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- rwa rd L
- oking Sta te me nt
Ce rta in o f the sta te me nts ma de in this Pre se nta tio n ma y c o nta in fo rwa rd-lo o king sta te me nts o r info rma tio n within the me a ning o f the U nite d Sta te s Priva te Se c uritie s L itig a tio n Re fo rm Ac t o f 1995 a nd a pplic ab le Ca na dia n se c uritie s la ws. Ofte n, b ut no t a lwa ys, fo rwa rd-lo o king sta te me nts a nd fo rwa rd-lo o king info rma tio n c a n b e ide ntifie d b y the use o f wo rds suc h a s "pla ns", “ta rg e ts”, “ta rg e te d”, "e xpe c ts", "is e xpe c te d", "b udg e t", "sc he dule d", "e stima te s", "fo re c a sts", "inte nds", "a ntic ipa te s", o r "b e lie ve s" o r the ne g a tive s the re o f o r va ria tio ns o f suc h wo rds a nd phra se s o r sta te me nts tha t c e rta in a c tio ns, e ve nts o r re sults "ma y", "c o uld", "wo uld", "mig ht" o r "will" b e ta ke n, o c c ur o r b e a c hie ve d. Fo rwa rd-lo o king sta te me nts o r info rma tio n in this Pre se nta tio n inc lude , b ut a re no t limite d to the pro po se d use o f the funds a ntic ipate d fro m the sa le o f the Co mpa ny’ s Chine se a sse ts, info rma tio n with re spe c t to o ur stra te g y, pla ns, g o a ls a nd o utlo o k fo r o ur pro pe rtie s, inc luding e xpa nsio ns a nd pro duc tio n, o ur future fina nc ial a nd o pe ra ting pe rfo rma nc e a nd ta rg e ts, a nd o ur pro po se d mine de ve lo pme nt a nd e xplo ra tio n a nd o the r e ve nts. Fo rwa rd-lo o king sta te me nts a nd fo rwa rd-lo o king info rma tio n b y the ir na ture a re b a se d o n a ssumptio ns a nd invo lve kno wn a nd unkno wn risks, unc e rta intie s a nd o the r fa c to rs whic h ma y c a use the a c tua l re sults, pe rfo rmanc e o r a c hie ve me nts o f the Co mpa ny to b e ma te rially diffe re nt fro m a ny future re sults, pe rfo rmanc e o r a c hie ve me nts e xpre sse d o r implie d b y suc h fo rwa rd-lo o king sta te me nts o r info rma tio n. We ha ve ma de c e rta in a ssumptio ns a b o ut the fo rwa rd-lo o king sta te me nts a nd info rmatio n, inc luding a ssumptio ns a b o ut c lo sing o f b o th Chine se sa le tra nsa c tio ns, inc luding lia bility a nd timing o f me e ting the c lo sing c o nditio ns, the po litic al a nd e c o no mic e nviro nme nt tha t we o pe ra te in, the future pric e o f c o mmo ditie s, a ntic ipa te d c o sts a nd e xpe nse s a nd impac t o f the dispo sitio n o n the b usine ss. E ve n tho ug h o ur ma na g e me nt b e lie ve s tha t the a ssumptio ns ma de a nd the e xpe c ta tio ns re pre se nte d b y suc h sta te me nts
- r info rmatio n a re re a so na b le , the re c a n b e no a ssura nc e tha t the fo rwa rd-lo o king sta te me nt o r info rma tio n will pro ve to b e a c c ura te . Furthe rmo re , sho uld o ne o r mo re o f the risks,
