Advancing the Goliath Gold Complex in an Emerging Gold District in Northwestern Ontario - TSX. TML
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TSX. TML
www.treasurymetals.com
January 2021
Advancing the Goliath Gold Complex in an
Emerging Gold District in Northwestern Ontario
Forward Looking Statements
This presentation contains information and projections that constitute forward-looking information under applicable securities laws. Such forward-looking information
includes, without limitation, statements based on current expectations involving a number of risks and uncertainties and is not a guarantee of future performance of the
Corporation. These risks and uncertainties could cause actual results and the Corporation’s plans and objectives to differ materially from those expressed in such
forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral
forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice.
The Corporation assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change, except as
required by law. Forward-looking information in this presentation includes, but is not limited to statements regarding: the Corporation’s ability to successfully co-develop
the Goldlund Gold Project with the Goliath Gold Project; the existence of operational synergies between the Goldlund Gold Project and the Goliath Gold Project and
the ability of the Corporation to take advantage of such synergies through the use of a hub and spoke model or at all; the anticipated timing of the development of
the Corporation’s Goldlund Gold Project and Goliath Gold Project and the means by which such projects are expected to be developed; the potential mineralization
on the Corporation’s exploration properties; key catalysts for the Corporation in 2021 and the ability of the Corporation to capitalize on such catalysts; the effect that
the acquisition of the Goldlund Gold Project has had on the visibility and positioning of the Corporation amongst its industry peers.
These statements reflect the Corporation’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that,
while considered reasonable by the Corporation, are inherently subject to significant business, economic, competitive, political and social uncertainties and
contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by the forward-looking statements contained in this presentation and the Corporation has
made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, that: mineral reserve and mineral resource
figures pertaining to the Goliath Gold Project and the Goldlund Gold Project are only estimates and are subject to revision based on developing information; the
Corporation may not be able to develop the Goliath Gold Project, the Goldlund Gold Project or any other exploration property as currently contemplated or at all; the
Corporation may not realize any of the expected benefits related to its acquisition of the Goldlund Gold Project; the Corporation may face delays in connection with
the development of the Goliath Gold Project, the Goldlund Gold Project or any other exploration property; there is no guarantee that the Corporation will be able to
capitalize on operational synergies between the Goliath Gold Project and the Goldlund Gold Project; there is no guarantee that the Corporation will be able to obtain
all necessary permitting for the contemplated development of its exploration properties; the integration of Goldlund Gold Project with the Corporation’s existing
properties may not occur as planned, the Corporation may be subject to significant capital requirements and operating risks associated with Goldlund Gold Project;
and such additional risks listed under the heading “Risk Factors” in the Corporation’s Annual Information Form dated March 27, 2020. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary
materially from those expressed or implied by the forward-looking statements contained herein.
The preliminary economic assessment (“PEA”) announced on Goliath Gold Project on March 8, 2017, is now considered to be historic and is not to be relied upon. In
addition, the PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations
applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
The 3D mine operation renderings within this presentation are for illustrative purposes. Images by Cicada Design Inc. were created for Treasury Metals Inc. and are
based on design elements from Goliath Gold Project technical studies.
The scientific and technical information in this presentation has been reviewed and approved by Mark Wheeler, P. Eng., and Adam Larsen, P. Geo., who are both
“Qualified Persons” as defined under National Instrument 43-101 Standards of Disclosure for Minerals Projects (“NI 43-101”).
2 www.treasurymetals.com | TSX. TML
Why Treasury? Developing Ontario’s Next Gold Mine
Advancing Goliath Gold Complex to PEA in Q1 2021 Weebigee-
Combined gold resources of 2.0 million ounces M&I Sandy Lake
and 1.1 million ounces Inferred 49% TREASURY
Project near existing infrastructure in Northwestern
Ontario in one of world’s best jurisdictions
Key federal environmental approvals in hand at
Goliath
Significant exploration potential along strike at both GOLIATH GOLD
properties COMPLEX
2.0M oz AuEq M+I
1.1M oz AuEq Inf.
