Form 43-101F1

Technical Report
Table of Contents
TITLE
CONTENTS OF THE TECHNICAL REPORT
Title Page
Date and Signature Page
Table of Contents
Illustrations
Item 1 Summar!
Item " Introdu#tion
Item $ Relian#e on Ot%er E&'erts
Item ( Pro'ert! Des#ri'tion and Lo#ation
Item ) A##essibilit!* Climate* Lo#al Resour#es* Infrastru#ture and P%!siogra'%!
Item + Histor!
Item , -eologi#al Setting and .inerali/ation
Item 0 De'osit T!'es
Item 1 E&'loration
Item 12 Drilling
Item 11 Sam'le Pre'aration* Anal!ses and Se#urit!
Item 1" Data 3erifi#ation
Item 1$ .ineral Pro#essing and .etallurgi#al Testing
Item 1( .ineral Resour#e Estimates
Item 1) .ineral Reser4e Estimates
Item 1+ .ining .et%ods
Item 1, Re#o4er! .et%ods
Item 10 Pro5e#t Infrastru#ture
Item 11 .ar6et Studies and Contra#ts
Item "2 En4ironmental Studies* Permitting and So#ial or Communit! Im'a#t
Item "1 Ca'ital and O'erating Costs
Item "" E#onomi# Anal!sis
Item "$ Ad5a#ent Pro'erties
Item "( Ot%er Rele4ant Data and Information
Item ") Inter'retation and Con#lusions
Item "+ Re#ommendations
Item ", Referen#es
Form 43-101F1
Technical Report
INSTRUCTIONS:
(1) The objective of the technical report is to provide a summary of material scientific
and technical information concerning mineral exploration, development, and
production activities on a mineral property that is material to an issuer. This
Form sets out the requirements for the preparation and content of a technical
report.
() Terms used in this Form that are defined or interpreted in !ational "nstrument
#$%1&1 'tandards of (isclosure for )ineral *rojects (the +"nstrument,) -ill have
that definition or interpretation. "n addition, a general definition instrument has
been adopted as !ational "nstrument 1#%1&1 (efinitions that contains definitions
of certain terms used in more than one national instrument. .eaders of this Form
should revie- both these national instruments for defined terms.
($) The qualified person preparing the technical report should /eep in mind that the
intended audience is the investing public and their advisors -ho, in most cases,
-ill not be mining experts. Therefore, to the extent possible, technical reports
should be simplified and understandable to a reasonable investor. 0o-ever, the
technical report should include sufficient context and cautionary language to
allo- a reasonable investor to understand the nature, importance, and limitations
of the data, interpretations and conclusions summari1ed in the technical report.
(#) The qualified person preparing the technical report must use all of the headings
of "tems 1 to 1# and $ to 2 in this Form and provide the information specified
under each heading. For advanced properties, the qualified person must also use
the headings of "tems 13 to and include the information required under each of
these headings. The qualified person may create sub%headings. (isclosure
included under one heading is not required to be repeated under another heading.
(3) The qualified person preparing the technical report may refer to information in a
technical report previously filed by the issuer for the subject property if the
information is still current and the technical report identifies the title, date and
author of the previously filed technical report. 0o-ever, the qualified person must
still summari1e or quote the referenced information in the current technical report
and may not disclaim responsibility for the referenced information. 4xcept as
permitted by subsection #. ($) of the "nstrument, an issuer may not update or
revise a previously filed technical report by filing an addendum.
(5) 6hile the Form mandates the headings and general format of the technical
report, the qualified person preparing the technical report is responsible for
determining the level of detail required under each "tem based on the qualified
person7s assessment of the relevance and significance of the information.
(2) The technical report may only contain disclaimers that are in accordance -ith
section 5.# of the "nstrument and "tem $ of this Form.
(8) 'ince a technical report is a summary document the inclusion and filing of
comprehensive appendices is not generally necessary to comply -ith the
requirements of the Form.
