Proven and Probable (P&P) Reserve Estimates
December 31, 2022 Nevada Mining Unit Proven & Probable Reserve Summary
|Isabella Pearl Mine
|Proven and Probable Total
|Isabella Pearl Mine Total
|Notes to the 2022 P&P reserves:
- Metal prices used for P&P reserves were $1,750 per ounce of gold and $21.00 per ounce of silver. These prices reflect the consensus 2023-2024 average prices for gold and silver (CIBC Global Mining Group, Analyst Consensus Commodity Price Forecasts, January 3, 2023).
- Gold equivalent is 83.33:1 determined by taking gold ounces produced or sold, plus silver ounces produced or sold converted to gold equivalent ounces using the gold to silver average price ratio for the period.
- For the Isabella Pearl Mine, the quantities of material within the designed pits were calculated using a cutoff grade of 0.33 Au g/t.
- Mining, processing, energy, administrative and smelting/refining costs were based on 2022 actual costs for the Isabella Pearl Mine.
- Metallurgical gold recovery assumptions used for the Isabella Pearl Mine were 81% for all ore which is currently being crushed. These recoveries reflect predicted average recoveries from metallurgical test programs.
- Isabella Pearl P&P reserves are diluted and factored for expected mining recovery.
- Figures in tables are rounded to reflect estimate precision and small differences generated by rounding are not material estimates.
In addition to Reserves, the Company estimates 51,900 recoverable gold ounces on the Isabella Pearl heap leach pad at 12/31/2022
|Mineral Resource Inventory at Golden Mile, Mineral County, Nevada, USA
(as of September 30, 2021)1 2 3 4 5 6 7
- Reported at a cutoff of 0.34 g/t Au (0.010 opst).
- Whole block diluted estimates are reported within an optimized pit shell.
- Mineral Resources do not have demonstrated economic viability.
- Totals may not sum exactly due to rounding.
- "g/t" = gram/metric tonne.
- "Opst" = ounces per short ton.
- "oz" = Troy ounce.
|Mineral Resource Inventory at County Line, Mineral & Nye Counties, Nevada, USA
(as of December 31, 2022)1 2 3 4 5 6 7 8 9
- Reported at a cutoff grade of 0.33 g/t Au.
- Cutoff grade calculations used mining, processing, energy, administrative and smelting/refining costs based on 2022 actual costs for the Company’s producing Isabella Pearl mine.
- Metallurgical gold recovery assumption used was 81%. This recovery reflects the predicted average recovery from metallurgical test programs at the Isabella Pearl mine.
- Whole block diluted estimates are reported within an optimized pit shell
- Mineral Resources do not have demonstrated economic viability
- Totals may not sum exactly due to rounding
- “g/t” = gram/metric tonne
- “oz” = Troy ounce
- Gold price $1,750 per oz assumed. The gold price as reported on December 31, 2022 was $1,812 per oz.