The Company’s gold mineral reserves effective December 31, 2023 are set out in the table below, and are compared with the gold mineral reserves for the prior corresponding period.
2024 Reserves 2023 Reserves
Tonnes
(000)		 Grade
(g/t Au)		 Ounces
(000)		 Tonnes
(000)		 Grade
(g/t Au)		 Ounces
(000)
Eagle River
Proven 433 15.6 217 247 20.43 162
Probable 794 10.4 265 452 15.94 232
Stockpile & Inventory 8 17.8 5 17 11.27 6
Total 1,235 12.3 487 716 17.38 400
Kiena
Proven 305 11.0 107 62 9.57 19
Probable 2,076 8.9 592 1,995 11.08 711
Stockpile & Inventory 10 5.6 2 4 6.94 1
Total 2,391 9.1 701 2,061 11.03 731
Wesdome
Proven 738 13.7 324 309 18.25 182
Probable 2,870 9.3 857 2,447 11.98 943
Stockpile & Inventory 18 10.9 6 21 10.41 7
Total 3,626 10.2 1,188 2,778 12.67 1,131
  1. Mineral reserves are reported above 4.53 g/t cut-off grade for Kiena Deep, 3.35g/t for Presqu’île, 3.95 g/t for Dubuisson, and 5.14 g/t for Eagle River.
  2. Mineral reserves demonstrated economic viability with the following parameters:
    • a gold price of $2,025 (US$1,500) per ounce for mineral reserves with a USD: CAD exchange rate of 1.35
    • the minimum mining width used at Kiena is 2.0 m and Eagle River is 1.5 m
    • external dilution at Kiena varied from 0.25 m to 2.0 m for stope walls depending on the host rock type. At Eagle River, an additional 0.5 m to 0.75 m is external to the footwall and hanging wall stopes
    • a dilution grade is used outside the vein only at Eagle River at 0.16 g/t
    • a mining recovery factor of 90% is applied at Kiena and 95% at Eagle River
    • total cost per tonne at Kiena ranges from $240/t to $290/t, and $370/t at Eagle River
    • mill recovery is 97% and 98.5% for Presqu’île and Kiena Deep zones, respectively. At Eagle River, mill recovery is 97.7%
    • A bulk density factor of 2.8 tonnes per cubic m (t/m3) at Kiena and 2.7 (t/m3) at Eagle River.
  3. The Kiena Deep Zone incorporates, A, A1, A2, H1ZA, BZA1, and BZA2.
  4. At Kiena, proven mineral reserves are classified from measured mineral resources when 50% of the tonnes/grade are confirmed by development. At Eagle River, proven and probable mineral reserves are based on the block model classification.
  5. Mineral reserves are classified and have been estimated in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”).
  6. Mineral reserves have been depleted for mining as of December 31, 2024.
  7. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and metal content.

The Company’s gold mineral resources effective December 31, 2024 are set out in the table below, and are compared with the gold mineral resources for the prior corresponding period.

2024 Resources 2023 Resources
Tonnes
(000)		 Grade
(g/t Au)		 Ounces
(000)		 Tonnes
(000)		 Grade
(g/t Au)		 Ounces
(000)
Eagle River
Measured 250 11.6 93 201 10.8 70
Indicated 557 7.5 135 570 9.6 176
Total M&I 806 8.8 228 771 9.9 246
Inferred 2,749 2.6 229 2,858 3.8 349
Kiena
Measured 58 10.2 19 52 7.0 12
Indicated 789 5.4 138 472 4.6 70
Total M&I 847 5.8 158 525 4.8 81
Inferred 2,536 5.0 411 3,213 5.6 579
Wesdome
Measured 308 11.3 112 253 10.1 82
Indicated 1,346 6.3 271 1,042 7.3 246
Total M&I 1,653 7.3 386 1,296 7.8 327
Inferred 5,286 3.8 640 6,071 4.8 928

Note:

  1. Mineral resources are reported exclusive of mineral reserves; mineral resources that are not mineral reserves do not have demonstrated economic viability.
  2. Mineral resources at Kiena and Eagle River are considered for underground extraction and include ore grade and waste material within potentially mineable volumes. Kiena's mineral resource is reported below the 100 m crown pillar.
  3. Eagle River inferred resources include a Mishi open pit inventory of 120koz at 1.6 g/t constrained within a conceptual pit design.
  4. A bulk density factor of 2.8 tonnes per cubic metre (t/m3) was applied at Kiena and 2.7 tonnes per cubic metre (t/m3) at Eagle River and Mishi.
  5. Resources at Kiena are reported using a 3.14 g/t Au cut-off grade for Kiena Deep, S50, VC, B and K109 zones at 2.97g/t Au cut-off; at Presqu’île, a cut-off grade of 2.52g/t Au with Dubuisson at 2.62g/t Au; for Martin and Wish zones, a cut-off grade of 2.42g/t was applied, with Northwest, South, and Wesdome zones being reported at a cut-off grade of 3.2g/t.
  6. The cut-off grade for resources reported at Eagle River mine was 4.38g/t and 0.52g/t at Mishi.
  7. Economic parameters for the determination of the resource cut-off grade for Kiena include:
    • a gold price of $2,430 (US$1,800) per ounce, a USD: CAD exchange rate of 1.35
    • cost per tonne of $190/t milled for Presqu’île, $197/t milled for Dubuisson, and $240/t milled at Kiena Deep
    • 98.5% mill recovery for Kiena Deep; 97.0% for Presqu’île and Dubuisson
  8. Economic parameters for the determination of the cut-off grade for Eagle River include:
    • a gold price of $2,295 (US$1,700) per ounce, a USD/CAD exchange rate of 1.35
    • cost per tonne of $299/t milled
    • 97.7% mill recovery
    • royalty of 2%
    • Mishi resources remain unchanged from December 31, 2023.
  9. Mineral resources are classified and have been estimated in accordance with the CIM Standards.
  10. As required by reporting guidelines, rounding may result in apparent summation differences between tonnes, grade, and metal content.