(9) The "nstrument requires certificates and consents of qualified persons, prepared
in accordance -ith sections 8.1 and 8.$ respectively, to be filed at the same time
as the technical report. The "nstrument does not specifically require the issuer to
file the certificate of qualified person as a separate document. "t is generally
acceptable for the qualified person to include the certificate in the technical
report and to use the certificate as the date and signature page.
CONTENTS OF TE TECNIC!L RE"ORT
Title Page 7 In#lude a title 'age setting out t%e title of t%e te#%ni#al re'ort* t%e general lo#ation
of t%e mineral 'ro5e#t* t%e name and 'rofessional designation of ea#% 8ualified 'erson and t%e
effe#ti4e date of t%e te#%ni#al re'ort9
Date and Signature Page T%e te#%ni#al re'ort must %a4e a signature 'age* at eit%er t%e
beginning or end of t%e te#%ni#al re'ort* signed in a##ordan#e :it% se#tion )9" of t%e Instrument9
T%e effe#ti4e date of t%e te#%ni#al re'ort and date of signing must be on t%e signature 'age9
Table of Contents 7 Pro4ide a table of #ontents listing t%e #ontents of t%e te#%ni#al re'ort*
in#luding figures and tables9
Illustrations Te#%ni#al re'orts must be illustrated b! legible ma's* 'lans and se#tions* all
're'ared at an a''ro'riate s#ale to distinguis% im'ortant features9 .a's must be dated and
in#lude a legend* aut%or or information sour#e* a s#ale in bar or grid form* and an arro:
indi#ating nort%9 All te#%ni#al re'orts must be a##om'anied b! a lo#ation or inde& ma' and a
#om'ilation ma' outlining t%e general geolog! of t%e 'ro'ert!9 In addition* all te#%ni#al re'orts
must in#lude more detailed ma's s%o:ing all im'ortant features des#ribed in t%e te&t* relati4e to
t%e 'ro'ert! boundaries* in#luding but not limited to
;a< for e&'loration 'ro5e#ts* areas of 're4ious or %istori#al e&'loration* and t%e
lo#ation of 6no:n minerali/ation* geo#%emi#al or geo'%!si#al anomalies* drilling*
and mineral de'osits=
;b< for ad4an#ed 'ro'erties ot%er t%an 'ro'erties under de4elo'ment or in 'rodu#tion*
t%e lo#ation and surfi#ial outline of mineral resour#es* mineral reser4es and* to t%e
e&tent 6no:n* areas for 'otential a##ess and infrastru#ture= and
;#< for 'ro'erties under de4elo'ment or in 'rodu#tion* t%e lo#ation of 'it limits or
underground de4elo'ment* 'lant sites* tailings storage areas* :aste dis'osal areas
and all ot%er signifi#ant infrastru#ture features9
7 " 7
If information is used from ot%er sour#es in 're'aring ma's* dra:ings* or diagrams* dis#lose t%e
sour#e of t%e information9 If ad5a#ent or nearb! 'ro'erties %a4e an im'ortant bearing on t%e
'otential of t%e sub5e#t 'ro'ert!* t%e lo#ation of t%e 'ro'erties and an! rele4ant minerali/ed
stru#tures dis#ussed in t%e re'ort must be s%o:n in relations%i' to t%e sub5e#t 'ro'ert!9
INSTRUCTION: 'ummari1e and simplify the illustrations so that they are legible and suitable
for electronic filing. For ease of reference, consider inserting the illustrations in the text of the
report in relative proximity to the text they illustrate.
