Western Atlas Resources (TSX-V: WA) Focused on the acquisition and - - PowerPoint PPT Presentation

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Western Atlas Resources (TSX-V: WA) Focused on the acquisition and - - PowerPoint PPT Presentation

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The image part with relationship ID rId3 was not found in the file. Western Atlas Resources (TSX-V: WA) Focused on the acquisition and development of scalable precious metals projects in premier mining jurisdictions Corporate Presentation

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SLIDE 1

Western Atlas Resources

(TSX-V: WA)

Focused on the acquisition and development of scalable precious metals projects in premier mining jurisdictions Corporate Presentation August 2019

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SLIDE 2

Disclaimer

Western Atlas Resources

This presentation contains “forward-looking statements” and “forward looking information” (as defined under applicable securities laws), including but not limited to, statements with respect to the Company’s current and future projects, plans and operating performance, including in respect of the growth potential of the Western Atlas’ Projects, the success of exploration activities, future capital expenditures, future financing sources. Generally, these forward-looking statements can be identified by the use of forward- looking terminology such as “expects”, “expected”, “budgeted”, “forecasts” and “anticipates”. Forward-looking statements and information, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the completion of any acquisitions, risks related to the successful integration of any acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, accidents and labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Western Atlas Resources operates. Although Western Atlas Resources has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking statements and forward-looking information are made as of the relevant date and Western Atlas Resources disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements or forward-looking information contained in this presentation to reflect future results. Accordingly, readers should not place undue reliance on forward-looking statements and information. Roscoe Postle Associates Inc. (RPA) was retained by Western Atlas Resources Inc. to prepare an independent Technical Report

  • n the Meadowbank Area Project held by Western Atlas, located in Nunavut Territory, Canada. This Technical Report conforms to

NI 43-101 Standards of Disclosure for Mineral Projects. RPA visited the property on July 25, 2017. This report, titled “Technical Report on the Meadowbank Area Project, Nunavut Territory, Canada”, and dated September 13, 2017 was prepared and signed by Paul Chamois M.Sc., P.Geo., Principal Geologist at RPA and a “qualified person” as defined in NI 43-101 independent of the

  • Company. He has prepared or supervised the preparation of the technical information upon which portions of this presentation are
  • based. Unless otherwise stated, scientific and technical information concerning the Western Atlas’ Projects, is summarized, derived,
  • r extracted from the Technical Report, which is available for review on the Company's website at www.westernar.com.

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SLIDE 3

Multidecade combined experience and successful track-record in both the natural resources and the capital market industries

Serafino Iacono – Chairman

  • 30+ years of experience in financing and developing of oil, mining and other

resource projects in Latin America, the United States and Europe. Raised more than $5 billion for numerous natural resource projects

  • Co-founder and Ex. Chairman Gran Colombia Gold Corp. (Colombia’s largest gold

producer), Medoro Resources Ltd., and Bolivar Gold Corp. (sold to Gold Fields)

  • Co-founder and fmr. Ex. Chairman of Pacific Rubiales Energy Corp. (now Frontera

Energy Corporation) Fabio Capponi – President & CEO, Director

  • 14+ years of experience and successful track-record in creating, structuring and

selling natural resources companies in Europe and both North and Latin America

  • Co-Founder and CEO, Director of CB Gold Inc. (sold in Dec. 2015)
  • Previously with Endeavour Financial, has held Director and Management positions

with private companies

  • Master’s degree in economics and business administration from the LUISS Guido

Carli University of Rome, Italy Jose Francisco Arata - Director

  • 30+ years of experience in exploration, development and production of mineral

and hydrocarbons projects in Latin America

  • Co-founder of Gran Colombia Gold Corp (Colombia’s largest gold producer),

Medoro Resources Ltd., and Bolivar Gold Corp. (sold to Gold Fields)

  • Co-founder and fmr. President and Executive Director of Pacific Rubiales Energy
  • Corp. (now Frontera Energy Corporation)
  • Degree in Geology from the University of Turin, Italy and a Degree in Geological

Engineering from the Central University of Venezuela

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Michael Galego – Director

  • 10+ years of M&A and corporate finance experience
  • Currently serves as Chief Executive Officer of the Stronach Group's

Agricultural Division

  • Fmr. Director of ICC Labs Inc. and current Director of Apolo Acquisition Corp.
  • Director of Trillium Gift of Life Network and the Canadian Liver Foundation.
  • Mr. Galego is a graduate of York University with Hons. B.A. and the

University of Windsor with LL.B. Susan Rubin – Chief Financial Officer & Corporate Secretary, CPA, CA

  • 20+ years of experience in the junior mining exploration sector and the high

tech sector

  • Fmr. CFO of CB Gold Inc. (sold in Dec 2015), Ventana Gold Corp., and

Wildcat Silver Corp.

