Reserves & Resources


National Instrument 43-101 Compliant Reserve and Resource estimates have been prepared for the Eagle’s Nest and Blackbird deposits. The economic assumptions for these deposits are periodically updated in light of changing commodity prices. Please see the latest Project Feasibility Study for current assumptions.


Eagle’s Nest Mineral Reserves & Resources
 gpt = grams per tonne Tonnes (000) Nickel (%) Copper (%) Platinum (gpt) Palladium (gpt) Gold (gpt)
Reserves
Proven 5,264 2.02 1.04 1.01 3.45 0.19
Probable 5,867 1.38 0.72 0.78 2.76 0.18
Total Proven and Probable 11,131 1.68 0.87 0.89 3.09 0.18
Resources
Inferred 8,966 1.10 1.14 1.16 3.49  0.3
Blackbird Chromite Resource
Tonnes (Millions) Cr203 (%) Cr:Fe
Measured 9.29 37.44 2.00
Indicated 11.17 34.36 1.95
Measured & Indicated 20.46 35.76 1.97
Inferred 23.48 33.14 1.97
Please see the report titled “NI 43-101 Technical Report Feasibility Study McFaulds Lake Property Eagle’s Nest Project James Bay Lowlands Ontario, Canada,” dated October 19th, 2012 (with an effective date of September 4, 2012) (the “Technical Report”) for details regarding the mineral reserve estimate above (section 15.1) and the mineral resource estimate above (14.2).  Sections 14.2 and 15.1 of the Technical Report include a descirption of the key assumptions, parameters, and methods used to estimate the mineral resources and mineral reserves respectively.  A copy of the Technical Report may be accessed under Noront’s company profile on SEDAR at www.sedar.com. Mineral resources that are not mineral reserves do not have demonstrated economic viability.  The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing or other relevant issues.
Black Thor Mineral Resource
Tonnes (millions) % Cr2O3
Measured Resources 107.60 32.20
Indicated Resources 30.20 28.90
Measured & Indicated Resources 137.70 31.50
Inferred Resources 26.80 29.30
Black Label Mineral Resource
Tonnes (millions) % Cr2O3
Measured Resources
Indicated Resources 5.40 25.30
Measured & Indicated Resources 5.40 25.30
Inferred Resources 0.90 22.80
Big Daddy Mineral Resource
Tonnes (millions) % Cr2O3
Measured Resources 23.30 32.10
Indicated Resources 5.80 30.10
Measured & Indicated Resources 29.10 31.70
Inferred Resources 3.40 28.10
Cut off is 20% Cr2O3. Please see report titled “National Instrument 43-101 Technical Report: Black Thor, Black Label and Big Daddy chromite deposits: McFaulds Lake Area, Ontario, Canada, Porcupine Mining Division, NTS 43D16, Mineral Resource Estimation & Technical Report” by Alan Aubut of the Sibley Basin Group, released July 27, 2015. CIM Definition Standards were followed for classification of Mineral Resources. The Mineral Resource estimate uses drill hole data available as of April 30, 2013 for the Black Thor and Black Label deposits and June 3, 2012 for the Big Daddy deposit. The cut-off of 20% Cr2O3 is the same cut-off used for the Kemi deposit as reported by Alapieti et al. (1989). Section 14.2 of the Technical Report includes a description of the key assumptions, parameters, and methods used to estimate the mineral resources.  A copy of the Technical Report may be accessed under Noront’s company profile on SEDAR at www.sedar.com. Mineral resources that are not mineral reserves do not have demonstrated economic viability.  The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing or other relevant issues.
Resource Estimate for the Nikka Deposit – McFaulds Property
Sulfide Lens Category Tonnes (Mt) Cu (%) Zn (%) Ag (g/t) Cueq (%)
No.3 Indicated 0.85 2.92 1.67 8.33 3.71
No.3 Inferred 0.5 2.5 2.1 7.3 3.5
No.8 Inferred 2.9 2.2 1.1 5.7 2.7
No.1 Inferred 0.6 1.1 2.5 5.1 2.2
Total Inferred 4.0 2.1 1.4 5.8 2.7
Notes:
1. The effective date of the resource estimate is May 7th, 2020
2. Reported resources are based on a US$90/t NSR cut-off using 3-year average pricing for Cu (US$2.80/lb), Zn (US$1.20/lb) and Ag (US$16.52/oz). Estimated recoveries for Cu (83%), Zn (85%), and Ag (50%) are based on comparable deposits in Canada.
3. Cu equivalency is calculated as follows: Cueq = Cu(%) + Zn(%) x 0.43 + Ag(%) x 86.28. Equivalency factors were determined based on the metal prices listed above.
4. CIM Definition Standards were followed for classification of Mineral Resources. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability
5. Resources reported are for blocks above cut-off and as such, if and when mining studies are performed, may not be recoverable
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