Technical Report on the Riacho Dos Machados Gold Mine, Minas Gerais, Brazil

Technical Report on the Riacho Dos Machados Gold Mine, Minas Gerais, Brazil

BRIO GOLD INC. TECHNICAL REPORT ON THE RIACHO DOS MACHADOS GOLD MINE, MINAS GERAIS, BRAZIL NI 43-101 Report Qualified Persons: Kathleen Ann Altman, Ph.D., P.E. Stuart E. Collins, P.E. Mark B. Mathisen, C.P.G. December 16, 2015 RPA Inc. 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 Riacho Dos Machados Gold Mine, Minas Gerais, Brazil Client Name & Address Brio Gold Inc. 4500 Cherry Creek Suite 1040 Denver, CO 80246 USA Document Reference Status & FINAL Project #2555 Issue No. Version Issue Date December 16, 2015 Lead Author Kathleen Ann Altman (Signed) Stuart E. Collins (Signed) Mark B. Mathisen (Signed) Peer Reviewer Wayne Valliant (Signed) Project Manager Approval Stuart E. Collins (Signed) Project Director Approval Richard J. Lambert (Signed) Report Distribution Name No. of Copies Client RPA Filing 1 (project box) Roscoe Postle (USA) Ltd. Suite 505, 143 Union Boulevard Lakewood, CO, USA 80228 Tel: 1 303 330 0950 Fax: 1 303 330 0949 [email protected] www.rpacan.com TABLE OF CONTENTS PAGE 1 SUMMARY ...................................................................................................................... 1-1 Executive Summary ....................................................................................................... 1-1 Economic Analysis ......................................................................................................... 1-8 Technical Summary ..................................................................................................... 1-13 2 INTRODUCTION ............................................................................................................. 2-1 3 RELIANCE ON OTHER EXPERTS ................................................................................. 3-1 4 PROPERTY DESCRIPTION AND LOCATION ................................................................ 4-1 Land Tenure .................................................................................................................. 4-1 Royalties ........................................................................................................................ 4-2 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ............................................................................................................... 5-1 Accessibility ................................................................................................................... 5-1 Climate .......................................................................................................................... 5-1 Local Resources ............................................................................................................ 5-2 Infrastructure ................................................................................................................. 5-2 Physiography ................................................................................................................. 5-3 6 HISTORY ........................................................................................................................ 6-1 Prior Ownership ............................................................................................................. 6-1 Exploration and Development History ............................................................................ 6-1 Historical Resource Estimates ....................................................................................... 6-1 Past Production ............................................................................................................. 6-2 7 GEOLOGICAL SETTING AND MINERALIZATION .......................................................... 7-1 Regional Geology .......................................................................................................... 7-1 Local Geology ................................................................................................................ 7-5 Property Geology ........................................................................................................... 7-7 Mineralization .............................................................................................................. 7-11 8 DEPOSIT TYPES ............................................................................................................ 8-1 9 EXPLORATION ............................................................................................................... 9-1 Exploration Potential ...................................................................................................... 9-2 10 DRILLING .................................................................................................................... 10-1 CVRD Drilling 1988-1995 ............................................................................................. 10-1 MRDM Drilling.............................................................................................................. 10-2 MRDM Grade Control Drilling ...................................................................................... 10-3 Sampling Method and Approach .................................................................................. 10-4 11 SAMPLE PREPARATION, ANALYSES AND SECURITY ............................................ 11-1 Sample Preparation and Analysis ................................................................................ 11-1 Quality Assurance/Quality Control ............................................................................... 11-2 Brio Gold Inc. - Riacho dos Machados Gold Mine, Project 2555 Technical Report NI 43-101 – December 16, 2015 Page i www.rpacan.com 12 DATA VERIFICATION ................................................................................................. 12-1 Verification of CVRD Data ........................................................................................... 12-1 Verification of Mineral Resource Estimation Database ................................................. 12-1 Independent Samples .................................................................................................. 12-1 13 MINERAL PROCESSING AND METALLURGICAL TESTING ..................................... 13-1 Current Operation ........................................................................................................ 13-1 Metallurgical Testing .................................................................................................... 13-1 Production Data ........................................................................................................... 13-3 14 MINERAL RESOURCE ESTIMATE ............................................................................. 14-1 Resource Database ..................................................................................................... 14-2 Geological Interpretation and Mineralization Wireframes ............................................. 14-4 Exploratory Data Analysis ............................................................................................ 14-7 Grade Capping and Compositing ................................................................................. 14-8 Bulk Density ............................................................................................................... 14-10 Variography Analysis ................................................................................................. 14-11 Block Model Construction .......................................................................................... 14-13 Grade Interpolation .................................................................................................... 14-16 Classification ............................................................................................................. 14-16 Cut-off Grade and Preliminary Open Pit Shell ............................................................ 14-17 15 MINERAL RESERVE ESTIMATE ................................................................................ 15-1 Summary ..................................................................................................................... 15-1 Density, Dilution, and selective mining unit .................................................................. 15-2 Cut-off Grade ............................................................................................................... 15-3 Pit Optimization ............................................................................................................ 15-3 16 MINING METHODS ..................................................................................................... 16-1 Mine Design ................................................................................................................. 16-4 Geomechanics ............................................................................................................. 16-8 LOM Production Schedule ......................................................................................... 16-11 Mine Equipment and Mining contractor ...................................................................... 16-16 17 RECOVERY METHODS .............................................................................................. 17-1 18 PROJECT INFRASTRUCTURE .................................................................................. 18-1 Power .........................................................................................................................

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