, and inverse distance estimates and comparisons between all these estimates and assay and composite grades, visual inspections of drill-hole sample grades and block grades, and grade- distribution plots. MDA is satisfied that the model represents a fair reflection of the Las Calandrias project gold and silver resources.

The Las Calandrias stockwork mineralization is continuous and consistent for the most part, but because of the irregular flow banding that seems to control at least some of the mineral distribution, the overall irregular and amoeboid-like geometry is difficult to predict from section to section. Scattered throughout the stockwork zone, but particularly the strong-stockwork domain, are very real, very discontinuous, and impossible to predict pockets (for lack of better definition) of high-grade mineralization. These better grades are related to mineralized veins and/or vein breccias (generally less than 20cm wide but dense with black sulfides), intense stockwork or strong, but small (i.e., meter-long intersections or less) replacements of black sulfides.

On a few sections, continuous high-grade domains were modeled and these are likely realistic. On other sections the high-grade domains were modeled with less confidence.

There is a risk instilled into any estimate of a deposit of this type just by the nature of the mineralization. The commonly very local and randomly located occurrences of elevated grades (>~4g Au/t) scattered throughout the deposit make it difficult to know how much metal these point-like bodies of mineralization represent overall. Furthermore, it appears virtually impossible to accurately define their location and volume, and this likely may be the case during production drilling. This in no way takes away from the confidence in this resource, but rather just in the confidence to predict that portion of the mineralization.

Much of the risk of this resource has been reduced by the careful and diligent exploration and sampling done by Mariana.

14.8.1 Calandria Sur

Of the 164 drill holes completed since the current resource estimate was finished in 2011, 50 holes were located in and around the Calandria Sur rhyolite dome and resource area. Several of these holes were drilled into the resource modeled in 2011, and they substantially verified the 2011 estimate. Those drill holes located peripherally to the 2011 resource estimate will expand the resources when an update is done, mostly by intersecting mineralization in the country rock, albeit at lower grades. All those holes located within Calandria Sur rhyolite dome will cause minor modifications to estimated locations of mineralization and modest additions to both the gold and silver resources. The mineralization remains open in several directions.

The oxidized rock intersected by the post-model drilling substantially supports the previous interpretation, and the additional information allows for the bottom of the oxidation and transition surfaces to be expanded laterally. At Sur, the model of the rhyolite dome will be expanded horizontally

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MDA expects that were an updated estimate to be done using the data available as of the date of this report, the result would demonstrate that more tonnes at lower grade exist, and the metal content in the estimated resources would increase by 5% to 15% at Calandria Sur.

14.8.2 Calandria Norte

Thirteen post-model drill holes were drilled mostly within the limits of the 2011 resource in the Calandria Norte area.

At Norte, a new model would entail only a few minor changes made to the intrusive rock model around the resource, although there is a lot of more intrusive rock around the area that should be modeled for exploration purposes. Nothing was encountered in post-model drilling that would suggest substantive changes to the oxidation model except that the model can be extended laterally using the new drill data.

The post-model drilling’s effect on the resources at Calandria Norte validate the existing model of the high-grade zone, albeit with some minor changes to location and a possible minor increase in resources. The post-model drilling did show that the model of the low-grade halo, which is dominantly below economic reporting cutoff, is not a good predictor. Additional work needs to be done to understand and better model that low-grade halo and for the most part and expand the gold and silver resources.

At Calandria Norte a new estimate would entail only minor changes, but potentially a slight increase in total resources, using the post-model drilling.

14.8.3 General Comments on Post-2011 Model Drilling

The changes mentioned above are not considered material. However, MDA recommends quantifying those changes and updating the resource estimates prior to engaging in any sort of economic studies of the resources.

Outboard from the 2011 resource, the 20 drill holes added between Calandria Sur and Calandria Norte did intersect low-grade mineralization. These 20 holes indicate that mineralization is more dispersed than had been recognized, but they do not affect the current, 2011 estimated resources.

Also external to the 2011 resources, 62 of the added holes were drilled in various El Nido targets and have substantiated the mineralization already found in those areas. Additional work is justified to evaluate if the mineralization can be modeled and estimated with confidence sufficient to fulfill the requirements for at least the Inferred class of mineralization.

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15.0 ADJACENT PROPERTIES

The authors caution that they have not verified the following information about the adjacent projects. Information about mineralization on any adjacent property is not necessarily indicative of the mineralization on the Las Calandrias project. The authors obtained the information from both Mariana Corporate sources (with respect to its own projects outside of Las Calandrias) and from public domain sources (with respect to projects owned or operated by other companies). Some of the projects listed in this section are owned by Mariana, but they are not part of the Las Calandrias project and are therefore not topics of this report. New Dimension and Mariana have advised the authors that the information obtained from “Mariana Corporate sources” is in the public domain.

Figure 15.1 illustrates active projects in the same district as Las Calandrias. Except for data relating to Las Calandrias, the authors of this report have not verified the information contained in Figure 15.1.

In terms of mining operations, in December 2017 Minera Don Nicolas officially commissioned a nameplate 1,000 tonne per day mine and Carbon-In-Pulp processing facility on the nearby Estancia Martinetas, which will draw part of the ore it processes from the La Paloma deposit (located 15km SW of Las Calandrias). Minera Don Nicolas is also owner of the exploration-stage Escondido deposit, a southern extension of the Calandria Sur gold-silver deposit across a tenement boundary. Yamana Gold is also expecting initial production from their Cerro Moro mine, located 84km SE of Las Calandrias, by mid 2018. As at December 31, 2017, this deposit contained mineral reserves of 715,000 oz Au + 40Moz Ag (Source: Yamana Gold website). In terms of exploration, Mirasol Resources Ltd has an active Joint Venture with Oceana Gold Corporation on the adjacent La Curva project, Yamana Gold has undertaken some work at the nearby Falcon project, and Lucero Gold is actively exploring the Los Domos prospect. New Dimension plans to actively explore the nearby Refugio and Bozal III prospects.

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Figure 15.1 Exploration Projects Near Las Calandrias (Figure provided by Mariana, 2018)

Some additional comments with respect to projects illustrated in Figure 15.1 are:

• La Paloma: La Paloma (Minera Don Nicolas): vein-hosted gold and silver mineralization. A Measured and Indicated category mineral resource of 498,000 tonnes grading 9.2 g Au/t and 28.1 g Ag/t has been reported for the Sulfuro vein. A subset of the Sulfuro vein resource was included in mineral reserve category in the 2012 feasibility study for the Don Nicolás gold project (Tetra Tech, 2012). Other deposits included in Don Nicolás reserves are not within the map area of Figure 15.1. Minera Don Nicolas mine management have indicated that extraction of mineral reserves at the La Paloma deposit will commence in 2018.

• La Curva (Mirasol Resources Ltd): breccia/sheeted veinlet and vein mineralization reported in four main prospect areas. Among the highest-grade gold assays obtained are 5.97 g Au/t, 10.76 g Au/t, 20.73 g Au/t and 66.8 g Au/t, from “chip” samples, with unstated dimensions (information from Mirasol Resources web site, 26 September 2017;

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http://mirasolresources.com/project/la-curva/). Mirasol Resources Ltd and OceanaGold Corporation signed a Definitive Option Agreement for the La Curva Project in May, 2017, which provides OceanaGold with the option to earn-in to a 75% interest in the La Curva Project after completing 5 investment stages. Stage I of this Definitive Option Agreement (the so-called “Initial Earn-In”) provides for OceanaGold to earn-in to a 51% interest in the La Curva Project in return for USD 7M in direct exploration expenditures and USD 1.5M in cash payments to Mirasol over a four-year period (and includes a Year 1 minimum commitment of USD 1.25M in direct exploration and 3,000 m of drilling).

• Escondido (Minera Don Nicolas): an exploration-stage gold-silver project which represents an extension of the Calandria Sur deposit across a tenement boundary into concessions controlled by Minera Don Nicolas. Further details given in Section 15.1.

• Refugio (Mariana): Located 10km due W of Las Calandrias, Refugio is an undrilled exploration target which consists of a 1.2km-long vein / breccia system with anomalous molybdenum values on surface. High base metal (especially Mo) concentrations are typical of the surface expressions of the bonanza-grade gold-silver shoots (Escondida, Zoe) at Yamana Gold’s nearby Cerro Moro development project.

