Kopsa. Mineral deposit type. Dimension. Holder history. Mineral Deposit Report Page 1 OF Geological Survey of Finland

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1 Mineral Deposit Report Page 1 OF Kopsa Alternative Names: Kopsankangas Occurence type: deposit Commodity Rank Total Total production Total resource Importance measure 1 13,25 t 13,25 t Medium sized deposit copper t t Small deposit silver 4 36,47 t 36,47 t Occurrence sulphur 5 Easting EUREF: ,297 Easting YKJ: Northing EUREF: ,486 Northing YKJ: Discovery year: 1939 Province: Laivakangas (Au, Cu) References: 5, 10, 12, 13, 15, 16, 17, 20, 21, 22, 24 Mineral deposit type Group: Metallogenic deposit Main type: Felsic (magmatic hydrothermal) Sub type 1: Porphyry References: 9, 11, 12 Group: Metallogenic deposit Main type: Orogenic (metamorphic hydrothermal) Comments: Details in outcrops suggest that the porphyry mineralisation is, possibly, overprinted by an epigenetic Au mineralisation under a brittle regime of deformation. References: 9, 11, 12 Dimension Expression: exposed Area (ha): Form: discordant Dip azim: Shape: Dip: 10 Length (m): 800 Plunge azim: Width (m): 450 Plunge dip: Thickness (m): Orientation method: Depth (m): 210 Dimension comments: The deposit is open at depth. Holder history Current holder: Belvedere Resources Ltd Years:

2 Mineral Deposit Report Page 2 OF Holding type: Claim (old law) Previous holders: Company Years Holding type Comments Baltic Minerals Finland Oy Outokumpu Oy

3 Mineral Deposit Report Page 3 OF EXPLORATION ACTIVITY Belvedere Resources Ltd Years Activity type Geologist Exploration result Ref percussion drilling 7 Core drilling (reconnaissance drilling): 12 diamond-drill holes, total m percussion drilling 1, 2, 3 48 vertical, 5-m long, percussion holes apart in three profiles detailed geophysics 1, 2, core drilling 1, 2, 3, 6, 7 Core drilling (reconnaissance drilling): 19 diamond-drill holes. Intersections Length 30,3m 1,5ppm copper 0,16% Length 60m 0,1ppm copper 0,1% Length 9,4m 2,25ppm copper 0,25% Length 3,6m 4,8ppm copper 1,9% silver 103ppm Length 43,4m 0,16ppm Length 27,7m 3,06ppm Length 46,5m 1,1ppm copper 0,14% 3

4 Mineral Deposit Report Page 4 OF Baltic Minerals Finland Oy Years Activity type Geologist Exploration result Ref core drilling 6, 8, 11, 12, diamond- and 32 RC-drill holes, 4149 m and 2111 m. Intersections Length 131,8m 0,17ppm copper 0,17% Length 94m 0,4ppm copper 0,4% Length 10,6m 4,35ppm copper 0,47% Length 51,6m 0,28ppm copper 0,28% Length 51m 2,47ppm copper 0,28% Length 4m 0,06ppm copper 0,06% percussion drilling 6, 8, 11, 12 About 700, 7-10 m long, percussion drilling holes detailed geology 6, 8, 11, detailed geophysics 6, 8, 11, excavation 6, 8, 11, regional geochemistry 6, 8, 11, 12 As, Au, Bi, and Te anomalies in till. Years Activity type Geologist Exploration result Ref core drilling 18 Diamond-drill holes in an irregular setting, m apart, total 1256 m. 4

5 Mineral Deposit Report Page 5 OF Intersections Length 4m copper 0,9% silver 42ppm 0,7ppm Length 2,6m copper 0,75% silver 73ppm 1,4ppm detailed geology 10, regional geochemistry 10, detailed geophysics 3, 4, 18 IP and other electric methods define several anomalies in the area; the IP anomalies have the best response to the deposit. Outokumpu Oy Years Activity type Geologist Exploration result Ref ore beneficiation P Haapala, M Isohanni, G 9, 10, 13, 14, 25 tests core drilling P Haapala, M Isohanni, G Core drilling (reconnaissance drilling): 29 drill holes regional geochemistry P Haapala, M Isohanni, G 9, 10, 13, 14, detailed geology P Haapala, M Isohanni, G percussion drilling P Haapala, M Isohanni, G excavation P Haapala, M Isohanni, G 9, 10, 13, 14, 25 9, 10, 13, 14, 25 9, 10, 13, 14, 25 Years Activity type Geologist Exploration result Ref regional geophysics key geological features Low-altitude airborne magnetic, electromagnetic and radiometric survey Outokumpu Oy 5

