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Mineral Reserves and Resources

CONSOLIDATED MINERAL RESERVE Estimate (EFFECTIVE DECEMBER 31, 2018)


December 31, 2018   December 31, 2017

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 3,190 21.9 2,250 244 3,010 21.0 2,030
Taylor 751 4.9 117 64 1,090 4.8 167
Holt 3,580 4.3 491 75 3,600 4.2 486
Hislop(1) 176 5.8 33 0 176 5.8 33
Holloway(1) 257 4.3 36 1 54 5.8 10
Total CDN Operations 7,950 11.4 2,920 384 7,930 10.7 2,730
Fosterville 2,720 31.0 2,720 366 2,290 23.1 1,700
Northern Territory(1) 666 5.0 107 0 2,800 2.4 215
Total AUS Operations 3,390 25.9 2,820 366 5,090 11.7 1,910
Total 11,340 15.8 5,750 750 13,020 11.1 4,640
  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.

CONSOLIDATED MEASURED & INDICATED MINERAL RESOURCES BY ASSET (EFFECTIVE DECEMBER 31, 2018)


December 31, 2018 December 31, 2017
MEASURED & INDICATED Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Macassa 1,787 17.1 982 3,800 17.1 2,090
Taylor 826 5.0 133 1,830 6.2 370
Holt 6,883 4.0 895 6,510 4.1 860
Aquarius 22,300 1.3 926 22,300 1.3 930
Holloway 1,955 4.0 251 1,370 5.3 230
Hislop 1,147 3.6 132 1,150 3.6 130
Ludgate 522 4.1 68 520 4.1 70
Canamax 240 5.1 39 240 5.1 40
Total CDN Operations 35,660 3.0 3,426 37,720 3.9 4,720
  December 31, 2018 December 31, 2017
Fosterville 14,800 4.4 2,110 13,900 4.8 2,150
Northern Territory 22,200 2.5 1,750 24,100 2.3 1,810
Total AUS Operations 36,900 3.3 3,860 38,000 3.2 3,960

CONSOLIDATED INFERRED MINERAL RESOURCES BY ASSET (EFFECTIVE DECEMBER 31, 2018)


December 31, 2018 December 31, 2017 % Change
INFERRED Tonnes
(000's)
Grade
(g/t)
Gold Oz
(000’s)
Tonnes
(000's)
Grade
(g/t)
Gold Ozs
(000’s)
Gold
Grade
Gold
Ounces
Macassa 610 16.7 328 1,920 22.2 1,370 -25 -76
Taylor 1,988 5.3 337 2,570 5.2 430 2 -22
Holt 8,523 4.7 1,286 8,000 4.8 1,220 -2 5
Holloway 5,309 4.1 706 2,710 5.2 460 -21 53
Fosterville 10,300 5.5 1,830 8,280 7.1 1,900 -23 -4
Northern Territory 18,100 2.6 1,490 16,300 2.5 1,280 4 16

Detailed footnotes related to Mineral Reserve Estimates (dated December 31, 2018)

  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$1,230/oz (C$1,635/oz; A$1,710/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 Pierre Rocque. P. Eng.
  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.

Detailed footnotes related to Mineral Resource Estimates for Canadian Assets (dated December 31, 2018)

  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 Eric Kallio, P. Geo. Senior Vice President, Exploration.
  4. Mineral Resources are estimated using a long-term gold price of US$1,230/oz (C$1,635/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, 2018)

  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$1,230/oz (A$1,710/oz)
  3. Mineral Resources for the Australian assets are reported exclusive of Mineral Reserves.
  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 2.0 g/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 Owen Greenberger, MAIG.
  8. Totals may not add up due to rounding.