• Bozal III - Lucia (Mariana): Early stage exploration prospects with surface expressions of low sulfidation epithermal vein / breccia systems and limited scout drilling. At Bozal III, which is located 30 km NW of Calandria Norte, field activities have focused on the evaluation of the (from NW to SE) the Joaquin vein, the Lucia vein/breccia system, and the Fran Breccia. Samples from trenches on the Lucia vein have returned anomalous gold and silver values. The Bozal III vein / breccia system is NW-SE trending and is only exposed over a total distance of around 800m before disappearing under post mineralization basalt flows. Five short (473m in total) scout holes were drilled at Bozal in 2015, and these have provided additional vectors to possible high grade shoots on the property (Mariana news release dated August 24, 2016)

• Los Domos (Lucero Gold / Dark Horse Resources): rhyolitic domes, IP chargeability anomaly, quartz veins breccias; some historical rock chip analyses, the highest returning 5.7 g Au/t (Dark Horse Resources, 2016).

• Falcon (Yamana Gold): disseminated gold and silver mineralization associated with silica flooding and hosted in volcaniclastic rocks which are interpreted to lie on the margin of a mineralized rhyolite dome. One scout drill hole is reported to have intersected 53 meters grading 1.12 g Au/t and 30 g Ag/t (information provided by Extorre Gold).

• El Monte (Magna Terra Minerals): gold bearing breccias and veinlets associated with rhyolitic domes and tuffs. A re-compilation of sample results from four trenches was reported in September 2017. Among the reported results were 35 meters grading 0.091 ppm Au and 7.49 ppm Ag, including eight meters of 1.153 ppm Au and 96.2 ppm Ag. Complete results may be found in a news release of 19 September, 2017 (Magna Terra Minerals, 2017).

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15.1 Escondido

Escondido is described in this subsection because it is particularly relevant to Las Calandrias, in that it is thought to contain the southern extension to the Calandria Sur mineralization. The Escondido property borders MD Las Calandrias on the south. It was owned by Minera IRL Ltd. (“IRL”), but in 2014 IRL sold its Argentine Patagonia interests to CIMINAS, an Argentine group. The only information about Escondido known to the authors to be in the public domain is from news releases, reports and other filings by IRL prior to the sale.

The authors caution that none of the descriptions and grades of the Escondido mineralization set out in the following paragraphs should be attributed or applied to mineralization on the Las Calandrias property. The authors have not independently verified any of the information about Escondido.

According to an IRL news release dated July 30, 2010, a large breccia body was identified and named Escondido. Surface sampling on Escondido returned anomalous gold values over a strike length of some 700m. Eleven of 22 outcrop rock samples assayed >0.1g Au/t, with the highest assaying 2.4g Au/t and 84g Ag/t (May 20, 2010 news release on SEDAR).

In a news release dated September 15, 2010, IRL reported a new gold-silver discovery on the Escondido project, which they described as an extension of Mariana’s Calandria Sur mineralization. According to the IRL news release, 10 of the 11 holes drilled into the “Northern Breccia Zone” at Escondido have intersected “substantial zones of mineralized breccia.” The best intersections were: E-D10-02: 25.38m averaging 1.45g Au/t and 9.62g Ag/t, including 13.75m grading 2.39g Au/t and 14.56g Ag/t, E-D10-03: 100.0m averaging 1.19g Au/t and 7.77g Ag/t, including 48.00m grading 1.71g Au/t and 9.18g Ag/t, E-D10-07: 120.40m averaging 0.65g Au/t and 5.70g Ag/t, including 14.70m grading 1.30g Au/t and 11.86g Ag/t and 8.40m grading 2.45g Au/t and 8.31g Ag/t. Note: the relationships of these drill intercepts to true thicknesses of mineralization aren’t known to the authors.

In December 2010, a widely spaced second-pass scout drilling program was carried out by IRL. On March 3, 2011, results of this drill program were announced, which confirmed that mineralization extends over almost 700m of strike from the southern boundary of Mariana’s Pampa del Tongoril II concession (now MD Las Calandrias I) and remains open-ended toward both the east and southeast. Selected intercepts from the second pass Escondido scout drilling are tabulated below, as found in IRL’s annual information form for 2013:

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Intercept Assay – g/t Hole Number From To Meters Au Ag E-D10-020 51.00 84.50 33.50 0.89 2.83 including 56.15 66.35 10.20 1.83 4.45 E-D10-022 10.00 62.45 52.45 0.64 9.51 including 26.00 29.45 3.45 3.53 26.37 E-D10-024 15.00 32.00 17.00 1.13 8.23 E-D10-027 20.60 65.00 44.40 0.52 1.79 E-D10-033 86.25 90.70 4.45 0.82 59.02 Note: the relationships of these drill intercepts to true thicknesses of mineralization aren’t known to the authors.

In July, 2011 IRL announced additional selected drill results from Escondido. These are available in IRL’s Annual Information Form for 2013:

Intercept Assay – g/t Hole Zone Type Number From To Metres Au Ag NW Vein E-D10-026 89.30 90.00 0.70 136 157 NW Bulk E-D11-052 24.80 41.00 16.20 2.05 7.4 including 38.35 40.30 1.95 10.0 14.4 NW Bulk E-D11-053 38.95 58.60 19.6 2.43 10.4 5 including 38.95 41.50 2.55 9.55 51.6 NW Bulk E-D11-055 42.80 67.00 24.20 1.16 6.1 Including 48.80 54.10 5.30 2.48 8.1 NW Bulk E-D11-057 28.40 72.00 43.6 0.84 6.8 0 SE Vein E-D11-036 68.70 78.90 10.2 0.17 76.1 SE Vein E-D11-037 54.00 58.20 04.20 1.63 663 Including 56.00 56.55 0.55 4.16 1,25 SE Vein E-D11-039 37.60 41.00 3.40 0.71 1930 Including 40.00 41.00 1.00 1.19 509 SE Bulk E-D11-058 130.00 146.0 16.0 0.28 63.7 Note: the relationships of these drill intercepts to true thicknesses0 of mineralization0 aren’t known to the authors.

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16.0 OTHER RELEVANT DATA AND INFORMATION

16.1 Post-2011 Model Drilling

Among the 164 holes drilled since the post-2011 model and resource estimate, 101 exploration holes were not drilled near or within the limits of the estimated resources. Implications of this post-2011- resource-estimate drilling are described in Sections 14.9 and 7.4.2, and again in 17.0. No engineering studies leading to an analysis of economics should be done based on the 2011 estimate, without updating the resource estimate to incorporate the new drilling.

Twenty of the post-model drill holes are located between Calandria Sur and Calandria Norte. These intersected low-grade mineralization, showing that mineralization is more dispersed than had been recognized at the time of the modeling in 2011. That area, along with the Nido and an area northwest of Norte should be modeled to determine if any of those areas could contribute additional resources.

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17.0 INTERPRETATION AND CONCLUSIONS

The southeastern portion of Mariana’s Las Calandrias property contains rhyolite domes, several of which host gold and silver mineralization in sulfide-bearing veins and vein breccias and their oxidized, near-surface portions.

Work done by Mariana is both high quality and has proven successful, leading to the estimated gold and silver resources of this report, as well as the recognition of other targets which present opportunities for further exploration.

Since the 2011 resource estimate, Mariana has drilled fifty core holes within or immediately adjacent to the Calandria Sur resources, and thirteen core holes within or immediately adjacent to the Calandria Norte resources. MDA expects that any update to the resource estimate using data from these holes would add to the resource, possibly increasing the Calandria Sur resources by 5% to 15%, while Calandria Norte resources could increase but by less than 5%.

Less than a quarter of the total newly-identified mineralization lies within the rhyolite. Much of the mineralization appears to be a halo around the rhyolite dome but extending out in a tabular fashion to the southeast and northwest (see screen capture below). This tabular zone has a strong relationship to the oxide boundaries. There likely is greater vertical extent than modeled so at least some of the mineralization, as described and shown by Mariana staff, may need to be re-modeled applying more of a vertical component. The information available at this time is not sufficiently detailed to enable such re- modeling at this time. With re-modeling, volumes may remain the same, but locations might differ.