  • Held various progressively senior management positions in finance and audit

Victor Torres - Senior Exploration Geologist - Geological Engineer

  • 15+ years of experience in mining exploration and project development
  • Fmr. Chief Project Geologist with CB Gold Inc. (sold in Dec 2015)
  • Previously project geologist with Teck Cominco, Placer Dome, Antofagasta

Minerals and production geologist for Centromin Peru

  • BSc. in Geological Engineering from the Universidad Nacional Mayor de San

Marcos of Lima, Peru and is member of the Peruvian Engineers Association (CIP) David Laing - Corporate Development and Technical Advisor

  • Mining engineer with an extensive experience in the mining and banking

industries – Fmr. COO of Equinox gold - Fmr. COO of True Gold Mining -

  • Fmr. Executive VP of Quintana Resources Capital and one of the original

executives of Endeavour Mining

  • Director of several publicly listed companies including Fortuna Silver Mines

and Sandspring Resources

Directors, Management and Advisors

Western Atlas Resources

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SLIDE 4
  • Raised more than $5 billion for numerous natural resource projects
  • Gran Colombia Gold – Largest gold producer in Colombia - E2019 production of 230k oz of Au and over 5.1

milion oz in resources

  • Bolivar Gold Corp - El Callao Mines, Venezuela – sold to Gold Fields for US$330M

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Ability to Perform and Deliver Value Western Atlas

Resources

Board and Management have created value through the development and monetization of several natural resource projects Management and Advisors’ Background and Technical Experience

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SLIDE 5

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Capital Structure Western Atlas

Resources

Management & Insiders 46% Institutional 7% Public Float 47%

q Fully committed Management and Insiders

  • largest shareholding position w/46% of

the I/O shares

  • Shares

in escrow – released in installments over the next 2 years q Company’s CEO is the largest shareholder

  • shares were acquired in each financing

round and on the secondary market

Exercise Price Expiry date Shares I/O 56,380,395 Options $0.07 (*) - $0.32 1.7 years 4,683,200 Warrants $0.30 1 year 2,053,750 Fully Diluted 63,117,345

Note (*) - 200,000 options exercisable at $0.07

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SLIDE 6

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Nunavut – Open for New Discoveries Western Atlas

Resources

q Pro-mining jurisdictions and home to world class mining projects q Over 12 million oz/Au in P+P reserves, 15 million oz/Au in M+I and 9 million oz/Au in Inferred resources q Serviced year round - local infrastructure and labour availability

  • Baker Lake and Rankin Inlet are a hub of mining activity in the region. Baker Lake provides summer shipping access

via Hudson Bay and year-round airport facilities.

  • Agnico’s 110km all-weather road from Baker Lake to Amaruq passes through Western Atlas’ Meadowbank mineral

areas q Western Atlas’ vast, highly perspective areas provide additional opportunities to add value through discovery

CANADA

Nunavut

P+P Reserves M+I Resources Inferred Resources M oz/Au M oz/Au M oz/Au Agnico Eagle Meadowbank gold mine 0.10 0.13 0.00 Amaruq gold deposit * 2.88 1.13 2.07 Medialine gold mine 3.75 3.18 2.60 Total Agnico Eagle 6.73 4.44 4.67 TMAC Resources Hope Bay project ** 3.59 4.81 1.62 Sabina Gold and Silver Back River gold project ** 2.50 5.33 1.85 Auryn Resources Three Bluffs deposit (Committee Bay

  • 0.52

0.72 Nordgold Pistol Bay gold project

  • 0.74

Combined Total 12.82 15.11 9.60

* Note: operations exp. to begin in Q3 2019; ** Mineral Resources are inclusive of mineral reserves