“Hub and spoke” model supports proven regional hub
strategy Gold Rock
TREASURY
Development and construction focused CEO with
strong board of directors Ottawa
ONTARIO Toronto
3 www.treasurymetals.com | TSX. TML
Strong Management and Board
Management
and Investors at
the Goliath Gold
Project
• Jeremy Wyeth | President & CEO
– 35 years of diverse international development and operating experience; Led construction of Board of Directors
Victor mine
Bill Fisher
• Dennis Gibson, CPA | CFO Chairman
– Over 30 years experience in senior financial roles at public mining companies
Frazer Bourchier
Director
• Mark Wheeler, P.Eng, MBA | Director, Projects
– 15 years increasingly senior mining operations and development experience including last 8 Marc Henderson
years at Treasury Director
• Adam Larsen, P.Geo | Exploration Manager David Whittle
Director
– 10 years increasingly senior exploration geology experience focused on gold projects in
Ontario Dan Wilton
Director
• Mac Potter | Environmental and Community Manager
Flora Wood
– 9 years increasingly senior experience focused on advancing Treasury Metals’ projects Director
• Mackenzie Denyes, PhD, P.Geo, QPRA | Manager of Regulatory Affairs Christophe Vereecke
– Most recently a Senior Environmental Scientist at Wood responsible for environmental Director
management and approvals. Also an Assistant Professor at Queens University
4 www.treasurymetals.com | TSX. TML
Treasury Metals: A Significant Regional Player with Critical Mass Treasury’s goal is to advance the Goliath Gold Complex to a construction decision by the end of 2023 Goliath Gold Complex, consisting of Goliath and Goldlund, within Wabigoon Greenstone Belt • Environmental Approval at Goliath - accelerated co-development of Goliath and Goldlund • Nearby town of Dryden (population 10,000) with an experienced and available workforce • World-class infrastructure includes hydro power, natural gas, CP Rail and the Trans-Canada Highway • Extensive prospective strike length at both properties, with strong potential to continue resource expansion in parallel with development; • Established district surrounded by Tier 1 and Tier 2 mines 5 www.treasurymetals.com | TSX. TML
Goliath Gold
Complex
Hub and Spoke-style Gold Development
Project in Ontario
3D rendering of proposed Goliath mine operation
For illustrative purposes.
Images by Cicada Design Inc. are based on design elements from
Goliath Gold Project technical studies.
Goliath Gold Complex
Multi-Million oz. Gold Project in Northwestern Ontario
August 2020 - Consolidation of two advanced gold projects
slated for co-development in infrastructure-rich Northwestern
Ontario Goliath (50 km2)
OPEN PIT & UNDERGROUND
Combined 2.0 Million oz Au (Measured and Indicated) & 1.1 Million Measured & Indicated:
oz Au (Inferred), one of the largest undeveloped gold assets in 1.23 Moz @ 2.36 g/t AuEq
Canada Inferred:
0.23 Moz @ 3.51 g/t AuEq
First combined Preliminary Economic Assessment in Q1 2021 will lay
out operational synergies, with mill at the Goliath site and Goldlund Goldlund (280 km2)
located 25 km away OPEN PIT
Measured & Indicated:
0.81 Moz @ 1.96 g/t Au
Metallurgical properties consistent between Goliath and Goldlund Inferred:
deposits, potential for simplified flowsheet 0.88 Moz @ 1.49 g/t Au
Transformative acquisition increases scale enhancing investor
visibility and positioning amongst peers, plus a broadened
shareholder base
ONTARIO
Goliath’s mine and mill site has Federal Environmental Assessment
Thunder Bay
(“EA”) approval - provincial permits are advancing
Ottawa
Toronto
Note: See slides that follow for further NI 43-101 resource details and disclosure for Goliath and Goldlund
7 www.treasurymetals.com | TSX. TML
Goliath Deposit: Federally Approved Mine & Processing Plant
1,500 metres of strike length
General
Extents of
Drilling
MAIN
WEST
MAIN MAIN
C EAST
500m CENTRAL C ZONE EAST
ZONE
depth from CENTR RESOURCE TARGET