The main focus of future programs at Las Calandrias will be exploration aimed at expanding known resource areas such as Calandria Sur and Norte, and at identifying potential new resources. It is expected to include:

• Drilling to test potential for high grade “feeder” zones within the Calandria Sur deposit, as defined through a combination of geological interpretation and ground geophysical surveys. • Drilling to test extensions of the La Morena vein, a buried vein-breccia in the Calandria Norte dome, and to explore for the possible intersection of the La Morena vein with the Calandria Norte Vein at depth; • Drilling to test possible near surface and southwestern extensions of the Calandria Norte Vein vein-breccia into surrounding volcaniclastic rocks in the El Clavo vein trend that has been identified by mapping, trenching, and rock and lag sampling; • Drilling to determine controls of mineralization, lateral continuity, and possible increase in grade with depth in the Nido Norte dome and the Despreciada Vein. • Drilling to test the geometry and continuity of mineralization in the volcaniclastic rocks adjacent to the Calandria Sur rhyolite dome on the north in the Loma Verde, La Picasa, and Vieja Herradura mineralized areas;

Preliminary metallurgical testwork on composite samples representing the oxide, transition and primary zones in the Calandria Sur deposit has shown that gold extraction by conventional cyanidation decreases

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(i) On the oxide and upper-transition zones: heap leaching; or CIL processing on the combined oxide and upper transition zones, with heap leaching currently favored because of its lower capital and operating costs.;

(ii) On the combined primary and lower transition zones: bulk sulfide flotation/concentrate oxidation/cyanidation; or selective flotation of a saleable concentrate, with the latter currently favored, again because of its lower capital and operating costs.

Preliminary LeachWell® testing10 suggests that all mineralization in the Calandria Norte Vein, regardless of its degree of oxidation, may be amenable processing by CIL.

10 See section 13.2.1 for a description of the LeachWell® method of testing.

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18.0 RECOMMENDATIONS

A Phase 1 work program is recommended, and a budget set out herein. This program is expected to lead to a decision point as to the nature and scope of future work to be undertaken after this program is completed.

Phase 1

For 2018, the following work program is proposed for the Las Calandrias project, during the first half of the year:

• A follow-up diamond drill program of 5,000m (approximately 30 holes) designed to increase the existing mineral resources at the Calandria Norte gold-silver vein, test for mineralization high grade mineralization at depth in geophysical targets at Calandria Sur, as well as test the resource potential for high grade gold-silver mineralization at the Morena, Nido, and Despreciada areas. Scout drilling of the Refugio target on the Pampa del Tongoril III concession, about 10 km northwest of Las Calandrias, will also be undertaken, but Pampa del Tongoril III is not part of the subject matter for this report, and drilling on Pampa del Tongoril III is not included in the recommendations and the budget presented herein. This drill program is expected to be completed in the first half of 2018. • Complete additional metallurgical testwork on the known gold-silver mineralization at Las Calandrias, with particular emphasis on quantifying potential gold and silver recoveries from the higher grade portions of the system. • Complete an updated Mineral Resource Estimate for the Las Calandrias project prepared in accordance with NI 43-101 and CIM standards, which incorporates all the drill results up to, and including, the proposed 2018 drill campaign. The proposed 5,000 meters of drilling, distributed between about 30 drill holes on the Las Calandrias property is intended to further test the resource potential of the Calandria Norte vein, as well as the Morena, Nido, and Despreciada vein/breccia systems and interpreted “feeder structures” at Calandria Sur. Drilling will focus on a combination of untested targets from previous drill programs (especially potential extensions to known mineralization), in addition to new targets identified from the CSAMT ground geophysical survey completed in the first quarter of 2017. The geophysical (CSAMT) targets are high resistivity anomalies which are interpreted to represent structurally controlled silicified zones, and which may host further epithermal-style gold-silver mineralization.

Minera Mariana has prepared a preliminary list of specific drill hole locations. MDA considers Mariana’s recommendations for drill hole locations to be reasonable, but is not including specific hole locations as part of the recommendations in this report. Minera Mariana’s professional exploration team has the right and the responsibility to adjust specific hole locations as the project generates new information, while adhering to the objectives described herein.

The budget for the proposed Phase 1 exploration is as follows:

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Table 18.1 Budget Estimate for Phase 1 Exploration Program Description Estimated Cost in US Dollars Drilling Field Staff (geologists and other employees) (VAT included) $62,000 Field Office (caretaker, vehicle, supplies) (VAT included) $3,000 Drilling (VAT included) Site preparation and Mobilization $78,000 Core Drilling, direct cost $1,067,000 Supplies and Consumables $35,000 Assays $159,000 Camp (room, board, logistics) (VAT included) $264,000 Fees for surface access $8,000 Studies Subsequent to Drilling Metallurgical Studies $100,000 Update to Resource Estimate, LC Sur and Norte $60,000 Evaluate and Estimate New Resource Areas $35,000

Total Estimated Budget for Phase 1 $1,871,000 Notes: Some items in Table 18.1 include Value Added Tax (“VAT”), as indicated in the descriptions. Mariana advises MDA that VAT is refundable 2 years after the expenditure is incurred. It is submitted and refunded in Argentine pesos, so the value of the refunds in US dollars is subject to exchange rate fluctuations.

Phase 2

Success in Phase 1 would be defined as adding to the resources in the known bodies of mineralization and/or discovering additional resources. If Phase 1 is successful, it is likely to bring a need for additional exploration work. Without knowing details of the augmentation of resources that might result from Phase 1, it is not possible to anticipate the details of future work. However, a Phase 2 program is likely to include much more drilling, more metallurgical studies, environmental studies and one or more updates to the resource estimates. It is reasonable to assume that something in the order of 10,000 meters of additional drilling, at an all-in cost of about $US 4 million, would be needed. Allowing for ancillary studies and work, a Phase 2 budget in the order of $US 5 million could be anticipated, contingent on success in Phase 1.

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19.0 REFERENCES

Barnett, R. L., Hodder, R. W., and Renaud, J., 2010, Las Calandrias, Santa Cruz Province, Argentina; A petrographic review: Report prepared for Minera Mariana Argentina S.A., vol. 1, 48p.; vol. 2, 257 p. Dark Horse Resources, 2016 (Nov 22), Dark Horse Further Expands its Argentine Focus with the Acquisition of a Highly Prospective Gold Project in Renowned Gold Province, ASX Announcement (news release). Ensinck, Juan Pablo, Ramayo, Leduar and Unger, Nigel, 2017, CSAMT Survey, Geophysical Logistics Report, Las Calandrias Project, Santa Cruz, Argentina. Report prepared by Quantec Geoscience Argentina S.A. for Minera Mariana Argentina S.A. Fernandez, C. G., 2010 (July 15), Amended technical report, mineral resource estimate for the La Jusefina project, Santa Cruz, Argentina: Report prepared for Hunt Mining Corp. by UAKO Consultora Geológica, 120 p. Giaccardi, A., and Aguilera, D., 2010, Estudio hydrogeologico de base, área Pampa del Tongoril II: Report prepared for Minera Mariana Argentina, S. A. by Profesionales Intervinientes, Degreed in Geological Sciences, Aldo Giaccardi and David Aquilera, 36 p. Gomez, Gabriel and Stoessel, Nicolas, 2017, Interpretation and Target Definition from CSAMT Survey, Las Calandrias Project; informal internal staff report by Minera Mariana Argentina S.A., as a follow-up to the data presented by Ensinck et al. in the report listed above. Hodder, R. and White, D., 2010 (February 13), A memorandum upon leaving the field: Las Calandrias project, Minera Mariana Argentina S.A.: Memorandum prepared for Minera Mariana Argentina S.A., 9 p. Magna Terra Minerals, 2017 (September 19), Magna Terra Reports on Data Recompilation and New Drill Target Generation at the Luna Roja Project, El Monte Property (corporate news release). Pankhurst, R. J., Riley, T. R., Fanning, C. M. and Kelley, S. P., 2000, Episodic silicic volcanism in Patagonia and the Antarctic Peninsula: Chronology of magmatism associated with the breakup of Gondwana: Journal of Petrology v. 41, no. 5 p. 605-625. Rideout, M., 2010 (March), Geophysics summary for the Dos Calandrias property, Mar 2010: Report prepared by Quantec Geoscience Ltd. for Mariana Resources Ltd., 1 p. Ristorcelli, S., and Fitch, D., 2010, Technical Report on the Las Calandrias Project, Santa Cruz Province, Argentina; Report prepared by Mine Development Associates for Mariana Resources Ltd., 56 p. Ristorcelli, S. and Ronning, P., November 4, 2010, Las Calandrias Site Visit Report - October 2010. Ristorcelli, S., Ronning, P., and Lewis, P., 2011 (August), Technical report on gold and silver resources at Las Calandrias – an update, Santa Cruz Province, Argentina: Report prepared by Mine Development Associates for Mariana Resources Ltd., 129 p.