6 Mineral Deposit Report Page 6 OF Years Activity type Geologist Exploration result Ref excavation P Haapala, M Isohanni, G 9, 10, 13, 14, regional geochemistry ore beneficiation tests P Haapala, M Isohanni, G P Haapala, M Isohanni, G 9, 10, 13, 14, 25 9, 10, 13, 14, core drilling P Haapala, M Isohanni, G percussion drilling P Haapala, M Isohanni, G detailed geology P Haapala, M Isohanni, G percussion drilling P Haapala, M Isohanni, G 200 percussion drill holes. 9, 10, 13, 14, 25 9, 10, 13, 14, 25 9, 10, 13, 14, 25 9, 10, 13, 14, ore beneficiation tests P Haapala, M Isohanni, G 9, 10, 13, 14, detailed geology P Haapala, M Isohanni, G 9, 10, 13, 14, core drilling P Haapala, M Isohanni, G 9, 10, 13, 14, 25 Core drilling (reconnaissance drilling): 50 diamond-drill holes regional geochemistry P Haapala, M Isohanni, G 9, 10, 13, 14, excavation P Haapala, M Isohanni, G core drilling P Haapala, M Isohanni, G 16 diamond holes drilled percussion drilling P Haapala, M Isohanni, G excavation P Haapala, M Isohanni, G 9, 10, 13, 14, 25 mineral resource indicated 9, 10, 13, 14, 21, 25 9, 10, 13, 14, 25 9, 10, 13, 14, ore beneficiation tests P Haapala, M Isohanni, G 9, 10, 13, 14, detailed geology P Haapala, M Isohanni, G 9, 10, 13, 14, 21, regional geochemistry P Haapala, M Isohanni, G 9, 10, 13, 14, 25 6

7 Mineral Deposit Report Page 7 OF Years Activity type Geologist Exploration result Ref detailed geology 10, core drilling 10, regional geochemistry 10, detailed geophysics 3, 4, 18 IP and other electric methods define several anomalies in the area; the IP anomalies have the best response to the deposit. Outokumpu Oy Years Activity type Geologist Exploration result Ref core drilling P Haapala, M Isohanni, G 18 Core drilling (reconnaissance drilling): three diamond-drill holes ore beneficiation tests P Haapala, M Isohanni, G 9, 10, 13, 14, core drilling P Haapala, M Isohanni, G mineral resource indicated 9, 10, 13, 14, 21, 25 In total, 44 shallow holes drilled resulting in the first mineral resource for Kopsa: 120,000 2 ppm Au detailed geology P Haapala, M Isohanni, G 9, 10, 13, 14, 21, regional geochemistry P Haapala, M Isohanni, G 9, 10, 13, 14, percussion drilling P Haapala, M Isohanni, G excavation P Haapala, M Isohanni, G 9, 10, 13, 14, 25 9, 10, 13, 14, 25 Years Activity type Geologist Exploration result Ref detailed geology 10, 18 First glacial erratic boulders found in 1937, this was followed by the discovery of the occurrence in outcrop detailed geophysics 3, 4, 18 IP and other electric methods define several anomalies in the area; the IP anomalies have the best response to the deposit. 7

8 Mineral Deposit Report Page 8 OF regional geochemistry 10, core drilling 10 Core drilling (reconnaissance drilling): 44 diamond-drill holes. Figures Secondary anomaly: 8

