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Reserves and Resources

Proven and Probable Mineral Reserves  1-11

Mine/Project Proven Probable Proven and Probable
Tonnes (kt) Grade (g/t) Contained Gold (koz) Tonnes (kt) Grade (g/t) Contained Gold (koz) Tonnes (kt) Grade (g/t) Contained Gold (koz)
Los Filos 36,858 0.76 906 74,471 1.44 3,457 111,328 1.22 4,363
Leach Pad Inventory           114     114
RDM 5,647 0.73 133 19,079 1.08 656 24,726 0.99 789
Fazenda 2,632 1.77 150 2,756 1.91 169 5,387 1.84 319
Pilar 961 1.51 47 6,044 1.13 219 7,005 1.18 266
Santa Luz 25,000 1.43 1,153 3,200 1.03 106 28,200 1.39 1,259
Total Proven and Probable     2,389     4,721     7,110

Notes:

  1. CIM (2014) definitions were followed for Mineral Reserves.
  2. The Los Filos effective date was October 31, 2018. Mineral Reserves for Bermejal Underground were prepared by SRK Consulting (Canada) Inc. Mineral Reserves for all other deposits were prepared by the Los Filos mine and reviewed by SRK. Mineral Reserves are quoted using a NSR break-even cut-off grade approach with minimum block NSR of $149.4/t for Bermejal underground. Cut-off grade for the Los Filos underground is 2.59 g/t. Mineral reserves for Los Filos, Bermejal and Guadalupe open pits are based on variable break-even cut-offs for ore revenue as generated by process destination and recoveries. Variables for revenue calculation include process cost, recovery, and estimated gold, copper and sulphur grades.
  3. The RDM effective date was May 31, 2018. Mineral Reserves are reported at a cut-off grade of 0.40 g/t Au.
  4. The Fazenda effective date was May 31, 2018. Mineral Reserves are reported at a cut-off grade of 1.29 g/t Au for underground and 0.64 g/t Au to 0.72 g/t Au for open pit material. 
  5. The Pilar effective date was May 31, 2018. Mineral Reserves are estimated at a cut-off grade of 1.53 g/t Au for Pilar, 1.20 g/t Au for Maria Lázara and 0.54 g/t Au for Três Buracos.
  6. The Santa Luz effective date was October 22, 2018. Mineral Reserves are reported at a cut-off grade of 0.53 g/t Au for dacite-leachable, 0.39 g/t Au for dacite-high-sulphide, and 0.60 g/t Au for carbonaceous ore.
  7. Mineral Reserves are based on Measured and Indicated Mineral Resources.
  8. Metal price assumption for gold was US$1,200/oz.
  9. The exchange rate used for Los Filos was MEX:USD of 20:1. The exchange rate used for RDM, Fazenda, Pilar and Santa Luz was BRL:USD of 3.7:1
  10. Tonnage and grade measurements are in metric units. Contained gold is reported as troy ounces.
  11. Summation errors may be present due to rounding.

Measured and Indicated Mineral Resources (December 31, 2017)

Mine Measured Indicated Measured and Indicated
Tonnes (kt) Grade (g/t) Contained Gold (koz) Tonnes (kt) Grade (g/t) Contained Gold (koz) Tonnes (kt) Grade (g/t) Contained Gold (koz)
Los Filos 59,119 0.90 1,709 321,482 0.94 9,751 380,602 0.94 11,459
RDM 7,225 0.77 180 28,324 1.12 1,022 35,548 1.05 1,202
Fazenda 5,863 2.61 491 2,358 1.87 142 8,221 2.40 633
Pilar 2,523 3.04 247 14,461 1.86 866 16,984 2.04 1,113
Santa Luz 29,900 1.40 1,343 9,700 1.96 611 39,600 1.53 1,954
Total Measured and Indicated     3,970     12,391     16,360

Inferred Mineral Resources (December 31, 2017)

Mine Tonnes (kt) Grade (g/t) Contained Gold (koz)
Los Filos 240,469 0.74 5,739
RDM 10,024 1.32 426
Fazenda 2,551 1.91 156
Pilar 19,754 3.28 2,085
Santa Luz 7,300 2.08 489
Total Inferred     8,895

Notes:

