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Mineral Reserves and Resources

CONSOLIDATED MINERAL RESERVES BY ASSET (EFFECTIVE DECEMBER 31, 2017)

December 31, 2017   December 31, 2016
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Depleted Oz
2017 (000’s)
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Macassa 3,010 21.0 2,030 190 3,000 20.8 2,010
Taylor 1,090 4.8 167 55 743 5.4 129
Holt 3,600 4.2 486 74 3,950 4.5 570
Hislop(1) 176 5.8 33 - 176 5.8 33
Holloway(1) 54 5.8 10 - 58 5.7 10
Total CDN Operations 7,930 10.7 2,730 319 7,930 10.8 2,750
Fosterville 2,290 23.1 1,700 278 1,560 9.8 490
Northern Territory(1) 2,800 2.4 215 21 2,400 2.3 177
Total AUS Operations 5,090 11.7 1,910 299 3,960 5.3 667
Total 13,020 11.1 4,640 618 11,890 9.0 3,420
  1. The Hislop mine is a formerly producing open-pit mine acquired as part of the St Andrew Goldfields acquisition in January 2016. Hislop has not been operated by the Company since the acquisition. The Holloway mine was placed on care and maintenance effective December 31, 2016. The Cosmo mine and Union Reefs mill were placed on care and maintenance effective June 30, 2017.

Mineral Reserve estimate for Fosterville mine as at December 31, 2017 to the June 30, 2017 mid-year estimate (see Company news release dated July 27, 2017).

December 31, 2017   June 30, 2017
Tonnes (000's) Grade (g/t) Gold Ozs (000’s) Depleted Oz H2 2017 (000’s) Tonnes (000's) Grade (g/t) Gold Ozs (000’s)
Fosterville 2,290 23.1 1,700 142 1,790 17.9 1,030
  1. CIM definitions (2014) were followed in the calculation of Mineral Reserves.
  2. Mineral Reserves were estimated using a long-term gold price of US$1,280/oz (C$1,600/oz; A$1,600/oz).
  3. Cut-off grades for Canadian Assets were calculated for each stope, including the costs of: mining, milling, General and Administration, royalties and capital expenditures and other modifying factors (e.g. dilution, mining extraction, mill recovery.
  4. Cut-off grades for Australian Assets from 0.4 g/t Au to 3.0 g/t Au, depending upon width, mining method and ground conditions; dilution and mining recovery factors varied by property.
  5. Mineral Reserves estimates for the Canadian Assets were prepared under the supervision of P. Rocque, P. Eng.
  6. Mineral Reserves estimates for the Fosterville property were prepared under the supervision of Ion Hann, FAusIMM.
  7. Mineral Reserves estimates for the Northern Territory property were prepared under the supervision of Russell Cole, FAusIMM.
  8. Mineral Reserves for Fosterville relate to Underground Mineral Reserves and do not include 649,000 tonnes at an average of 7.7 g/t for 160,000 ounces of Carbon-In-Leach Residues – 25% recovery is expected based on operating performances.
  9. Totals may not add exactly due to rounding.

CONSOLIDATED MEASURED & INDICATED MINERAL RESOURCES BY ASSET (EFFECTIVE DECEMBER 31, 2017)

December 31, 2017 December 31, 2016
MEASURED & INDICATED Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Macassa 3,800 17.1 2,090 2,480 16.6 1,320
Taylor 1,830 6.2 370 2,760 5.6 493
Holt 6,510 4.1 860 6,970 4.2 947
Aquarius 22,300 1.3 930 22,300 1.3 930
Holloway 1,370 5.3 230 1,370 5.3 230
Hislop 1,150 3.6 130 1,150 3.6 130
Ludgate 520 4.1 70 522 4.1 68
Canamax 240 5.1 40 240 5.1 39
Total CDN Operations 37,720 3.9 4,720 37,790 3.4 4,160
  December 31, 2017 December 31, 2016
  Inclusive of Reserves
Fosterville 15,500 8.4 4,190 14,700 5.6 2,640
Northern Territory 26,900 2.3 1,940 30,700 2.2 2,180
  42,400 4.5 6,140 45,400 3.3 4,820
  December 31, 2017 June 30, 2017
  Exclusive of Reserves
Fosterville 13,900 4.8 2,150 13,700 4.4 1,940
Northern Territory 24,100 2.3 1,810 Unavailable
  38,000 3.2 3,960 Unavailable