Nunavut - Mineral Reserves and Resources

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SLIDE 7

District scale mineral claims holding

  • 580 km2 of highly prospective and strategically located

mineral claims, in Nunavut, Canada

  • 100% owned - claims were staked at nominal costs –

No third-party options or royalties Immediately adjacent to Agnico Eagle’s Meadowbank producing gold mine, Amaruq gold deposit and Greyhound project

  • Agnico’s Meadowbank E2019 production of 95k to

105koz gold (*)

  • Agnico’s Amaruq E2019 and E2020 production of

130k and 272k oz/Au respectively (*)

  • P+P 2.9M oz/Au, M+I 1.2M oz/Au and Inferred

resources of 2.0M oz/Au (**)

  • Greyhound project – optioned to Agnico by Aura Silver

Fully Permitted Exploration - Drill Ready

  • Land and Water use permits received (incl. drilling)
  • Highly Prospective and untested areas - defined

several targets for follow up and drilling

Note: (*) Soucre – Agnico Ealge’s public disclosure. Amaruq’s commerical production expected for Q3 2019 - total cash costs guidance of $812/oz gold; (**) Agnico’s Meadowbank open pit mine (Goose, Portage and Vault deposits), and Amaruq gold deposit. Reserves and Resources do not include the Meliadine deposit.

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Meadowbank Project

Western Atlas Resources

Agnico’s Meadowbank Producing Gold Mine Agnico’s Amaruq Deposit Western Atlas Block A Western Atlas Block B Western Atlas Block C

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SLIDE 8

Completed Exploration Program

ü NI43-101 Technical Reports (prepared by RPA) ü Detailed fiel mapping and sampling program ü Over 3,800 km of airborne magnetic survey (carried out by Precision Survey) ü Over 1,500 line-km of helicopter-borne VTEM followed by electromagnetic anomaly picking (EM) and AIIP processing report (carried out by Geotech Ltd) ü Over 32 line-km of ground IP survey over specific targets located in Block B (carried out by Peter E. Walcott & Associates Ltd)

Drill ready - defined targets for follow up and drilling - several of these targets have yielded gold values of up to 13.30 g/t Au and up to 44.7 g/t Ag

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Meadowbank Project – Exploration Program Western Atlas

Resources

q The geological and structural framework as it relates to gold mineralization in the area is well understood and generally associated with Banded Iron Formation (BIF) and Shear Zones q Exploration results suggest multiple targets with kilometres strike length located within a favourable Archean greenstone belt geological environment with known iron formation and shear zones hosted gold mineralization q Similar geological settings can be found at Agnico Eagle’s neighbouring Meadowbank producing gold mine and Amaruq deposits

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SLIDE 9

Results of Block B’s field traverses and related mapping have highlighted geological formations such as BIF and shear zones with a strike length in the order of kilometers

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Meadowbank Project – Block B Western Atlas

Resources

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SLIDE 10

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Meadowbank Project – Block B, drill target B1 Western Atlas

Resources

Target B1 - Highlighted BIF and shear zones with a strike length of over 15 km and 6 km respectively

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SLIDE 11

Rock Sample 10233 6.89 g/t Au Gold content within occurrences of quartz, pyrite-arsenopyrite as lenses and disseminations and fractures hosted by iron formation

Meadowbank Project – Block B, target B1 Western Atlas

Resources

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SLIDE 12

Rock Sample 10573 2.06 g/t Au Silicified Banded Iron Formation’s (BIF) boulder hosting quartz veinlets with pyrite-arsenopyrite

60 cm

Meadowbank Project – Block B, target B1 Western Atlas

Resources

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SLIDE 13

Outcrop Boulder Highly deformed and angular BIF’ boulders and extensive outcrops

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Meadowbank Project – Block B, target B1 Western Atlas

Resources

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SLIDE 14

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Meadowbank Project – Block B, drill target B2 Western Atlas

Resources

Target B2 - Highlighted BIF and shear zones with a strike length of over 3 km and 2 km respectively

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SLIDE 15

Rock Sample 10277 4.85 g/t Au Outcrop with gold content within quartz-carbonate veinlets and as dissemination and/or semi-massive sulphides with strong silicification