  1. Mineral Resources are inclusive of Mineral Reserves.
  2. No dilution or recovery is applied to Mineral Resources reported for Los Filos. Mineral Reserves for Fazenda, RDM, Pilar and Santa Luz include dilution and mining recovery factors and are added to the .
  3. Gold price of US$1,400/oz used for Los Filos; $1,500/oz for RDM, Fazenda, Pilar, and Santa Luz.
  4. Tonnage and grade measurements are in metric units. Contained gold ounces are reported as troy ounces.
  5. Summation errors may be present due to rounding.
  6. Los Filos mine: The Qualified Persons for Mineral Resources are Dr. Gilles Arseneau (Associate Consultant with SRK Consulting (Canada) Inc., and independent of the Company) for Los Filos Open Pit, Bermejal Open Pit and Bermejal Underground, and Doug Reddy (Leagold, SVP Technical Services) for Los Filos Underground mine.
  7. RDM mine: The Qualified Persons for Mineral Resources are Emerson Ricardo Re, MSc, AusIMM CP Geo, Registered Member of Chilean Mining Commission (Leagold, Corporate Director of Mineral Resources) and Jorge Augusto Basilio Fernandes, AusIMM CP Geo, (Leagold, Mineral Resources Coordinator).
  8. Fazenda mine: The Qualified Persons for Mineral Resources are Emerson Ricardo Re, MSc, AusIMM CP Geo, Registered Member of Chilean Mining Commission (Leagold, Corporate Director of Mineral Resources) and Carlos Henrique Barbosa Pires, AusIMM CP Geo, (Leagold, Mineral Resources Coordinator).
  9. Pilar mine: The Qualified Persons for Mineral Resources are Emerson Ricardo Re, MSc, AusIMM CP Geo, Registered Member of Chilean Mining Commission (Leagold, Corporate Director of Mineral Resources) and Jorge Augusto Basilio Fernandes, AusIMM CP Geo, (Leagold, Mineral Resources Coordinator).
  10. Santa Luz project: The Qualified Person for Mineral Resources is Mark B. Mathisen, CPG-11648 SME Registered Member. Senior Geologist, Roscoe Postle Associates.

Sources of Technical Information

Mineral Reserves for the Los Filos Mine are derived from the independent Feasibility Study reported in Leagold’s news release dated January 16, 2019. The Company anticipates filing a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) in early March (Los Filos Technical Report) to support the disclosure of the results of the Feasibility Study.

For further information regarding the mineral resource and mineral reserve estimates at RDM, please see the Company’s technical report prepared in accordance with NI 43-101 entitled “Technical Report on the Riacho dos Machados Gold Mine, Minas Gerais, Brazil” by Roscoe Postle Associates Inc. (RPA), and dated November 20, 2018 with an effective date of May 31, 2018 (RDM Technical Report).

For further information regarding the mineral resource and mineral reserve estimates at Fazenda, please see the Company’s technical report prepared in accordance with NI 43-101 entitled “Technical Report on the Fazenda Brasileiro Mine, Bahia State, Brazil” by RPA dated November 26, 2018 with an effective date as of May 31, 2018 (Fazenda Technical Report).

For further information regarding the mineral resource and mineral reserve estimates at Pilar, please see the Company’s technical report prepared in accordance with NI 43-101 entitled “Technical Report on the Pilar Operations, Goiás State, Brazil” by RPA and dated December 20, 2018 with an effective date of May 31, 2018 (Pilar Technical Report).

For further information regarding the mineral resource and mineral reserve estimates at Santa Luz, please see the Company’s technical report prepared in accordance with NI 43-101 entitled “Technical Report on the Santa Luz Project, Bahia State, Brazil” by RPA and dated November 14, 2018 with an effective date of October 22, 2018 (Santa Luz Technical Report).

Qualified Persons

Dr. Gilles Arseneau, P.Geo., Neil Winkelmann, FAusIMM, Timothy Olson, FAusIMM, Eric Olin, RM SME, Neil Lincoln, P.Eng., David Nicholas, P.E. are the Qualified Persons that prepared or supervised the preparation of the information that forms the basis for the written disclosure regarding Los Filos.

Hugo M. Miranda, MBA, ChMc (RM), Mark B. Mathisen, C.P.G. and Kathleen Ann Altman, Ph.D., P.E., are the Qualified Persons that prepared or supervised the preparation of the information that forms the basis for the written disclosure regarding RDM.

Mark B. Mathisen, C.P.G., Hugo M. Miranda, MBA, ChMC (RM), Robert L. Michaud, P.Eng. and Andrew P. Hampton, P.Eng. are the Qualified Persons that prepared or supervised the preparation of the information that forms the basis for the written disclosure regarding Fazenda.

Mark B. Mathisen, C.P.G., Philip A. Geusebroek, P.Geo., Hugo M. Miranda, MBA, ChMC (RM), Robert L. Michaud, P.Eng., and Andrew P. Hampton, P.Eng. are the Qualified Persons that prepared or supervised the preparation of the information that forms the basis for the written disclosure regarding Pilar.

Mark B. Mathisen, C.P.G., Hugo M. Miranda, MBA, ChMC (RM), Robert L. Michaud, P.Eng. and Richard Addison, P.E., are the Qualified Persons that prepared or supervised the preparation of the information that forms the basis for the written disclosure regarding Santa Luz.