Technical Report on the Parkin Offset Joint Venture (POJV) Project Located near Sudbury, Ontario

Transcription

1 Technical Report on the Parkin Offset Joint Venture (POJV) Project Located near Sudbury, Ontario Including the Milnet, Parkin, CBA Parkin, and Parkin East Properties Prepared for: Wallbridge Mining Company Limited Prepared by: Joshua Bailey, P.Geo. Effective Date: December 31, 2013

2 TABLE OF CONTENTS Table of Contents... 2 List of Tables... 3 List of Figures Executive Summary Introduction Reliance on Other Experts Property Description and Location Accessibility, Climate, Local Resources, Infrastructure and Physiography History Geological Setting and Mineralization Deposit Types Exploration Drilling Sample Preparation, Analyses, and Security Data Verification Mineral Processing and Metallurgical Testing Mineral Resource Estimates Mineral Reserve Estimation Adjacent Properties Other Relevant Data and Information Interpretation and Conclusions Recommendations References Signature Page Certificate of Qualified Persons Page 2 of 55

3 LIST OF TABLES Table 1. Summary of Claims, Leases and Patents Table 2. Significant Intersections within the Parkin Resource Table 3. Significant intersections below the Parkin Resource Table 4. Recent discoveries in Sudbury with greater than 1 million ounces of PGEs Table 5. Significant Intersections from Northbridge Drilling Table 6. Results of Falconbridge Chip Samples (Parkin Property) Table Parkin Surface Sample Assays Table 8: Summary of Significant Drill Intersections by Champion Bear Table 9. Summary of Wallbridge drill holes on the Property Table 10: Mineral Resources On The Parkin Property WGM Estimate Table 11. Reserves and Resources estimates at the adjacent Podolsky Project (Farrow et al., 2009) Table 12. Two phase recommended work program LIST OF FIGURES Figure 1. The Parkin Offset Joint Venture Project Figure 2. Sudbury Igneous Complex and Offset Dykes (Ames and Farrow, 2007) Figure 3. Geology and Mineralisation of the Parkin Offset dyke Figure 4. Long section section of the Copper Cliff Offset dyke (Farrow and Lightfoot, 2002) Figure 5. Long Section of the Victoria deposit (Frayne, 2013) Figure 6. Northwest facing longitudinal section of the Parkin Offset dyke on the Glencore Parkin and CBA Parkin (South Block) properties. The near surface Parkin Resource is shown (red polygon) as well as drill hole dyke pierce points and the trace of the Parkin Fault. EM plates and un-modelled EM responses are shown and significant mineralized intersections are labelled Page 3 of 55

4 1. EXECUTIVE SUMMARY Introduction The Parkin Offset properties (the Property ) are located in the Sudbury Mining District, in the northeast corner of the Sudbury structure near Sudbury, Ontario. The Property is being explored for platinum group metals, copper, nickel and gold by the Parkin Offset Joint Venture between Wallbridge Mining Company Limited ( Wallbridge ) and Impala Platinum Holdings Limited. This report was prepared for Wallbridge to summarize the results of exploration on the Property to December 31st, 2013, and to make recommendations for further work. Property Description and Location The Property includes four land packages in Parkin and Norman Townships within the City of Greater Sudbury, Ontario, Canada: Wallbridge's Milnet property; Wallbridge's Glencore Parkin property; Wallbridge's CBA Parkin properties; and Wallbridge s Parkin East property. As of the effective date, these included 49 mining claims, 12 mining leases and 4 patents covering 2, hectares. Geological Setting and Mineralization The Property is underlain by 9.5 kilometres of the Parkin Offset dyke on the northeast corner of the Sudbury basin. The Parkin quartz diorite offset dyke is sub-vertical, or dips very steeply to the east, and has a width of 45 to 135 m. South of the Milnet mine the dyke strikes 033. At Milnet, and near the southern boundary of the CBA Parkin north block the dyke follows two left-stepping (northwest trending) flexures, each for about 250 m. The dyke is not continuous along the NW flexure trends with the pinched terminations interpreted to be a structural control on the Milnet mine mineralization. North of these flexures, the dyke is between 30 and 90 metres thick and strikes for several kilometres at 015. The dyke includes quartz diorite as well as inclusion quartz diorite and meta-breccia. Nickel, copper, PGE sulfide mineralization within Offset dykes in Sudbury occurs associated with inclusion bearing phases of quartz diorite ( IQD ) and meta-breccia and is often concentrated within structural traps in the dykes such as vertical or horizontal pinches/terminations, bends in the dyke, splays/convergences of the dyke, along margins or pressure shadows of large blocks caught up in the dyke (particularly coarse mafic blocks). Mineralization at Parkin includes zones of massive to stringer/disseminated zones of pyrrhotite, chalcopyrite, pyrite and pentlandite. The historic Milnet Mine, reports past production of 157,130 tons averaging 2.25 g/t platinum, 2.98 g/t palladium, 0.93 g/t gold, 1.49 % nickel and 1.54 % copper (Meyn, 1970). At the time of production, orebodies #1 and #2 were mined to a depth of approximately 150m. Drilling by the Joint Venture beneath the Milnet Mine discovered the Milnet 1500 zone in 2009, intersecting metres (1, , m) containing 8.00g/t TPM, 2.57% copper and 0.78% nickel. More recent drilling intersected 8.0 metres (1,473-1,481m) grading 4.32g/t TPM, 4.11% nickel, and 0.60% copper and in another hole metres ( m) containing 1.85 g/t TPM, 0.33 % nickel and 0.73 % copper. Modelling of Page 4 of 55

5 mineralized intersections and borehole electromagnetic geophysics indicates that the Milnet 1500 Zone is a minimum of 400 metres by metres with unknown true width and open. The full extent of the zone is not known and most of the dyke in the area has not been tested by drilling The Parkin Resource on the Glencore Parkin property (more fully described below) includes 5 zones along a strike length of ~750m and less than 200m from surface with combined Indicated Resources of 264,000 tonnes averaging 0.70% Cu, 0.65% Ni, 0.03% Co, 0.62g/t Pt, 0.80g/t Pd, 0.23g/t Au, and 6.3g/t Ag and combined Inferred Resources of 87,000 tonnes averaging 0.7% Cu, 0.4% Ni, 0.02% Co, 1.2g/t Pt,1.0 g/t Pd, 0.6 g/t Au, and 8.8 g/t Ag (Soever, 2002). A channel sample from the Brady Showing on the Champion Bear South Block returned 11.2% Cu, 0.6% Ni, 9.2g/t Pt, 4.3g/t Pd and 1.6g/t Au over 2.70 metres at surface. Anomalous gold values have also been intercepted on the Champion Bear south block, and include 44g/t Au over 1.4m ( m in WCB-006). Deposit Types Sudbury is one of the most significant mining districts in the world. Historical production over the past 125 years plus current reserves in Sudbury have been estimated at approximately 1.6 billion tonnes of ore containing over 60 million ounces of platinum group metals plus gold, over 40 billion pounds of nickel and over 35 billion pounds of copper (Eckstrand and Hulbert, 2007; Ames and Farrow, 2007, Lightfoot and Farrow, 2002). The Property is being explored for Offset dyke type deposits associated with the Parkin Offset dyke. Sudbury Offset dyke deposits account for a quarter to a third of all historic production in Sudbury and occur as massive and semimassive sulphide zones within multi-phase quartz diorite offset dykes that extend radially from and concentrically around the Sudbury Igneous Complex. Drilling To date, Wallbridge has completed 171 drill holes and wedge-cuts totalling 56,306 metres.. Mineral Resource Estimates The Glencore Parkin property includes the Parkin Resource with an estimated Indicated Resource of 264,000 tonnes grading 0.70% Cu, 0.65% Ni, 0.62g/t Pt, 0.80g/t Pd and 0.23 g/t Au, and an Inferred Resource of approximately 87,000 tonnes grading 0.7% Cu, 0.4% Ni, 1.2g/t Pt, 1.1g/t Pd and 0.6g/t Au (Soever, 2002; Watts, Griffis & McOuat Limited). These mineral resources occur at surface and above 200 metres depth This resource estimate was generated using available drill data and Gemcom software. Five mineralized zones were modelled using a minimum true width of 2.0m and an NSR cut-off grade of C$40/tonne. The NSR cut-off was calculated using US$0.80/lb copper, US$3.00/lb nickel, US$10/lb cobalt, US$450/oz platinum, US$400/oz palladium, US$270/oz gold, a $450/t smelter charge deduction and a concentration ratio of 30/(Cu%+Ni%). Grades were defined for each of the mineralized zones (block models) using a 35m search and an Inverse Distance Squared method with a sample minimum and maximum of 1 and 15, respectively. These searches were confined to the modelled solids. It is the author s opinion that the 2002 WMG resource estimate is current. As discussed in Section 25, several drill holes completed by Wallbridge in 2008 intersected significant nickel, copper and PGEs beneath the Parkin Resource with off-hole borehole EM responses that suggest continuity. There Page 5 of 55