9 Mineral Deposit Report Page 9 OF Secondary anomaly: 9

10 Mineral Deposit Report Page 10 OF Secondary anomaly: 10

11 Mineral Deposit Report Page 11 OF RESOURCES AND RESERVES Most recent Type: Company: Year: Date: Calc Method: Reference: Resource Belvedere Resources Ltd 2013 NI Comments: Effective date 02 October Category: Measured mineral resource Tonnage: 11,5 Mt 0,83 ppm copper 0,15 % silver 2,17 ppm Cutoff: Category: Indicated mineral resource Tonnage: 2,2 Mt 0,7 ppm copper 0,15 % silver 2,08 ppm Cutoff: Category: Inferred mineral resource Tonnage: 2,7 Mt 0,8 ppm copper 0,2 % silver 2,57 ppm Cutoff: Category: Measured, indicated and inferred mineral resource Tonnage: 16,4 Mt 0,808 ppm copper 0,158 % silver 2,224 ppm Cutoff: Previous calculations Type: Company: Year: Date: Calc Method: Reference: Resource Belvedere Resources Ltd 2009 JORC code Category: Indicated and inferred mineral resource Tonnage: 8,48 Mt 0,98 ppm silver 4 ppm copper 0,16 % sulphur 1 % Cutoff: Type: Company: Year: Date: Calc Method: Reference: Resource Outokumpu Oy 1982 Non-compliant resource estimate 13 Category: Poorly estimated mineral resource, poorly documented Tonnage: 25 Mt 11

12 Mineral Deposit Report Page 12 OF copper 0,18 % silver 4 ppm 0,57 ppm Cutoff: Category: Poorly estimated mineral resource, poorly documented Tonnage: 1,1 Mt copper 0,57 % 1,9 ppm silver 4 ppm Cutoff: Comments: Part of main estimation 12

13 Mineral Deposit Report Page 13 OF GEOLOGY Host rock: Tonalite, Quartz vein, Mica schist Tonalite (Host rock) Rock type: Host rock Proportion: major Grain size: Color: References: 9, 10, 11, 12, 18, 19, 25 Comments: The mineralisation is of stockwork type with numerous cross-cutting quartz veins and is formed of two gently-dipping or nearly flat lodes within the tonalite. Extensive systems of arsenopyrite- and chalcopyrite-bearing quartz stockwork veining with Cu and Fe sulphides disseminated in wallrock, forming at least two major zones. Ore minerals: Mineral Proportion Mineral texture Arsenopyrite major Dissemination Bismuth minor Dissemination Bornite minor Dissemination Chalcopyrite major Dissemination Cubanite minor Dissemination Gold minor Dissemination Mostly free grains of native Au with quartz, only a small volume of is in arsenopyrite. Most or all of the is in quartz veins and veinlets. Löllingite minor Dissemination Marcasite minor Dissemination Molybdenite minor Dissemination Pyrite minor Dissemination Pyrrhotite major Dissemination Sphalerite minor Dissemination Stannite minor Dissemination Sulphohalite minor Dissemination Other minerals: Mineral Proportion Mineral texture Biotite present Hornblende present Microcline present Plagioclase present Quartz present Scheelite present Structures Veined Textures Porphyritic 13

14 Mineral Deposit Report Page 14 OF Alteration: Distribution: Degree: Relation to mineralization: carbonate alteration silicification Strong Comments: Silicification is significant in the style of alteration. Metamorphic description: Type: Facies: Degree: Relation to mineralization: Regional amphibolite medium metamorphic facies metamorphic grade Comments: Plagioclase(-microcline)-quartz-biotite-hornblende. Geological age: Min P- Max P (kbar) MIn T- Max T ( C) Geological era: Paleoproterozoic ( Ma) Max age - Minage Inferred age (Ma): Age of mineralization: (Ma): N Quartz vein (Host rock) Rock type: Host rock Proportion: minor Grain size: Color: References: 12, 19 Comments: Quartz vein network with an apparently inconsistent continuity Mica schist (Host rock) Rock type: Host rock Proportion: minor Grain size: Color: References: 9, 10, 18, 25 Alteration: Distribution: Degree: Relation to mineralization: biotite alteration Comments: In the mica schist, K alteration is displayed by formation of biotite and muscovite. Metamorphic description: Type: Facies: Degree: Relation to mineralization: Regional amphibolite medium metamorphic facies metamorphic grade Comments: Quartz-plagioclase-biotite-muscovite-sillimanite-cordierite-K feldspar. Min P- Max P (kbar) MIn T- Max T ( C) Figures 14