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Rodriguez, G. A., 2009 (March), Report on the Pampa del Tongoril II gold project, Santa Cruz, Argentina: Prepared by Minera Mariana Argentina S.A. for Mariana Resources Ltd., 11 p. Rodriguez, G., Stoessel, N., and Gómez, G., 2009 (August 11), Minera Mariana Argentina, Pampa del Tongoril project (Dos Calandrias), proposal for 2009 drilling: Internal report of Minera Mariana Argentina S.A., 10 p. Rodriguez, G., Stoessel, N., Gómez, G., and Arguello, M., 2010 (February 26), Minera Mariana Argentina, Las Calandrias project, proposal for 2010 drilling: Internal report of Minera Mariana Argentina S.A., 10 p. Rodriguez, G., Gómez, G., and Stoessel, N., 2011, Las Calandrias dome-related gold-silver discovery, Deseado Massif, southern Argentina: SGA Biennal 2011, Antofagasta, Chile, in press. Ronning, 2017, Las Calandrias Site Visit Report - October 2017: unpublished memorandum to MDA and Mariana, 4 p. Sanders, G., 2000, Regional geologic setting of the gold-silver veins of the Deseado Massif, southern Patagonia, Argentina: Argentina Mining 2000: Exploration, geology, mine development and business opportunities conference, Engineer and Mining Journal and Latino Mineria, Mendoza, Argentina, 58 p. Sillitoe, R. H., 2009a (November), An appraisal of first-phase drilling results from the Dos Calandrias gold-silver prospect, Santa Cruz province, Argentina: Report prepared for Mariana Resources Argentina S. A., 12 p. Sillitoe, R. H., 2009b (February), Geology and potential of the Tongoril gold-silver prospect, Santa Cruz, Argentina: Report prepared for Mariana Resources Argentina S.A., 5 p. Tetra Tech (multiple authors) 2012 (February), Technical Report, Don Nicolás Gold Project, Santa Cruz, Argentina, prepared for Mineral IRL

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20.0 DATE AND SIGNATURE PAGE

Completion date of report: March 21, 2018 Effective date of Report: February 20, 2018

“ Steven J. Ristorcelli ” Date Signed: Steven Ristorcelli, C. P. G. March 21, 2018

“P. Ronning” Date Signed: Peter A. Ronning, P. Eng. March 21, 2018

“Travis J. Manning” Date Signed: Travis J. Manning, P.E. March 20, 2018

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21.0 CERTIFICATES OF AUTHORS

STEVEN RISTORCELLI, C. P. G.

I, Steven Ristorcelli, C. P. G., do hereby certify that I am currently employed as Principal Geologist by: Mine Development Associates, Inc., 210 South Rock Blvd., Reno, Nevada 89502.

I am one of the authors of the report entitled “Updated Technical Report for Estimated Gold - Silver Resources at Las Calandrias, Santa Cruz Province, Argentina” prepared for New Dimension Resources Ltd. with an Effective Date of February 20, 2018 and dated March 21, 2018. I take responsibility for all sections except Sections 12 and 13 of the Technical Report subject to those issues discussed in Section 3.0.

I graduated with a Bachelor of Science degree in Geology from Colorado State University in 1977 and a Master of Science degree in Geology from the University of New Mexico in 1980. I am a Registered Professional Geologist in the state of California (#3964) and a Certified Professional Geologist (#10257) with the American Institute of Professional Geologists.

I have worked as a geologist continuously for 40 years since graduation from undergraduate university. During that time I have been engaged in the exploration, definition, and modeling of dozens of epithermal gold-silver deposits in North America, Central America and South America, and have estimated the mineral resources for many such deposits.

I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43- 101.

I visited the Las Calandrias project on October 25 to October 27, 2010, and again from February 4 through February 7, 2011.

I have had no prior involvement with the property and project except as independent consultant in 2010 and 2011 when estimating resources and completing the Technical Report. I am independent of New Dimension Resources Ltd. and all their subsidiaries as defined in Section 1.5 of NI 43-101 and in Section 1.5 of the Companion Policy to NI 43-101.

I have read National Instrument 43-101 and Form 43-101F1, and the Technical Report has been prepared in compliance with that instrument and form.

As of the Effective Date of this report, to the best of my knowledge, information and belief, this Technical Report contains all the scientific and technical information that is required to be disclosed to make this Technical Report not misleading.

Dated this 21 day of March, 2018

“S. Ristorcelli” Signature of Qualified Person Steven Ristorcelli, C. P. G.

Mine Development Associates U:\Steve\LasCalandrias\Reports\04__2018\43-101\2018LasCalandrias_43-101_v21.docx April 3, 2018 Updated: 4/3/18 6:11 PM

Updated Technical Report for Estimated Gold – Silver Resources at Las Calandrias New Dimension Resources Ltd. Page 116

PETER A. RONNING, P. ENG.

I, Peter Arthur Ronning, P.Eng. of 1450 Davidson Road, Gibsons, B.C., Canada, V0N 1V6, hereby certify that:

1. I am a consulting geological engineer, doing business under the registered name New Caledonian Geological Consulting, at the address set out above. 2. I am one of the authors of and have read the report entitled “Updated Technical Report for Estimated Gold - Silver Resources at Las Calandrias, Santa Cruz Province, Argentina” (“the report”) prepared for New Dimension Resources Ltd. (“New Dimension”), having an Effective Date of February 20, 2018 and dated March 21, 2018. I have sole responsibility for Section 12 and joint responsibility for all other sections except Section 13 and Section 14. Having read National Instrument 43-101, I affirm that these sections for which I am responsible have been prepared in compliance with the instrument. 3. As of the effective date of the report, to the best of my knowledge, information and belief, those parts of the report for which I have responsibility contain all scientific and technical information that is required to be disclosed to make the report not misleading. 4. I am a graduate of the University of British Columbia in geological engineering, with the degree of B.A.Sc. granted in 1973. I also hold the degree of M.Sc. (applied) in geology, granted by Queen’s University in Kingston, Ontario, in 1983. I am a member in good standing of the Association of Professional Engineers and Geoscientists of British Columbia, Registration Number 16,883. 5. I have worked as a geologist and latterly as a Professional Engineer in the field of mineral exploration since 1973, in many parts of the world. I have explored for and worked on low sulfidation epithermal precious metal deposits. Since 2006 I have participated in or conducted numerous audits, reviews and evaluations of mining and mineral exploration project quality control and quality assurance (“QA/QC”) data, including data derived from volcanic-rock hosted precious metal deposits in North and South America. I have studied QA/QC topics relating to the sampling and analysis of mineralized material independently and in formal continuing education sessions. 6. I have read the definition of “qualified person” set out in National Instrument 43-101 and certify that by reason of my education, affiliation with a professional association as defined in NI 43-101 and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43- 101 with respect to the contents of those parts of the report for which I take responsibility. 7. I have done two field examinations of the Las Calandrias project site, the first from October 25 to October 27, 2010 and the second from October 26 to October 30 of 2017. 8 I am a co-author of a prior Technical Report, “Technical report on gold and silver resources at Las Calandrias – an update, Santa Cruz Province, Argentina”, dated August 7, 2011. The work described in that report, and the work described in the present report, constitute the entirety of my involvement with the Las Calandrias Project and its owners or operators. Prior to undertaking to participate in the present report, I have had no involvement with New Dimension Resources Ltd. 9. I am independent of New Dimension and all its subsidiaries as defined in Section 1.5 of NI 43-101 and in Section 1.5 of the Companion Policy to NI 43-101.

