NI 43-101 INDEPENDENT REPORT ON THE ZINC-LEAD EXPLORATION PROJECT AT STONEPARK, COUNTY LIMERICK, IRELAND Group Eleven Resources Corp. th Effective Date: 26 April, 2018 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: Rev1 April 2018 Group Eleven Resources Corp. Stonepark NI 43-101 Technical Report 501.00343.00004 Filename:180606_SP_SLR_Tech_Rpt_MRE_FIN April 2018 . Page i Group Eleven Resources Corp. Stonepark NI 43-101 Technical Report 501.00343.00004 Filename:180606_SP_SLR_Tech_Rpt_MRE_FIN April 2018 CONTENTS SUMMARY ...................................................................................................................... 1 1.1 Work since the Previous Technical Report ............................................................................... 2 1.1.1 Mineral Resource Estimate ............................................................................................................................................... 3 INTRODUCTION AND TERMS OF REFERENCE .................................................................... 5 2.1 Terms of Reference .................................................................................................................. 6 2.2 Sources of Information ............................................................................................................. 6 2.3 Data Gathering and Site Visit by SLR Consulting (Ireland) Ltd. and CSA Global ....................... 6 2.4 Units and Abbreviations ........................................................................................................... 8 RELIANCE ON OTHER EXPERTS ......................................................................................... 9 PROJECT LOCATION AND DESCRIPTION .......................................................................... 10 4.1 Project Location ...................................................................................................................... 10 4.2 Project Description ................................................................................................................. 11 4.3 Prospecting Licence Regulations in Ireland ............................................................................. 12 4.4 Prospecting License Terms ..................................................................................................... 13 4.5 Environmental Liabilities ........................................................................................................ 13 4.6 Exploration Permits and Significant Risk Factors ................................................................... 13 4.7 Protected Areas ...................................................................................................................... 13 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY .... 16 5.1 Project Access ......................................................................................................................... 16 5.2 Physiography and Vegetation ................................................................................................. 18 5.3 Infrastructure .......................................................................................................................... 18 HISTORY ........................................................................................................................ 20 6.1 Early Exploration ..................................................................................................................... 20 6.2 Stonepark Historical Exploration ............................................................................................. 21 6.3 Work Undertaken By Teck Ireland Ltd .................................................................................... 26 6.3.1 Data Compilation............................................................................................................................................................. 26 6.3.2 Mapping and Geochemical Sampling ............................................................................................................................. 26 6.3.3 Geophysics ....................................................................................................................................................................... 26 6.3.4 Seismic Surveying ............................................................................................................................................................ 27 6.4 Stonepark Discovery ............................................................................................................... 27 GEOLOGICAL SETTING AND MINERALISATION ................................................................ 30 7.1 Regional Setting ...................................................................................................................... 30 7.2 Local and Project Geology ....................................................................................................... 31 7.3 Geological Sequence ............................................................................................................... 32 7.3.1 Basal Clastics Sequence .................................................................................................................................................. 33 7.3.2 Lower Limestone Shale Group ....................................................................................................................................... 33 7.3.3 Argillaceous Bioclastic Limestone Group ....................................................................................................................... 33 7.3.4 Limerick Limestone (Waulsortian) Formation ............................................................................................................... 34 7.3.5 Lough Gur Formation ...................................................................................................................................................... 36 7.3.6 Knockroe Volcanic Formation ......................................................................................................................................... 36 7.3.7 Herbertstown Limestone Formation .............................................................................................................................. 36 7.4 Structure ................................................................................................................................. 36 7.5 Mineralisation and Alteration ................................................................................................ 37 7.5.1 Stonepark Block ............................................................................................................................................................... 37 7.5.2 Comparison with Silvermines and the Rathdowney Trend Deposits ........................................................................... 38 7.6 Mineralogy .............................................................................................................................. 38 . 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Stonepark NI 43-101 Technical Report 501.00343.00004 Filename:180606_SP_SLR_Tech_Rpt_MRE_FIN April 2018 DEPOSIT TYPES .............................................................................................................. 40 8.1 General Description of Irish Type Deposits ............................................................................ 40 8.2 Variability within the Waulsortian-hosted Deposits .............................................................. 42 8.2.1 Common Features ........................................................................................................................................................... 42 8.2.2 Host Rock Variation ......................................................................................................................................................... 43 8.2.3 Alteration Variation ......................................................................................................................................................... 43 EXPLORATION ............................................................................................................... 45 9.1 Summary ................................................................................................................................. 45 9.1.1 Data Integration and Regional Synthesis ....................................................................................................................... 45 9.1.2 Seismic Reassessment..................................................................................................................................................... 45 9.1.3 Ground Investigations ..................................................................................................................................................... 46 DRILLING ....................................................................................................................... 47 SAMPLE PREPARATION, ANALYSES AND SECURITY ......................................................... 50 11.1 TIL’s sampling procedure ....................................................................................................... 50 11.1.1 Standards ........................................................................................................................................................................