unc e rta intie s o r o the r fa c to rs ma te rialize , o r sho uld unde rlying a ssumptio ns pro ve inc o rre c t, a c tua l re sults ma y va ry ma te rially fro m tho se de sc rib e d in fo rwa rd-lo o king sta te me nts o r info rmatio n. T he se risks, unc e rta intie s a nd o the r fa c to rs inc lude , a mo ng o the rs, the fo llo wing : c lo sing o f the tra nsa c tio ns no t o c c urring o r de la ye d, po litic al, e c o no mic , e nviro nme nta l a nd pe rmitting risks, g o ld pric e vo la tility, disc re pa nc ie s b e twe e n a c tua l a nd e stima te d pro duc tio n, e stimate d mine ral re se rve s a nd re so urc e s a nd me ta llurg ic al re c o ve rie s, mining o pe ra tio na l a nd de ve lo pme nt risks, litig atio n risks, re g ula to ry re stric tio ns, inc luding e nviro nme nta l a nd pe rmitting re g ula to ry re stric tio ns a nd lia bilitie s, inte rna l a nd e xte rna l a ppro va l risks, risks o f so ve re ig n inve stme nt, risks re la te d to c urre nc y fluc tuatio ns, spe c ula tive na ture o f g o ld e xplo ra tio n, g lo b a l e c o no mic c lima te , dilutio n, sha re pric e vo la tility, c o mpe titio n, lo ss o f ke y e mplo ye e s, a dditio nal funding re q uire me nts, a nd de fe c tive title to mine ral c laims o r pro pe rty, a s we ll a s tho se fa c to rs disc usse d in the se c tio ns e ntitle d “Fo rwa rd-L
- o king Sta te me nts” a nd "Risk Fa c to rs" in
the Co mpa ny's Annua l I nfo rma tio n Fo rm & Fo rm 40-F da te d Ma rc h 30, 2017. T he re c a n b e no a ssura nc e tha t fo rwa rd-lo o king sta te me nts o r info rma tio n will pro ve to b e a c c ura te , a s a c tua l re sults a nd future e ve nts c o uld diffe r ma te rially fro m tho se a ntic ipate d in suc h sta te me nts. Ac c o rding ly, yo u sho uld no t pla c e undue re lianc e o n the fo rwa rd-lo o king sta te me nts o r info rma tio n c o nta ine d he re in. E xc e pt a s re q uire d b y la w, we do no t e xpe c t to upda te fo rwa rd-lo o king sta te me nts a nd info rma tio n c o ntinua lly a s c o nditio ns c ha ng e a nd yo u a re re fe rre d to the full disc ussio n o f the Co mpa ny's b usine ss c o nta ine d in the Co mpa ny's re po rts file d with the se c uritie s re g ula to ry a utho ritie s in Ca na da a nd the U .S. All fo rwa rd-lo o king sta te me nts a nd info rma tio n c o nta ine d in this Pre se nta tio n a re q ua lifie d b y this c a utio na ry sta te me nt. Ca utio na ry No te to U .S. I nve sto rs: Mine ral Re se rve s a nd Mine ral Re so urc e s - T he te rms "mine ra l re se rve ", "pro ve n mine ra l re se rve " a nd "pro b a b le mine ral re se rve " re fe rre d to in the Co mpa ny's disc lo sure a re Ca na dia n mining te rms a s de fine d in a c c o rda nc e with Na tio na l I nstrume nt 43-101 - Sta nda rds o f Disc lo sure fo r Mine ral Pro je c ts unde r the g uide line s se t o ut in the Ca na dia n I nstitute o f Mining , Me ta llurg y a nd Pe tro le um (the "CI M") Sta nda rds o n Mine ral Re so urc e s a nd Mine ral Re se rve s, a do pte d b y the CI M Co unc il a s a me nde d fro m time to time b y the CI M. T he se de finitio ns diffe r fro m the de finitio ns in the U nite d Sta te s Se c uritie s & E xc ha ng e Co mmissio n ("SE C") Guide 7. U nde r SE C Guide 7 sta nda rds, a “fina l” o r “b a nka b le ” fe a sib ility study is re q uire d to re po rt re se rve s, the thre e -ye a r histo ric a ve ra g e pric e is use d in a ny re se rve o r c a sh flo w a na lysis to de sig na te re se rve s a nd the primary e nviro nme nta l a na lysis o r re po rt must b e file