Annual Information Form For the year ended December 31, 2017 Dated as of March 27, 2018 Table of Contents Preliminary Notes .............................................................................................................................................................................. 1 Forward-Looking Statements ........................................................................................................................................................ 1 Cautionary Note to US Readers Regarding Disclosure of Mineral Reserves and Resource Estimates.......................................... 2 Glossary and Defined Terms ........................................................................................................................................................ 4 Corporate Structure ........................................................................................................................................................................... 8 Name, Address and Incorporation ................................................................................................................................................ 8 Intercorporate Relationships ......................................................................................................................................................... 8 General Development of the Business ............................................................................................................................................... 9 Three Year History ....................................................................................................................................................................... 9 2017 Significant Developments ............................................................................................................................................... 9 2016 Significant Developments ............................................................................................................................................. 11 2015 Significant Developments ............................................................................................................................................. 13 Description of the Business ............................................................................................................................................................. 14 The Bisha Mine .......................................................................................................................................................................... 14 The Timok Project ...................................................................................................................................................................... 14 Metal Sales ................................................................................................................................................................................ 15 Methods of Production ................................................................................................................................................................ 15 Skill and Knowledge ................................................................................................................................................................... 15 Employees ................................................................................................................................................................................. 15 Corporate Social Responsibility .................................................................................................................................................. 16 Social Responsibility ............................................................................................................................................................. 16 Health and Safety.................................................................................................................................................................. 17 Environment .......................................................................................................................................................................... 17 Mineral Properties ........................................................................................................................................................................... 18 Timok Project – Project Description and Location ....................................................................................................................... 20 Accessibility, Climate, Infrastructure & Physiography ............................................................................................................ 23 Mineral Property History ........................................................................................................................................................ 25 Geological Setting ................................................................................................................................................................. 26 Exploration History Since 2010 ............................................................................................................................................. 26 Mineralization ........................................................................................................................................................................ 27 Drilling ................................................................................................................................................................................... 28 Sampling and Analysis .......................................................................................................................................................... 29 Security of Samples .............................................................................................................................................................. 30 Upper Zone Mineral Resource Estimate ................................................................................................................................ 30 Bisha Mine – Project Description and Location ........................................................................................................................... 31 Accessibility, Climate, Infrastructure & Physiography ............................................................................................................ 32 Mineral Property History ........................................................................................................................................................ 34 Geological Setting ................................................................................................................................................................. 34 Exploration History ................................................................................................................................................................ 34 Mineralization ........................................................................................................................................................................ 35 Drilling ................................................................................................................................................................................... 36 Sampling and Analysis .......................................................................................................................................................... 37 Security of Samples .............................................................................................................................................................. 37 Mineral Resource Estimate ................................................................................................................................................... 38 Mineral Reserves .................................................................................................................................................................. 40 Mining Operations ................................................................................................................................................................. 49 Metallurgical Test Work and Process Plant Design ............................................................................................................... 53 Dividends......................................................................................................................................................................................... 55 Description of Capital Structure ....................................................................................................................................................... 56 Market for Securities ........................................................................................................................................................................ 56 Directors and Officers ...................................................................................................................................................................... 57 Name, Occupation and Security Holding .................................................................................................................................... 57 Conflicts of Interest