surface AL
Additional
Potential
>1000m
depth
Area for Potential Target Generation - Open at Depth and East/West
Limited to No Drilling Surrounding Current Resource
• Federal Environmental Approval (EA)
• M&I: 1,230,000 oz AuEq (16.2Mt @ 2.36 g/t AuEq)
• Inferred: 227,000 oz AuEq (2.0Mt @ 3.51 g/t AuEq)
• Excellent infrastructure
• 2017 PEA completed on Goliath standalone
• Significant subsequent work to PFS level, included in upcoming PEA
Note: See slides that follow for further NI 43-101 resource details and disclosure for Goliath
8 www.treasurymetals.com | TSX. TML
Goldlund Deposit: ~25km from Goliath mill site1; adds “Critical Mass”
to Project
Block Model Au Grades (WSP,
2019)
Pit Shells
Zone 4
Zone 1
Zone 2
Zone 5
Zone 3 Zone 8
Zone 7
NI 43-101 Resource Estimate (2019)
Grade Contained
Tonnes
(g/t Au) (oz Au)
Indicated 12,860,000 1.96 809,200
Inferred 18,362,000 1.49 876,954
• Resources identified to date in multiple parallel zones with current drilling focused on gap
infill, resource upgrade and expansion potential within the broader Goldlund property which
has a strike length of over 50km
• Open at depth below existing resources with current drilling limited to a vertical depth of
200-400m
1. 25km in a straight line; approx. 35km by road
9 www.treasurymetals.com | TSX. TML
Potential Project Timeline and Next Steps
Goliath Gold Complex
Construction
Exploration, Development,
Towards
Permitting Exploration
Production
2020 2021 2022 2023+
• Regional consolidation • PEA targeted for • Advanced economic • Construction Decision at
through acquisition of the completion in Q1 studies at Goliath Gold Goliath – H2 2023
Goldlund Gold Project Complex
• Miller maiden resource to • Completion of permitting
• Initiated Goldlund and be part of PEA • Final engineering design at Goldlund – Mid 2024
Miller environmental for both projects
baseline work • Expansion and infill drilling • Future combined Goliath
at Goldlund • Advance project + Goldlund production –
• Updated resource and financing initiatives Mid 2025
engineering work • Continuation of Provincial
ongoing, including construction permitting at • Continuation of Provincial • Continued exploration
incorporation of Goldlund Goliath; initiation of construction permitting at and development of
into new co-development expedited permitting at Goldlund regional target to extend
economic study Goldlund mine life at both projects
• Continued First Nations
• Continued Goliath • Continue with regional engagement
Provincial construction exploration initiatives
permits following
completed Federal • Evaluate project financing
Approvals alternatives
• Continued First Nations • IBA negotiations
engagement
10 www.treasurymetals.com | TSX. TML‘Hub & Spoke’ Model (Atlantic Gold Case Study)
Combined projects share attributes with Atlantic Gold’s successful regional hub and spoke strategy
(Atlantic Gold was acquired by St. Barbara in 2019 for ~$800M)
Targeting district
wide, multi-phase
development
growth
Atlantic Gold Treasury Metals
195 km2 Land Package, Nova Scotia 330 km2 Land Package, Ontario
DEPOSIT RESOURCES DISTANCE TO HUB DEPOSIT RESOURCES DISTANCE TO HUB
M&I: 0.28 Moz Au M&I: 0.57 Moz Au
Initial Production Source (Hub) Touquoy (63.5%)
Inf: 0.05 Moz Au
0 km Goliath Open Pit
Inf: 0.02 Moz Au
0 km
M&I: 0.68 Moz Au Goliath M&I: 0.62 Moz Au
Second Phase Production Fifteen Mile
Inf: 0.08 Moz Au
57 km Underground Inf: 0.20 Moz Au
0 km
M&I: 0.39 Moz Au Goldlund Main M&I: 0.81 Moz Au
Third Phase Production Beaver Dam
Inf: 0.05 Moz Au
37 km Open Pit Inf: 0.88 Moz Au
25 km
M&I: 0.61Moz Au Maiden resource
Fourth Phase Production Cochrane Hill
Inf: 0.07Moz Au
80 km Miller Prospect
target 2021
35 km
Regional Exploration Potential 45 km ‘corridor’ regional exploration targets Multiple high-priority exploration targets along 65 km strike
Source: Historic public disclosure from Atlantic Gold Corporation prior to acquisition by St. Barbara Ltd.; data available on SEDAR at www.sedar.com