d with the a ppro priate g o ve rnme nta l a utho rity. T he te rms "mine ra l re so urc e ", "me a sure d mine ral re so urc e ", "indic a te d mine ra l re so urc e ", "infe rre d mine ra l re so urc e " use d in the Co mpa ny's disc lo sure a re Ca na dia n mining te rms use d in a c c o rda nc e with Na tio na l I nstrume nt 43-101 - Sta nda rds o f Disc lo sure fo r Mine ral Pro je c ts unde r the g uide line s se t o ut in the CI M Sta nda rds. Mine ral re so urc e s whic h a re no t mine ral re se rve s do no t ha ve de mo nstra te d e c o no mic viab ility. T his pre se nta tio n ma ke s re fe re nc e to the L a ma q ue Pro je c t pre limina ry e c o no mic a sse ssme nt, whic h is pre limina ry in na ture , a nd inc lude s infe rre d mine ral re so urc e s tha t a re c o nside re d to o spe c ula tive g e o lo gic ally to ha ve the e c o no mic c o nside ra tio ns a pplie d to the m tha t wo uld e na b le the m to b e c a te g o rize d a s mine ral re se rve s, a nd the re is no c e rta inty tha t the pre limina ry e c o no mic a sse ssme nt will b e re a lize d. While the te rms "mine ra l re so urc e ", "me a sure d mine ral re so urc e ," "indic a te d mine ra l re so urc e ", a nd "infe rre d mine ral re so urc e " a re re c o g nize d a nd re q uire d b y Ca na dia n re g ulatio ns, the y a re no t de fine d te rms unde r sta nda rds in the U nite d Sta te s a nd no rma lly a re no t pe rmitte d to b e use d in re po rts a nd re g istra tio n sta te me nts file d with the SE
- C. As suc h, info rma tio n
c o nta ine d in the Co mpa ny's disc lo sure c o nc e rning de sc riptio ns o f mine ra liza tio n a nd re so urc e s unde r Ca na dia n sta nda rds ma y no t b e c o mpa ra ble to simila r info rma tio n ma de pub lic b y U .S c o mpa nie s in SE C filing s. With re spe c t to "infe rre d mine ral re so urc e " the re is a g re a t a mo unt o f unc e rta inty a s to the ire xiste nc e a nd a g re a t unc e rta inty a s to the ir e c o no mic a nd le g a l fe a sib ility. I t c a nno t b e a ssume d tha t a ll o r a ny pa rt o f a n "infe rre d mine ral re so urc e " will e ve r b e upg ra de d to a hig he r c a te g o ry. I nve sto rs a re c a utio ne d no t to a ssume tha t a ny pa rt o r a ll
- f mine ral de po sits in the se c a te g o rie s will e ve r b e c o nve rte d into re se rve s.
Pa ul Ska yman, Chie f Ope ra ting Offic e r o f E ldo ra do Go ld Co rpo ra tio n, is the “Qua lifie d Pe rso n” fo r the purpo se s o f Na tio na l I nstrume nt 43-101 - Sta nda rds o f Disc lo sure fo r Mine ral Pro je c ts o f the Ca na dia n Se c uritie s Administra to rs who ha s re vie we d, a ppro ve d a nd ve rifie d the sc ie ntific a nd te c hnic a l info rma tio n in this Pre se nta tio n. He rvé T hib o uto t, E ng ., Se nio r Vic e -Pre side nt o f I nte g ra Go ld Co rp., is the inde pe nde nt “Qua lifie d Pe rso n” fo r the purpo se s o f Na tio na l I nstrume nt 43-101 - Sta nda rds o f Disc lo sure fo r Mine ral Pro je c ts o f the Ca na dia n Se c uritie s Administra to rs who ha s re vie we d, a ppro ve d a nd ve rifie d the sc ie ntific a nd te c hnic a l info rmatio n in this Pre se nta tio n spe c ific to the L a ma q ue Pro je c t.