6 is significant potential for additional drilling to increase and find additional resources at depth below and near the Parkin Resource. Interpretation and Conclusions In terms of metal endowment, infrastructure, community support and regulatory stability, Sudbury is the most attractive place in the world to explore for and develop large-scale copper, nickel and PGE mining projects. Despite over 125 years of mining in the Sudbury area, very large and high grade deposits continue to be discovered. The Parkin Offset Joint Venture covers 9.5kms of the Parkin Offset Dyke in Sudbury. Offset dykes are a primary ore hosting environment in the Sudbury basin, accounting for about one quarter of Sudbury s total mineral inventory. They are compelling exploration targets. Past production records from the Milnet Mine, the recent discovery of the Milnet 1500 Zone, the Parkin resource, and the Brady Showing (all discussed in previous sections) demonstrate that the Parkin Offset dyke is mineralized and has the potential for significant grades of PGEs along with copper, nickel and gold. Work to date includes reconnaissance scale drilling and borehole geophysics over large parts of the dyke with more detailed drilling and geophysics in several areas. Several specific priority target areas have been identified which are discussed below. The most compelling exploration target on the Property is the near surface potential to expand the Parkin Resource to depth on the Glencore Parkin property. Several significant intersections below the Parkin Resource are open laterally and to depth and are associated with off-hole BHEM conductors that have never been drill tested. Detailed geological modelling in 2013 identified the potential for 3-5 million tonnes to be found above 500 metres depth in this area. Below that, the area is wide open and further significant tonnage is possible. This target is conceptual in nature, is based on the size of the untested area, the nature of nearby mineralization in the Parkin Resource, the unexplained conductors and examples of similar Offset dyke deposits elsewhere in Sudbury. The target is not necessarily indicative of mineralisation on the Property and there has been insufficient work on the property to determine whether deposits of this size exist. Further drilling and borehole geophysics is necessary to test this potential. The high grade Milnet 1500 Zone is also open in almost every direction and is a similarly compelling target. It should be recognized that there are very few intersections of the Parkin Offset dyke below the recently identified Parkin Fault. The nature of the Parkin Offset dyke and wall-rock at the Milnet 1500 Zone beneath the Parkin Fault differs significantly from that at the Milnet Mine above the Parkin fault. Significant displacement across the parkin Fault may have occurred. Our understanding of the dyke beneath the Parkin Fault is very limited and the potential is wide open. Significant more work is warranted to explore the large-scale discovery potential remaining on the property. These items are discussed in more detail below and recommendations are made for further work. Page 6 of 55

7 MILNET The Milnet 1500 Zone was originally identified in 2009 from BHUTEM in WMM-010 and WMM-010-W1. Follow-up drilling included the following intercepts: WMM-014 intersected 8.00g/t TPM, 2.57% Cu 0.78% Ni over metres; WMM-014-W1 intersected 2.46g/t TPM, 0.96% Cu, 0.44% and Ni over metres; WMM-014-W2 intersected 2.11g/t TPM, 1.05% Cu, 0.72% Ni over 8.00 metres; and 4.61g/t TPM, 0.42% Cu, 1.55% Ni over 1.47 metres; WMM-015 intersected 0.20g/t TPM, 0.09% Cu, 0.09% Ni over 23.10m; WMM-015-W2 intersected 4.32g/t TPM, 0.60% Cu, 4.11% Ni over 8.0 metres; and WMM-018-W3 intersected 3.14g/t TPM, 1.00% Cu, 0.74% Ni over 2.23m. The Milnet 1500 Zone occurs at 1500 metres depth under the Milnet Mine where the Parkin Offset dyke intersects the southern contact of a large Nipissing gabbro. Sulfide mineralization appears to be concentrated between a very large block of gabbro and the western contact of the dyke. Drilling and borehole geophysics have expanded the zone to a minimum of 400 metres by metres with an undetermined thickness. The zone is open in all directions and further drilling and geophysics is warranted. Target 1 is north of the Milnet Mine and up-dip of the northern extension of the Milnet 1500 zone. At the Milnet 1500 Zone, sulfide mineralisation appears to be structurally controlled at the intersection of the Parkin Offset dyke with a large Nipissing gabbro in the wall rock. Target 1 is the area where the Parkin Offset dyke intersects the northern (back) side of this gabbro. This is a very similar geological environment as Vale s Kelly Lake deposit in the Copper Cliff Offset dyke and Totten deposit in the Worthington Offset dyke, which are both located at the southern (back) contact with similar Nipissing gabbro bodies. Several deep drill holes with borehole geophysics are warranted to test this area. GLENCORE PARKIN As noted above, the most compelling exploration target on the Property is the near surface potential to expand the Parkin Resource to depth on the Glencore Parkin property. The Parkin Resource on the Glencore Parkin property includes 5 zones along a strike length of ~750m and less than 200m from surface with combined Indicated Resources of 264,000 tonnes averaging 0.70% Cu, 0.65% Ni, 0.03% Co, 0.62g/t Pt, 0.80g/t Pd, 0.23g/t Au, and 6.3g/t Ag and combined Inferred Resources of 87,000 tonnes averaging 0.7% Cu, 0.4% Ni, 0.02% Co, 1.2g/t Pt,1.0 g/t Pd, 0.6 g/t Au, and 8.8 g/t Ag (Soever, 2002). Several significant intersections below the Parkin Resource are open laterally and to depth and are associated with off-hole BHEM conductors that have never been drill tested. Detailed geological modelling in 2013 identified the potential for 3-5 million tonnes to be found above 500 metres depth in the Parkin Resource area. Below that, the area is wide open and further significant tonnage is possible. This target is conceptual in nature, is based on the size of the untested area, the nature of nearby mineralization in the Parkin Resource, the unexplained conductors and examples of similar Offset dyke deposits elsewhere in Sudbury. The target is not necessarily indicative of mineralisation on the Property and there has been insufficient work on the property to determine whether deposits of this size exist. Further drilling and borehole geophysics is necessary to test this potential. Page 7 of 55

8 CBA PARKIN Overall the CBA Parkin property has similar potential to the adjacent Glencore Parkin and Milnet properties. Detailed geological modelling should be completed to understand the structure of the dyke and wall rock in order to better target drilling. South Block The CBA Parkin South Block includes the high grade Brady showing at surface and several mineralized intersections at depth. A channel sample from the Brady Showing on the Champion Bear South Block returned 11.2% Cu, 0.6% Ni, 9.2g/t Pt, 4.3g/t Pd and 1.6g/t Au over 2.70 metres at surface. Anomalous gold values have also been intercepted on the Champion Bear south block, and include 44g/t Au over 1.4m ( m in WCB-006). Several deep drill holes have been completed with borehole geophysics. There is a near surface BHUTEM conductor that has not been properly tested. There is also a deep RIM anomaly that has not been explained which may represent mineralisation in the Parkin Offset dyke to side of the drill holes. It should be noted that the Parkin Offset dyke has not been tested below the Parkin Fault. North Block The CBA Parkin North Block includes a similar bend jog in the Parkin Offset Dyke as that seen at the Milnet Mine. At the Milnet Mine this jog seems to have an underlying structural control on the mineralisation and similar circumstance may occur at depth on the CBA Parkin North Block. PARKIN EAST No work has been completed by Wallbridge on the Parkin East property but there is potential for a splay of the Parkin Offset dyke to continue onto these claims. Reconnaissance geological mapping is recommended for some time in the future. Recommendations Significant further work is recommended to fully explore the Properties potential for mineable nickel, copper and platinum group element mineralization. A two phase work program is recommended totalling approximately $8,000,000. Phase one of the recommendations includes approximately $1.9M exploration directed completing the geological and geophysical modelling started in 2013, cleaning out and re-surveying a number of historical holes, and an initial drill program to test below the Parkin Resource on the Glencore Parkin property, in particular to test the offhole BHEM conductors associated significant mineralised intersections beneath the Parkin Resource. Phase two of the recommendations includes approximately $6M exploration directed at following up the results of Phase one, to determine the potential extent of mineralisation associated with the shallow off-hole BHEM conductor beneath the Brady showing on the CBA Parkin property, and to drill deeper geophysical platform holes to test the Glencore Parkin property and Milnet property to depth below the Parkin fault. Page 8 of 55

9 2. INTRODUCTION The Parkin Offset properties (the Property ) are located in the Sudbury Mining District, in the northeast corner of the Sudbury structure near Sudbury, Ontario. The Property is being explored for platinum group metals, copper, nickel and gold by the Parkin Offset Joint Venture between Wallbridge Mining Company Limited ( Wallbridge ) and Impala Platinum Holdings Limited ( Implats ). This report was prepared for Wallbridge to summarize the results of exploration on the Property to December 31st, 2013, and to make recommendations for further work. This report has been prepared in compliance with the requirements of National Instrument and Form F1. Joshua Bailey, M.Sc., P.Geo, Vice President Exploration for Wallbridge Mining Company Limited, is the author and Qualified Person responsible for the technical content of this report. The report is based on work carried out by the author and by Wallbridge personnel and contractors under the direct supervision of the author. The author has made numerous recent site visits to the Property, which is located less than an hour from Wallbridge s head office. A list of specific reference material is provided at the end of this report. Metric units are used throughout this report unless otherwise specified. Assay and analytical results are quoted in grams per tonne (g/t), parts per million (ppm), parts per billion (ppb) or weight percent (%). 1 g/t is equivalent to 1 ppm and 1000 ppb; 10,000 g/t is equivalent to 1%. Total precious metals (TPM) are the sum of platinum (Pt), palladium (Pd) and gold (Au) values returned for a sample. The abbreviation for copper is Cu and nickel is Ni. Conversion to grams per metric tonne (g/t) is done by multiplying troy ounces per short ton (Oz/t) by All dollar amounts are expressed in Canadian funds. 3. RELIANCE ON OTHER EXPERTS This report relies on information in Wallbridge s database which includes work by previous operators as documented by various reports. In addition, this report relies on information provided by third party contractors who have performed geophysical and analytical work for Wallbridge. Although the author has made reasonable effort to ensure data quality, it cannot absolutely guarantee the data integrity. Based on its review of third party data, Wallbridge has no reason to believe that any significant errors exist in the data which affect the conclusions and recommendations made. Page 9 of 55

