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Figure 14.59: Gold Grade-Tonnage Curves of the Measured and Indicated, and Inferred Mineral
Resources at Camyurt

Measured and Ind icated , and Inferred Mlneral Resources of Gold - Grade-Tonnage Curves
Camyurt Deposit

.. .......
,. ' .. .- . ~...,..,.....
...
...
" ......... ..... ~
...,..,.....
"
'-
I~ -
.........
... ,_
_... ....--
,,.:

~
-·-....-- __... ~
~

......
.1l
-
----
- I
l..,.......... ~i'-,.._

~
1--._..... ...-- ..............
__.-;. ~ '-L........ '"""'·
l!
r--,..... a
- .....

••
I
r----
-- ....__ - a:
8.

~-

., .OJ.
Au Cut,Olf (
41
)
.. •• ••

Source: Ginto Consulting (2017)

14.2.17 Interpretation and Conclusion

The current amount of available drill hole data is considered sufficient to undertake the estimation of
a Mineral Resource at <;amyurt to industry standards. This Mineral Resource estimate is considered
to be an adequate and realistic representation of the in-situ mineralization based on the available
drill hole data and current geologic understanding_
The drilling campaigns undertaken by Alamos during the period from 2010 to 2013 have outlined a
new Mineral Resource at <;amyurt, which has proven to be a significant addition to the Agi Dagi
Mineral Resources_
No new holes were drilled in the <;amyurt deposit area since the last resource update of December
31, 2016 and for such the Mineral Resources presented in this report are the most up to date results.

Effective Date: February 22, 2017 14-114

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The statistical analysis combined with geologic understanding, identified the alteration and oxidation
state as the controls on gold mineralization. Thus, the modelling and integration of the alteration and
oxidation in the current estimation exercise is believed to represent a step forward in the
representation of the Mineral Resource.
The quality of the variograms was considered good overall and confirms that the 27.0 m drill spacing
provides adequate information to model the spatial variability of the gold and silver grades at
<;amyurt. The difficulty in obtaining a conclusive silver variogram for the propylitic unit does not seem
to be related to a lack of sufficient data but more to the nature of the silver grades within this
particular unit.
The grade estimation process comprised a separate runstream according to the alteration and
oxidation units modelled (Ex: propylitic-oxide, propylitic-transition, propylitic-sulphide, argillic-oxide ...
etc). However, the estimation parameters were established for the alteration units only as a primary
control on gold and silver mineralization. For such, the same variogram parameters from each
alteration unit were assigned to the oxidation subdivision units. An improvement on this approach
would be to produce a variographic analysis for each combined unit of alteration and oxidation. This
would provide a better assessment of grade continuity for each sub-unit.
The different validation tests performed on the gold and silver grade estimates showed satisfactory
results overall. No consistent global or local biases were observed , and the grade profiles displayed
excellent results. The level of smoothing/variability was found to be adequate for the silver estimates
and slightly too variable for the gold grade estimates. In this case, a reduction of the estimates'
variability could be achieved by increasing the number of samples considered in the grade
interpolation process. Overall, the set of validation tests confirms that the gold and silver grade
estimates at <;amyurt are an adequate representation of the Mineral Resource.
The classification criteria for the Mineral Resources were based on the average distance of the
samples away from the block centre. This approach could be improved further by delimiting
continuous areas for each of the Measured, indicated, and Inferred classes.

Effective Date: February 22, 2017 14-115

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15 Mineral Reserve Estimates

15.1 Agi Dagi Mineral Reserves Estimate

15.1.1 Introduction

The Ag1 Dag1 mine plan and Mineral Reserve were developed by Independent Mining Consultants,
Inc. (IMC) with Herb Welhener being the Qualified Person for this work. The mine plan and Mineral
Reserve are based on the Mineral Resource presented in Section 14 combined with economic
evaluation and detailed mine planning.
The Mineral Reserve is the sum of the oxide and transition material within the Proven and Probable
classifications contained in two designed pits targeting the Baba and Deli deposits. The Mineral
Reserve material (ore) will be placed in a common HLF and leached for the extraction of the
contained gold and silver metals.