15 Mineral Deposit Report Page 15 OF Regional geology: 15

16 Mineral Deposit Report Page 16 OF Regional geology: 16

17 Mineral Deposit Report Page 17 OF Ore outcrop: Plan view: 17

18 Mineral Deposit Report Page 18 OF Plan view: 18

19 Mineral Deposit Report Page 19 OF Regional geology: 19

20 Mineral Deposit Report Page 20 OF REFERENCES 1. Belvedere Resources Ltd Press release 03/09/ Belvedere Resources Ltd Press release 17/03/ Belvedere Resources Ltd Press release 21/02/ Belvedere Resources Ltd Press release 20/04/ Belvedere Resources Ltd Press release 22/01/ Belvedere Resources Ltd Press release 11/01/ Belvedere Resources Ltd Press release 13 June Chakraborty, S. (1997) Personal communication 1/10/ , G. & Isohanni, M Characteristics of igneous intrusions and various wall rocks in some Precambrian porphyry copper-molybdenum deposits in Pohjanmaa, Finland. Economic Geology, 74, Gaál, G., Raportti Haapajärven Kopsan ja Vehkan tutkimuksista vuosina Outokumpu Oy, Malminetsintä, Unpublished report 001/2344/GG/ p. (in Finnish) Glenmore Highlands Inc Initial assay results from Kopsa diamond drilling program. Press release 9/12/ Glenmore Highlands Inc Progress on Kopsa property. Press release18/8/ Isohanni, H Kaivoslain 19 pyk. mukainen tutkimustyöselostus: Haapajärvi, Kopsa. Outokumpu Oy, Report 080/2344/MAI/82. 3 p. (in Finnish) Karvonen, T Kaivospiirien Kopsa ja Vehka, kaivosrekisterinumerot 2331/1,2, hylkäämisilmoitus. A letter from Outokumpu Oy to the Ministry of Industry and Trade. 2 p. (in Finnish) 15. Korsman, K. (ed.) & Glebovitsky, V. (ed.) Raahe-Ladoga Zone structure-lithology, metamorphism and metallogeny: a Finnish-Russian cooperation project Map 2: Metamorphism of the Raahe-Ladoga Zone 1: Mäkelä, M., Sandberg, E. & Rantala, O Geochemical exploration of -bearing veins associated with granitoids in western Finland. In: D. R. MacDonald & K. A. Mills (eds) Prospecting in Areas of Glaciated Terrain : Papers presented at the Eighth International Symposium on Prospecting in Areas of Glaciated Terrain, Halifax, Nova Scotia, August 28 - September 3, 1988: Canadian Institute of Mining and Metallurgy

21 Mineral Deposit Report Page 21 OF Mäkelä, M., Sandberg, E. & Rantala, O Proterozoic, -bearing vein occurrences associated with the granitoids in western Finland. In: A. D. T. Goode et al. (comp.) Bicentennial Gold 88, Melbourne, Victoria, May 16-20, 1988: Extended abstracts. Poster programme. 1. Geological Society of Australia. Abstracts Series 23, Nikander, J Tutkimustyöselostus Haapajärven kunnassa valtausalueella Kopsa 1, kaiv. rek. n:o 3665/1 suoritetuista kuparimalmitutkimuksista., Report M06/2344/- 86/1/ p. (in Finnish) 19. Nurmi, P. A., Lestinen, P. & Niskavaara, H Geochemical characteristics of mesothermal deposits in the Fennoscandian Shield, and a comparison with selected Canadian and Australian deposits., Bulletin p Nurmi, P.A Applications of lithogeochemistry in the search for Proterozoic porphyry-type molybdenum, copper and deposits, southern Finland., Bulletin p Pehkonen, E Hituran ympäristön tutkimuksista karttalehdillä 2344 ja Outokumpu Oy, Report 001/2344, 2343/EOF/ p. (in Finnish) 22. Pym, D. & Strauss, T Kuusamo Au-Co project, Finland. FEM2005 Congress, Rovaniemi, 1-2. Dec SRK Consulting AB Preliminary economic assessment for the Kopsa copper- deposit, Finland. Prepared for Belvedere Resources Ltd. 24. Strauss,T., Kopsa claims. Report on exploration activities. 21st December, 1999, Glenmore Highlands Inc. 39 p, 30 fig./app Weihed, P. & Mäki, T Volcanic hosted massive sulfide deposits and deposits in the Skellefte district and Western Finland., Guide p. 21