10 Figure 1. The Parkin Offset Joint Venture Project Page 10 of 55

11 4. PROPERTY DESCRIPTION AND LOCATION The Property includes four land packages in Parkin and Norman Townships within the City of Greater Sudbury, Ontario, Canada: Wallbridge's Milnet property; Wallbridge's Glencore Parkin property (Parkin JV in Figure 1); Wallbridge's CBA Parkin properties; and Wallbridge s Parkin East property. As of the effective date, these included 49 mining claims, 12 mining leases and 4 patents covering 2, hectares (Figure 1). A complete listing of the parcels is provided in Table 1. THE PARKIN OFFSET JOINT VENTURE AGREEMENT The Property is the subject of the Option and Joint Venture Agreement ( the Agreement ) between Wallbridge and Implats dated August 19, 2008, which was amended September 28th, 2008 and April 2nd, In 2011, Implats completed the $6,200,000 expenditures required to earn a 50% interest in the Property. Implats may earn an additional 15% by funding a Feasibility Study. Wallbridge may request Implats fund its portion of development funding through to commercial production on a loan basis. THE MILNET OPTION AGREEMENTS The Milnet property was acquired in February 2000 when Wallbridge entered into two separate option agreements to acquire the Milnet surface and mining rights from Mr. J. Richardson and Ike Burns Metal Inc. The Richardson agreement involved the surface and mining rights for three patented parcels. Wallbridge purchased the Richardson leases in three annual payments of $10,000 from February 15, 2000 to The transfer of title occurred in the summer of 2003 and Wallbridge is now recorded as the current holder. The second agreement, known as the Ike Burns Metal Inc. Option, involved five leases. The agreement granted Wallbridge the right to purchase the leases on or before January 26, 2005 upon annual cash payments of $10,000 (year 1), $20,000 (years 2, 3 and 4), and $30,000 (year 5) and a 1.5% NSR. Purchase of the property occurred at the time of the final $30,000 payment on January 26, The leases are in good standing and are 100% held in the name of Wallbridge Mining Company. THE GLENCORE PARKIN PROPERTY OPTION AND JOINT VENTURE AGREEMENT Pursuant to an Option and Joint Venture Agreement made as of January 1, 2006, between Glencore (then Falconbridge Limited) and Wallbridge, Glencore holds a 1.5% net smelt return ( NSR ) royalty on the Glencore Parkin property which increases to 5% if ore is processed at a non-glencore treatment facility. Glencore also holds other certain rights on the Glencore Parkin property as follows: If a Feasibility Study defines a deposit with proven and probable reserves plus measured and indicated mineral resources containing greater than $750,000,000 of contained metal value (using US$ $4.50 Ni, $1.00 Cu, $15.00 Co, $700 Pt, $200 Pd, and $400 Au), then Glencore may increase its interest to 60% by incurring 200% of Wallbridge s total Expenditures incurred after January 1st, If Glencore exercises its option to acquire a 60% interest in the Wallbridge Glencore Parkin property in circumstances wherein Implats would otherwise have earned a 65% interest, the resulting Parkin Offset Joint Venture Interests in the Glencore Parkin property would be as follows: Page 11 of 55

12 Glencore 60% Implats 30% Wallbridge 10% Glencore also has a one-time option to earn a 50% interest in the Glencore Parkin property if Commercial Production is not achieved by January 1, 2016, by funding work on the Property until it incurs 200% of Wallbridge's total Expenditures incurred after January 1st, If Glencore exercises this one time option in circumstances wherein Implats would but for such an event have earned a 65% interest, the resulting Parkin Offset Joint Venture Interests in the Glencore Parkin property would be as follows: Glencore 50% Implats 32.5% Wallbridge 17.5% Glencore also retains the right to process nickel ores from the Glencore Parkin property at fair rates that take into account the cost structure and efficiencies of the designated facilities. For ores in which less than 33% of the contained metal value is contributed by nickel Wallbridge shall have the right to seek competitive bids for the processing of the ore, or to investigate the feasibility of partially or entirely processing the material itself. Glencore retains the right of first refusal to process non-nickel ores by matching the terms available to Wallbridge. CHAMPION BEAR PARKIN JOINT VENTURE AGREEMENT Pursuant to an option and joint venture agreement dated April 10, 2008, and amended June 8, 2009, Wallbridge acquired a 50% interest in the Champion Bear Resources Ltd. ( Champion Bear ) CBA Parkin property by making a $100,000 cash payment to Champion Bear, issuing Champion Bear 263,158 common shares of Wallbridge and incurring exploration expenditures on the Champion Bear Parkin Properties in the amount of $2,000,000 before August 19, Wallbridge may earn an additional 25% interest in the CBA Parkin property by completing at its cost a Definitive Feasibility Study on a deposit. The agreement provides the non-operator the option to request that the operator fund the non-operator s pro rata share of Expenditures on a project loan basis. Implats has vested a 50% interest in the CBA Parkin property. Should Implats increase their interest to 65% by funding a Feasibility Study, the CBA Parkin property would have the following ownership interests: Implats 65% Champion Bear 25% Wallbridge 10% The CBA Parkin property is also subject to an underlying Consent Agreement between Wallbridge, Champion Bear and John Brady dated September 30, 2010, and a related agreement between Champion Bear and John Brady dated September 30, 1998, and amended December 20, 1999, and August 2, John Brady holds a 2.5% NSR royalty on the CBA Parkin property, 60% of which may be acquired for $1.5 million at any time until the claims have been put into production. John Brady is also entitled to an advance royalty payment of $6,000 payable on March 30th and September 30th in each year that the claims have not been put into production or returned to John Brady; the advance royalty payments are deductible from future NSR royalty payments. John Brady s rights under the agreement pertain to the CBA Parkin property and a 400 metre radius surrounding the property, not including any mineral claims, leases, or patents existing as of September 30, Any claims intended to be dropped must be returned to John Brady with one year s good standing. Page 12 of 55

13 CALLINAN ROYALTY OPTION The Parkin East property is subject to a Master Agreement, First Option Agreement, and Second Option Agreement between Wallbridge and Callinan Royalties Corporation (Callinan), each dated December 12, Under these agreements, Callinan may purchase up to a 2% NSR royalty on the Parkin East property at any time during the option term by paying the following: For the first 1% NSR, $2M with an inflation adjustment, and For the second 1% NSR, a value equal to the after-tax NPV using a negotiated discount rate. Page 13 of 55

14 Table 1. Summary of Claims, Leases and Patents 1. Milnet Impala patents: legal description PID # map area area (ha) rights held holder work reserve 1 L5 C2 NW1/4 N1/2 (S5265) Parkin MSR WMCL 0 2 L6 C2 NE1/4 S1/2 & L Parkin MSR WMCL 88,859 C2 NW1/4 S1/2 (S5480 & S5481) Total ha $88,859 Note: - Lands purchased from J. F. Richardson, Feb. 4, 2000, subject to 1.5% NSR mining leases: legal description PID # map area area (ha) rights held holder lease expiry date lease number work reserve 3 S647601, S647202, Parkin MSR WMCL 31-Jul ,930,511 S647603, S S Parkin MSR WMCL 31-Jul Totals ha $3,930,511 Note: - lands purchased from Isaac Burns Metals Inc. Feb. 2, 2000, subject to 1.5% NSR Project totals ha $4,019,370 Land fees and payments: mining land tax - $ lease rental - $ municipal taxes - $1, $2, Parkin Impala mining leases: legal description PID # map area area (ha) rights held holder lease expiry date lease number work reserve 1 S Norman MSR WMCL 28-Feb S60119, S60120, S60121, Norman MSR WMCL 31-May S60122, S60123, S60124, S60125, S S Norman MSR WMCL 30-Jun S Parkin MSR WMCL 30-Sep S59645, S59646, S59647, Parkin MSR WMCL 31-Aug S59648, S S21893, S Parkin MSR WMCL 31-Mar ,613 7 S56865, S56866, S56867, Parkin MSR WMCL 31-May S56868, S56869, S56870, S56881, S S56862, S56863, S56864, S57460, S57461, S Parkin MSR WMCL 30-Jun ,651 Totals ha 812,264 patents legal description PID # map area area (ha) Rights held Holder work reserve L7 C6 NE1/4 of N1/2, Norman MSR WMCL 0 9 (former claim S3244) L6 C6 NW1/4 of N1/2, Norman MSR WMCL 0 10 (former claim S27567) Totals ha $0 Note: - JV agreement WMCL/Glencore (fmr Xstrata) January 1, recorded interests - WMCL 98.5% - Glencore 1.5% (treated as NSR) Land fees and payments: mining land tax - $ lease rental - $1, municipal taxes - $1, total $3, Project totals ha $812,264 Page 14 of 55