Re#$irements for !ll Technical Reports
Item 1: Summary > ?riefl! summari/e im'ortant information in t%e te#%ni#al re'ort*
in#luding 'ro'ert! des#ri'tion and o:ners%i'* geolog! and minerali/ation* t%e status
of e&'loration* de4elo'ment and o'erations* mineral resour#e and mineral reser4e
estimates* and t%e 8ualified 'erson@s #on#lusions and re#ommendations9
Item 2: Introduction 7 In#lude a des#ri'tion of
;a< t%e issuer for :%om t%e te#%ni#al re'ort is 're'ared=
;b< t%e terms of referen#e and 'ur'ose for :%i#% t%e te#%ni#al re'ort :as 're'ared=
;#< t%e sour#es of information and data #ontained in t%e te#%ni#al re'ort or used in its
're'aration* :it% #itations if a''li#able= and
;d< t%e details of t%e 'ersonal ins'e#tion on t%e 'ro'ert! b! ea#% 8ualified 'erson or*
if a''li#able* t%e reason :%! a 'ersonal ins'e#tion %as not been #om'leted9
Item 3: Reliance on Other Experts 7 A 8ualified 'erson :%o 're'ares or su'er4ises
t%e 're'aration of all or 'art of a te#%ni#al re'ort ma! in#lude a limited dis#laimer of
res'onsibilit! if
;a< T%e 8ualified 'erson is rel!ing on a re'ort* o'inion or statement of anot%er e&'ert
:%o is not a 8ualified 'erson* or on information 'ro4ided b! t%e issuer*
#on#erning legal* 'oliti#al* en4ironmental or ta& matters rele4ant to t%e te#%ni#al
re'ort* and t%e 8ualified 'erson identifies
;i< t%e sour#e of t%e information relied u'on* in#luding t%e date* title* and
aut%or of an! re'ort* o'inion* or statement=
;ii< t%e e&tent of relian#e= and
;iii< t%e 'ortions of t%e te#%ni#al re'ort to :%i#% t%e dis#laimer a''lies9
;b< T%e 8ualified 'erson is rel!ing on a re'ort* o'inion or statement of anot%er e&'ert
:%o is not a 8ualified 'erson* #on#erning diamond or ot%er gemstone 4aluations*
or t%e 'ri#ing of #ommodities for :%i#% 'ri#ing is not 'ubli#l! a4ailable* and t%e
8ualified 'erson dis#loses
7 $ 7
;i< t%e date* title and aut%or of t%e re'ort* o'inion or statement=
;ii< t%e 8ualifi#ations of t%e ot%er e&'ert and :%! it is reasonable for
t%e 8ualified 'erson to rel! on t%e ot%er e&'ert=
;iii< an! signifi#ant ris6s asso#iated :it% t%e 4aluation or 'ri#ing= and
;i4< an! ste's t%e 8ualified 'erson too6 to 4erif! t%e information
'ro4ided9
Item 4: Property Description and Location 7 To t%e e&tent a''li#able* des#ribe
;a< t%e area of t%e 'ro'ert! in %e#tares or ot%er a''ro'riate units=
;b< t%e lo#ation* re'orted b! an easil! re#ogni/able geogra'%i# and grid lo#ation
s!stem=
;#< t%e t!'e of mineral tenure ;#laim* li#en#e* lease* et#9< and t%e identif!ing name or
number of ea#%=
;d< t%e nature and e&tent of t%e issuerAs title to* or interest in* t%e 'ro'ert! in#luding
surfa#e rig%ts* legal a##ess* t%e obligations t%at must be met to retain t%e 'ro'ert!*
and t%e e&'iration date of #laims* li#en#es or ot%er 'ro'ert! tenure rig%ts=
;e< to t%e e&tent 6no:n* t%e terms of an! ro!alties* ba#67in rig%ts* 'a!ments* or ot%er
agreements and en#umbran#es to :%i#% t%e 'ro'ert! is sub5e#t=
;f< to t%e e&tent 6no:n* all en4ironmental liabilities to :%i#% t%e 'ro'ert! is sub5e#t=
;g< to t%e e&tent 6no:n* t%e 'ermits t%at must be a#8uired to #ondu#t t%e :or6
'ro'osed for t%e 'ro'ert!* and if t%e 'ermits %a4e been obtained= and
