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.
2023 Reserves 2022 Reserves
Tonnes
(000)		 Grade
(g/t Au)		 Ounces
(000)		 Tonnes
(000)		 Grade
(g/t Au)		 Ounces
(000)
Eagle River
Proven 247 20.43 162 139 14.10 63
Probable 452 15.94 232 614 16.70 331
Stockpile & Inventory 17 11.27 6 9 22.20 6
Total 716 17.38 400 762 16.33 400
Kiena
Proven 62 9.57 19 53 8.49 14
Probable 1,995 11.08 711 1,605 11.47 592
Stockpile & Inventory 4 6.94 1 - - -
Total 2,061 11.03 731 1,658 11.38 606
Wesdome
Proven 309 18.25 182 192 12.59 78
Probable 2,447 11.98 943 2,219 12.93 923
Stockpile & Inventory 21 10.41 7 9 22.23 6
Total 2,778 12.67 1,131 2,412 12.98 1,007
  1. Mineral Reserves are reported above 4.01 g/t cut-off grade for Kiena Deep, 3.35g/t cut-off grade for Presqu’île and 6.58 g/t for Eagle River.
  2. Mineral Reserves demonstrated economic viability with the following parameters:
    • A gold price of $1,848 (US$1,400) per ounce for the Reserves, with a USD:CAD exchange rate of 1.32.
    • The minimum mining width used at Kiena is 2.1m and Eagle River is 1.5m.
    • External dilution at Kiena varied from 0.25m to 2.0m for stope walls depending on the host rock type. At Eagle River, an additional 0.5m to 0.75m is external to the footwall and hanging wall stopes.
    • A dilution grade is used outside the vein only at Eagle River at 0.16g/t.
    • A mining recovery factor 90% is applied at Kiena and 95% at Eagle River.
    • The total cost per tonne at Kiena is $234/t and $370/t at Eagle River.
    • 97% Mill recovery for Martin Zone is 97% and 98.3% for the Kiena Deep Zones. At Eagle River, mill recovery is 97.0%.
    • 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, BZA2 and Sneak lenses.
  4. At Kiena, stopes including 50% or more of Measured Resources were classified as a Proven Reserves. At Eagle River, Proven and Probable reserves are based on the block model classification.
  5. Mineral Reserves are classified and have been estimated in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (the “CIM Definition Standards”, adopted by CIM Council on May 10, 2014).
  6. Mineral Reserves have been depleted for mining as of December 31, 2023.
  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, 2023 are set out in the table below, and are compared with the gold mineral resources for the prior corresponding period.

2023 Resources 2022 Resources
Tonnes
(000)		 Grade
(g/t Au)		 Ounces
(000)		 Tonnes
(000)		 Grade
(g/t Au)		 Ounces
(000)
Eagle River
Measured 201 10.8 70 176 14.2 80
Indicated 570 9.6 176 290 11.3 106
Total M&I 771 9.9 246 466 12.4 186
Inferred 2,858 3.8 349 2,883 4.4 402
Kiena
Measured 52 7.0 12 45 7.8 11
Indicated 472 4.6 70 926 5.1 153
Total M&I 525 4.8 81 971 5.3 164
Inferred 3,213 5.6 579 3,498 5.9 668
Wesdome
Measured 253 10.1 82 221 12.8 91
Indicated 1,042 7.3 246 1,216 6.6 259
Total M&I 1,296 7.8 327 1,437 7.6 350
Inferred 6,071 4.8 928 6,381 5.2 1,070

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 Mine are considered for underground extraction and include ore grade and waste material within potentially mineable volumes. Kiena's mineral resource is reported below the 100m 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 m (t/m3) was applied at Kiena and 2.7 tonnes per cubic m (t/m3) at Eagle River and Mishi
  5. Resources at Kiena Mine are reported using a 2.97 g/t Au cut-off grade for Kiena Deep, S50, Zone B and K109 zones; at Presqu’île, Dubuisson, Martin and Wish Zones, a cut-off grade of 2.42g/t was applied with Northwest, South, VC 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:
    • Gold price of $2,244 (US$1,700) per ounce, a USD/CAD exchange rate of 1.32.
    • Cost per tonne of $172/t milled for Presqu’île and $211/t milled for all other zones at Kiena.
    • 98.5% mill recovery.
  8. Economic parameters for the determination of the cut-off grade for Eagle River include:
    • Gold price of $2,244 (US$1,700) per ounce, a USD/CAD exchange rate of 1.32.
    • Cost per tonne of $299/t milled.
    • 97% mill recovery.
    • Royalty of 2%.
    • Mishi resources remain unchanged from December 31, 2022.
  9. Mineral resources are classified and have been estimated in accordance with CIM Definition Standards .
  10. As required by reporting guidelines, rounding may result in apparent summation differences between tonnes, grade, and metal content.