Technical Report and Updated Mineral Resource Estimate on the Nash Creek Project, New Brunswick, Canada PRESENTED TO EFFECTIVE DATE: MARCH 21, 2018 RELEASE DATE: JUNE 4, 2018 ISSUED FOR USE FILE: 704-MIN.VMIN03033-02 QUALIFIED PERSON: P. JAMES F. BARR, P.GEO. Tetra Tech Canada Inc. 150, 1715 Dickson Avenue Kelowna, BC V1Y 9G6 CANADA Tel 250.862.4832 Fax 250.862.2941 This page intentionally left blank. Callinex Nash Creek 2018 Report 180604_IFU.docx TECHNICAL REPORT AND UPDATED MINERAL RESOURCE ESTIMATE FILE: 704-MIN.VMIN03033-02 | RELEASE DATE: JUNE 4, 2018 | ISSUED FOR USE TABLE OF CONTENTS 1.0 SUMMARY ................................................................................................................................... 1 1.1 Resource Statement .............................................................................................................................. 2 1.2 Recommendations ................................................................................................................................. 3 2.0 INTRODUCTION AND TERMS OF REFERENCE ....................................................................... 4 2.1 Terms of Reference ............................................................................................................................... 4 2.1.1 Effective Date ........................................................................................................................... 4 2.2 Site Visit ................................................................................................................................................. 4 2.3 Reporting of Grades by Zinc Equivalent ................................................................................................ 4 3.0 RELIANCE ON OTHER EXPERTS .............................................................................................. 6 4.0 PROPERTY DESCRIPTION AND LOCATION ............................................................................ 7 4.1 Location ................................................................................................................................................. 7 4.2 Purchase Agreement ............................................................................................................................. 9 4.3 Mineral Rights ........................................................................................................................................ 9 4.4 Surface Rights and Property Access Agreements ................................................................................ 9 4.5 Liabilities and Incumbrances ............................................................................................................... 10 5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ....................................................................................................................... 12 5.1 Accessibility ......................................................................................................................................... 12 5.2 Climate ................................................................................................................................................. 13 5.3 Local Resources .................................................................................................................................. 13 5.4 Infrastructure ........................................................................................................................................ 14 5.5 Physiography ....................................................................................................................................... 14 6.0 HISTORY ................................................................................................................................... 15 6.1 Early Work (1950 – 1960) .................................................................................................................... 15 6.2 1960 – 1970 ......................................................................................................................................... 15 6.3 1973 – 1979 ......................................................................................................................................... 16 6.4 1987 – 1991 ......................................................................................................................................... 17 6.5 2002 – 2011 ......................................................................................................................................... 18 7.0 GEOLOGICAL SETTING ........................................................................................................... 21 7.1 Regional Geology ................................................................................................................................ 21 7.2 Property Geology ................................................................................................................................. 22 7.2.1 Stratigraphy............................................................................................................................. 22 7.2.2 Structure ................................................................................................................................. 23 7.2.3 Mineralization .......................................................................................................................... 25 8.0 DEPOSIT TYPE ......................................................................................................................... 28 8.1 Background .......................................................................................................................................... 28 9.0 EXPLORATION.......................................................................................................................... 31 i Callinex Nash Creek 2018 Report 180604_IFU.docx TECHNICAL REPORT AND UPDATED MINERAL RESOURCE ESTIMATE FILE: 704-MIN.VMIN03033-02 | RELEASE DATE: JUNE 4, 2018 | ISSUED FOR USE 10.0 DRILLING .................................................................................................................................. 32 10.1 Logistics ............................................................................................................................................... 32 10.1.1 Drillcore Records .................................................................................................................... 32 10.1.2 Drill Collar Surveys ................................................................................................................. 32 10.2 SLAM Drilling – 2005 and 2006 ........................................................................................................... 33 10.3 SLAM Drilling – 2007 and 2008 ........................................................................................................... 34 10.4 SLAM Drilling – 2011 ........................................................................................................................... 34 10.5 Callinex Drilling – 2017 ........................................................................................................................ 34 11.0 SAMPLE PREPARATION ANALYSIS AND SECURITY ........................................................... 37 11.1 Falconbridge Drilling Programs ........................................................................................................... 37 11.2 Pre-Falconbridge Drilling Programs .................................................................................................... 37 11.3 2005 – 2006 SLAM Drilling .................................................................................................................. 38 11.4 2007 – 2008 SLAM Drilling Program ................................................................................................... 38 11.5 2011 SLAM Drill Program .................................................................................................................... 39 11.6 2017 Callinex Drill Program ................................................................................................................. 39 11.6.1 QA/QC Procedures ................................................................................................................. 39 11.7 QP Opinion of Adequacy of Sample Preparation, Analysis and Security ........................................... 49 12.0 DATA VERIFICATION ............................................................................................................... 50 12.1 Errors in Survey Database ................................................................................................................... 50 12.2 Errors in the Assay Database (2009) .................................................................................................. 51 12.3 Sample Analysis Check (2009) ............................................................................................................ 51 12.4 2016 Site Visit ...................................................................................................................................... 52 12.5 2017 Site Visit ...................................................................................................................................... 53 12.5.1 Independent Data Verification ...............................................................................................