Meadowbank Project – Block B, target B2 Western Atlas

Resources

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SLIDE 16

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Meadowbank Project - Block A Western Atlas

Resources

! ! ! ! ! ! ! !! ! ( ( ( ( ( ( ( (( (

! ( ! (

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! (

633000 633500 634000 634500 635000 635500 636000 636500 7236000 7236500 7237000 7237500

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ! ( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (( ( ( ( ( ( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( (

! (

! ! ! ! ! ( ( ( ( (

! ! ( (

626000 626000 628000 628000 630000 630000 632000 632000 634000 634000 636000 636000 7230000 7230000 7232000 7232000 7234000 7234000 7236000 7236000 7238000 7238000 7240000 7240000

Legend

1 2 km

¯

Outcrops

2017-2018 Grab Samples

Au (g/t)

! (

<0.015

! (

0.015 - 0.050

! (

0.051 - 0.100 ! ( 0.101 - 1.000

! (

1.001 - 2.500

! (

>2.500

BIF DB QFP SLT UV FV MV QZ QW GN

Cover Banded Iron Formation (BIF +/- Au) Shear Zone (+/-Au) Diabase Quartz-Feldspar Porphyry (QFP) Shale/Slate (SLT) Ultramafic Volcanics (UV) Felsic Volcanics (FV) Mafic Volcanics (MV) Quartzite (QZ) Greywacke (GW) Granite (GN)

Geology

Airborne VTEM Plus (Completed) Block A Boundary Magnetic Lines (as identified by airborne magnetic survey) Shear Fault

(

Thrust Fault Road 0.963 3.74 4.10

0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0011 0.0011 0.0011 0.0011 0.0011 0.0012 0.0012 0.0012 0.0013 0.0013 0.0014 0.0015 0.0015 0.0016 0.0017 0.0019 0.0020 0.0022 0.0024 0.0028 0.0033 0.0047 B-Field 0.440 ms (pV*ms)/(A*m^4)

633000 633500 634000 634500 635000 635500 636000 636500 7236000 7236500 7237000 7237500

0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0010 0.0011 0.0011 0.0011 0.0011 0.0011 0.0012 0.0012 0.0012 0.0013 0.0013 0.0014 0.0015 0.0015 0.0016 0.0017 0.0019 0.0020 0.0022 0.0024 0.0028 0.0033 0.0047 B-Field 0.440 ms (pV*ms)/(A*m^4) 0.5 1 km 0.5 1 km

0.963

Block A – Target A1 – VTEM Results with Geology Block A – Target A1 – VTEM Results

DATE: DECEMBER, 2018 SCALE: AS SHOWN PROJECTION: UTM ZONE 14/15, NAD 83 DRAWN BY: AMANDA TUCK

Western Atlas Resources Inc.

Meadowbank Area Project

Nunavut Territory, Canada

BLOCK A VTEM Results with Geology

Agnico Eagle Agnico Eagle Agnico Eagle

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SLIDE 17

Rock Sample 10843 3.74 g/t Au Shear-zone hosted gold mineralization - Highly oxidized boulder with quartz veins hosting pyrite-arsenopyrite

17

Meadowbank Project – Block A Western Atlas

Resources

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SLIDE 18

Oxidized boulder (felsic volcanic) - Gold hosted mineralization within strong silicification containing disseminated pyrite-arsenopyrite Rock Sample 10915 4.10 g/t Au

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Meadowbank Project – Block A Western Atlas

Resources

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SLIDE 19

Highly deformed and angular Banded Iron Formation (BIF)’ boulders within Block A

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Meadowbank Project – Block A Western Atlas

Resources

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SLIDE 20

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Meadowbank Project - Block C Western Atlas

Resources

! ( ! ( ! ( ! ( ! ! ( ( ! (

! ( 630000 631000 632000 633000 634000 635000 636000 637000 7165000 7166000 7167000 7168000

! ! ! ! ! ( ( ( ( ( ! ! ( (

! ( 616000 616000 618000 618000 620000 620000 622000 622000 624000 624000 626000 626000 628000 628000 630000 630000 632000 632000 634000 634000 636000 636000 7152000 7154000 7154000 7156000 7156000 7158000 7158000 7160000 7160000 7162000 7162000 7164000 7164000 7166000 7166000 7168000 7168000 7170000 7170000