CONSOLIDATED INFERRED MINERAL RESOURCES BY ASSET (EFFECTIVE DECEMBER 31, 2017)

December 31, 2017 December 31, 2016
INFERRED Tonnes
(000's)
Grade
(g/t)
Gold Oz
(000’s)
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Macassa 1,920 22.2 1,370 1,420 20.2 924
Taylor 2,570 5.2 430 1,810 5.4 313
Holt 8,000 4.8 1,220 8,690 4.7 1,320
Holloway 2,710 5.2 460 2,710 5.2 456
Hislop 800 3.7 100 797 3.7 95
Ludgate 1,400 3.6 160 1,400 3.6 162
Card 240 3.3 30 - - -
Canamax 170 4.3 20 170 4.3 23
Runway 210 3.7 20 - - -
Total CDN Operations 18,020 6.6 3,810 17,000 6.0 3,290
Fosterville(1) 8,280 7.1 1,900 5,400 4.6 792
Northern Territory 16,300 2.5 1,280 15,100 2.3 1,110
Total AUS Operations 24,580 4.0 3,180 20,500 2.9 1,900
  1. Inferred Mineral Resources at Fosterville as at June 30, 2017 included 5,560,000 tonnes at an average grade of 5.8 g/t for 1,040,000 ounces.

Detailed footnotes related to Mineral Resource Estimates for Canadian Assets (dated December 31, 2017)

  1. CIM definitions (2014) were followed in the calculation of Mineral Resource.
  2. Mineral Resources are reported Exclusive of Mineral Reserves.Mineral Resources were calculated according to KL Gold’s Mineral Resource Estimation guidelines.
  3. Mineral Resource estimates were prepared under the supervision of D. Cater, P. Geo. Vice President Exploration Canada.
  4. Mineral Resources are estimated using a long-term gold price of US$1,280/oz (C$1,600/oz).
  5. Mineral Resources were estimated using a 8.6 g/t cut-off grade for Macassa, a 2.9 g/t cut-off grade for Holt, and a 2.6 g/t cut-off grade for Taylor, a 3.9 g/t cut-off grade (Holloway), a 2.5 g/t cut-off grade for Canamax, Card, Runway and Ludgate, a 2.2 g/t cut-off grade for Hislop and 0 g/t cut-off grade for Aquarius.
  6. Totals may not add up due to rounding.

 

Detailed footnotes related to Mineral Resource Estimates for Australian Assets (dated December 31, 2017)

  1. CIM definitions (2014) were followed in the estimation of Mineral Resource.
  2. Mineral Resources are estimated using a long-term gold price of US$1,280/oz (A$1,600/oz)
  3. Mineral Resources for the Australian assets are reported exclusive and inclusive of Mineral Reserves to allow for meaningful comparison to prior periods.
  4. Mineral Resources at Fosterville were estimated using cut-off grades 0.7 g/t Au for oxide and 1.0 g/t Au for sulfide mineralization to potentially open-pitable depths of approximately 100m, below which a cut-off grade of 3.0 g/t Au was used.
  5. Mineral Resources in the Northern Territory were estimated using a cut-off grade of 0.5 g/t Au for potentially open pit mineralization and cut-offs of 1.0 to 2.0g/t Au for underground mineralization.
  6. Mineral Resource estimates for the Fosterville property were prepared under the supervision of Troy Fuller, MAIG.
  7. Mineral Resource estimates for the Northern Territory properties were prepared under the supervision of Mark Edwards, FAusIMM (CP).
  8. Totals may not add up due to rounding.