NORTH AMERICAN TUNGSTEN CORPORATION LTD. TECHNICAL REPORT ON THE CANTUNG MINE, NORTHWEST TERRITORIES, CANADA PREPARED BY NORTH AMERICAN TUNGSTEN LTD. Report for NI 43-101 September 19, 2014 NORTH AMERICAN TUNGSTEN CORPORATION LTD. DOCUMENT TITLE ; TECHNICAL REPORT ON THE CANTUNG MINE, NORTHWEST TERRITORIES, CANADA Authors: Brian Delaney, P.Eng (Newfoundland and Labrador) Finley J. Bakker, P.Geo (BC and NWT) Date: September 19th, 2014 1-2 NORTH AMERICAN TUNGSTEN CORPORATION LTD. Table of Contents PAGE 1 SUMMARY ............................................................................................................... 1-1 2 INTRODUCTION ..................................................................................................... 2-1 3 RELIANCE ON OTHER EXPERTS ........................................................................ 3-1 4 PROPERTY DESCRIPTION AND LOCATION ..................................................... 4-1 4.1 Property Size ................................................................................................. 4-1 4.2 Location ........................................................................................................ 4-1 4.3 Mineral Tenure .............................................................................................. 4-2 4.4 Property Title ................................................................................................ 4-5 4.5 Royalties Payable .......................................................................................... 4-6 4.6 Environmental Liabilities .............................................................................. 4-6 4.7 Permits .......................................................................................................... 4-7 4.8 Significant Defined Risks and Factors .......................................................... 4-7 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ........................................................................................................... 5-1 5.1 Topography, Elevation and Vegetation ........................................................ 5-1 5.2 Property Access ............................................................................................ 5-2 5.3 Climate .......................................................................................................... 5-2 5.4 Infrastructure and Local Resources .............................................................. 5-3 6 HISTORY .................................................................................................................. 6-1 6.1 Prior Ownership ............................................................................................ 6-1 6.2 Exploration and Development History ......................................................... 6-1 6.3 Historical Mineral Resource Estimates. ........................................................ 6-2 6.4 Production History ........................................................................................ 6-2 7 GEOLOGICAL SETTING AND MINERALIZATION ........................................... 7-1 7.1 Regional Geology ......................................................................................... 7-1 7.2 Local and Property Geology ......................................................................... 7-2 7.3 Mineralization ............................................................................................... 7-3 8 DEPOSIT TYPES ...................................................................................................... 8-1 9 EXPLORATION ........................................................................................................ 9-1 9.1 Exploration PROGRAMS ............................................................................. 9-1 10 DRILLING ......................................................................................................... 10-1 10.1 Diamond Drilling ........................................................................................ 10-1 11 SAMPLE PREPARATION, ANALYSES AND SECURITY .......................... 11-1 11.1 Minesite Sample Preparation, Security and Quality Control ....................... 11-1 11.2 Sample Preparation, Assaying and Analytical Procedures .......................... 11-2 11.3 Quality Control Measures ............................................................................ 11-3 12 DATA VERIFICATION ................................................................................... 12-1 i NORTH AMERICAN TUNGSTEN CORPORATION LTD. 13 MINERAL PROCESSING AND METALLURGICAL TESTING .................. 12-3 14 MINERAL RESOURCE ESTIMATES ............................................................ 14-1 14.1 Summary ...................................................................................................... 14-1 14.2 Mineral Resources Reported ....................................................................... 14-2 14.3 Estimation Methodology .............................................................................. 14-3 15 MINERAL RESERVES .................................................................................... 15-1 15.1 Summary ...................................................................................................... 15-1 15.2 Probable Mineral Reserves .......................................................................... 15-2 15.3 Discussion of Mining Areas and Reserves .................................................. 15-3 16 MINING METHODS ........................................................................................ 16-1 16.1 Summary of Mining Methods ...................................................................... 16-1 16.2 Dewatering ................................................................................................... 16-2 16.3 Ventilation .................................................................................................... 16-3 16.4 Ground Conditions and Rock Mechanics .................................................... 16-5 16.5 Planned Life of Mine Production ............................................................... 16-26 17 RECOVERY METHODS .................................................................................. 17-1 17.1 Process Flow Chart ...................................................................................... 17-1 17.2 Mill Design and Operation ........................................................................... 17-2 17.3 Wastewater Treatment Facility .................................................................... 17-7 17.4 Assay Laboratory ......................................................................................... 17-8 17.5 Mill Recoveries ............................................................................................ 17-8 18 PROJECT INFRASTRUCTURE ...................................................................... 18-1 18.1 SURFACE INFRASTRUCTURE AND EQUIPMENT ............................. 18-1 18.2 Underground Infrastructure and Equipment ................................................ 18-2 19 MARKET STUDIES AND CONTRACTS ....................................................... 19-1 20 ENVIRONMENTAL STUDIES AND PERMITTING ..................................... 20-1 20.1 Permitting Requirements and Reclamation Bonds ...................................... 20-1 20.2 Mine Closure Requirements and Costs ........................................................ 20-2 21 CAPITAL AND OPERATING COSTS ............................................................ 21-1 21.1 Capital Costs ................................................................................................ 21-1 21.2 Operating Costs ............................................................................................ 21-1 21.3 Market Outlook ............................................................................................ 21-3 22 ECONOMIC ANALYSIS ................................................................................. 22-1 23 ADJACENT PROPERTIES .............................................................................. 23-1 24 OTHER RELEVANT DATA AND INFORMATION ..................................... 24-1 25 INTERPRETATION AND CONCLUSIONS ................................................... 25-1 26 RECOMMENDATIONS ................................................................................... 26-1 27 SIGNATURES ................................................................................................... 27-1 ii NORTH AMERICAN TUNGSTEN CORPORATION LTD. 28 REFERENCES .................................................................................................. 28-1 29 APPENDICES ................................................................................................... 29-5 List of Tables PAGE Table 1.1 - Probable Mineral Reserves, July 31, 2014 .................................................... 1-2 Table 1.2 - Indicated Mineral Resources, July 31, 2014 ................................................. 1-2 Table 1.3 - Inferred Mineral Resources, July 31, 2014 ................................................... 1-3 Table 2.1 - List of Abbreviations Used ............................................................................ 2-3 Table 4.1 - Mineral Tenure Details .................................................................................. 4-3 Table 4.2 - Mineral Tenure Ownership ...........................................................................