“P. Ronning” Peter A. Ronning, P.Eng. March 21, 2018

Mine Development Associates U:\Steve\LasCalandrias\Reports\04__2018\43-101\2018LasCalandrias_43-101_v21.docx April 3, 2018 Updated: 4/3/18 6:11 PM

Appendix A

Sample Statistics for Gold and Silver for Calandria Sur and Calandria Norte Vein

GOLD Calandria Sur All Drill Hole Data Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 9,385 1.10 0.10 4.50 m Au 7,635 0.232 0.549 1.324 2.412 0.002 40.2 g/t Au_Capped 7,635 0.232 0.543 1.217 2.243 0.002 37.8 g/t Ag 7,636 5.10 12.21 35.32 2.89 0.10 2520.0 g/t Density 423 2.21 2.21 0.16 0.07 1.58 2.86 g/cm3 Core_Rec 9,159 100 98 8 0.09 9 121 % RQD 9,157 67 62 23 0.37 0 103 %

GOLD Calandria Sur Drill Hole Data DOMAIN 1 Cap 10 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 3,514 1.12 0.45 4.50 m Au 3,450 0.197 0.302 0.464 1.534 0.002 12.1 g/t Au_Capped 3,450 0.197 0.302 0.451 1.495 0.002 10.0 g/t Ag 3,450 4.60 7.32 15.43 2.11 0.10 565.0 g/t Density 177 2.23 2.22 0.14 0.06 1.81 2.62 g/cm3 Core_Rec 3,476 100 98 7 0.07 10 113 % RQD 3,475 67 63 22 0.35 0 103 %

GOLD Calandria Sur Drill Hole Data DOMAIN 2 Cap 20 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 2,302 1.04 0.40 1.90 m Au 2,301 0.851 1.190 1.593 1.338 0.027 40.2 g/t Au_Capped 2,301 0.851 1.174 1.281 1.091 0.027 20.0 g/t Ag 2,301 15.70 25.08 52.72 2.10 0.30 2520.0 g/t Density 142 2.21 2.23 0.18 0.08 1.73 2.86 g/cm3 Core_Rec 2,278 100 99 5 0.05 9 113 % RQD 2,278 64 61 21 0.35 0 100 %

GOLD Calandria Sur Drill Hole Data DOMAIN 3 Cap none Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 68 1.01 0.50 1.50 m Au 68 5.210 7.513 6.424 0.855 0.967 37.8 g/t Au_Capped 68 5.210 7.513 6.424 0.855 0.967 37.8 g/t Ag 68 78.60 129.87 140.75 1.08 13.70 773.0 g/t Density 9 2.17 2.20 0.14 0.06 2.04 2.48 g/cm3 Core_Rec 68 100 99 5 0.05 81 121 % RQD 68 58 59 22 0.37 6 100 %

Appendix A Page 1 of 7

GOLD Calandria Sur Drill Hole Data DOMAIN 9 Cap 1 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 3,501 1.12 0.10 4.50 m Au 1,816 0.033 0.063 0.236 3.745 0.002 9.2 g/t Au_Capped 1,816 0.033 0.057 0.106 1.851 0.002 1.0 g/t Ag 1,817 2.00 3.06 5.32 1.73 0.10 153.0 g/t Density 95 2.17 2.16 0.15 0.07 1.58 2.51 g/cm3 Core_Rec 3,337 100 97 11 0.11 12 120 % RQD 3,336 71 63 25 0.40 0 102 %

Appendix A Page 2 of 7

SILVER Calandria Sur Drill Hole Data Domain multiple Cap 773

Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 9,385 1.10 0.10 4.50 m Au 7,635 0.232 0.549 1.324 2.412 0.002 40.2 g/t Ag 7,636 5.100 12.213 35.320 2.892 0.100 2520.0 g/t Ag_Capped 7,636 5.10 11.89 27.12 2.28 0.10 773.0 g/t Density 423 2.21 2.21 0.16 0.07 1.58 2.86 g/cm3 Core_Rec 9,159 100 98 8 0.09 9 121 % RQD 9,157 67 62 23 0.37 0 103 %

SILVER Calandria Sur Drill Hole Data Domain 11 Cap 300

Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 3,803 1.05 0.40 3.00 m Au 3,802 0.400 0.660 1.132 1.715 0.002 40.2 g/t Ag 3,802 9.800 14.894 33.886 2.275 0.300 2520.0 g/t Ag_Capped 3,802 9.80 14.52 16.99 1.17 0.30 300.0 g/t Density 213 2.21 2.22 0.16 0.07 1.73 2.86 g/cm3 Core_Rec 3,778 100 99 5 0.05 9 113 % RQD 3,778 65 61 22 0.35 1 100 %

SILVER Calandria Sur Drill Hole Data Domain 12 Cap 600

Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 411 0.99 0.50 1.50 m Au 411 1.930 2.565 2.783 1.085 0.050 35.5 g/t Ag 411 51.500 71.232 84.000 1.179 3.600 1060.0 g/t Ag_Capped 411 51.50 70.09 72.99 1.04 3.60 600.0 g/t Density 32 2.15 2.15 0.17 0.08 1.75 2.47 g/cm3 Core_Rec 411 100 99 4 0.04 78 121 % RQD 411 60 60 21 0.35 8 100 %

SILVER Calandria Sur Drill Hole Data Domain 13 Cap none

Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 10 0.94 0.50 1.25 m Au 10 14.175 16.961 11.342 0.669 2.850 37.8 g/t Ag 10 173.500 282.660 216.994 0.768 72.700 773.0 g/t Ag_Capped 10 173.50 282.66 216.99 0.77 72.70 773.0 g/t Density 1 2.48 2.48 0.00 0.00 2.48 2.48 g/cm3 Core_Rec 10 100 100 2 0.02 97 103 % RQD 10 68 60 26 0.44 6 88 %

Appendix A Page 3 of 7

SILVER Calandria Sur Drill Hole Data Domain 9 Cap 50

Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 5,161 1.14 0.10 4.50 m Au 3,412 0.085 0.203 0.426 2.098 0.002 12.1 g/t Ag 3,413 2.200 3.089 7.279 2.356 0.100 235.0 g/t Ag_Capped 3,413 2.20 2.91 3.97 1.36 0.10 50.0 g/t Density 177 2.20 2.20 0.15 0.07 1.58 2.62 g/cm3 Core_Rec 4,960 100 98 8 0.08 10 120 % RQD 4,958 70 64 23 0.36 0 103 %

Appendix A Page 4 of 7

GOLD Calandria Norte Vein All Drill Hole Data Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 6,765 1.04 0.20 3.00 m Au 3,293 0.109 0.645 9.064 14.051 0.002 450.3 g/t Au_Capped 3,293 0.109 0.576 6.424 11.157 0.002 250.0 g/t Ag 3,293 0.70 2.52 20.33 8.07 0.10 981.0 g/t Density 41 2.42 2.41 0.13 0.05 2.09 2.71 g/cm3 Core_Rec 6,624 100 99 4 0.0 23 130 % RQD 6,622 71 68 18 0.3 0 106 %

GOLD Calandria Norte Vein Drill Hole Data DOMAIN 1 Cap 7 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 1,852 1.07 0.25 2.50 m Au 1,772 0.144 0.241 0.687 2.854 0.002 30.5 g/t Au_Capped 1,772 0.144 0.230 0.373 1.617 0.002 7.0 g/t Ag 1,772 0.90 1.81 5.24 2.90 0.10 145.0 g/t Density 8 2.28 2.34 0.15 0.07 2.16 2.67 g/cm3 Core_Rec 1,820 100 99 2 0 69 113 % RQD 1,819 72 69 17 0 9 100 %

GOLD Calandria Norte Vein Drill Hole Data DOMAIN 2 Cap none Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 274 0.99 0.30 1.76 m Au 270 0.719 1.159 1.173 1.013 0.017 6.9 g/t Au_Capped 270 0.719 1.159 1.173 1.013 0.017 6.9 g/t Ag 270 2.40 5.56 9.77 1.76 0.30 78.8 g/t Density 11 2.43 2.44 0.07 0.03 2.29 2.56 g/cm3 Core_Rec 265 100 99 2 0 88 104 % RQD 265 69 67 17 0 18 98 %

GOLD Calandria Norte Vein Drill Hole Data DOMAIN 3 Cap 250 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 48 0.83 0.30 1.50 m Au 48 10.113 35.466 77.781 2.193 0.598 450.3 g/t Au_Capped 48 10.113 30.043 52.662 1.753 0.598 250.0 g/t Ag 48 18.25 51.50 90.16 1.75 2.20 417.0 g/t Density 20 2.42 2.42 0.14 0.06 2.09 2.71 g/cm3 Core_Rec 46 100 100 2 0 88 103 % RQD 46 69 68 15 0 37 89 %