15 3. CBA Parkin Impala mining claims: claim number map area area (ha) units Holder recorded date work due date Status work required work reserve Parkin 16 1 CBRL 27-Apr Sep-2017 WRP Parkin 16 1 CBRL 27-Apr Sep-2017 WRP Parkin 16 1 CBRL 27-Apr Sep-2017 WRP Parkin 16 1 CBRL 27-Apr Sep-2017 WRP Parkin 16 1 CBRL 27-Apr Sep-2017 WRP , Parkin 16 1 CBRL 27-Apr Sep-2017 WRP , Parkin 16 1 CBRL 27-Apr Sep-2017 WRP 400 1, Parkin 16 1 CBRL 27-Apr Sep-2017 WRP 400 1, Parkin 16 1 CBRL 27-Apr Sep-2017 WRP Parkin 16 1 CBRL 27-Apr Sep-2017 WRP Parkin 16 1 CBRL 27-Apr Sep-2017 WRP , Parkin 16 1 CBRL 28-Sep Feb-2017 WRP Parkin 16 1 CBRL 13-Sep Jan-2017 WRP Parkin 16 1 CBRL 30-Sep Feb-2017 WRP , Parkin 16 1 CBRL 30-Sep Feb-2017 WRP , Parkin 16 1 CBRL 28-Oct Mar-2017 WRP Parkin 16 1 CBRL 28-Oct Mar-2017 WRP Parkin 16 1 CBRL 12-Jun Oct-2017 WRP Parkin 16 1 CBRL 12-Jun Oct-2017 WRP Parkin 16 1 CBRL 15-Apr Aug-2017 WRP Parkin 16 1 CBRL 15-Apr Aug-2017 WRP Parkin 16 1 CBRL 15-Apr Aug-2017 WRP Parkin 16 1 CBRL 15-Apr Aug-2017 WRP Parkin 16 1 CBRL 15-Apr Aug-2017 WRP Parkin 16 1 CBRL 15-Apr Aug-2017 WRP Parkin 16 1 CBRL 15-Apr Aug-2017 WRP Parkin 16 1 CBRL 15-Apr Aug-2017 WRP Parkin 16 1 CBRL 15-Apr Aug-2017 WRP Parkin 16 1 CBRL 15-Apr Aug-2017 WRP Parkin 16 1 CBRL 15-Apr Aug-2017 WRP Parkin 16 1 CBRL 30-Apr Sep-2017 WRP Parkin 16 1 CBRL 30-Apr Sep-2017 WRP Parkin 16 1 CBRL 30-Apr Sep-2017 WRP Parkin 16 1 CBRL 30-Apr Sep-2017 WRP Parkin 16 1 CBRL 30-Apr Sep-2017 WRP Parkin 16 1 CBRL 30-Apr Sep-2017 WRP Parkin 16 1 CBRL 30-Apr Sep-2017 WRP Parkin 16 1 CBRL 23-Dec Apr-2017 WRP Parkin 16 1 CBRL 23-Dec Apr-2017 WRP Parkin 16 1 CBRL 07-Apr Aug-2017 WRP Parkin 16 1 CBRL 25-Oct Mar-2017 WRP Parkin 16 1 CBRL 31-Jan Jan-2017 WRP , Parkin 16 1 CBRL 24-Aug Dec-2017 WRP Parkin 16 1 CBRL 23-Nov Mar-2017 WRP , Parkin 64 4 CBRL 12-Aug Aug-2017 WRP 1,600 0 Totals 768 ha 19,200 $796,039 Work required going forward 2014 $ $ $0 mining leases: lease renew date lease number legal description PID # map area area (ha) Rights held Holder work reserve 49 S Parkin MSR CBRL 31-Oct , S693959, S Parkin MSR CBRL 31-Oct ,203 Totals ha $800,044 Project totals ha $1,596,083 Note: - This property is operated under a JV agreement dated April 10, underlying agreement to John Brady, NSR and advanced royalty Land fees and payments: lease rental - $ adv. Royalty - $12,000 municipal taxes - $1, total $1, Page 15 of 55

16 4 Parkin East mining claims: claim number map area area (ha) units Holder recorded date work due date Status work required work reserve Parkin WMCL 09-Aug Aug-2018 A Parkin WMCL 09-Aug Aug-2018 A Parkin 64 4 WMCL 09-Aug Aug-2018 A Parkin WMCL 09-Aug Aug-2017 A Project totals ha 20,000 $0 Work required going forward 2014 $ $ $0 Note: Subject to 400m area of interest per J. Brady consent agreement, Sept. 30, ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY Access to the Property is by Regional Road 80 for a distance of 18.3km north from Sudbury to the town of Val Therese. From there one continues easterly for a distance of 6.7km along Regional Road 80 to the junction with Regional Road 84. One then follows Regional Road 84 north for a distance of about 7km to the Town of Capreol. From Capreol one proceeds northeast along all-weather gravel roads past KGHM International s Podolsky Mine and Vale s past producing Whistle Mine. A major north-south logging road crosses the centre of the Property immediately west of Malbeuf Lake. The Properties are located within the Canadian Shield. The topography is typical of this part of the Canadian Shield with subdued relief and an average elevation of about 150 metres above sea level. Total relief on the property is about 30m, with local relief limited to 5 to 10m. During Pleistocene glacial erosion and deposition, the drainage pattern became disrupted and there are numerous small lakes and ponds. The terrain is characterized by rocky hills which alternate with depressions filled with glacial deposits and swampy ground with approximately 20% lakes, rivers and swamps. Bedrock exposure is estimated at less than 5%. Overburden has been reported to range from 0 to 17 metres thick in the project area with thicker overburden generally occurring in linear troughs. Drainage is typically from the northwest to the southeast as shown by the Roberts and Vermillion Rivers and Mowat and Parkin Creeks. This trend seems to be a reflection of the regional strike of the rock units and in the case of the Vermillion River and Mowat Creek, the reflection of fault structures. The area has a moderate continental climate and temperatures average 24.8C in summer and 8.4C in winter. Annual precipitation averages 62.2cm of rain and 247.5cm of snow. Exploration work can be carried out year round. There are ample supplies of both water and power to support any future mining operation. The Regional Municipality of Sudbury is a major centre in Northeastern Ontario with a population of about 160,000. Mining in Sudbury has been active for over 125 years. Vale, Glencore, and KGHM International all have operating mines in the Sudbury area which is the western world's largest producer of nickel and the location of the largest fully integrated mining complex in the world. Over 300 local companies involved in mining related activities offer expertise covering all areas of exploration, mining and environmental rehabilitation. Page 16 of 55

17 6. HISTORY The earliest government geological mapping reported for the area was carried out by R. Bell ( ) as part of his examination of the Sudbury region. Later in the 1930s, L.F. Kindle mapped the current Hutton and Parkin Townships and parts of Roberts and Botha Townships. Other government work tended to focus on determining the uranium or placer gold potential for the area. The Ontario Department of Mines produced a preliminary map and Geological Report 80 covering Hutton and Parkin Township (Meyn 1970) entitled "Geology of Hutton and Parkin Townships". The Geophysics Division of the Geological Survey of Canada conducted an airborne magnetometer survey from June 1959 to October 1960 and produced Milnet Map 1512G that covers the property area. The Ministry of Northern Mines and Development Assessment files record exploration activity in the area since the 1890 s. Early prospecting along the Vermillion River identified small quantities of placer gold in Hutton Township. Quantities of gold from this area proved to be too meagre to support commercial exploitation, but it did encourage additional prospecting in the area. The earliest mining activity was concentrated in the Moose Mountain Iron range, a belt of silicate/magnetite facies banded iron formation located in central Hutton Township. The Moose Mountain Mine produced iron pellets between 1908 and 1924 and again from (Meyn, 1970). The recent history of ownership is described in Section 4 and the history of exploration is summarised in Section GEOLOGICAL SETTING AND MINERALIZATION Ni-Cu-PGE deposits in Sudbury occur within and adjacent to the Sudbury Structure that formed as a result of a major Early Proterozoic meteorite impact 1,850 million years ago (Ames and Farrow, 2007; Figure 2). The Sudbury Structure straddles the unconformity between Archean gneisses and plutons of the Superior Province and overlying Paleoproterozoic Huronian supra-crustal rocks of the Southern Province. It is geographically divided into the North, South, and East Ranges and comprises four geologic domains: 1. The Sudbury Igneous Complex (SIC) occurs as a 60 km x 27 km elliptical bowl-shaped body that formed from a meteorite impact melt sheet. It consists of a basal xenolithic norite breccia (contact sublayer) overlain by norite, quartz-gabbro and granophyre and historically has been referred to as the "Nickel- Bearing Irruptive", the "Sudbury Nickel Irruptive" and the "Nickel Irruptive". 2. Concentric and radial dykes of diorite, granodiorite, and quartz diorite. 3. The footwall to the SIC contains a zone, up to 80 km wide, of Archean and Proterozoic rocks that are fractured, brecciated (Sudbury breccia), and locally partially melted (e.g. Late Granite Breccia) or recrystallized due to the meteorite impact and subsequent emplacement of the SIC. 4. The SIC is overlain by the Whitewater Group, comprising fall-back super-crustal breccia of the Onaping Formation and the overlying basin-fill sedimentary rocks of the Onwatin and Chelmsford Formations. Mineral deposit types associated with the SIC are described in more detail in Section 8. Page 17 of 55