15.1.2 Summary

The Ag1 Dag1 Mineral Reserve is summarized in Table 15.1 and is based on metal prices of
$1,250/oz Au and $18.00/oz Ag, and the cost (Table 15.2) and recovery inputs (Table 13.2). The
total tonnage mined from the open pits is 110,254 kt (55,893 kt of waste) resulting in a waste:ore
ratio of 1.03:1.00.
Table 15.1: Ag1 Dag1 Mineral Reserve

Mineral Reserves Recoverable Metal

Classification I Cut~
NSR Ore Gold Silver
Recoverable Recoverable
Gold Silver
$It Gold Grade Silver Grade
Kt gm/t gm/t Kozs Kozs
gm/t gm/t
Proven 5.32 1,450 0.76 6.22 0.63 1.75 29.2 81 .8
Probable 5.32 52,911 0.66 5.39 0.53 1.34 908.4 2,283.9
Proven+Probable 5.32 54,361 0.67 5.41 0.54 1.35 937.5 2,365.6
Notes:
Mineral Reserve Based on Metal Prices of:
$1,250/oz Gold, $18.00/oz Silver
Kt are 1,000 metric tonnes
Kozs are 1,000 troy ounces of gold and silver.
Source: Ginto Consulting (2017)

Effective Date: February 22, 2017 15-1

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15.1.3 Input Parameters

The process costs and recoveries used for input to the Mineral Reserve pit definition are based on
the results of the 2012 PFS and subsequent optimization work done during the period of 2012
through 2016. The recovery inputs used for the FS are discussed in Section 13.2 (Mineral
Processing and Metallurgical Testing). No recovery is assigned to the sulphide zone or overburden.
Mineral Resource model blocks with gold grades less than 0.15 git gold are assigned a recovery of
zero. A recoverable gold and silver grade is calculated and stored in the Mineral Resource block
model. A net value for each model block is calculated based on the recoverable grades in the
Mineral Resource model, the process and G&A costs and payable metal inputs. An example of the
net value calculation is:
Net value of Gold+ Net value of Silver- (Process+ G&A operating costs)= Net Value
Where:
Net value of Gold= (1,250 -5.75) x (recovered gold grade/ 31.103) x 0.995 x 0.98 x 0.975
Net value of Silver= (18- 0.70) x (recovered silver grade/ 31.103) x 0.90 x 0.98 x 0.975
Pit interramp slope angles recommended by Knight Piesold are used as input to the pit definition
algorithm for the Baba and Deli deposits. The angle of the north most sector of the Deli pit was
reduced by 2 to 46° to approximate the pit wall with a haul road in it. The slope angles and sectors
are discussed in Section 16.3.
The economic inputs to the pit definition algorithm and for determining ore cut-off grade are given in
Table 15.2. The difference in the mining cost for the two deposits is attributed to the additional waste
haulage cost for hauling waste from the Baba pit to the waste rock dump (WRD) adjacent to the Deli
pit.
Table 15.2: Economic Inputs to Floating Cone Algorithm

Input Unit Value

Process Cost $It ore 3.20
G&ACost $It ore 2.12
Gold Refining Cost $/oz. Au 5.75
Silver Refining Cost $/oz. Ag 0.70
Gold Payable % 99.5
Silver Payable % 90.0
Franco Nevada Royalty on NSR % 2.00
Government Royalty on NSR % 2.50
Baba Base Mining Cost $/t mined 2.39
Baba Incremental Mining Cost Below 750m $It/bench 0.01
Deli Base Mining Cost $/t mined 2.11
Deli Incremental Mining Cost Below 660m $It/bench 0.01
Bench Discounting %/bench 0.50

Effective Date: February 22, 2017 15-2

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15.2 Agi Dagi Pit Definition

The floating cone algorithm is a tool for pit design guidance. The algorithm applies the initial estimate
of costs and recoveries along with pit slope angles to establish theoretical economic breakeven pit
wall locations. Only Measured and Indicated class mineralization with redox classification of oxide or
transition received economic credit. Inferred class, sulphide material and overburden are treated as
waste for the reserve pit definition and the subsequent mine planning. Economic inputs applied to
the cone algorithm are necessarily preliminary as generating a floating cone is one of the first steps
in the development of the reserve pit and mine plan. The cone geometries should be considered as
approximate as they do not assure access, smooth pit walls or working room. The slope angles used
for the final pit designs are presented in Section 16.3.
The Baba cone geometry used to guide ultimate pit design is provided in Figure 15.1, the Baba
ultimate pit design is provided in Figure 15.2. The Deli cone geometry used to guide ultimate pit
design is provided in Figure 15.3, the Deli ultimate pit design is provided in Figure 15.4.

Effective Date: February 22, 2017 15-3

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Figure 15.1: Baba $1,250/oz Au Guidance Cone

Effective Date: February 22, 2017 15-4

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Figure 15.2: Baba Ultimate Pit

Effective Date: February 22, 2017 15-5

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Figure 15.3: Deli $1,250/oz Au Guidance Cone

Effective Date: February 22, 2017 15-6

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Figure 15.4: Deli Ultimate Pit

Effective Date: February 22, 2017 15-7