Legend

1 2 km

¯

Outcrops

2017-2018 Grab Samples

Au (g/t)

! (

<0.015

! (

0.015 - 0.050

! (

0.051 - 0.100 ! ( 0.101 - 1.000

! (

1.001 - 2.500

! (

>2.500

BIF DB QFP SLT UV FV MV QZ QW GN

Cover Banded Iron Formation (BIF +/- Au) Shear Zone (+/-Au) Diabase Quartz-Feldspar Porphyry (QFP) Shale/Slate (SLT) Ultramafic Volcanics (UV) Felsic Volcanics (FV) Mafic Volcanics (MV) Quartzite (QZ) Greywacke (GW) Granite (GN)

Geology

Airborne VTEM Plus (Completed) Block C Boundary Magnetic Lines (as identified by airborne magnetic survey) Shear Fault

(

Thrust Fault Road

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! (

625000 626000 627000 628000 629000 630000 631000 632000 7163000 7164000 7165000 7166000 7167000

1 2 km 1 2 km

Block C – Target C1 – VTEM Results with Geology Block C – Target C2 – VTEM Results with Geology

0.0109 0.0339 0.0486 0.0595 0.0674 0.0746 0.0806 0.0860 0.0914 0.0969 0.1024 0.1082 0.1141 0.1200 0.1263 0.1324 0.1388 0.1465 0.1543 0.1627 0.1732 0.1871 0.2052 0.2361 0.2922 0.4072 0.6399 1.0105 1.5889 2.3097 2.9776 3.4869 4.2573 5.1838 6.3965 7.7842 9.3395 11.2078 dB/dt 0.073 ms pV/(A*m^4) 0.0109 0.0339 0.0486 0.0595 0.0674 0.0746 0.0806 0.0860 0.0914 0.0969 0.1024 0.1082 0.1141 0.1200 0.1263 0.1324 0.1388 0.1465 0.1543 0.1627 0.1732 0.1871 0.2052 0.2361 0.2922 0.4072 0.6399 1.0105 1.5889 2.3097 2.9776 3.4869 4.2573 5.1838 6.3965 7.7842 9.3395 11.2078 dB/dt 0.073 ms pV/(A*m^4) DATE: DECEMBER, 2018 SCALE: AS SHOWN PROJECTION: UTM ZONE 14/15, NAD 83 DRAWN BY: AMANDA TUCK

Western Atlas Resources Inc.

Meadowbank Area Project

Nunavut Territory, Canada

BLOCK C VTEM Results with Geology Target C1 Target C2

Agnico Eagle Agnico Eagle

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SLIDE 21

Meadowbank project - Nunavut

  • District scale mineral claims holding - 580 km2 of highly prospective mineral claims
  • Strategically located - immediately adjacent to Agnico Eagle’s Meadowbank

producing gold mine, Amaruq gold deposit and Greyhound project

  • Fully Permitted and Drill Ready
  • Block B’s geological formations such as BIF and shear zones with a strike length in

the order of kilometers

  • Similar geological settings can be found at Agnico Eagle’s neighbouring

Meadowbank producing gold mine and Amaruq deposits Building a project pipeline

  • Leverage on a broad range of business experience and technical skills in order to

build a project pipeline capable of providing long term value

  • Elimination of seasonality - year-round exploration and results
  • JV and acquisition of new assets with historic data or early-stage projects with

value-added through the drill-bit

  • Operating in low-political risk and pro-mining jurisdictions

Proven ability to perform and deliver value

  • Directors and management with decades of successful track-record in both the

natural resources and the capital market industries

  • Value created through the development and monetization of several projects

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Western Atlas’ Advantage Western Atlas

Resources

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SLIDE 22

Western Atlas Resources

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Appendix

Meadowbank Project – Geological features, VTEM and IP Survey

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SLIDE 23

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Meadowbank Project – Block A and B Western Atlas