;%< to t%e e&tent 6no:n* an! ot%er signifi#ant fa#tors and ris6s t%at ma! affe#t a##ess*
title* or t%e rig%t or abilit! to 'erform :or6 on t%e 'ro'ert!9
Item 5: Accessibility, limate, !ocal Resources, In"rastructure an#
$hysio%raphy 7 Des#ribe
;a< to'ogra'%!* ele4ation and 4egetation=
;b< t%e means of a##ess to t%e 'ro'ert!=
;#< t%e 'ro&imit! of t%e 'ro'ert! to a 'o'ulation #entre* and t%e nature of trans'ort=
;d< to t%e e&tent rele4ant to t%e mineral 'ro5e#t* t%e #limate and t%e lengt% of t%e
o'erating season= and
;e< to t%e e&tent rele4ant to t%e mineral 'ro5e#t* t%e suffi#ien#! of surfa#e rig%ts for
mining o'erations* t%e a4ailabilit! and sour#es of 'o:er* :ater* mining 'ersonnel*
7 ( 7
'otential tailings storage areas* 'otential :aste dis'osal areas* %ea' lea#% 'ad
areas* and 'otential 'ro#essing 'lant sites9
Item &: History 7 To t%e e&tent 6no:n* des#ribe
;a< t%e 'rior o:ners%i' of t%e 'ro'ert! and o:ners%i' #%anges=
;b< t%e t!'e* amount* 8uantit! and general results of e&'loration and de4elo'ment
:or6 underta6en b! an! 're4ious o:ners or o'erators=
;#< an! signifi#ant %istori#al mineral resour#e and mineral reser4e estimates in
a##ordan#e :it% se#tion "9( of t%e Instrument= and
;d< an! 'rodu#tion from t%e 'ro'ert!9
INSTRUCTION: "f the technical report includes -or/ that -as conducted outside the current
property boundaries, clearly distinguish this -or/ from the -or/ conducted on the property that
is the subject of the technical report.
Item ': (eolo%ical )ettin% an# *inerali+ation , Des#ribe
;a< t%e regional* lo#al and 'ro'ert! geolog!= and
;b< t%e signifi#ant minerali/ed /ones en#ountered on t%e 'ro'ert!* in#luding a
summar! of t%e surrounding ro#6 t!'es* rele4ant geologi#al #ontrols* and t%e
lengt%* :idt%* de't% and #ontinuit! of t%e minerali/ation* toget%er :it% a
des#ri'tion of t%e t!'e* #%ara#ter and distribution of t%e minerali/ation9
Item -: Deposit Types 7 Des#ribe t%e mineral de'osit t!'e;s< being in4estigated or being
e&'lored for and t%e geologi#al model or #on#e'ts being a''lied in t%e in4estigation
and on t%e basis of :%i#% t%e e&'loration 'rogram is 'lanned9
Item .: Exploration > ?riefl! des#ribe t%e nature and e&tent of all rele4ant e&'loration
:or6 ot%er t%an drilling* #ondu#ted b! or on be%alf of* t%e issuer* in#luding
;a< t%e 'ro#edures and 'arameters relating to t%e sur4e!s and in4estigations=
;b< t%e sam'ling met%ods and sam'le 8ualit!* in#luding :%et%er t%e sam'les are
re'resentati4e* and an! fa#tors t%at ma! %a4e resulted in sam'le biases=
;#< rele4ant information of lo#ation* number* t!'e* nature* and s'a#ing or densit! of
sam'les #olle#ted* and t%e si/e of t%e area #o4ered= and
;d< t%e signifi#ant results and inter'retation of t%e e&'loration information9
INSTRUCTION: "f exploration results from previous operators are included, clearly identify
the -or/ conducted by or on behalf of the issuer.
7 ) 7
Item 1/: Drilling 7 Des#ribe
;a< t%e t!'e and e&tent of drilling* in#luding t%e 'ro#edures follo:ed and a summar!
and inter'retation of all rele4ant results=
;b< an! drilling* sam'ling or re#o4er! fa#tors t%at #ould materiall! im'a#t t%e
a##ura#! and reliabilit! of t%e results=
;#< for a 'ro'ert! ot%er t%an an ad4an#ed 'ro'ert!