Note: See slides that follow for further NI 43-101 resource details and disclosure for Goliath and Goldlund
11 www.treasurymetals.com | TSX. TMLSIOUX LOOKOUT
Goliath Gold Complex
MILLER
Exploration Potential
Opportunities for additional discoveries GOLDLUND
along 65km trend
DRYDEN
GOLIATHThe Wabigoon Greenstone Belt has Excellent Gold
Exploration Potential
Goliath Gold Deposit Resource
• Au mineralization concentrated into
high-grade shoots which are hosted
within two parallel felsic zones (Main
Zone and C Zone) striking E-W and
steeply dipping ~70 degrees
• Zones are open at depth and along
strike, resource limited by extents of
drilling on all sides
• New resource estimate highlighted
several new areas for growth and
conversion; lack of drilling is constraint
Goldlund Gold Deposit Resource
• Deposit hosted within a series of steeply
dipping granodiorite sills intruding a belt
of mafic volcanic rocks
• Au associated with strong qz-carb
alteration, qz-filled fracture sets and 65 km
stockwork veining
• Concentrations of veining occur
Strike length 320 km2 Claims staked following
acquisition to make one
Total Combined contiguous land package
intermittently at intevals of 200-300m
across the strike of the deposit
~62 km
Unexplored
Property size
Strike
13 www.treasurymetals.com | TSX. TMLGoliath Deposit: Multiple Potential Open Pit Targets
Goliath: Existing Defined Resource Area Nose Fold: Geophysical Anomaly
• Additional targets for growth and • Several historic gold intersections
conversion • Geophysical and Geochemical indicators for targeting
• Drilling to approx. 650 m depth, deposit • Soil sampling program to indicate additional targets
remains open
• Open on strike both east and west. Several
potential extensions directly to east
Far East: Recently Discovered Zone
• Fence of holes in 2013 showing large
intervals of mineralized material
Resource Expansion Potential • Immediate follow up required for hole
10 km of strike length of which only 1.5km is fully explored. TL12226 with Gold mineralization
Recent surface and soil testing programs have indicated
significant targets along eastern strike for immediate follow
up. Field programs and drilling is anticipated in 2021.
14 www.treasurymetals.com | TSX. TMLGoldlund Deposit: Resource Expansion Potential Along 50km Strike
• Significant exploration potential across the 50 km strike length of the property
• Majority of exploration to date focused on the Main Zone (resource area) and Miller
Main Zones: Existing Defined Resource Area
• 7,293 metres of drilling completed to date in Miller Prospect: Regional Potential
2019-2020 work program, targeting resource • Located 10 km northeast and along strike of
extensions within and around the currently- existing resource
defined resource area • 7,386 metres drilled (in 2018 and 2019) with
• Exploration program underway – drills turning mineralization outlined over a strike length of ~450
metres
• Maiden resource to be released as part of PEA
Resource Expansion Potential
Targeting Main Zone, Miller Prospect and high potential
areas along trend to the NE of the Goldlund property
Goldlund (Main Zone) NI 43-101 Resource*
15 www.treasurymetals.com | TSX. TMLCapital Markets
Overview
Attractive Opportunity for Investment in
Ontario’s Next Gold Mine
3D rendering of proposed Goliath mine operation
For illustrative purposes.
Images by Cicada Design Inc. are based on design elements from
Goliath Gold Project technical studies.Capital Markets Snapshot
TSX: TML | OTCQX: TSRMF | FSE: TRC1
Share Capitalization
Share Price
C$1.28/share
Ownership Summary
(January 20, 2021)
Shares Outstanding 112.6M shares 3%
20.01% Management & Board
First Mining
Market Capitalization C$144M Shareholders (1)
17%
Convertible Debentures Institutional
US$4.4M
(at C$0.96 due Nov. 2022)
Options 1.4M shares
Fully Diluted 140.7M shares
Warrants (weighted avg.