Resources

Lithology Associated to Archean Rocks favorable to gold deposits in the area - Similar geological settings can be found at Agnico Eagle’s neighbouring Meadowbank producing gold mine and Amaruq deposits BANDED IRON FORMATION ULTRAMAFIC VOLCANIC ROCKS MAFIC VOLCANICS FELSIC VOLCANICS

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SLIDE 24

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BANDED IRON FORMATION SILICA IN CHERT HORIZONS WITH PYRITE QUARTZ VEINS WITH PYRITE-ARSENOPYRITE SILICIFICATION WITH QUARTZ AND PYRITE Mineralized alteration styles associated to gold occurrences - Similar geological settings can be found at Agnico Eagle’s neighbouring Meadowbank producing gold mine and Amaruq deposits

Meadowbank Project - Block B Western Atlas

Resources

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SLIDE 25

Highlights from VTEM results

  • 1,500 line kilometres of surveying completed
  • ver portions of the Meadowbank Blocks A, B

and C (VTEM survey was carried out by Geotech Ltd.)

  • Aimed

at identifying bedrock conductive responses in areas that Western Atlas considers to be geologically permissive for gold mineralization

  • Numerous

strong electromagnetic (EM) anomalies were located in Blocks B and C

  • The strong EM double-peak anomalies are

related to bedrock conductors, i.e., BIF- related sulphides

  • including

pyrrhotite possibly (*) 25

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Meadowbank Project – VTEM survey Western Atlas

Resources

IVR pit Whale Tail pit

600000 600000 650000 650000 7150000 7150000 7200000 7200000 7250000 7250000

¯

A B C

Baker Lake

636000 636000 638000 638000 640000 640000 642000 642000 644000 644000 646000 646000 7176000 7176000 7178000 7178000 7180000 7180000 644000 644000 646000 646000 7188000 7188000 634000 634000 636000 636000 7236000 7236000 7238000 7238000 0.5 1 Km 0.5 1 Km 1 2 Km

TARGET A1 TARGET B1 TARGET B2

10 20 Km Western Atlas Resources Properties Agnico - Amaruq Property Agnico - Meadowbank Property JV Agnico-Aura Silver Greyhound Property Aura Silver Property Agnico - New Properties Inuit Owned Lands (IOL) IOL Subsurface Agreements Road 634000 634000 636000 636000 7166000 7166000 0.5 1 Km

TARGET C1

Phaser pit BB Phaser pit Portage deposit Goose deposit Vault deposit

DATE: DECEMBER, 2018 SCALE: AS SHOWN PROJECTION: UTM ZONE 14/15, NAD 83 DRAWN BY: AMANDA TUCK

Western Atlas Resources Inc.

Meadowbank Area Project

Nunavut Territory, Canada

TARGETS A1, B1, B2, AND C1 VTEM SURVEY LOCATIONS

Note: (*) Electromagnetic anomaly picking (EM) and AIIP processing report (by Geotech Ltd)

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SLIDE 26

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Block B – VTEM Survey with Geology Western Atlas

Resources

! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( (( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( (

! ! ! ! ! ! ! ! ( ( ( ( ( ( ( (

! (

! ( ! (

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ! ! ! ! ( ( ( ( ! (

! (

! (

! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( (( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (( ( ( ( ( ( ( ( ( ( ( (( ( ( (! ! ! ! ! ! ! ! ! !( ( ( ( ( ( ( ( ( ( ! ! ( (

! ! ! ! ! ( ( ( ( (

! (

! (

! ( ! ( ! ( ! ( ! ( 636000 638000 640000 642000 644000 646000 7176000 7178000 7180000 7182000

( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (

! (

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! (

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! (! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! (! ( ! ( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ! ! ! ! ( ( ( (

! ! ( (

! ! ( (

! ! ( (

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (( ( ( ( ( ( (( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( (

! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( (

! (

! (

! (

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! (

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! (! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! (! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ! ! ( ( ! ! ( (

! ! ( (

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !!!! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! !! ! ! !! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (((( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( (( ( ( ( ( ( ( ( (( ( ( ( ( ( ( ( ( ( ( ( ( ( (( ( ( (( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( (

! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( (

! (

624000 628000 632000 636000 640000 644000 648000 7172000 7176000 7180000 7184000 7188000 7192000

Legend

2.5 5 km

¯

Outcrops 2017-2018 Grab Samples

Au (g/t)