Appendix A Page 5 of 7

GOLD Calandria Norte Vein Drill Hole Data DOMAIN 9 Cap 2 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 4,591 1.03 0.20 3.00 m Au 1,203 0.031 0.078 0.346 4.432 0.002 12.0 g/t Au_Capped 1,203 0.031 0.071 0.170 2.412 0.002 2.0 g/t Ag 1,203 0.40 1.46 26.92 18.40 0.10 981.0 g/t Density 2 2.44 2.37 0.15 0.06 2.28 2.60 g/cm3 Core_Rec 4,493 100 99 5 0 23 130 % RQD 4,492 71 68 18 0 0 106 %

Appendix A Page 6 of 7

SILVER Calandria Norte Vein Drill Hole Data Domain multiple Cap 200 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 6,765 1.04 0.20 3.00 m Au 3,293 0.109 0.645 9.064 14.051 0.002 450.3 g/t Ag 3,293 0.700 2.519 20.327 8.068 0.100 981.0 g/t Ag_Capped 3,293 0.70 2.12 8.74 4.12 0.10 200.0 g/t Density 41 2.42 2.41 0.13 0.05 2.09 2.71 g/cm3 Core_Rec 6,624 100 99 4 0 23 130 % RQD 6,622 71 68 18 0 0 106 %

SILVER Calandria Norte Vein Drill Hole Data Domain 11 Cap 25 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 1,289 1.04 0.30 2.50 m Au 1,247 0.221 0.408 0.640 1.570 0.002 7.2 g/t Ag 1,247 1.400 2.164 2.898 1.339 0.100 68.0 g/t Ag_Capped 1,247 1.40 2.12 2.23 1.05 0.10 25.0 g/t Density 15 2.38 2.36 0.12 0.05 2.16 2.56 g/cm3 Core_Rec 1,265 100 99 2 0 69 113 % RQD 1,265 72 69 17 0 11 100 %

SILVER Calandria Norte Vein Drill Hole Data Domain 12 Cap 200 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 133 0.88 0.30 1.80 m Au 133 2.250 13.127 48.345 3.683 0.017 450.3 g/t Ag 133 15.100 31.700 57.716 1.821 0.500 417.0 g/t Ag_Capped 133 15.10 28.09 38.77 1.38 0.50 200.0 g/t Density 22 2.43 2.43 0.13 0.05 2.09 2.71 g/cm3 Core_Rec 130 100 99 4 0 69 103 % RQD 130 75 71 17 0 15 96 %

SILVER Calandria Norte Vein Drill Hole Data Domain 9 Cap 50 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 5,343 1.04 0.20 3.00 m Au 1,913 0.057 0.108 0.480 4.451 0.002 21.1 g/t Ag 1,913 0.400 1.141 21.303 18.675 0.100 981.0 g/t Ag_Capped 1,913 0.40 0.70 1.85 2.64 0.10 50.0 g/t Density 4 2.44 2.40 0.16 0.07 2.28 2.60 g/cm3 Core_Rec 5,229 100 99 4 0 23 130 % RQD 5,227 71 68 18 0 0 106 %

Appendix A Page 7 of 7

Appendix B

Composite Statistics for Gold and Silver for Calandria Sur and Calandria Norte Vein

Calandria Sur Calandria Sur All Drill Hole Data Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 2,914 2.91 0.30 3.00 m Au 2,914 0.253 0.549 1.067 1.944 0.002 28.4 g/t AuCapped 2,914 0.252 0.543 1.024 1.887 0.002 28.4 g/t Ag 2,914 5.27 12.22 25.29 2.07 0.10 773.0 g/t Core Recover 2,873 100 98 8 0.1 10 116 % RQD 2,872 64 60 22 0.4 0 102 %

Calandria Sur Drill Hole Data ZONEG 1 q none Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 799 2.96 0.50 3.00 m Au 1,306 0.232 0.304 0.297 0.976 0.009 4.3 g/t AuCapped 1,306 0.232 0.304 0.290 0.956 0.009 4.3 g/t Ag 1,306 4.85 7.46 10.04 1.35 0.45 193.0 g/t Core Recover 1,292 100 98 6 0.1 10 107 % RQD 1,292 66 63 21 0.3 0 102 %

Calandria Sur Drill Hole Data ZONEG 2 Effect of capping 8.69 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 34 2.02 0.50 3.00 m Au 799 0.923 1.188 1.043 0.879 0.112 14.2 g/t AuCapped 799 0.923 1.171 0.893 0.762 0.112 8.7 g/t Ag 799 16.83 24.94 32.64 1.31 1.55 541.1 g/t Core Recover 791 100 99 4 0.0 40 108 % RQD 791 63 61 20 0.3 3 100 %

Calandria Sur Drill Hole Data ZONEG 3 Effect of capping none Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 775 2.81 0.30 3.00 m Au 34 5.329 7.520 4.945 0.658 2.350 28.4 g/t AuCapped 34 5.329 7.520 4.945 0.658 2.350 28.4 g/t Ag 34 91.82 130.02 113.28 0.87 13.70 773.0 g/t Core Recover 34 100 99 5 0.0 88 116 % RQD 34 53 59 21 0.4 13 100 %

Appendix B Page 1 of 6

Calandria Sur Drill Hole Data ZONEG 9 Effect of capping 1 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 0 0.00 0.00 0.00 m Au 775 0.042 0.071 0.129 1.818 0.002 2.3 g/t AuCapped 775 0.042 0.065 0.080 1.233 0.002 1.0 g/t Ag 775 2.15 3.14 3.82 1.21 0.10 52.1 g/t Core Recover 756 99 95 12 0.1 12 107 % RQD 755 60 55 26 0.5 0 100 %

Calandria Sur Drill Hole Data ZONES 9 Effect of capping 104.62 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 1,329 3.00 1.50 3.00 m Au 1,427 0.109 0.211 0.305 1.450 0.002 4.3 g/t Ag 1,427 2.39 3.39 7.05 2.08 0.10 193.0 g/t AgC 1,427 2.39 3.13 4.09 1.30 0.10 104.6 g/t Core Recover 1,394 100 97 10 0.1 10 107 % RQD 1,393 63 59 24 0.4 0 102 %

Calandria Sur Drill Hole Data ZONES 11 Effect of capping 99.07 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 139 2.94 0.50 3.00 m Au 1,329 0.449 0.660 0.808 1.224 0.013 14.4 g/t Ag 1,329 10.30 14.75 16.72 1.13 1.23 428.1 g/t AgC 1,329 10.30 14.44 12.16 0.84 1.23 99.1 g/t Core Recover 1,321 100 99 4 0.0 40 108 % RQD 1,321 64 61 20 0.3 3 100 %

Calandria Sur Drill Hole Data ZONES 12 Effect of capping 387.77 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 7 1.36 0.50 3.00 m Au 139 2.040 2.461 1.855 0.753 0.112 12.4 g/t Ag 139 54.47 69.22 60.55 0.87 2.40 541.1 g/t AgC 139 54.47 68.09 52.67 0.77 2.40 387.8 g/t Core Recover 139 100 99 2 0.0 88 109 % RQD 139 61 60 19 0.3 10 100 %

Appendix B Page 2 of 6

Calandria Sur Drill Hole Data ZONES 13 Effect of capping none Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 2,914 2.91 0.30 3.00 m Au 7 16.350 17.007 10.220 0.601 3.780 28.6 g/t Ag 7 184.00 285.53 211.47 0.74 141.00 773.0 g/t AgC 7 184.00 285.53 211.47 0.74 141.00 773.0 g/t Core Recover 7 100 100 2 0.0 97 103 % RQD 7 54 60 27 0.4 6 87 %

Appendix B Page 3 of 6

Calandria Norte Vein Calandria Norte Vein All Drill Hole Data Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 1,286 2.76 0.20 3.00 m Au 1,286 0.125 0.645 5.475 8.483 0.002 139.0 g/t AuCapped 1,286 0.125 0.576 4.149 7.202 0.002 92.3 g/t Ag 1,286 0.82 2.52 12.36 4.90 0.10 327.2 g/t Core Recover 1,266 100 99 2 0.0 79 106 % RQD 1,266 69 67 16 0.2 12 100 %

