1:50,000 NTS Map Sheets 074E10, 074E11, 074E14, 074E15 National Instrument 43-101 Technical Report, Inferred Crush Rock Aggregate Resource Estimate with Updated Lease Boundaries for the Richardson Property, Northeastern Alberta, Canada Prepared For: Athabasca Minerals Inc. 4409 94 St NW Edmonton AB Canada T6E 6T7 Prepared by: APEX Geoscience Ltd. 8429-24 Street Edmonton AB Canada T6P 1L3 Roy Eccles, M.Sc., P. Geol. Steven Nicholls, BA.Sc, MAIG Effective Date: October 24, 2019 Edmonton, Alberta, Canada National Instrument 43-101 Technical Report for the Richardson Property, Northeast Alberta Contents 1 Summary ................................................................................................................... 1 2 Introduction .............................................................................................................. 12 3 Reliance on Other Experts ...................................................................................... 18 4 Property Description and Location ........................................................................... 18 4.1 Property Description......................................................................................... 18 4.2 Property Rights and Maintenance .................................................................... 19 4.3 Coexisting Oil, Gas and Oil Sands Rights ........................................................ 19 4.4 Land Use and Environmental Matters .............................................................. 19 4.5 Royalty Rates ................................................................................................... 21 5 Accessibility, Climate, Local Resources, Infrastructure and Physiography .............. 21 5.1 Access and Infrastructure ................................................................................ 21 5.2 Physiography, Vegetation and Climate ............................................................ 23 6 History ..................................................................................................................... 24 6.1 Historical Exploration with the Boundaries of the Richardson Property ........... 24 6.2 Historical Exploration in the Northeast Alberta and Outside of the Richardson Property ........................................................................................................... 24 6.2.1 Crush Rock Aggregate, and Sand and Gravel Aggregate ...................... 26 6.2.2 Polymetallic Black Shale ........................................................................ 26 6.2.3 Uranium .................................................................................................. 28 6.2.4 Prairie-Type Precious Metals ................................................................. 28 6.2.5 Diamondiferous Kimberlite ..................................................................... 28 7 Geological Setting and Mineralization ..................................................................... 29 7.1 Regional Geology ............................................................................................ 29 7.1.1 Precambrian Basement Geology ............................................................ 29 7.1.2 Bedrock Geology .................................................................................... 33 7.1.3 Surficial Geology .................................................................................... 34 7.2 Property Geology ............................................................................................. 34 7.2.1 Precambrian Basement Geology at the Property ................................... 34 7.2.2 Bedrock Geology at the Property ........................................................... 35 7.2.3 Surficial Geology at the Property ............................................................ 37 7.3 Mineralization ................................................................................................... 39 8 Deposit Types .......................................................................................................... 39 8.1 Construction Aggregate ................................................................................... 39 8.2 Dolomite Crush Rock Aggregate ...................................................................... 40 8.3 Rare-Earth Elements........................................................................................ 41 8.4 Archean Lode Gold .......................................................................................... 41 9 Exploration............................................................................................................... 42 9.1 2013 and 2014 Drill Programs ......................................................................... 42 9.2 Multi-Technique Geophysical Survey ............................................................... 42 9.3 Surface Geophysical Survey Methodology ...................................................... 44 9.3.1 Ground Penetrating Radar Survey – Ultra GPR System ........................ 44 9.3.2 Frequency Domain Electromagnetic Survey - EM31 System ................. 45 9.3.3 Total Field Magnetics Survey - GSM 19-W magnetometer .................... 45 9.4 Geophysical Survey Results ............................................................................ 45 October 24, 2019 ii National Instrument 43-101 Technical Report for the Richardson Property, Northeast Alberta 9.4.1 Ground Penetrating Radar ..................................................................... 45 9.4.2 Frequency Domain Electromagnetic Survey (FDEM) EM31 System ...... 50 9.4.3 Magnetic Survey Results ........................................................................ 50 9.5 Geophysical Summary and Conclusions .......................................................... 56 10 Drilling ..................................................................................................................... 57 10.1 2013 Drill Campaign......................................................................................... 59 10.2 2014 Drill Campaign......................................................................................... 59 10.3 Regional Stratigraphic Considerations (based on a compilation of oil and gas wells in conjunction with Athabasca Minerals drill results) ............................... 60 11 Sample Preparation, Analyses and Security ........................................................... 66 11.1 Core Handling and Initial Geotechnical Preparation Procedure ....................... 66 11.2 Geotechnical Characterization ......................................................................... 66 11.3 Core Documentation ........................................................................................ 67 11.4 Core Splitting ................................................................................................... 67 11.5 Sample Shipping .............................................................................................. 67 11.6 Analytical Test Work ........................................................................................ 68 11.6.1 Aggregate Analytical Test Work .......................................................... 68 11.6.2 Geochemical Analytical Test Work ...................................................... 71 11.6.3 Density Analytical Test Work ............................................................... 72 11.7 Quality Assurance/Quality Control Measure One ............................................. 72 11.8 Quality Assurance/Quality Control Measure Two ............................................. 75 11.9 Quality Assurance/Quality Control Measure Three .......................................... 77 12 Data Verification ...................................................................................................... 78 13 Mineral Processing and Metallurgical Testing ......................................................... 79 13.1 Aggregate Test Work Results .......................................................................... 80 13.1.1 Introduction .......................................................................................... 80 13.1.2 Aggregate Test Work Processing Note ............................................... 80 13.1.3 Los Angeles Abrasion Test .................................................................. 82 13.1.4 Plasticity Index Test............................................................................. 83 13.1.5 MgSO4 Soundness Loss Test ............................................................. 84 13.1.6 Unconfined Freeze-Thaw Test ............................................................ 85 13.1.7 Sieve Analysis ..................................................................................... 85 13.2 Geochemical Results ....................................................................................... 86 13.3 Summary of Test Work Results ....................................................................... 90 14 Mineral Resource Estimate...................................................................................... 90 14.1 Introduction ...................................................................................................... 90 14.2 Drillhole Database Validation ........................................................................... 91 14.3 Micromine Database ........................................................................................ 92 14.4 Data Type Comparison