! (

<0.015

! (

0.015 - 0.050

! (

0.051 - 0.100 ! ( 0.101 - 1.000

! (

1.001 - 2.500

! (

>2.500

BIF DB QFP SLT UV FV MV QZ QW GN Cover Banded Iron Formation (BIF +/- Au) Shear Zone (+/-Au) Diabase Quartz-Feldspar Porphyry (QFP) Shale/Slate (SLT) Ultramafic Volcanics (UV) Felsic Volcanics (FV) Mafic Volcanics (MV) Quartzite (QZ) Greywacke (GW) Granite (GN)

Geology

Airborne VTEM Plus (Completed) Block B Boundary Magnetic Lines (as identified by airborne magnetic survey) Shear Fault

(

Thrust Fault Road 0.551

! (

! ( ! ( ! ( ! ( ! ( ! (

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ! ! ! ! ! ( ( ( ( ( ( ! ! ! ! ( ( ( ( ! ! !( ( (

! ! ( (

! (

! (

! ( ! ( ! (

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( 640000 642000 644000 646000 648000 7186000 7188000 7190000 1 2 km 1 2 km

13.3

Block B – Target B1 – VTEM Results with Geology Block B – Target B2 – VTEM Results with Geology

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! (

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ( ( ( ( ( ! ! ! ! ! ! ( ( ( ( ( (

! ! ! ! ! ( ( ( ( ( ! ( ! (

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( 624000 626000 628000 630000 632000 634000 7188000 7190000 7192000

Block B – Target B3 – VTEM Results with Geology

0.0099 0.0116 0.0128 0.0138 0.0147 0.0156 0.0164 0.0173 0.0182 0.0191 0.0199 0.0209 0.0218 0.0228 0.0239 0.0249 0.0260 0.0273 0.0287 0.0305 0.0327 0.0361 0.0413 0.0508 0.0644 0.0813 0.1049 0.1405 0.1858 0.2439 0.3103 0.4278 0.5717 0.7305 0.9252 1.1345 1.3566 1.6185 Tau dB/dt (ms)

6.89 0.63 0.68 1.02 5.65 2.06 0.87 2.23 2.95 4.85

  • 0.0010
  • 0.0004
  • 0.0001
0.0002 0.0004 0.0006 0.0008 0.0010 0.0011 0.0012 0.0014 0.0015 0.0016 0.0017 0.0018 0.0020 0.0021 0.0022 0.0023 0.0024 0.0025 0.0026 0.0027 0.0028 0.0029 0.0030 0.0032 0.0033 0.0034 0.0036 0.0037 0.0039 0.0040 0.0042 0.0045 0.0047 0.0051 0.0057 dB/dt 0.440 ms pV/(A*m^4)

0.551 0.734

0.0015 0.0022 0.0044 0.0075 0.0115 0.0162 0.0207 0.0253 0.0296 0.0339 0.0380 0.0420 0.0460 0.0498 0.0537 0.0577 0.0618 0.0660 0.0699 0.0741 0.0784 0.0827 0.0872 0.0920 0.0969 0.1024 0.1079 0.1143 0.1214 0.1295 0.1392 0.1510 0.1663 0.1863 0.2117 0.2497 0.3276 0.5917 dB/dt 0.073 ms pV/(A*m^4)

6.89 0.68 13.3 1.02 5.65 2.06 0.87 0.63 2.23 2.95 4.85 0.975 1.02 0.734

Target B3 Target B2 Target B1

1 2 km DATE: DECEMBER, 2018 SCALE: AS SHOWN PROJECTION: UTM ZONE 14/15, NAD 83 DRAWN BY: AMANDA TUCK

Western Atlas Resources Inc.

Meadowbank Area Project

Nunavut Territory, Canada

BLOCK B VTEM Results with Geology

Agnico Eagle

Agnico Eagle

Agnico Eagle

slide-27
SLIDE 27

27

Block B, drill target B1 with VTEM Western Atlas

Resources

slide-28
SLIDE 28

Block B, drill target B2 with VTEM Western Atlas

Resources

28

slide-29
SLIDE 29

29

The image part with relationship ID rId3 was not found in the file.