Calandria Norte Vein Drill Hole Data ZONEG 1 Effect of capping 1.86 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 116 2.42 0.30 3.00 m Au 660 0.164 0.239 0.325 1.364 0.016 4.9 g/t AuCapped 660 0.164 0.228 0.215 0.940 0.016 1.9 g/t Ag 660 1.03 1.78 3.11 1.74 0.10 46.1 g/t Core Recover 650 100 99 2 0.0 79 104 % RQD 650 71 69 16 0.2 18 100 %

Calandria Norte Vein Drill Hole Data ZONEG 2 Effect of capping none Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 12 2.42 0.50 3.00 m Au 116 0.998 2.239 4.564 2.038 0.064 30.4 g/t AuCapped 116 0.998 2.239 4.564 2.038 0.064 30.4 g/t Ag 116 3.92 7.54 12.80 1.70 0.40 82.6 g/t Core Recover 112 100 99 2 0.0 88 103 % RQD 112 70 68 16 0.2 32 100 %

Appendix B Page 4 of 6

Calandria Norte Vein Drill Hole Data ZONEG 3 Effect of capping 92.285 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 498 2.69 0.20 3.00 m Au 12 8.250 37.931 45.034 1.187 4.250 139.0 g/t AuCapped 12 8.250 30.461 31.095 1.021 4.250 92.3 g/t Ag 12 18.38 49.45 53.91 1.09 2.70 175.6 g/t Core Recover 12 100 101 1 0.0 99 103 % RQD 12 58 61 15 0.2 37 89 %

Calandria Norte Vein Drill Hole Data ZONEG 9 Effect of capping 0.733 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 0 0.00 0.00 0.00 m Au 498 0.038 0.083 0.166 2.007 0.002 2.2 g/t AuCapped 498 0.038 0.075 0.110 1.467 0.002 0.7 g/t Ag 498 0.43 1.50 15.46 10.32 0.10 327.2 g/t Core Recover 492 100 100 1 0.0 87 106 % RQD 492 67 66 17 0.3 12 100 %

Calandria Norte Vein Drill Hole Data ZONES 11 Effect of capping 8.53 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 68 1.72 0.10 3.00 m Au 457 0.247 0.389 0.467 1.200 0.007 5.3 g/t Ag 457 1.65 2.06 1.57 0.76 0.10 16.8 g/t AgCapped 457 1.65 2.02 1.29 0.64 0.10 8.5 g/t Core Recover 450 100 99 2 0.0 89 103 % RQD 450 71 68 16 0.2 16 100 %

Appendix B Page 5 of 6

Calandria Norte Vein Drill Hole Data ZONES 12 Effect of capping 145 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 770 2.78 0.20 3.00 m Au 68 2.673 13.104 27.232 2.078 0.116 144.4 g/t Ag 68 15.91 31.64 35.02 1.11 4.86 176.6 g/t AgCapped 68 15.91 28.04 25.62 0.91 4.86 145.0 g/t Core Recover 67 100 99 4 0.0 69 103 % RQD 67 75 71 16 0.2 15 96 %

Calandria Norte Vein Drill Hole Data ZONES 9 Effect of capping 16.87 Valid N Median Mean Std.Dev. CV Minimum Maximum Units Length 0 0.00 0.00 0.00 m Au 770 0.068 0.121 0.246 2.042 0.002 4.7 g/t Ag 770 0.50 1.21 12.25 10.14 0.10 327.2 g/t AgCapped 770 0.50 0.77 1.11 1.44 0.10 16.9 g/t Core Recover 759 100 100 2 0.0 85 106 % RQD 759 68 67 17 0.2 12 100 %

Appendix B Page 6 of 6

APPENDIX C

Calandria Norte Vein and Calandria Sur Gold and Silver Estimation Parameters

Calandria Sur Description Parameter Gold: Weak Stockwork – Pass 1 Samples: minimum/maximum/maximum per hole 1 / 12 / 3 Rotation/Dip/Tilt (variogram and searches): 0o / 0o / 0o Search (m): major/semimajor/minor 80 / 80 / 40 Inverse distance power 3 High-grade restrictions (grade in g Au/t and distance in m) NA Silver: Weak Stockwork – Pass 1 Samples: minimum/maximum/maximum per hole 1 / 12 / 3 Rotation/Dip/Tilt (variogram and searches): 0o / 0o / 0o Search (m): major/semimajor/minor 80 / 80 / 40 Inverse distance power 3 High-grade restrictions (grade in g Ag/t and distance in m) NA

Description Parameter Gold: Strong Stockwork mineralization – Pass 1 Samples: minimum/maximum/maximum per hole 1 / 12 / 3 Rotation/Dip/Tilt (variogram and searches): 0o / 0o / 0o Search (m): major/semimajor/minor 80 / 80 / 40 Inverse distance power 3 High-grade restrictions (grade in g Au/t and distance in m) NA Silver: Strong Stockwork – Pass 1 Samples: minimum/maximum/maximum per hole 1 / 12 / 3 Rotation/Dip/Tilt (variogram and searches): 0o / 0o / 0o Search (m): major/semimajor/minor 80 / 80 / 40 Inverse distance power 3 High-grade restrictions (grade in g Ag/t and distance in m) NA

Description Parameter Gold: High-grade mineralization – Pass 1 Samples: minimum/maximum/maximum per hole 1 / 9 / 3 Rotation/Dip/Tilt (variogram and searches): 60o / 10o / 0o Search (m): major/semimajor/minor 50 / 50 / 30 Inverse distance power 3 High-grade restrictions (grade in g Au/t and distance in m) 9 / 25 Silver: High-grade mineralization – Pass 1 Samples: minimum/maximum/maximum per hole 1 / 9 / 3 Rotation/Dip/Tilt (variogram and searches): 60o / 10o / 0o Search (m): major/semimajor/minor 45 / 45 / 30 Inverse distance power 3 High-grade restrictions (grade in g Ag/t and distance in m) NA Strong stockwork gold domain has a long pass to fill in several distal blocks, which are Inferred. This pass is overwritten by the shorter pass listed

Appendix C Page 1 of 3

Calandria Norte Vein Description Parameter Gold: Weak Stockwork – Pass 1 Samples: minimum/maximum/maximum per hole 1 / 12 / 3 Rotation/Dip/Tilt (variogram and searches): 140o / 65o / 0o Search (m): major/semimajor/minor 80 / 80 / 40 Inverse distance power 3 High-grade restrictions (grade in g Au/t and distance in m) NA Silver: Weak Stockwork – Pass 1 Samples: minimum/maximum/maximum per hole 1 / 12 / 3 Rotation/Dip/Tilt (variogram and searches): 140o / 65o / 0o Search (m): major/semimajor/minor 80 / 80 / 40 Inverse distance power 3 High-grade restrictions (grade in g Ag/t and distance in m) NA

Description Parameter Gold: Strong Stockwork mineralization – Pass 1 Samples: minimum/maximum/maximum per hole 1 / 12 / 3 Rotation/Dip/Tilt (variogram and searches): 140o / 65o / 0o Search (m): major/semimajor/minor 80 / 80 / 40 Inverse distance power 3 High-grade restrictions (grade in g Au/t and distance in m) NA Silver: Strong Stockwork – Pass 1 Samples: minimum/maximum/maximum per hole 1 / 12 / 3 Rotation/Dip/Tilt (variogram and searches): 140o / 65o / 0o Search (m): major/semimajor/minor 80 / 80 / 40 Inverse distance power 3 High-grade restrictions (grade in g Ag/t and distance in m) NA

Description Parameter Gold: High-grade mineralization – Pass 1 Samples: minimum/maximum/maximum per hole 1 / 9 / 3 Rotation/Dip/Tilt (variogram and searches): 140o / 65o / 0o Search (m): major/semimajor/minor 50 / 50 / 30 Inverse distance power 3 High-grade restrictions (grade in g Au/t and distance in m) 12 / 20 Silver: High-grade mineralization – Pass 1 Samples: minimum/maximum/maximum per hole NA Rotation/Dip/Tilt (variogram and searches): NA Search (m): major/semimajor/minor NA Inverse distance power NA High-grade restrictions (grade in g Ag/t and distance in m) NA Strong high-grade gold domain has a long pass to fill in several distal blocks, which are Inferred. This pass is overwritten by the shorter pass listed