15M warrants 19.99%
$1.52)
First Mining (2)
40%
High Net Worth
And Retail
Warrants issued to First Mining 11.7M warrants
($1.50)
Analyst Coverage
Cash Position $7.5M(3) Haywood Securities | Geordie Mark
(1)(2) As a result of Treasury’s acquisition of Tamaka Gold Corporation. First Mining PI Financial | Phil Ker
currently owns ~40% of Treasury’s shares but has announced its intention to distribute
23.3 million TML shares and 11.7 million TML warrants (both post-consolidation) to First
Mining shareholders within 12 months of closing of the transaction.
(3) As at last reporting date.
17 www.treasurymetals.com | TSX. TMLCompelling Relative Valuation
Opportunity for re-rating when compared to gold developer peer group
3.5
Measured & Indicated Resources (Moz)
3
2.5
2
1.5
1
0.5
0
Marathon Corvus Integra Treasury Skeena Ascot Gold Osisko Battle North
Standard Mining
1000
Market Capitalization
800
600
400
200
0
Osisko Skeena Marathon Ascot Corvus Gold Battle North Integra Treasury
Mining Standard
Source: Company reports, filings and public disclosure; consensus P/NAV sourced from S&P Capital IQ
Note: Numbers as of January 6, 2021
18 www.treasurymetals.com | TSX. TMLKey Catalysts for 2021 • Goliath Gold Complex PEA in Q1 2021 • Exploration results from ongoing drill program in H1 2021 and throughout the year – 2 drills running for the full year • IBA negotiations to be initiated in H1 2021 • Provincial permitting to begin at Goliath once sufficient definition of project following trade-off studies • Project financing strategy Q4 2022 19 www.treasurymetals.com | TSX. TML
Contact Information Jeremy Wyeth Toronto Office
+1 (416) 214 4654 or
President & CEO
1.855.664.4654 (toll-free)
+1 (416) 214 4654
Nicholas Van Dyk General inquiries
TSX: TML Investor Relations info@treasurymetals.com
OTCQX: TSRMF +1 (604) 364 5752
FSE: TRC1
www.treasurymetals.com @TreasuryMetals
20 www.treasurymetals.com | TSX. TMLAppendices
www.treasurymetals.com | TSX. TMLAppendix A: Canadian Portfolio
WEEBIGEE-SANDY LAKE GOLD PROJECT (49.9%) GOLD ROCK LARA POLYMETALLIC
Goldeye Subsidiary PROJECT PROJECT
Located in NW Ontario Goldeye Subsidiary Located in BC
The Weebigee Project is in joint venture with G2 Goldfields.
Located in NW Ontario
Located in the southern
Drilling includes 0.5 m @ 536.4 g/t gold region of Vancouver Island,
4.0 m @ 23.1 g/t gold Located 38 km south of
near Chemainus, about 75
1,2 m @ 70.3 g/t gold Dryden (Near Treasury’s
km north of Victoria, B.C.
6.3 m @ 17.4 g/t gold Goliath Gold Project). There Located in close proximity to
are 3 known gold
Nystar’s Myra Falls mine and
occurences in the Eastern
mill.
third of property discovered
by surface prospecting. Project hosts copper-lead-
Highly prospective for gold, zinc-gold-silver deposit.
but not extensively explored. Highly prospective region for
Historical Au production in targeting stratabound, high-
area. grade volcanogenic
massive sulphide deposits,
with emphasis on zinc in
PLATINEX INC. particular.
(CSE:PTX) EQUITY
POSITION
Sale of Shining Tree
Project, Timmins
Located in NE Ontario
Sale of Shining Tree Project
to create minority equity
interest in Platinex.
