Mount Milligan Reserves

The following information is based upon the "NI 43-101 Technical Report, Mount Milligan Mine, North-Central British Columbia" dated March 26, 2020 with an effective date of December 31, 2019 (the "Mount Milligan Technical Report").

The following tables set forth the estimated copper and gold mineral reserves for Mount Milligan as of December 31, 2021:

Proven and Probable Copper and Gold Estimated Mineral Reserves at December 31, 2021(1 2 3)

Property Category Tonnes Copper Grade Contained Copper Gold Grade Contained Gold
    (000’s) (% Cu) (millions of lbs) (gram per tonne) (000’s of oz)
Mount Milligan Proven 107,444 0.23 534 0.39 1,342
  Probable 42,531 0.21 201 0.36 496
  Proven+Probable 149,975 0.22 736 0.38 1,838


(1) CIM definitions were followed for Mineral Reserves estimation.

(2) Mineral Reserves are estimated at $7.35/t (C$9.55/t) NSR cut-off value using metal prices of $3.00 per pound copper and $1,350 per ounce gold, and a US$/C$ exchange rate of US$1.00/C$1.30.

(3) Figures may not total exactly due to rounding.

Royal Gold streaming agreement entitles Royal Gold to 35% and 18.75% of gold and copper sales, respectively, from the Mount Milligan mine. Under the stream arrangement, Royal Gold will pay $435 per ounce of gold delivered and 15% of the spot price per metric tonne of copper delivered.

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