Appendix C Page 2 of 3

Estimation parameters for gold outside the defined mineral gold domains

Description Parameter Outside Mineralized Zones Gold – One pass only Samples: minimum/maximum/maximum per hole 2 / 12 / 3 Rotation/Dip/Tilt (variogram and searches): 0o / 0o / 0o Search (m): major/semimajor/minor (anisotropic) 40 / 40 / 40 Inverse distance power 3 High-grade restrictions (grade in g Au/t and distance in m) 0.3 / 8

Estimation parameters for silver outside the defined mineral silver domains

Description Parameter Outside Mineralized Zones Silver – One pass only Samples: minimum/maximum/maximum per hole 2 / 12 / 3 Rotation/Dip/Tilt (variogram and searches): 0o / 0o / 0o Search (m): major/semimajor/minor (anisotropic) 40 / 40 / 40 Inverse distance power 3 High-grade restrictions (grade in g Ag/t and distance in m) 4 / 8

Appendix C Page 3 of 3

Appendix D

Miscellaneous Resource Tabulations

Numbers in these tables are rounded to reflect more appropriate precision for the resource estimate. Because of this rounding, any given value may not be exactly re-produced by re-calculations using other values in the same line or column.

Calandria Sur by Material Type Oxide Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 2,219,000 0.66 0.52 8.49 37,000 605,000 Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 288,000 1.04 0.93 6.85 8,600 63,000 Transition Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 3,149,000 0.77 0.56 12.69 56,000 1,285,000 Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 151,000 0.53 0.42 6.31 2,100 31,000 Primary Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.7 5,587,000 1.69 1.26 25.47 226,000 4,575,000 Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.7 65,000 1.15 1.06 5.49 2,200 11,000 Total Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag variable 10,955,000 1.21 0.91 18.36 319,000 6,465,000 Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag variable 504,000 0.90 0.79 6.51 12,900 105,000

Appendix D Page 1 of 6

Calandria Norte Vein by Material Type Oxide Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 149,000 0.74 0.68 3.51 3,000 17,000 Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 131,000 0.58 0.53 2.75 2,300 12,000 Transition Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 234,000 1.00 0.93 4.03 7,000 30,000 Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.3 67,000 0.62 0.57 2.97 1,200 6,000 Primary Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.7 503,000 3.29 3.18 6.94 51,000 112,000 Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.7 168,000 1.85 1.78 3.90 9,600 21,000 Total Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag variable 886,000 2.26 2.16 5.60 61,000 159,000 Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag variable 366,000 1.17 1.11 3.32 13,100 39,000

Appendix D Page 2 of 6

Calandria Sur

Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.2 20,535,000 0.82 0.61 12.56 401,000 8,292,000 0.3 16,364,000 0.96 0.71 14.75 376,000 7,759,000 0.4 12,632,000 1.14 0.85 17.34 346,000 7,044,000 0.5 10,150,000 1.31 0.98 19.71 321,000 6,431,000 0.6 8,506,000 1.46 1.10 21.65 301,000 5,922,000 0.7 7,352,000 1.59 1.20 23.34 283,000 5,516,000 0.8 6,526,000 1.69 1.28 24.82 269,000 5,207,000 0.9 5,806,000 1.80 1.36 26.36 254,000 4,921,000 1.0 5,217,000 1.90 1.43 27.82 240,000 4,666,000 Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.2 1,386,000 0.54 0.46 4.66 20,500 208,000 0.3 879,000 0.71 0.61 5.55 17,300 157,000 0.4 586,000 0.89 0.78 6.33 14,800 119,000 0.5 451,000 1.02 0.91 6.83 13,200 99,000 0.6 293,000 1.27 1.14 7.95 10,800 75,000 0.7 194,000 1.59 1.45 8.43 9,100 53,000 0.8 155,000 1.80 1.66 8.49 8,300 42,000 0.9 144,000 1.88 1.74 8.34 8,100 39,000 1.0 130,000 1.98 1.85 8.16 7,700 34,000

Appendix D Page 3 of 6

La Calandria Vein Zone

Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.2 3,166,000 0.87 0.82 2.97 83,000 302,000 0.3 1,894,000 1.28 1.22 3.91 74,000 238,000 0.4 1,274,000 1.74 1.66 4.84 68,000 198,000 0.5 944,000 2.19 2.10 5.66 64,000 172,000 0.6 760,000 2.59 2.48 6.29 61,000 154,000 0.7 633,000 2.98 2.86 6.87 58,000 140,000 0.8 536,000 3.39 3.26 7.39 56,000 127,000 0.9 478,000 3.69 3.57 7.73 55,000 119,000 1.0 429,000 4.00 3.87 7.99 53,000 110,000 Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.2 2,088,000 0.43 0.40 1.93 27,000 129,000 0.3 749,000 0.78 0.74 2.63 17,800 63,000 0.4 429,000 1.11 1.06 3.18 14,600 44,000 0.5 316,000 1.35 1.29 3.54 13,100 36,000 0.6 250,000 1.56 1.50 3.92 12,000 31,000 0.7 207,000 1.75 1.68 4.15 11,200 28,000 0.8 170,000 1.97 1.89 4.32 10,400 24,000 0.9 141,000 2.19 2.12 4.37 9,600 20,000 1.0 129,000 2.31 2.24 4.49 9,300 19,000

Appendix D Page 4 of 6

All Las Calandrias Resources

Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.2 23,701,000 0.82 0.63 11.28 484,000 8,594,000 0.3 18,258,000 0.99 0.77 13.63 450,000 7,998,000 0.4 13,906,000 1.20 0.93 16.20 414,000 7,242,000 0.5 11,094,000 1.39 1.08 18.51 385,000 6,603,000 0.6 9,267,000 1.55 1.21 20.39 361,000 6,075,000 0.7 7,985,000 1.70 1.33 22.03 342,000 5,655,000 0.8 7,062,000 1.82 1.43 23.49 325,000 5,334,000 0.9 6,284,000 1.94 1.53 24.95 309,000 5,040,000 1.0 5,646,000 2.06 1.62 26.31 294,000 4,776,000

Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 0.2 3,474,000 0.48 0.43 3.02 47,500 337,000 0.3 1,628,000 0.74 0.67 4.21 35,100 220,000 0.4 1,015,000 0.98 0.90 5.00 29,300 163,000 0.5 768,000 1.15 1.06 5.47 26,300 135,000 0.6 543,000 1.41 1.30 6.10 22,800 106,000 0.7 401,000 1.67 1.57 6.22 20,200 80,000 0.8 325,000 1.89 1.78 6.31 18,700 66,000 0.9 286,000 2.03 1.93 6.37 17,700 59,000 1.0 259,000 2.15 2.04 6.33 17,000 53,000

Appendix D Page 5 of 6

Calandria Norte Vein Undiluted

Indicated Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 1.0 367,000 5.12 4.99 7.63 59,000 90,000 1.5 277,000 6.39 6.25 8.51 56,000 76,000 2.0 236,000 7.19 7.04 9.23 53,000 70,000 3.0 162,000 9.35 9.17 11.00 48,000 57,000 4.0 119,000 11.51 11.30 12.28 43,000 47,000 5.0 94,000 13.40 13.17 13.86 40,000 42,000 6.0 78,000 14.96 14.70 15.41 37,000 39,000 7.0 70,000 16.00 15.72 16.49 35,000 37,000 8.0 59,000 17.47 17.17 17.83 33,000 34,000

Inferred Cutoff Tonnes Grade Grade Grade Ounces Ounces g AuEq/t g AuEq/t g Au/t g Ag/t Au Ag 1.0 107,000 3.60 3.53 4.20 12,100 14,000 1.5 72,000 4.78 4.71 4.20 10,800 10,000 2.0 61,000 5.27 5.20 4.28 10,300 8,000 3.0 40,000 6.71 6.65 3.89 8,600 5,000 4.0 31,000 7.76 7.70 3.78 7,600 4,000 5.0 24,000 8.68 8.62 3.86 6,600 3,000 6.0 20,000 9.32 9.26 4.06 5,900 3,000 7.0 16,000 10.04 9.98 4.09 5,100 2,000 8.0 12,000 11.04 10.98 3.86 4,100 1,000

Appendix D Page 6 of 6