18 Figure 2. Sudbury Igneous Complex and Offset Dykes (Ames and Farrow, 2007). Page 18 of 55

19 PROPERTY GEOLOGY The Property is underlain by 9.5 kilometres of the Parkin Offset dyke on the northeast corner of the Sudbury basin (Figure 3). The southern part of the dyke intrudes mafic and felsic metavolcanic rocks of the Archean Parkin Greenstone Belt. The northern part of the dyke intrudes Early Proterozoic Huronian marble, quartzite and conglomerate unconformably overlying the Archean basement. The Huronian rocks have been subdivided into the following litho-stratigraphic formations: Mississagi, Bruce, Espanola, Serpent, Gowganda, and Lorrain. These rocks are intruded by late Proterozoic dykes of Nipissing diabase, Sudbury Swarm olivine diabase, and the offset dyke quartz diorite related to the SIC. The lithologies have been subjected to repeated deformation, with the exception of the late diabase dikes and SICrelated Parkin Offset dyke. The earliest interpreted orogenic events are related to the emplaced of the quartz monzonite batholith and related migmatitic rocks in the north. After uplift, erosion, and deposition of the Huronian rocks, the area was again subjected to deformation and low-grade regional metamorphism during the Penokean Orogeny. The Parkin quartz diorite offset dyke is sub-vertical, or dips very steeply to the east, and has a width of 45 to 135 m. South of the Milnet mine the dyke strikes 033. At Milnet, and on near the southern boundary of the CBA Parkin north block the dyke follows two left-stepping (northwest trending) flexures, each for about 250 m. The dyke is not continuous along the NW flexures trend with the pinched terminations interpreted to be a structural control on the Milnet mine mineralization. North of these flexures, the dyke is between 30 and 90 metres thick and strikes for several kilometres at 015. The dyke includes quartz diorite as well as inclusion quartz diorite and meta-breccia. Drilling in 2012 identified a significant late brittle fault (the Parkin fault ) at depth beneath the Milnet Mine. The fault strikes NE nearly parallel to the general trend of the parkin offset and dips degrees to the south. The projection of the fault corresponds very well with a very well developed surface lineament that surfaces just west of the Milnet mine and can be traced along strike for many kilometres in both directions. Re-logging of select holes at the southern end of the Parkin dyke identified several structures which appear to correspond with this fault, suggesting that in this area it has bifurcated into a number of splays. Notably, there are very few intersections of the Parkin Offset dyke below this fault and the displacement across the structure is not known. Page 19 of 55

20 Figure 3. Geology and Mineralisation of the Parkin Offset dyke. Page 20 of 55

21 MINERALIZATION Nickel, copper, PGE sulfide mineralization within Offset dykes in Sudbury occurs associated with inclusion bearing phases of quartz diorite ( IQD ) and meta-breccia and is often concentrated within structural traps in the dykes such as vertical or horizontal pinches/terminations, bends in the dyke, splays/convergences of the dyke, along margins or pressure shadows of large blocks caught up in the dyke (particularly coarse mafic blocks). Mineralization at Parkin includes zones of massive to stringer/disseminated zones of pyrrhotite, chalcopyrite, pyrite and pentlandite. The historic Milnet Mine, reports past production of 157,130 tons averaging 2.25 g/t platinum, 2.98 g/t palladium, 0.93 g/t gold, 1.49 % nickel and 1.54 % copper (Meyn, 1970). At the time of production, orebodies #1 and #2 were mined to a depth of approximately 150m. Drilling by the Joint Venture beneath the Milnet Mine discovered the Milnet 1500 zone in 2009, intersecting metres (1, , m) containing 8.00g/t TPM, 2.57% copper and 0.78% nickel. More recent drilling intersected 8.0 metres (1,473-1,481m) grading 4.32g/t TPM, 4.11% nickel, and 0.60% copper and in another hole metres ( m) containing 1.85 g/t TPM, 0.33 % nickel and 0.73 % copper. Modelling of mineralized intersections and borehole electromagnetic geophysics indicates that the Milnet 1500 Zone is a minimum of 400 metres by metres with unknown true width and open. The full extent of the zone is not known and most of the dyke in the area has not been tested by drilling The Parkin Resource on the Glencore Parkin property (more fully described in Section 14) includes 5 zones along a strike length of ~750m and less than 200m from surface with combined Indicated Resources of 264,000 tonnes averaging 0.70% Cu, 0.65% Ni, 0.03% Co, 0.62g/t Pt, 0.80g/t Pd, 0.23g/t Au, and 6.3g/t Ag and combined Inferred Resources of 87,000 tonnes averaging 0.7% Cu, 0.4% Ni, 0.02% Co, 1.2g/t Pt,1.0 g/t Pd, 0.6 g/t Au, and 8.8 g/t Ag (Soever, 2002). Significant intersections within the Parkin Resource are shown in Table 2. Table 2. Significant Intersections within the Parkin Resource. Hole From (m) To (m) Length (m) Cu (%) Ni (%) Pt (g/t) Pd (g/t) Au (g/t) CuNi (%) TPM (g/t) H.T. Width (m) WMP WMP WMP WMP WMP WMP WMP WMP WMP WMP WMP WMP Several significant intersections (Table 3) drilled subsequent to and below the Parkin Resource are open laterally and to depth and are associated with off-hole BHEM conductors that have never been drill tested. Page 21 of 55

22 Table 3. Significant intersections below the Parkin Resource. Hole From (m) To (m) Length (m) Cu (%) Ni (%) Pt (g/t) Pd (g/t) Au (g/t) CuNi (%) TPM (g/t) H.T. Width (m) P WMP WMP ** WMP ** WMP WMP WMP WMP *Horizontal Thickness, **Vertical drill hole, orientation of mineralization not known. A channel sample from the Brady Showing on the Champion Bear South Block returned 11.2% Cu, 0.6% Ni, 9.2g/t Pt, 4.3g/t Pd and 1.6g/t Au over 2.70 metres at surface. Anomalous gold values have also been intercepted on the Champion Bear south block, and include 44g/t Au over 1.4m ( m in WCB-006). Page 22 of 55

23 8. DEPOSIT TYPES Sudbury is one of the most significant mining districts in the world. Historical production over the past 125 years plus current reserves in Sudbury have been estimated at approximately 1.6 billion tonnes of ore containing over 60 million ounces of platinum group metals plus gold, over 40 billion pounds of nickel and over 35 billion pounds of copper (Eckstrand and Hulbert, 2007; Ames and Farrow, 2007, Lightfoot and Farrow, 2002). Significantly, despite the long history of mining significant discoveries continue to be made in Sudbury, including over 19 million ounces of PGEs discovered in since 1990 (Table 4). Table 4. Recent discoveries in Sudbury with greater than 1 million ounces of PGEs. >1 M oz Examples Resource Ni Cu Pt + Pd Pt + Pd Mt % % g/t Moz 1. Capre 1????? 2. Victoria McCreedy East FW Nickel Rim South Totten Mine Kelly Lake Victor Deep FW No public data; 2 Quadra FNX Press Release dated January 16, 2012; 3 personal communication; 4 Xstrata Nickel Ore Reserves and Mineral Resources Statement dated December 9, 2009; 5 Inco Press Release dated October 1999; Sudbury Inco and Falconbridge Synergies Fact Sheet. There are several main types of mineral deposits in the Sudbury area: 1. Contact deposits, including massive sulfide nickel, copper, cobalt, platinum, palladium and gold mineralisation along the lower contact of the SIC, both within the contact sublayer and within the immediately adjacent Footwall Breccia; 2. Footwall deposits, including sulfide veins and stringers containing copper, nickel, platinum, palladium, and gold in the brecciated footwall rocks beneath the SIC; 3. Offset dyke deposits, including massive sulfide nickel, copper, cobalt, platinum, palladium and gold mineralisation associated with brecciated and inclusion bearing phases of the quartz diorite offset dykes; 4. Structurally and/or hydrothermally remobilized sulfide nickel, copper, cobalt, platinum, palladium and gold mineralisation; and 5. Hybrid type deposits representing combinations of the above. The Property is being explored for Offset dyke type deposits associated with the Parkin Offset dyke. Sudbury Offset dyke deposits account for a quarter to a third of all historic production in Sudbury and occur as massive and semimassive sulphide zones within multi-phase quartz diorite offset dykes that extend radially from and concentrically around the Sudbury Igneous Complex. Page 23 of 55

24 Examples of recent Offset dyke deposit discoveries in the region include the Kelly Lake Deposit within the Copper Cliff Offset dyke (Table 4, Figure 4) and the Totten and Victoria deposits within the Worthington Offset dyke (Table 4, Figure 5). The conceptual exploration target for Offset deposit target includes 2 to 10 million tonnes containing 1-3 g/t platinum, 1-3 g/t palladium, 1-3 % copper, g/t gold, and 1-3 % nickel. This represents a body that is metres in strike length, metres in thickness and 100 s of metres of plunge extent. This target is conceptual in nature, is based on examples of Offset dyke deposits elsewhere in Sudbury and is not necessarily indicative of mineralisation on the Property. There has been insufficient work on the property to determine whether deposits of this size and grade exist on the Property. Target mineralization includes massive and semi-massive accumulations of sulphide, including pyrrhotite > chalcopyrite > pentlandite. Sulphide accumulations are associated with inclusion bearing phases of quartz diorite and are known to concentrate in structural traps such as vertical or horizontal pinches or terminations in the dyke, bends in the dyke, splays/convergences of dyke branches, along the margins or within pressure shadows of large blocks caught up in the dyke, and at intersections of the offset dykes with coarse mafic intrusions in the wall rock. Increased PGEs are typically associated with more fractionated chalcopyrite rich zones within Offset dyke deposits, which can extend from the dyke outwards into the surrounding country rock, where it often associated with adjacent zones of Sudbury breccia, meta-breccia or anatexite. These structural traps are largely controlled by the geology of the wall rock to the Offset dykes (geological units, contacts and structures). Understanding these wall rocks is crucial to developing and prioritizing drill targets below the depth of penetration of surface geophysics. The massive and semi-massive accumulations of sulphide are strongly conductive and borehole EM is used routinely on all drill holes of significant depth. The rule of thumb is that current borehole EM technology (BHUTEM 4) can detect an off-hole conductor about the same distance as the median dimension of that conductor, with several practical caveats. Maximum effectiveness requires strong coupling between the loop configuration and the conductor. As well, quality low-noise data depends on precise knowledge of transmitter-receiver geometry, which requires gyro surveying of the borehole and sub-metre GPS surveying of the borehole collar and loop configuration. Due to the fragmental nature of the ore deposits and host rocks, a deposit might not be electrically continuous and actually made up of several conductors; in this case the distance it can be detected from will be reduced relative to the overall size of the sulphide mass. In practice, for the target type in question and providing there is quality data, borehole EM is thought to dependably test a radius of metres around the drill hole. Page 24 of 55