;i< t%e lo#ation* a/imut% and di' of an! drill %ole* and t%e de't% of t%e
rele4ant sam'le inter4als=
;ii< t%e relations%i' bet:een t%e sam'le lengt% and t%e true t%i#6ness of t%e
minerali/ation* if 6no:n* and if t%e orientation of t%e minerali/ation is
un6no:n* state t%is= and
;iii< t%e results of an! signifi#antl! %ig%er grade inter4als :it%in a lo:er grade
interse#tion9
INSTRUCTIONS:
(1) For properties -ith mineral resource estimates, the qualified person may meet the
requirements under "tem 1& (c) by providing a drill plan and representative
examples of drill sections through the mineral deposit.
() "f drill results from previous operators are included, clearly identify the results of
drilling conducted by or on behalf of the issuer.
Item 11: )ample $reparation, Analyses an# )ecurity > Des#ribe
;a< sam'le 're'aration met%ods and 8ualit! #ontrol measures em'lo!ed before
dis'at#% of sam'les to an anal!ti#al or testing laborator!* t%e met%od or 'ro#ess of
sam'le s'litting and redu#tion* and t%e se#urit! measures ta6en to ensure t%e
4alidit! and integrit! of sam'les ta6en=
;b< rele4ant information regarding sam'le 're'aration* assa!ing and anal!ti#al
'ro#edures used* t%e name and lo#ation of t%e anal!ti#al or testing laboratories*
t%e relations%i' of t%e laborator! to t%e issuer* and :%et%er t%e laboratories are
#ertified b! an! standards asso#iation and t%e 'arti#ulars of an! #ertifi#ation=
;#< a summar! of t%e nature* e&tent* and results of 8ualit! #ontrol 'ro#edures
em'lo!ed and 8ualit! assuran#e a#tions ta6en or re#ommended to 'ro4ide
ade8uate #onfiden#e in t%e data #olle#tion and 'ro#essing= and
;d< t%e aut%orAs o'inion on t%e ade8ua#! of sam'le 're'aration* se#urit!* and
anal!ti#al 'ro#edures9
7 + 7
Item 12: Data Verication > Des#ribe t%e ste's ta6en b! t%e 8ualified 'erson to 4erif!
t%e data in t%e te#%ni#al re'ort* in#luding
;a< t%e data 4erifi#ation 'ro#edures a''lied b! t%e 8ualified 'erson=
;b< an! limitations on or failure to #ondu#t su#% 4erifi#ation* and t%e reasons for an!
su#% limitations or failure= and
;#< t%e 8ualified 'erson@s o'inion on t%e ade8ua#! of t%e data for t%e 'ur'oses used in
t%e te#%ni#al re'ort9
Item 13: !ineral Processing and !etallurgical Testing 7 If mineral 'ro#essing or
metallurgi#al testing anal!ses %a4e been #arried out* dis#uss
;a< t%e nature and e&tent of t%e testing and anal!ti#al 'ro#edures* and 'ro4ide a
summar! of t%e rele4ant results=
;b< t%e basis for an! assum'tions or 'redi#tions regarding re#o4er! estimates=
;#< to t%e e&tent 6no:n* t%e degree to :%i#% t%e test sam'les are re'resentati4e of t%e
4arious t!'es and st!les of minerali/ation and t%e mineral de'osit as a :%ole= and
;d< to t%e e&tent 6no:n* an! 'ro#essing fa#tors or deleterious elements t%at #ould
%a4e a signifi#ant effe#t on 'otential e#onomi# e&tra#tion9
Item 14: !ineral "esource Estimates > A te#%ni#al re'ort dis#losing mineral
resour#es must
;a< 'ro4ide suffi#ient dis#ussion of t%e 6e! assum'tions* 'arameters and met%ods
used to estimate t%e mineral resour#es for a reasonabl! informed reader to
understand t%e basis for t%e estimate and %o: it :as generated=
;b< #om'l! :it% all dis#losure re8uirements for mineral resour#es set out in t%e
Instrument* in#luding se#tions "9"* "9$ and $9(=
;#< :%en t%e grade for a multi'le #ommodit! mineral resour#e is re'orted as metal or
mineral e8ui4alent* re'ort t%e indi4idual grade of ea#% metal or mineral and t%e
metal 'ri#es* re#o4eries* and an! ot%er rele4ant #on4ersion fa#tors used to
estimate t%e metal or mineral e8ui4alent grade= and
;d< in#lude a general dis#ussion on t%e e&tent to :%i#% t%e mineral resour#e
estimates #ould be materiall! affe#ted b! an! 6no:n en4ironmental* 'ermitting*
legal* title* ta&ation* so#io7e#onomi#* mar6eting* 'oliti#al or ot%er rele4ant fa#tors9
INSTRUCTIONS:
(1) : statement of quantity and grade or quality is an estimate and should be rounded
to reflect the fact that it is an approximation.