22 www.treasurymetals.com | TSX. TMLAppendix B: Goliath Gold Project N1 43-101 Resource Estimate
Cut-Off Au Contained Au Ag Contained Ag AuEq Contained
Classification (g/t AuEq) Tonnes (g/t) (ounces) (g/t) (ounces) (g/t) AuEq (ounces)
In Pit Measured 0.40 762,000 1.91 47,000 8.86 217,000 1.99 49,000
Indicated 0.40 11,849,000 1.37 522,000 5.47 2,083,000 1.42 541,000
M+I 0.40 12,611,000 1.40 569,000 5.67 2,300,000 1.45 590,000
Inferred 0.40 595,000 1.05 20,000 2.63 50,000 1.08 21,000
Underground Measured 1.90 163,000 6.42 34,000 25.81 135,000 6.65 35,000
Indicated 1.90 3,429,000 5.34 589,000 16.64 1,834,000 5.49 605,000
M+I 1.90 3,591,000 5.39 623,000 17.05 1,969,000 5.54 640,000
Inferred 1.90 1,414,000 4.43 201,000 11.42 519,000 4.53 206,000
Total Measured 0.40 &1.90 925,000 2.70 80,000 11.84 352,000 2.81 83,000
Indicated 0.40 &1.90 15,277,000 2.26 1,111,000 7.98 3,917,000 2.33 1,146,000
M+I 0.40 &1.90 16,202,000 2.29 1,192,000 8.20 4,269,000 2.36 1,223,000
Inferred 0.40 &1.90 2,009,000 3.43 222,000 8.81 569,000 3.51 227,000
Independent NI 43-101 Mineral Resource Estimate completed by P&E Mining Consultants Inc., effective date July 1, 2019.
Notes from Resource Estimate:
1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably
expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines
prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
5. The mined tonnage by historical underground drifts was not removed as the amount was insignificant to this Mineral Resource Estimate.
6. A gold price of US$1,275/oz and silver price of US$16.50/oz based on the June 30, 2019 three-year trailing average prices and an exchange rate of US$1.00=Cdn0.77 were utilized in the AuEq cut-off
grade calculations of 0.40 g/t AuEq for Open Pit and 1.90 g/t AuEq for Underground Mineral Resources.
7. Open Pit mining costs were assumed at C$3.45/t for mineralized material, C$3.30/t for waste rock and C$2.00/t for overburden, while Underground mining costs were assumed at C$77.00/t, with
process costs of C$18.15/t, G&A of C$2.86/t, and process recoveries of 95.5% for gold and 62.6% for silver.
8. The Au:Ag ratio used for AuEq was 1:112.17.
9. A bulk density model averaged 2.78 t/m3 for mineralized material.
10. Totals in the table may not sum due to rounding.
23 www.treasurymetals.com | TSX. TMLAppendix B: Goldlund Gold Project N1 43-101 Resource Estimate
Cut-Off Au Contained
Classification Zone (g/t Au) Tonnes (g/t) Au (ounces)
Indicated 1 0.40 4,882,400 2.16 330,150
2 0.40 1,642,900 1.76 93,000
4 0.40 1,664,600 2.73 146,100
7 0.40 4,161,600 1.58 210,753
8 0.40 508,600 2.00 29,200
Total Indicated 0.40 12,860,000 1.96 809,200
Inferred 1 0.40 11,288,000 1.54 558,600
2 0.40 1,028,000 1.22 40,000
3 0.40 1,385,000 1.61 71,666
4 0.40 734,000 2.40 57,000
5 0.40 1,284,000 1.19 49,000
7 0.40 1,928,000 1.29 79,688
8 0.40 715,000 0.90 21,000
Total Inferred 0.40 18,362,000 1.49 876,954
Notes from Resource Estimate:
1. Based on the technical report titled "Technical Report and Resource Estimation Update, Goldlund Gold Project, Sioux Lookout, Ontario" with an effective date of March 15, 2019, which was
prepared for First Mining by WSP Canada Inc. in accordance with NI 43-101, and which is available under First Mining's SEDAR profile at www.sedar.com.
2. The overall stripping ratio for the whittle pit is 4.71:1.
3. A base case cut-off grade of 0.4 g/t Au was used for this updated mineral resource estimate.
4. Resources are stated as contained within a conceptual pit shell using a metal price of US$1,350 per ounce of gold, mining costs of US$2.00 per tonne, processing plus G&A costs of US$15.40 per
tonne, 93% recoveries and an average pit slope of 48 degrees.
5. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral
reserves.
6. Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding.
24 www.treasurymetals.com | TSX. TMLYou can also read
