NI 43-101 INDEPENDENT REPORT ON THE ZINC-LEAD EXPLORATION PROJECT AT STONEPARK, COUNTY LIMERICK, IRELAND Group Eleven Resources Corp. November 20, 2017 EurGeol Dr John G. Kelly, PGeo, MIMMM EurGeol Paul Gordon, PGeo, MSc SLR Ref: 501.00415.00003 Group Eleven Resources Corporation NI43-101 – Stonepark Licence Block SLR Ref No: 501.00415.00003 Filename:171120SP_SLR_Tech_Rpt_20Nov17_Resubmit (2) November 2017 Group Eleven Resources Corporation NI43-101 – Stonepark Licence Block SLR Ref No: 501.00415.00003 Filename:171120SP_SLR_Tech_Rpt_20Nov17_Resubmit (2) November 2017 CONTENTS 1.0 SUMMARY ...................................................................................................................... 1 2.0 INTRODUCTION AND TERMS OF REFERENCE .................................................................... 4 2.1 Terms of Reference ................................................................................................................... 5 2.2 Purpose of Report ..................................................................................................................... 5 2.3 Sources of Information ............................................................................................................. 5 2.4 Data Gathering and Site Visit by SLR Consulting (Ireland) Ltd. .................................................. 5 2.5 Units and Abbreviations ............................................................................................................ 7 3.0 RELIANCE ON OTHER EXPERTS ......................................................................................... 8 4.0 PROJECT LOCATION AND DESCRIPTION ............................................................................ 9 4.1 Project Location ........................................................................................................................ 9 4.2 Project Description.................................................................................................................. 10 4.3 Prospecting Licence Regulations in Ireland ............................................................................. 11 4.4 Prospecting License Terms ...................................................................................................... 12 4.5 Environmental Liabilities ......................................................................................................... 13 4.6 Exploration Permits and Significant Risk Factors ..................................................................... 13 4.7 Protected Areas ...................................................................................................................... 13 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY .... 15 5.1 Project Access ......................................................................................................................... 15 5.2 Physiography and Vegetation ................................................................................................. 17 5.3 Infrastructure .......................................................................................................................... 17 6.0 HISTORY ........................................................................................................................ 20 6.1 Early Exploration ..................................................................................................................... 20 6.2 Work Undertaken By Teck Ireland Ltd. (TIL) ............................................................................ 23 6.2.1 Data Compilation............................................................................................................................................................. 23 6.2.2 Mapping and Geochemical Sampling ............................................................................................................................. 23 6.2.3 Geophysics ....................................................................................................................................................................... 24 6.2.4 Seismics............................................................................................................................................................................ 24 6.3 Stonepark Discovery ............................................................................................................... 24 7.0 GEOLOGICAL SETTING AND MINERALIZATION ................................................................ 28 7.1 Introduction ............................................................................................................................ 28 Group Eleven Resources Corporation NI43-101 – Stonepark Licence Block SLR Ref No: 501.00415.00003 Filename:171120SP_SLR_Tech_Rpt_20Nov17_Resubmit (2) November 2017 7.2 Local and Project Geology ....................................................................................................... 29 7.3 Geological Sequence ............................................................................................................... 30 7.3.1 Basal Clastics Sequence .................................................................................................................................................. 31 7.3.2 Lower Limestone Shale Group ....................................................................................................................................... 31 7.3.3 Argillaceous Bioclastic Limestone Group ....................................................................................................................... 31 7.3.4 Limerick Limestone (Waulsortian) Formation ............................................................................................................... 32 7.3.5 Lough Gur Formation ...................................................................................................................................................... 32 7.3.6 Knockroe Volcanic Formation ......................................................................................................................................... 32 7.3.7 Herbertstown Limestone Formation .............................................................................................................................. 32 7.4 Structure ................................................................................................................................. 34 7.5 Mineralisation and Alteration ................................................................................................. 35 7.5.1 Stonepark Block ............................................................................................................................................................... 35 7.5.2 Comparison with Silvermines and the Rathdowney Trend Deposits ........................................................................... 36 7.6 Mineralogy .............................................................................................................................. 36 8.0 DEPOSIT TYPES .............................................................................................................. 37 8.1 General Description of Irish Type Deposits ............................................................................. 37 8.2 Variability within the Sub-group ............................................................................................. 39 8.2.1 Common Features ........................................................................................................................................................... 39 8.2.2 Host Rock Variation ......................................................................................................................................................... 40 8.2.3 Alteration Variation ......................................................................................................................................................... 40 9.0 EXPLORATION ............................................................................................................... 42 9.1 Summary ................................................................................................................................. 42 9.2 Exploration Targets ................................................................................................................. 42 9.3 Methodologies ........................................................................................................................ 42 9.3.1 Data Integration and Regional Synthesis ....................................................................................................................... 42 9.3.2 Seismic Reassessment..................................................................................................................................................... 43 9.3.3 Ground Investigations ..................................................................................................................................................... 43 10.0 DRILLING ....................................................................................................................... 45 11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ......................................................... 47 11.1 TIL’s sampling procedure ........................................................................................................ 47 11.1.1 Standards ........................................................................................................................................................................