7 , 7
;"< 6here multiple cut%off grade scenarios are presented, the qualified person must
identify and highlight the base case, or preferred scenario. :ll estimates resulting
from each of the cut%off grade scenarios must meet the test of reasonable prospect
of economic extraction.
!%%itional Re#$irements for !%&ance% "ropert' Technical Reports
Item 15: *ineral Reser0e Estimates 7 A te#%ni#al re'ort dis#losing mineral
reser4es must
;a< 'ro4ide suffi#ient dis#ussion and detail of t%e 6e! assum'tions* 'arameters and
met%ods used for a reasonabl! informed reader to understand %o: t%e 8ualified
'erson #on4erted t%e mineral resour#es to mineral reser4es=
;b< #om'l! :it% all dis#losure re8uirements for mineral reser4es set out in t%e
Instrument* in#luding se#tions "9"* "9$* and $9(=
;#< :%en t%e grade for a multi'le #ommodit! mineral reser4e is re'orted as metal or
mineral e8ui4alent* re'ort t%e indi4idual grade of ea#% metal or mineral and t%e
metal 'ri#es* re#o4eries* and an! ot%er rele4ant #on4ersion fa#tors used to
estimate t%e metal or mineral e8ui4alent grade= and
;d< dis#uss t%e e&tent to :%i#% t%e mineral reser4e estimates #ould be materiall!
affe#ted b! mining* metallurgi#al* infrastru#ture* 'ermitting and ot%er rele4ant
fa#tors9
Item 1&: *inin% *etho#s Dis#uss t%e #urrent or 'ro'osed mining met%ods and
'ro4ide a summar! of t%e rele4ant information used to establis% t%e amenabilit! or
'otential amenabilit! of t%e mineral resour#es or mineral reser4es to t%e 'ro'osed
mining met%ods9 Consider and* :%ere rele4ant* in#lude
;a< geote#%ni#al* %!drologi#al and ot%er 'arameters rele4ant to mine or 'it designs
and 'lans=
;b< 'rodu#tion rates* e&'e#ted mine life* mining unit dimensions and mining dilution
fa#tors used=
;#< re8uirements for stri''ing* underground de4elo'ment and ba#6filling= and
;d< re8uired mining fleet and ma#%iner!9
INSTRUCTION: *reliminary economic assessments, pre%feasibility studies, and feasibility
studies generally analyse and assess the same geological, engineering, and economic factors
-ith increasing detail and precision. Therefore, the criteria for "tems 15 to can be used as a
frame-or/ for reporting the results of all three studies.
