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Reserves and Resources

Proven and Probable Mineral Reserves (December 31, 2017)

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 14,440 0.97 449 47,004 1.36 2,050 61,444 1.26 2,499
Leach Pad Inventory           216     216
RDM 6,765 0.79 171 19,284 1.06 659 26,049 0.99 830
Fazenda 3,661 2.18 257 2,148 1.75 121 5,809 2.02 377
Pilar 1,298 2.11 88 8,063 1.34 348 9,361 1.45 436
Santa Luz 25,000 1.43 1,153 3,200 1.03 106 28,200 1.39 1,259
Total Proven and Probable     2,117     3,500     5,617

Notes:

  1. Mineral Reserves are based on Measured and Indicated Mineral Resources.
  2. Gold price of US$1,200/oz used for Los Filos, Fazenda, and Pilar underground mines; $1,250/oz for Santa Luz and RDM, $1,300/oz for Três Buracos open pit at Pilar.
  3. Tonnage and grade measurements are in metric units. Contained gold ounces are reported as troy ounces.
  4. Summation errors may be present due to rounding.
  5. Los Filos mine: The Qualified Person for Mineral Reserves is Rodolfo Balderrama Neder (Administración Los Filos, S.A.P.I. de C.V., a wholly-owned subsidiary of the Company, Mine Operations Manager).
  6. RDM mine: The June 2017 Mineral Reserve was depleted to December 31, 2017 production pit topography. The Qualified Person for Mineral Reserves for the RDM mine is Stuart E. Collins, P.E., SME Registered Member (formerly Director of Mine Engineering and Strategic Development, Brio Gold Inc.).
  7. Fazenda mine: The EOY 2016 Mineral Reserve was depleted to EOY 2017 based on production records. The Qualified Person for Mineral Reserves for the Fazenda mine is Stuart E. Collins, P.E., SME Registered Member (formerly Director of Mine Engineering and Strategic Development, Brio Gold Inc.).
  8. Pilar mine: The EOY 2016 Mineral Reserve was depleted by EOY 2017 based on production stope topography; and includes a January 29, 2018 reserve update to the Tres Buracos open pit project. The Qualified Person for Mineral Reserves for the Pilar mine is Stuart E. Collins, P.E., SME Registered Member (formerly Director of Mine Engineering and Strategic Development, Brio Gold Inc.).
  9. Santa Luz project: The Qualified Person for Mineral Reserves for the Santa Luz project is Stuart E. Collins, P.E., SME Registered Member (formerly Director of Mine Engineering and Strategic Development, Brio Gold Inc.).

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.

Source of Technical Information

The Mineral Reserves and Mineral Resources for the Los Filos mine are derived from the “Technical Report for Los Filos Gold Mine, Guerrero State, Mexico” prepared for Leagold by Doug Reddy (Leagold, SVP Technical Services), Rodolfo Balderrama Neder (Administración Los Filos, S.A.P.I de C.V., a wholly-owned subsidiary of the Company, Mine Operations Manager), Paul Sterling (Consultant to Leagold) and Dr. Gilles Arseneau (Associate Consultant with SRK Consulting (Canada) Inc., and independent of the Company), each of whom is a Qualified Person as that term is defined in NI 43-101.

The Mineral Reserves and Mineral Resources for RDM, Fazenda and Pilar mines, and the Santa Luz project are based on the previous disclosure by Brio Gold Inc. with depletion of Mineral Reserves and Mineral Resources as disclosed to December 31, 2017. The Technical Reports filed by Brio Gold Inc. are as follows:

RDM mine titled “Technical Report on the Riacho dos Machados Gold Mine, Minas Gerais, Brazil”, with an effective date of December 16, 2015 prepared by Kathleen Ann Altman, Ph.D., P.E., Stuart E. Collins, P.E., and Mark B. Mathisen, C.P.G.

Fazenda mine titled “Technical Report on the Fazenda Brasileiro Mine, Bahia State, Brazil”, with an effective date of May 12, 2016 prepared by Chester M. Moore, P.Eng, Robert L. Michaud, P.Eng., and Andrew P. Hampton, P.Eng.

Pilar mine titled “Technical Report on the Pilar Operations, Goiás State, Brazil”, with an effective date of May 12, 2016 prepared by Chester M. Moore, P.Eng., Robert L. Michaud, P.Eng., and Andrew P. Hampton, P.Eng.

Santa Luz project titled “Technical Report on the Santa Luz Project, Bahia State, Brazil", with an effective date of June 30, 2017, prepared by Stuart E. Collins, P.E., Mark B. Mathisen, C.P.G., Hugo M. Miranda, MBA, ChMC (RM), Robert L. Michaud, P.Eng., Richard Addison, P.Eng.

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