25 Figure 4. Long section section of the Copper Cliff Offset dyke (Farrow and Lightfoot, 2002). Figure 5. Long Section of the Victoria deposit (Frayne, 2013). Page 25 of 55

26 9. EXPLORATION The following provides a brief summary of exploration on each of the four properties that make up the Property. Significant results are discussed in Section 25. MILNET PRE-WALLBRIDGE EXPLORATION Geophysical surveys over the Milnet property in Parkin Township date back to at least In 1948, Jonsmith Gold Mines Ltd. completed a ground magnetometer dip-angle survey over most of the property. The grid was oriented at approximately 315, with lines spaced every 200 feet. Readings were measured every 100 feet, and in some cases more closely spaced readings were recorded. This survey appears to have been done with a reasonable amount care and attention to detail with respect to data quality and locations. The results were contoured and displayed a complex magnetic pattern with numerous anomalous magnetic highs generally oriented in NW strike direction. Correlation between the known mineralization and the anomalies was demonstrated in the No. 1 orebody, which is associated with a well-defined, persistent, low positive intensity anomaly that extends for a length of 900 feet (274.32m). It is possible that this data could be digitized and georeferenced to the Milnet Property UTM coordinate system. The earliest recorded work on what was to become the Milnet Mine dates from 1947 and included surface sampling, trenching and 13 diamond drill holes totalling 1,680 feet (512.06m) by Jonsmith Gold Mines Ltd ("Jonsmith") (later underwent name changed to Jonsmith Mines Limited). This work identified two mineralized zones and clearly showed the property had impressive PGE values within the targeted nickel-copper sulfides. One drill hole intersected a 24.2-foot section that assayed 1.42% Ni, 1.44% Cu, and 0.12 oz/ton Pt (4.11g/t Pt). Later pre-production drilling, prior to 1952, returned some spectacular PGE results, including a 30-foot interval that assayed 0.62oz/ton Pt (21.26g/t Pt) in one of the subsequently mined out zones. Another drill hole assayed 0.12oz/ton Pt over feet (4.11g/t Pt over 37.19m). Significantly, the mine actually produced more palladium than platinum and also recovered rhodium and osmium, very high value associated metals. This diamond drilling defined two zones of mineralization including 172,697 tons grading 1.52% Ni and 2.1% Cu and 224,200 tons at 1.25% Ni and 1.98% Cu (Dunks, 1986). Following this program, Jonsmith leased a block of ground that measured 1,000 x 500 x 500 feet surrounding the two mineralized zones in 1951 to Milnet Mines Limited ( Milnet Mines ). Milnet Mines sank a three-compartment shaft to a 477 foot depth and established mining levels at 190, 300, and 465 feet. Drifts and crosscuts on the three levels totalled 1,955.0 linear feet (595.88m). Production by shrinkage stope methods occurred from December 1952 to July According to government records, the Milnet mine produced 157,130 tons of mineralization grading 1.49% Ni, 1.54% Cu, 2.26g/t Pt, 2.98g/t Pd (Meyn, 1970). A 1954 Jonsmith company document cited shipping 157, dry tons of the same grades. Mine feed was sent to Falconbridge for processing. According to Dunks (1986), the historical production records indicated the following metal recovery: Page 26 of 55

27 Table 2: Milnet Mine Historical Metal Recovery (Dunks, 1986). Ni (%) Cu (%) Au (oz/t) Pt (oz/t) Pd (oz/t) Ir,Rh,Ru (oz/t) Assayed Recovered %Recovery At the time, these recoveries were considered lower than average and may have been related to the higher sulphur content of the ore caused by a greater pyrite and pyrrhotite to pentlandite ratio than was typical of Sudbury ores. Subsequent to this mining period, the property reverted back to Jonsmith who purchased the surface and underground plant and equipment from Milnet Mines. Jonsmith conducted a major surface and underground exploration program between , including 193 underground holes totalling 74,511 feet (22,710.95m) and 100 surface drill holes totalling 42,793 feet (13,043.31m). The majority of this drilling was to test the down dip extension of the two mined out zones. Additional cross-cutting and lateral drifting to establish diamond drilling platforms was done on the 300 and 465 levels. This program resulted in the discovery of a small mineralized zone lying northeast of the #1 Zone between the 300 and 465-foot levels. It is adjacent to one of the mined-out orebodies but this mineralization was below the shipping grade at that time (less than 2% combined copper-nickel). Records also show that a few deeper drill holes encountered some high-grade nickel mineralization (e.g., 10% Ni over one foot) at vertical depths between 1450 to 1500 feet down dip of the #2 Zone. No further work was completed by Jonsmith on the Milnet Mine property after 1956 and the mine was allowed to flood, the shaft was capped, and the surface buildings and plant were removed. Company correspondence indicates that Jonsmith held discussions with Falconbridge regarding the property in the mid-1970s. Falconbridge appears to have reviewed the property data and plotted all drill holes on 1":40 scale cross and longitudinal sections. According to the conclusions of G.H. Cluff's Property Submission Description to Falconbridge (1975) it was decided that, "the property appears to have little merit". His reasoning was apparently based upon the lack of economic intersections obtained during Jonsmith's underground drilling program and the premise that North Range Offset mineralization tended to be small tonnage, high grade operations, with limited lateral and depth extensions. Although, he does allow, "sulfide potential may exist at depth". In June 1976, Ike Burns staked 22 claims in Parkin Township including the Milnet Mine property. In 1978 Ike Burns Exploration Corp. contracted to have an airborne magnetometer survey completed over the property. The survey was flown on north-south oriented lines at approximately 100m line-spacing. Flight lines passing over the Milnet Mine reportedly resulted in increases of 300 to 600 gammas. Similar increases were noted along lines that occur in the current leases that have legal descriptions of: S647602, S647603, and S Results of this survey as shown by contour maps and flight record profiles do not appear to add significant new anomalies to those outlined by previous ground magnetic surveys over the property. The maps and reporting of this survey were not of a high or modern standard. In 1986, L.T. Dunks Associates were contracted to complete a feasibility study on the Isaac Burns Metals Inc. Property. It concluded that rehabilitation and dewatering costs would amount to $650,000 (not including capital costs of equipment). He concluded that insufficient tonnage was outlined Page 27 of 55

28 underground to cover the cost of the rehabilitation but that the geology of the area was of considerable interest and suggested a systematic deep hole drilling program along the strike of the dyke followed by borehole geophysical surveying. BP Resources Canada Ltd. ("BPRC") optioned the claims covering the Parkin Offset Dyke and Milnet Mine in the late 1980s. The property, known as V-73, was located in the SE quadrant of Parkin Township and covered the Milnet Mine including 14 claims and five leased claims (S to S647605). The company reviewed the available mine data, collected surface and waste samples, conducted IP surveys across the length of the dyke, and completed diamond drilling. Six samples taken from the waste reported assays up to 11% Cu+Ni and up to 5g/t TPM. BPRC collected 102 surface samples along the offset dyke with one sample (4239) assaying 0.71% Ni, 16.08% Cu, 36.69g/t Pd, 1.225g/t Pt and 7.784g/t Au. In general, the highest values area came from outcrop near the mine workings. It is reported that BP Resources Canada Ltd. (internal report) carried out IP surveys in the late 1980 s and mapped untested anomalies south of the mine workings. The data and maps for the IP surveys are not available at this time. In May to June 1989, BPRC completed 16 diamond drill holes totalling 3,645m. The holes tested a 1.0km portion of the Parkin Offset dyke for disseminated and massive sulfide mineralization. Drilling was completed by Advance Diamond Drilling Ltd. using BQ core size and downhole surveying was generally a combination of tropari at approximately 150m intervals and/or acid tests at approximately 60m intervals. In 1990, Wallbridge understands that additional work was carried out by BPRC including: three drill holes, V to 03, totalling 1,093.3m. 133 core samples were assayed, and seven holes (73-1, 73-11, to 16, and 03) were surveyed using Crone s borehole PEM method. This information was obtained from an internal note, but Wallbridge does not possess any of this data. Additional supporting information verifying this work is three cased drill hole collars on the property that Wallbridge has not been able to identify. MILNET WALLBRIDGE EXPLORATION Since 2000, Wallbridge has completed several geophysical surveys, some geological mapping and surface sampling, and diamond drilling on the Milnet property. In 2000, Aeroquest Limited flew 5 dyke-parallel AeroTEM test lines over the property and identified a number of conductors. In May 2000, Canadian Driller Training was contracted to drill three surface BQ diamond drill holes totalling m (WMM-001 to WMM-003). A total of 100 samples were assayed for the standard suite of elements and two samples from WMM-002 were analysed for ICP whole rock assay by lithium metaborate fusion at Swastika Laboratories. Acid tests were completed at approximately 30m intervals. Quartz diorite was intersected in all but hole WMM-001. In 2000, Crone Geophysics Ltd. was contracted to perform borehole electromagnetic surveys of BPRC drill holes 73-1 and at the Milnet Property. Drill hole was surveyed to a depth of 465m and no significant responses were observed. Drill hole 73-1 was surveyed to a depth of 366 metres and no anomalous responses were interpreted. Wallbridge geophysicist J. Rudd interpreted the results of both surveys. In addition, R. Murphy collected, sent for analysis and thin sectioned nine samples. Samples were assayed at Swastika Laboratories for the standard suite of elements minus Co (%). The samples were mostly located at 400 to 500m to the north or south of the shaft along the strike extension of the offset dyke. Page 28 of 55

