NI43-101 INDEPENDENT REPORT ON A BASE METAL EXPLORATI ON PROJECT AT BALLINALACK, CO. WES TMEATH, IRELAND Group Eleven Resources Corp. January 11, 2019 EurGeol Paul Gordon, PGeo, MSc EurGeol Dr. John G. Kelly PhD, PGeo, MIMMM Dr Belinda van Lente, PhD PrSciNat MGSSA SLR Ref: 501.00415.00005 Version No: Rev0 January 2019 CONTENTS SUMMARY .................................................................................................................... 10 1.1 Introduction and Terms of Reference ..................................................................................... 10 1.2 Property Description and Location ......................................................................................... 11 1.3 Accessibility, Climate, Local Resources, Infrastructure and Physiography .............................. 11 1.4 History ..................................................................................................................................... 11 1.5 Geological Setting and Mineralisation .................................................................................... 12 1.6 Deposit Types .......................................................................................................................... 13 1.7 Exploration .............................................................................................................................. 14 1.8 Drilling ..................................................................................................................................... 14 1.9 Sample Preparation, Analyses and Security ............................................................................ 14 1.10 Data Verification ..................................................................................................................... 14 1.11 Mineral Processing and Metallurgical Testing ........................................................................ 15 1.12 Mineral Resource Estimate..................................................................................................... 15 1.13 Interpretation and Conclusions .............................................................................................. 16 1.13.1 Mineral Resource Estimate Conclusions ........................................................................................................................ 17 1.14 Recommendations.................................................................................................................. 17 INTRODUCTION AND TERMS OF REFERENCE .................................................................. 19 2.1 Terms of Reference ................................................................................................................. 20 2.2 Sources of Information ........................................................................................................... 20 2.3 Data Gathering and Site Visit by SLR and CSA Global .............................................................. 21 2.4 Units and Abbreviations .......................................................................................................... 22 RELIANCE ON OTHER EXPERTS ....................................................................................... 23 PROJECT LOCATION AND DESCRIPTION .......................................................................... 24 4.1 Project Location ...................................................................................................................... 24 4.2 Project Description.................................................................................................................. 25 4.3 Prospecting Licence Regulations in Ireland ............................................................................. 26 4.4 Prospecting Licence Terms ..................................................................................................... 27 4.5 Environmental Liabilities ......................................................................................................... 28 4.6 Protected Areas ...................................................................................................................... 28 4.6.1 Special Areas of Conservation ........................................................................................................................................ 28 4.6.2 Special Protection Areas ................................................................................................................................................. 29 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY .... 33 . 5.1 Project Access ......................................................................................................................... 33 5.2 Climate .................................................................................................................................... 33 5.3 Physiography and Vegetation ................................................................................................. 34 5.4 Infrastructure .......................................................................................................................... 35 HISTORY ........................................................................................................................ 36 6.1 Discovery History .................................................................................................................... 36 6.2 Subsequent Exploration Groups (pre 2005) ............................................................................ 39 6.3 Teck (2005 – Present) ............................................................................................................. 43 6.3.1 TIL Drilling ........................................................................................................................................................................ 44 GEOLOGICAL SETTING AND MINERALISATION ................................................................ 49 7.1 Regional Geology and Mineralisation ..................................................................................... 49 7.2 Local and Project Geology ....................................................................................................... 51 7.2.1 Comparison between Navan and Ballinalack ................................................................................................................ 52 7.2.2 Waulsortian Mudbank Limestones “Reef” .................................................................................................................... 53 7.2.3 Argillaceous Bioclastic Limestone .................................................................................................................................. 55 7.2.4 Shaley Pale Beds .............................................................................................................................................................. 56 7.2.5 Mixed Beds or Pale Beds ................................................................................................................................................. 56 7.2.6 Basal Transition Beds ...................................................................................................................................................... 56 7.2.7 Basal Sandstones or Basal Clastics ................................................................................................................................. 56 7.3 Structure ................................................................................................................................. 59 7.4 Mineralisation ......................................................................................................................... 59 7.4.1 General Observations ..................................................................................................................................................... 60 7.4.2 Styles of Mineralisation .................................................................................................................................................. 61 7.4.3 Mineralisation in the Pale Beds ...................................................................................................................................... 61 DEPOSIT TYPES .............................................................................................................. 62 8.1 General Description of Irish Type Deposits ............................................................................. 62 8.2 Variability within Irish-type Deposits ...................................................................................... 64 8.2.1 Common Features ........................................................................................................................................................... 64 8.2.2 Host Rock Variation ......................................................................................................................................................... 64 8.2.3 Alteration Variation ......................................................................................................................................................... 65 EXPLORATION ............................................................................................................... 66 9.1 Summary ................................................................................................................................. 66 9.2 Base of