Item 1': "eco#ery !et$ods > Dis#uss reasonabl! a4ailable information on test or
o'erating results relating to t%e re#o4erabilit! of t%e 4aluable #om'onent or
7 0 7
#ommodit! and amenabilit! of t%e minerali/ation to t%e 'ro'osed 'ro#essing
met%ods9 Consider and* :%ere rele4ant* in#lude
;a< a des#ri'tion or flo: s%eet of an! #urrent or 'ro'osed 'ro#ess 'lant=
;b< 'lant design* e8ui'ment #%ara#teristi#s and s'e#ifi#ations* as a''li#able= and
;#< #urrent or 'ro5e#ted re8uirements for energ!* :ater and 'ro#ess materials9
Item 1-: $ro1ect In"rastructure > Pro4ide a summar! of infrastru#ture and logisti#
re8uirements for t%e 'ro5e#t* :%i#% #ould in#lude roads* rail* 'ort fa#ilities* dams*
dum's* sto#6'iles* lea#% 'ads* tailings dis'osal* 'o:er and 'i'elines* as a''li#able9
Item 1.: *ar2et )tu#ies an# ontracts
;a< Pro4ide a summar! of reasonabl! a4ailable information #on#erning mar6ets for
t%e issuer@s 'rodu#tion* in#luding t%e nature and material terms of an! agen#!
relations%i's9 Dis#uss t%e nature of an! studies or anal!ses #om'leted b! t%e
issuer* in#luding an! rele4ant mar6et studies* #ommodit! 'ri#e 'ro5e#tions*
'rodu#t 4aluations* mar6et entr! strategies* or 'rodu#t s'e#ifi#ation re8uirements9
Confirm t%at t%e 8ualified 'erson %as re4ie:ed t%ese studies and anal!ses and t%at
t%e results su''ort t%e assum'tions in t%e te#%ni#al re'ort9
;b< Identif! an! #ontra#ts material to t%e issuer t%at are re8uired for 'ro'ert!
de4elo'ment* in#luding mining* #on#entrating* smelting* refining* trans'ortation*
%andling* sales and %edging* and for:ard sales #ontra#ts or arrangements9 State
:%i#% #ontra#ts are in 'la#e and :%i#% are still under negotiation9 For #ontra#ts
t%at are in 'la#e* dis#uss :%et%er t%e terms* rates or #%arges are :it%in industr!
norms9
Item 2/: En0ironmental )tu#ies, $ermittin% an# )ocial or
ommunity Impact 7 Dis#uss reasonabl! a4ailable information on
en4ironmental* 'ermitting and so#ial or #ommunit! fa#tors related to t%e 'ro5e#t9
Consider and* :%ere rele4ant* in#lude
;a< a summar! of t%e results of an! en4ironmental studies and a dis#ussion of an!
6no:n en4ironmental issues t%at #ould materiall! im'a#t t%e issuer@s abilit! to
e&tra#t t%e mineral resour#es or mineral reser4es=
;b< re8uirements and 'lans for :aste and tailings dis'osal* site monitoring and :ater
management bot% during o'erations and 'ost mine #losure=
;#< 'ro5e#t 'ermitting re8uirements* t%e status of an! 'ermit a''li#ations and an!
6no:n re8uirements to 'ost 'erforman#e or re#lamation bonds=
;d< a dis#ussion of an! 'otential so#ial or #ommunit! related re8uirements and 'lans
for t%e 'ro5e#t and t%e status of an! negotiations or agreements :it% lo#al
#ommunities= and
7 1 7
;e< a dis#ussion of mine #losure ;remediation and re#lamation< re8uirements and
#osts9
Item 21: apital an# Operatin% osts > Pro4ide a summar! of #a'ital and
o'erating #ost estimates* :it% t%e ma5or #om'onents set out in tabular form9 E&'lain
and 5ustif! t%e basis for t%e #ost estimates9
Item 22: Economic Analysis > Pro4ide an e#onomi# anal!sis for t%e 'ro5e#t t%at
in#ludes
;a< a #lear statement of and 5ustifi#ation for t%e 'rin#i'al assum'tions=
;b< #as% flo: fore#asts on an annual basis using mineral reser4es or mineral resour#es
and an annual 'rodu#tion s#%edule for t%e life of t%e 'ro5e#t=
;#< a dis#ussion of net 'resent 4alue ;NP3<* internal rate of return ;IRR<* and
'a!ba#6 'eriod of #a'ital :it% im'uted or a#tual interest=
;d< a summar! of t%e ta&es* ro!alties and ot%er go4ernment le4ies or interests
a''li#able to t%e mineral 'ro5e#t or to 'rodu#tion* and to re4enue or in#ome from
t%e mineral 'ro5e#t= and
;e< sensiti4it! or ot%er anal!sis using 4ariants in #ommodit! 'ri#e* grade* #a'ital and
o'erating #osts* or ot%er signifi#ant 'arameters* as a''ro'riate* and dis#uss t%e
im'a#t of t%e results9
INSTRUCTIONS:
(1) *roducing issuers may exclude the information required under "tem for
technical reports on properties currently in production unless the technical report
includes a material expansion of current production.
