Technical Report NI 43-101 ANTIOQUIA GOLD LTD. CISNEROS GOLD PROJECT, ANTIOQUIA DEPARTMENT, COLOMBIA NI 43-101 TECHNICAL REPORT ON UPDATED MINERAL RESOURCE ESTIMATE AND PRELIMINARY ECONOMIC ASSESSMENT Prepared for: Antioquia Gold Ltd. Prepared by: Edgard Vilela Acosta, MAusIMM (CP) Effective Date: 24 September 2017 Report: 201716 20180220_Cisneros Mineral Resource Update & PEA_rev-01.docx Project No. 2017-16 Page 1 February, 2018 C ONTENT 1.0 SUMMARY ...................................................................................................................................... 12 1.1 INTRODUCTION ..................................................................................................................................... 12 1.2 PROPERTY DESCRIPTION, OWNERSHIP AND HISTORY .......................................................................... 12 1.3 GEOLOGY & MINERALIZATION .............................................................................................................. 12 1.4 MINERAL RESOURCE ESTIMATE ............................................................................................................ 13 1.5 MINERAL PROCESSING AND METALLURGICAL TESTING ....................................................................... 14 1.5.1 Metallurgical Testing .................................................................................................................... 14 1.5.2 Mineral Processing ....................................................................................................................... 15 1.6 MINING METHOD .................................................................................................................................. 15 1.7 POTENTIALLY ECONOMIC RESOURCES .................................................................................................. 15 1.8 PROJECT INFRASTRUCTURE .................................................................................................................. 17 1.9 ENVIRONMENT AND PERMITTING ........................................................................................................ 17 1.10 CAPITAL AND OPERATING COSTS .......................................................................................................... 18 1.11 PRELIMINARY ECONOMIC ANALYSIS ..................................................................................................... 18 1.12 QUALIFICATIONS AND ASSUMPTIONS .................................................................................... 19 2.0 INTRODUCTION ............................................................................................................................... 20 2.1 EFFECTIVE DATE .................................................................................................................................... 20 2.2 ABBREVIATIONS, UNITS AND CURRENCIES ........................................................................................... 20 3.0 RELIANCE ON OTHER EXPERTS ......................................................................................................... 27 4.0 PROPERTY DESCRIPTION AND LOCATION ......................................................................................... 28 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY .................... 32 6.0 HISTORY .......................................................................................................................................... 33 7.0 GEOLOGICAL SETTING AND MINERALIZATION .................................................................................. 35 7.1 REGIONAL GEOLOGY ............................................................................................................................. 35 7.1.1 Antioquia Batholith ...................................................................................................................... 36 7.2 PROJECT GEOLOGY ............................................................................................................................... 38 7.2.1 Structural Settings ........................................................................................................................ 38 7.3 DEPOSIT MINERALISATION ................................................................................................................... 40 8.0 DEPOSIT TYPES ................................................................................................................................ 41 9.0 EXPLORATION ................................................................................................................................. 42 9.1 EXPLORATION POTENTIAL .................................................................................................................... 44 9.2 UNDERGROUND EXPLORATION PROGRAM .......................................................................................... 45 10.0 DRILLING ......................................................................................................................................... 47 11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ........................................................................... 52 11.1 DRILL CORE SAMPLE PREPARATION ...................................................................................................... 52 11.2 CHANNEL SAMPLE PREPARATION ......................................................................................................... 53 11.3 BULK DENSITY DETERMINATIONS ......................................................................................................... 54 11.4 QUALITY ASSURANCE AND QUALITY CONTROL ..................................................................................... 54 11.5 DATABASES ........................................................................................................................................... 54 11.6 SAMPLE SECURITY ................................................................................................................................. 55 11.7 ANALYTICAL LABORATORIES ................................................................................................................. 57 11.8 SAMPLE PREPARATION & ANALYSIS ...................................................................................................... 57 11.8.1 Sample Preparation ...................................................................................................................... 57 11.8.2 Sample Analysis ............................................................................................................................ 57 11.8.3 Laboratory Independence and Certification ................................................................................ 58 11.9 QUALITY ASSURANCE/QUALITY CONTROL (QA/QC) ............................................................................. 58 11.9.1 Standard Samples Review ............................................................................................................ 58 20180220_Cisneros Mineral Resource Update & PEA_rev-01.docx Project No. 2017-16 Page 2 February, 2018 12.0 DATA VERIFICATION ........................................................................................................................ 61 12.1 INDEPENDENT VERIFICATION ............................................................................................................... 61 12.2 COMMENTS ON SECTION 12 ................................................................................................................. 63 13.0 MINERAL PROCESSING AND METALLURGICAL TESTING .................................................................... 64 13.1 PRELIMINARY METALLURGICAL TEST ONE (FEBRUARY, 2008) ................................................................. 64 13.2 PRELIMINARY METALLURGICAL TEST TWO (AUGUST, 2010) ................................................................... 65 13.2.1 Chemical Content ......................................................................................................................... 65 13.2.2 Mineral Content ........................................................................................................................... 66 13.2.3 Laboratory Results ........................................................................................................................ 66 13.3 PRELIMINARY METALLURGICAL TEST THREE (SEPTEMBER, 2013) ............................................................ 67 13.4 PRELIMINARY METALLURGICAL TEST FOUR (APRIL, 2015) ..................................................................... 70 13.4.1 Physical Characterization ............................................................................................................. 71 13.5 PRELIMINARY METALLURGICAL TEST FIVE (AUGUST, 2017) .................................................................... 72 13.6 METALLURGICAL TEST WORK SUPPORTING 2017 PEA .......................................................................... 72 13.6.1 Direct Flotation Test Work ........................................................................................................... 72 13.6.2 Gravity Concentrate and Flotation Test Work .............................................................................. 73 13.7 IMPLICATIONS OF THE METALURGICAL TESTWORK ............................................................................. 74 13.7.1 Effect of Au Grades on Recoveries ..............................................................................................