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Reserves & Resources

Mineral Resources

The Mineral Resources, inclusive of the Mineral Reserves inventory are shown in the following table and reflect the position as at December 31, 2018

Mineral Resource – as at December 31, 2018 and reported using the geological limits of the massive sulphides

Classification Tonnes (kt) Cu (%) Zn (%) Au (g/t) Ag (g/t) S (%)
Total Measured 6,642.3
0.58 0.50 0.40 13.00 42.11
Total Indicated - - - - - -
Total Meas. plus Ind. 6,642.3 0.58 0.50 0.40 13.00 42.11
Total Inferred - - - - - -

This December 31, 2018, mineral resource inventory has been prepared and verified by Mikko Numminen of the Company who is a qualified person and holds the following valid qualifications: EFG, FAMME.

Mineral Reserves

The mineral reserve for Pyhäsalmi reflects the position as at December 31, 2018. The mineral reserve estimate is based on a copper price of $2.75/lb and $1.30/lb for zinc. The estimate is derived from conventional underground mine design and life of mine production scheduling.

Mineral Reserves – as at December 31, 2018, and reported based on a $2.75/lb Cu price

 Classification

 Primary Sulphide Ore
Ore (Mt) Cu (%) Zn (%) Au (g/t) Ag (g/t) S (%)
Total Proven 0.8 0.91 1.75 0.40 13.00 38.98
Total Probable - - - - - -
Total Mineral Reserves 0.8 0.91 1.75 0.40 13.00 38.98

This Mineral Reserve estimated as at December 31, 2018 has been prepared by the PMO site team under the supervision of, and verified by, Joseph Boaro of the Company. Joseph Boaro is a qualified person, a member of the Professional Engineers Ontario, and holds the following valid qualifications: P.Eng

At current processing throughput rates the remaining life of mine is expected to be 0.5 years from December 31, 2018.