() The economic analysis in technical reports must comply -ith paragraphs .$ (1) (b)
and (c), subsections .$ ($) and (#), and paragraph $.# (e), of the "nstrument,
including any required cautionary language.
Re3uirements "or All 4echnical Reports
Item 23: %d&acent Properties ' A te#%ni#al re'ort ma! in#lude rele4ant information
#on#erning an ad5a#ent 'ro'ert! if
;a< su#% information :as 'ubli#l! dis#losed b! t%e o:ner or o'erator of t%e ad5a#ent
'ro'ert!=
;b< t%e sour#e of t%e information is identified=
;#< t%e te#%ni#al re'ort states t%at its 8ualified 'erson %as been unable to 4erif! t%e
information and t%at t%e information is not ne#essaril! indi#ati4e of t%e
minerali/ation on t%e 'ro'ert! t%at is t%e sub5e#t of t%e te#%ni#al re'ort=
7 12 7
;d< t%e te#%ni#al re'ort #learl! distinguis%es bet:een t%e information from t%e
ad5a#ent 'ro'ert! and t%e information from t%e 'ro'ert! t%at is t%e sub5e#t of t%e
te#%ni#al re'ort= and
;e< an! %istori#al estimates of mineral resour#es or mineral reser4es are dis#losed in
a##ordan#e :it% 'aragra'% "9( ;a< of t%e Instrument9
Item 24: (t$er "ele#ant Data and Information 7 In#lude an! additional
information or e&'lanation ne#essar! to ma6e t%e te#%ni#al re'ort understandable and
not misleading9
Item 25: Interpretation an# onclusions , Summari/e t%e rele4ant results and
inter'retations of t%e information and anal!sis being re'orted on9 Dis#uss an!
signifi#ant ris6s and un#ertainties t%at #ould reasonabl! be e&'e#ted to affe#t t%e
reliabilit! or #onfiden#e in t%e e&'loration information* mineral resour#e or mineral
reser4e estimates* or 'ro5e#ted e#onomi# out#omes9 Dis#uss an! reasonabl!
foreseeable im'a#ts of t%ese ris6s and un#ertainties on t%e 'ro5e#tAs 'otential
e#onomi# 4iabilit! or #ontinued 4iabilit!9 A te#%ni#al re'ort #on#erning e&'loration
information must in#lude t%e #on#lusions of t%e 8ualified 'erson9
Item 2&: "ecommendations 7 Pro4ide 'arti#ulars of re#ommended :or6 'rograms and
a brea6do:n of #osts for ea#% '%ase9 If su##essi4e '%ases of :or6 are re#ommended*
ea#% '%ase must #ulminate in a de#ision 'oint9 T%e re#ommendations must not a''l!
to more t%an t:o '%ases of :or69 T%e re#ommendations must state :%et%er
ad4an#ing to a subse8uent '%ase is #ontingent on 'ositi4e results in t%e 're4ious
'%ase9
INSTRUCTION: "n some specific cases, the qualified person may not be in a position to ma/e
meaningful recommendations for further -or/. ;enerally, these situations -ill be limited to
properties under development or in production -here material exploration activities and
engineering studies have largely concluded. "n such cases, the qualified person should explain
-hy they are not ma/ing further recommendations.
Item 2': "eferences 7 In#lude a detailed list of all referen#es #ited in t%e te#%ni#al
re'ort9
7 11 7