29 In 2000, Watts, Griffis and McOuat Limited ("WGM") compiled the historical surface and underground drilling data, including assays and geology, into a computerized Gemcom database. The original Jonsmith level plans were utilized to determine collar co-ordinates. In 2001 a grid totalling 24.5km was established over the entire property with lines oriented at 090, a centre baseline azimuth of 360 and 50 metre line spacing. An audio-frequency magnetotelluric ("AMT") survey was conducted by Geosystem SRL in October and December of 2001 at 33 grid stations. The stations were spaced at approximately 200m intervals along 5 north-south oriented lines. The survey covered the extension of the Offset Dyke and surrounding mine workings on four claims from lines N to N. In the winter of 2001 Laamanen Construction fenced in the two mine openings on the east side of the shaft. In 2001, 25km of line cutting was completed. The grid was surveyed by transit in April 2000 by T. Johnson and R. Ingram approximately 200 metres north and south of the shaft and 400 metres east and west of the shaft. The outer fringes of the grid were not surveyed. In January of 2001, a 456 metre drill hole was drilled accidentally on Wallbridge ground by Champion Bear Resources at collar coordinates N, E (NAD 27). The hole ended in February, The hole was drilled by St. Lambert Drilling and was inclined at -550 with an azimuth of The hole was logged by R. Murphy and encountered Quartz Diorite from m. Between January to March 2001, two BQ diamond drill holes, WMM-004 and WMM-005, totalling 2,496.5m were carried out. Sparta Drilling completed WMM-004 and Heath and Sherwood Drilling drilled WMM-005. Thirtyeight samples were collected and analysed at Swastika Laboratories for the standard suite of elements. The downhole survey method used was reflex with data collected at approximately 30m intervals. Quartz diorite associated with minor sulfide mineralization was intersected in both holes. Lamontagne Geophysics Ltd. completed downhole UTEM 4 surveys on the holes. Hole WMM-004 and WMM-005 was surveyed using transmitter Loop 3 and 7, respectively, which had approximate dimensions of 800m x 800m or 1,200m x 1,500m, respectively. Hole WMM-004 was surveyed to a depth of 1,240m. Borehole WMM-005 was surveyed to a depth of 490 metres in May WGM updated their Gemcom database in 2002 by converting the old mine grid coordinate system to UTM NAD 27, added Wallbridge drill holes WMM-001 to 005, incorporated the surface geophysical data into the 3D model, and completed any changes to the solids based on the inclusion of the new data. During July 2002, Geoserve Canada Inc. carried out a total field magnetic survey over the Milnet property grid totalling 24.5 kilometres covering L844+50N to L856+50N. Wallbridge began a surface mapping and sampling program in the summer of Geologist, Robert Levesque and assistants Nathan Glentworth and Hassan Waberi, spent three and a half weeks mapping at a scale of 1:2,500 in 2002 resulting in the discovery of two additional quartz diorite outcrops on the northwest sector of the property. A total of 54 samples were collected of which 38 samples were analysed at XRAL Laboratories for the standard suite of elements. Thin sections were produced for 48 of the samples. In addition, 22 samples (WAL3159 to 3180) were collected and analysed from the waste piles between the shaft and the E Base Line. No significant results from the waste pile sampling program were noted. Three weeks were spent mapping the Milnet Property in 2003 with 82 samples being collected of which 77 were assayed and 36 thin-sectioned. The property was re-mapped from June 19th, 2003 up to July 5th, 2003 to confirm Page 29 of 55

30 the mapping done by Jonsmith Gold Mines Ltd in 1947 and to determine trench locations that would confirm the quartz diorite dyke continuity. A good correlation was confirmed between the mapping done by Jonsmith and Wallbridge Mining, bearing in mind that much of the original outcrops from the late 40 s and early 50 s were overlain by sawdust and waste rock. A total of 16 trenches were dug, 11 on the west side of the shaft and 5 on the east side. 300 metres of dyke extension to the west of the Gautier Lumber Road and 200 metres of dyke extension to the east were revealed as a result of the extensive trenching program. Phase One exploration began on the Milnet Property early in the summer of The program began with detailed follow-up work on the two known outcrops of quartz diorite on the north-western part of the property. All 11 trenches with the exception of two intersected the dyke or anatexite with the dyke ranging in width from <0.5 to 20 metres. The main trend of the dyke was north-south to slightly meandering from 1600 to The dyke was described as non-magnetic, medium-grained quartz diorite with <1% blebby pyrrhotite and inclusions. The dyke was found adjacent to a unit of anatexite which was primarily composed of fragments of amphibolite, gabbro, metasediments and quartz diorite. In some sections of the anatexite there was up to 15-20% quartz diorite fragments. The quartz diorite trend seems to have been cut off or takes a drastic swing to the east at the furthest trench to the south on the west side of the property. Metasediment was found to the west and south of the trenching with marble to the east and north. Phase Two of the Milnet 2003 program included detailed follow up work tracing the quartz diorite on the east side of our property, to the south of the mine workings. Five trenches were dug to expose the quartz diorite trend and all five encountered dyke. The dyke was medium grained, non-magnetic and inclusion-bearing (~5-10%) with about 2-5% blebby pyrrhotite and about 1% chalcopyrite and 1% pyrite. Inclusions were primarily amphibolite, gabbro and to a lesser degree metasediments. The last trench was dug along an east-west orientation on the south side of the main quarry road and encountered approximately 10 feet of gravel and sand. This was the southernmost location for trenching as the overburden thickness increased dramatically toward an area of widespread bogs. The quartz diorite dyke ranged in width from 5 metres in the north to 45 metres in the south and was hosted by metasediments and marble in all directions. In addition to the mapping, four drill holes, WMM-006 to WMM-009, totalling 2,181 metres, were drilled by Bradley Bros Ltd. from mid-july to mid-august 2003 to intersect the quartz diorite dyke on the southeastern portion of the property. All four drill holes intersected the quartz diorite dyke. The only hole that showed any significantly anomalous values was hole WMM-008 (0.37g/t Au; 0.824g/t Pt; g/t Pd; 0.833% Cu and 0.437% Ni over 1.53m). The quartz diorite in the holes contained ~1% or less blebby pyrrhotite, up to 2% pyrite and locally 1-2% fracture filling chalcopyrite. Lamontagne Geophysics Ltd. completed borehole electromagnetic ( BHUTEM ) surveys in holes WMM-07 and V in August The results of the borehole EM surveys were interpreted and reported on by J. Rudd. A 3D model of the mine section of the dyke was prepared using Gemcom mining software. In 2008 Wallbridge Mining drilled four new diamond drill holes totalling 4,112 metres with follow up BHUTEM surveys in three of the holes. Two RIM panels utilizing boreholes WMM-005 to WMM-010 and WMM-010 to WMM-011 were surveyed (Croteau, 2008). Significant results are discussed in Section 25. In 2009 Wallbridge Mining drilled an additional 4,714 metres of diamond drilling consisting of one new hole, three wedge cuts and the deepening of one hole with follow up BHUTEM including one hole from the 2008 program. One RIM survey was also completed utilizing boreholes WMM-011 and WMM-012 (Croteau, 2009). Significant results are discussed in Section 25. Page 30 of 55

31 In 2010, 2,697 metres of diamond drilling were carried out along with BHUTEM surveys (Croteau, 2010). Significant results are discussed in Section 25. In 2011, 2,437m of diamond drilling were completed, as well as BHUTEM and RIM surveys and surface excavating (Bailey, 2011). Significant results are discussed in Section 25. In 2012, 2 drill holes and 4 wedge-cuts totalling 3,386 meters were completed including WMM-017, WMM-018, WMM-018-W1, WMM-018-W2, WMM-018-W3, and WMM-018-W4 and follow-up BHUTEM surveys (Bailey, 2012). Significant results are discussed in Section 25. In 2013, Wallbridge conducted a differential survey of all available drill collars and trenches on the property and updated the collar coordinates in the database. Wallbridge then performed a thorough review of the drilling and geophysics on the Milnet property which included review of drill logs and assays, re-logging of some older drill core, review of airborne, surface and borehole geophysics including interpreted conductive plates, and detailed geological modelling on 25 metre sections. GLENCORE PARKIN PRE-WALLBRIDGE EXPLORATION In 1934, Falconbridge acquired four claims straddling the township line between Parkin and Norman Townships, to cover some minor copper-nickel showings. A short drill hole directly under the main showing cut almost barren quartz diorite, and work on the property was suspended. Interest in the area was reignited by the discovery of the Milnet (Jonsmith) deposit about 1.5km to the northeast in the late 1940s. Additional ground was acquired and geologic mapping, magnetometer and EM surveys were carried out in From 1952 to 1953, Northbridge Mines Ltd., a wholly owned subsidiary of Falconbridge, drilled 35 diamond drill holes totalling 1,878m which tested the area of the surface showings to a maximum depth of 80m. The drilling defined two zones of sub-economic mineralization within the 700m strike length drilled. The southern zone (Northbridge Zone 1, now known as the South Zone) has a 250m strike length and is separated from the northern zone (Northbridge Zone 2, now known as the North Zone) by a gap of about 250m, which was not tested by drilling. Some of the more significant intersections are tabulated in Table 5. No analyses for Pt, Pd, Au or Ag were reported. Table 5. Significant Intersections from Northbridge Drilling. Hole # Core Length (m) Ni (%) Cu (%) Depth from surface (m) P P P P P P P P P In 1959, the claims were transferred back to Falconbridge. Page 31 of 55