Meadowbank Project - Block B, IP Survey Western Atlas

Resources

Highlights from IP results

  • Multiple trends of conductors with a strike length ranging from 400 meters to 7.1 kilometers. Depth reach of the conductors

varies from 75 meter and to over 300 meters from surface

  • Numerous moderate to high chargeability anomalies coincident with and flanking VTEM anomalies
  • The surface projection of these anomalies coincides with areas mapped by Western Atlas
  • The underlain structures yielded highly anomalous gold values at points
  • The results of Grid 3 highlights two crosscutting chargeability trends within an intense magnetic corridor
  • These chargeability trends are formed by a dominant northeastern trend tracking the regional geological trend, and a

second east-westerly trend crossing the dominant trend in the southwest portion of the survey area

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! !! ( (( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! (! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ! ! ! ! ! ! ! ! ! ( ( ( ( ( ( ( ( ( ( ! ! ( ( ! ! ! ! ! ( ( ( ( ( ! ( ! ( 632000 634000 636000 638000 640000 642000 644000 646000 648000 650000 7176000 7176000 7178000 7178000 7180000 7180000 7182000

Legend

1 2 km

¯

Banded Iron Formation (BIF +/- Au) Shear Zone (+/- Au) IP Survey Grid Areas (Completed) Airborne VTEM Plus (Completed) Block B Survey Boundary Waterbody Topographic contour Magnetic Lines (as identified by airborne magnetic survey) Shear Fault DATE: SEPTEMBER, 2018 SCALE: AS SHOWN PROJECTION: UTM ZONE 14/15, NAD 83 DRAWN BY: AMANDA TUCK BLOCK B - TARGET B1 Apparent Chargeability (mV/V) with Geology Western Atlas Resources Inc. Meadowbank Area Project Nunavut Territory, Canada

GRID 1

! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ( ! ! ! ! ( ( ( ( ! ( 636000 636000 638000 638000 640000 640000 7178000 7178000 ! ( ! ( ! ( ! ( ! ( ! ! ! ! ! ! ( ( ( ( ( (! ( ! !! ( (( ! ( ! ( 642000 642000 644000 644000 7178000 7178000

GRID 2 GRID 3

GRID 1 GRID 2

0.5 1 Km 0.5 1 Km 2017-2018 Grab Samples Au (g/t) ! ( 0.015 - 0.050 ! ( 0.051 - 0.100 ! ( 0.101 - 1.000 ! ( 1.001 - 2.500 ! ( 2.501 - 100.000 13.3 1.02 0.68 2.06 5.65 0.63 0.68 13.3 1.02 6.89 0.87 ! ( ! ( ! ( 642000 642000 644000 644000 7180000 7180000

GRID 3

0.5 1 Km 2.8 3.4 4.0 4.6 5.1 5.7 6.3 6.9 7.5 8.1 8.6 9.2 9.8 10.4 11.0 11.6 12.2 12.7 13.3 13.9 14.5 15.1 15.7 16.2 16.8 17.4 18.0 18.6 19.2 19.7 20.3 20.9 21.5 22.1 22.7 23.2 23.8 24.4 mV/V Grid 3 15.4 15.8 16.2 16.5 16.9 17.3 17.7 18.1 18.5 18.8 19.2 19.6 20.0 20.4 20.8 21.2 21.5 21.9 22.3 22.7 23.1 23.5 23.8 24.2 24.6 25.0 25.4 25.8 26.2 26.5 26.9 27.3 27.7 28.1 28.5 28.8 29.2 29.6 mV/V Grid 1 15.6 16.3 16.9 17.6 18.2 18.8 19.5 20.1 20.8 21.4 22.1 22.7 23.3 24.0 24.6 25.3 25.9 26.5 27.2 27.8 28.5 29.1 29.7 30.4 31.0 31.7 32.3 32.9 33.6 34.2 34.9 35.5 36.2 36.8 37.4 38.1 38.7 39.4 mV/V Grid 2
slide-30
SLIDE 30

Western Atlas Resources Inc.

(TSX-V: WA) 1700 - 666 Burrard Street Vancouver, BC V6C 2X8, Canada

www.westernar.com email: info@westernar.com

The image part with relationship ID rId3 was not found in the file.