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INTERBIT LTD . TECHNICAL REPORT ON THE LEAHY PROPERTY, KIRKLAND LAKE AREA, ONTARIO, CANADA NI 43-101 Technical Report Qualified Person: Tudorel Ciuculescu, M.Sc., P.Geo. March 31, 2020 55 University Ave. Suite 501 I Toronto, ON, Canada M5J 2H7 IT + 1 (416) 947 0907 www.rpacan.com Report Control Form Document Title Technical Report on the Leahy Property, Kirkland Lake Area, Ontario, Canada Client Name & Address Interbit Ltd 82 Richmond Street East, Suite 200 Toronto, Ontario M5C 1P1 Document Reference Project #3255 Status & Final Issue No. Version Effective Date March 31, 2020 Lead Author Tudorel Ciuculescu (Signed) Peer Reviewer Luke Evans (Signed) Project Manager Approval Tudorel Ciuculescu (Signed) Project Director Approval Luke Evans (Signed) (name) Report Distribution Name No. of Copies Client RPA Filing 1 (project box) Roscoe Postle Associates Inc. now part of SLR Consulting Ltd 55 University Avenue, Suite 501 Toronto, ON M5J 2H7 Canada Tel: +1 416 947 0907 Fax: +1 416 947 0395 [email protected] www.rpacan.com TABLE OF CONTENTS PAGE 1 SUMMARY ...................................................................................................................... 1-1 Executive Summary ...................................................................................................... 1-1 Technical Summary ...................................................................................................... 1-4 2 INTRODUCTION ............................................................................................................. 2-1 Sources of Information .................................................................................................. 2-1 List of Abbreviations...................................................................................................... 2-2 3 RELIANCE ON OTHER EXPERTS ................................................................................. 3-1 4 PROPERTY DESCRIPTION AND LOCATION ................................................................ 4-1 Land Tenure ................................................................................................................. 4-1 Mineral Rights ............................................................................................................... 4-4 Royalties And Other Encumbrances ............................................................................. 4-4 Permitting ..................................................................................................................... 4-4 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY ............................................................................................................... 5-1 Accessibility .................................................................................................................. 5-1 Climate ......................................................................................................................... 5-1 Local Resources ........................................................................................................... 5-2 Infrastructure................................................................................................................. 5-2 Physiography ................................................................................................................ 5-2 6 HISTORY ........................................................................................................................ 6-1 7 GEOLOGICAL SETTING AND MINERALIZATION .......................................................... 7-1 Regional Geology ......................................................................................................... 7-1 Local Geology ............................................................................................................... 7-2 Property Geology .......................................................................................................... 7-3 Mineralization................................................................................................................ 7-3 8 DEPOSIT TYPES ............................................................................................................ 8-1 9 EXPLORATION ............................................................................................................... 9-1 10 DRILLING .................................................................................................................... 10-1 11 SAMPLE PREPARATION, ANALYSES AND SECURITY ............................................ 11-1 12 DATA VERIFICATION ................................................................................................. 12-1 Independent Sampling of Drill Core ............................................................................ 12-1 13 MINERAL PROCESSING AND METALLURGICAL TESTING ..................................... 13-1 14 MINERAL RESOURCE ESTIMATE ............................................................................. 14-1 15 MINERAL RESERVE ESTIMATE ................................................................................ 15-1 16 MINING METHODS ..................................................................................................... 16-1 Interbit Ltd. – Leahy Property, Project #3255 Technical Report NI 43-101 – March 31, 2020 Page i www.rpacan.com 17 RECOVERY METHODS .............................................................................................. 17-1 18 PROJECT INFRASTRUCTURE .................................................................................. 18-1 19 MARKET STUDIES AND CONTRACTS ...................................................................... 19-1 20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT ......................................................................................................................................... 20-1 21 CAPITAL AND OPERATING COSTS .......................................................................... 21-1 22 ECONOMIC ANALYSIS............................................................................................... 22-1 23 ADJACENT PROPERTIES .......................................................................................... 23-1 24 OTHER RELEVANT DATA AND INFORMATION ........................................................ 24-1 25 INTERPRETATION AND CONCLUSIONS .................................................................. 25-1 26 RECOMMENDATIONS................................................................................................ 26-1 27 REFERENCES ............................................................................................................ 27-1 28 DATE AND SIGNATURE PAGE .................................................................................. 28-1 29 CERTIFICATE OF QUALIFIED PERSON .................................................................... 29-1 Tudorel Ciuculescu ..................................................................................................... 29-1 30 APPENDIX 1 ............................................................................................................... 30-1 SGS Minerals Analytical Procedures .......................................................................... 30-1 LIST OF TABLES PAGE Table 1-1 2020 Exploration Budget ................................................................................... 1-4 Table 4-1 Leahy Property Claims ...................................................................................... 4-3 Table 12-1 Independent Assays of Drill Core .................................................................. 12-2 Table 26-1 2020 Exploration Budget ............................................................................... 26-2 LIST OF FIGURES PAGE Figure 4-1 Location Map ................................................................................................... 4-5 Figure 4-2 Claim Map ....................................................................................................... 4-6 Figure 7-1 Regional Geology ............................................................................................ 7-4 Figure 7-2 Local Geology.................................................................................................. 7-5 Figure 7-3 Property Geology ............................................................................................. 7-6 Figure 7-3A Property Geology Legend ............................................................................. 7-7 Figure 26-1 Location of Proposed Phase I Drilling .......................................................... 26-3 Interbit Ltd. – Leahy Property, Project #3255 Technical Report NI 43-101 – March 31, 2020 Page ii www.rpacan.com 1 SUMMARY EXECUTIVE SUMMARY Roscoe Postle Associates Inc. (RPA), now part of SLR Consulting Ltd (SLR), was retained by Mr. Brian Hinchcliffe, Chief Executive Officer of Interbit Ltd. (IBIT), to prepare an independent Technical Report on the Leahy Property near Kirkland Lake, Ontario. The purpose of this Technical Report is to support a stock exchange listing on the TSX Venture Exchange. This Technical Report conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). RPA visited the Leahy Property on March 28, 2012. IBIT is currently a Technology Issuer listed on and governed by the policies of the TSX Venture Exchange. IBIT has entered into an Option Agreement (the