32 In 1990, Falconbridge cut 38.9 line-km of grid at 100m line spacing, and carried out EM 37, magnetometer surveys and geologic mapping. Five areas covering approximately 4,500m 2 were stripped, mapped at 1:200 scale and chip sampled across the mineralized zones. Mineralization was described as pods of massive pyrrhotite and chalcopyrite from 0.5 to 10m in diameter hosted in larger zones of more disseminated mineralization oriented sub-parallel to the dyke. The mineralization is interpreted to be a nearly continuous over a strike length of 250m and at widths of up to about 10m. Chip samples were collected across the mineralized zone in the trenches. The sampling as depicted on the trench maps does not extend across the entire mineralized zone so the widths do not represent the full width of the zone. Results of chip sampling from the trench areas are shown in Table 6. Three diamond drill holes totalling 1,059m were completed, and surveyed with a borehole pulse EM system. Diamond drill holes P-56 and P-57 targeted an EM-37 anomaly about 200m north of the North Zone. Both holes intersected up to 4% pyrrhotite, pyrite, and chalcopyrite in quartz diorite. The cause of the anomaly was not explained. Off-hole anomalies were detected by the borehole Pulse EM survey in both holes; indicating a conductor to the northwest. Table 6. Results of Falconbridge Chip Samples (Parkin Property). Trench Northing (m) Average Width (m) Ni (%) Cu (%) Co (%) Pt (g/t) T Not sampled Pd (g/t) Au (g/t) Ag (g/t) T S 6.4 (1) T S Not sampled T S 7.4 (2) T S (1) average of 4 series of chips (2) average of 3 series of chips Drill hole P-58, tested the South Zone at depth. The hole intersected 1.02% Ni, 1.90% Cu, 2.18g/t Pt, 1.55g/t Pd, 1.14g/t Au and 18.47g/t Ag over 1.65m (1.20m true width) at a vertical depth of 258m. In 1993 and 1994, UTEM surveys were carried out on the northern part of the property. In 1998, Falconbridge drilled three holes totalling 2,563m. These holes were drilled on widely spaced sections. All three holes intersected the quartz diorite dyke (between 45 and 77m true thickness); however, no significant mineralization was intersected. Borehole pulse EM surveys were carried out in the holes. GLENCORE PARKIN WALLBRIDGE EXPLORATION In 1999, as part of the initial assessment of the exploration potential of the property Wallbridge carried out a compilation of all available exploration data. A field examination of the five stripped areas was completed, and 22 grab samples were submitted to Swastika Laboratories for assay. The purpose of this work was to confirm the high PGE levels reported from the trenches. Results of the sampling confirmed the presence of significant PGE mineralization (Table 7). Page 32 of 55

33 Table Parkin Surface Sample Assays. Trench # Sample Cu Ni Co Pt Pd Au Ag (%) (%) (%) (g/t) (g/t) (g/t) (g/t) T-3 RM T-3 RM T-3 RM T-3 RM T-3 RM T-3 RM T-4 (T-3 annex) RM T-4 (T-3 annex) RM T-4 (T-3 annex) RM T-4 (T-3 annex) RM T-1 RM T-5 RM T-5 RM T-5 RM T-5 RM T-5 RM T-5 RM T-6 RM T-6 RM T-6 RM T-6 RM pit 125 m SSW of T-6 RM m SSW of T6 RM Page 33 of 55

34 A beep-mat survey was completed with the objective of locating high priority targets for mechanical stripping. One (approximately 4kg) locally derived massive sulfide boulder was located at grid coordinates 8+00S, 2+21E, within humus between previously excavated areas. An area of apparent bedrock conductivity was outlined. It is approximately 10m in diameter, and centred at approximately 2+00S, 1+87E. An IP survey was completed on the property covering the Parkin Offset structure from L11S to L1N. This encompasses both the North and South Zones discovered in the 1950s. A total of 12.6 line kilometres was surveyed using a 25m dipole-dipole configuration with a reading spacing (n) of 1 to 6. The work was carried out by Remy Belanger of Evian, Quebec. The IP survey defined anomalies over both the Northbridge 1 and 2 zones. An initial 18 diamond drill holes (WMP-001, and WMP-003 to 019 inclusive) totalling 1,409.04m were drilled on the offset structure on the property between October 6 and December 21, The purpose of this diamond drill program was to confirm the extent of the previously reported Sudbury-type mineralization along the offset structure and assess its PGE potential, as indicated by the surface sampling. Hole WMP-001 was drilled to test the off-hole conductor previously defined by down-hole pulse EM surveys in holes P-56 and P-57. No significant mineralization was intersected. A borehole Crone Pulse-EM survey was carried out in WMP-001. The survey defined two off-hole anomalies to the north of the hole; in both cases, the nearest edge of the response was 30m away from the hole. The remaining holes tested the North and South zones. An additional 103 holes totalling 20,985.15m were completed in 2000/2001. These consisted of: Infill drilling on known zones to bring drill spacing to 25m, or in some cases 12.5m; Drill testing for extensions of known zones; and Several deep holes to serve as platforms for down-hole EM surveys. Borehole EM surveys were completed on several shallow holes by Crone Geophysics. Lamontagne completed borehole UTEM surveys on a number of deeper boreholes. An estimate of the Mineral Resource on Walbridge s Parkin Property was prepared by WGM in 2002 (Soever, 2002). This resource estimate is described in section 14. No significant work was completed from 2003 to In 2008 Wallbridge drilled seven diamond drill holes totalling 3,562 metres with follow up BHUTEM surveys in five of the holes. One RIM panel utilizing boreholes WMP-100 to P-060 was also surveyed (Croteau, 2008). Significant results are discussed in Section 25. In 2009 Wallbridge Mining drilled one diamond drill hole, WMP-137 to a depth of 1,271m with follow up BHUTEM and one RIM panel utilizing boreholes WMP-100 to WMP-056 (Croteau, 2009). Significant results are discussed in Section 25. No significant work was completed in 2010 and In 2012, Wallbridge completed a differential GPS survey of some drill hole collars on the property and updated the database. Page 34 of 55

35 In 2013, Wallbridge conducted a differential survey of all available drill collars and trenches on the property and updated the collar coordinates in the database. Wallbridge then performed a thorough review of the drilling and geophysics on the Glencore Parkin property which included review of drill logs and assays, re-logging of some older drill core, review of airborne, surface and borehole geophysics including interpreted conductive plates, and detailed geological modelling on 25 metre sections (Xiong and Bailey, 2013). Significant results are discussed in Section 25. CBA PARKIN PRE-WALLBRIDGE EXPLORATION In 1934, Falconbridge acquired four claims straddling the township line between Parkin and Norman Townships, to cover some minor copper-nickel showings. A short drill hole directly under the main showing cut almost barren quartz diorite, and work on the property was suspended. Interest in the area was reignited by the discovery of the Milnet (Jonsmith) deposit, which is located between the two Champion Bear claim groups, in the late 1940s. SOUTH BLOCK The southern block, known as the Brady Showing, has undergone exploration since its reported discovery by a local prospector in the early 1950s. Records of the work prior to the 1980s are scarce. In 1983, Nearctic Resources carried out magnetic and VLF-EM geophysical surveys, stripping and trenching and drilled eight vertical holes (518 metres) around the showing. Grades up to 6.79% Cu, 3.74% Ni, 0.93g/t Pt, 1.24g/t Pd and 1.24g/t Au were reported. In 1986, Falconbridge drilled 14 holes (833 metres) along the 500 metre strike length of the dyke on the southern claims. These holes, which tested the dyke to a maximum depth of 100 metres, encountered only weakly anomalous material. The best results were 0.12% Cu, 0.16% Ni, 190ppb Pt and 160ppb Pd. In 1988 Prophet Resources Ltd. completed detailed geological mapping, channel sampling and drilled 54 percussion holes (882 metres) and five diamond drill holes (630 metres). The best values from surface channels were 24.57g/t Pt, and 3g/t Pd. Percussion holes gave up to 3.0% Cu, 2.4% Ni, 6g/t Pt, 4g/t Pd and 18g/t Au. The best diamond drill results were oz Au/t, oz Pd/t and oz Pt/t to a maximum depth of 100 metres. In 1989, BP Selco, a division of BP Resources Canada Ltd., drilled three holes totalling 1,093 metres. These hit the offset dyke but encountered no significant mineralization. In 1995, WMC International Ltd., as part of their program which explored the dyke in Parkin and adjacent townships, completed a geological mapping and sampling program. No new mineralized areas or zones were identified on the southern claim block. Champion Bear optioned the CBA Parkin property from John Brady in Exploration by Champion Bear focused on confirming the known mineralization at the Brady Showing, both on surface and by drilling. Selected areas of the 80 meter long main Brady Showing, on the southern claims, were cleaned to relocate previous channel sample locations. These were tied in to a new base line which was also used to tie in previous surface surveys and drilling. A 2.7 meter channel sample near the northern edge of the showing sampled the main massive sulfide lens. This sample assayed 9.2g/t Pt, 4.3g/t Pd, 1.57g/t Au, 11.2% Cu and 0.63% Ni confirming the results of previous operators. Nine diamond drill holes totaling 597 metres tested the main showing to a vertical depth of 50 metres. The holes were drilled at different angles, three per section on three different sections 25 metres apart (Table 8). The dyke is shown to be sub-vertical with local bulges. Page 35 of 55

36 Table 8: Summary of Significant Drill Intersections by Champion Bear. NORTH BLOCK Data for work prior to the 1980s on the larger northern block is also incomplete. Early exploration focused on gold mineralization. Sampling at many locations on surface has returned only weakly anomalous results, and a number of holes by previous explorers, drilled at several locations, have tested to 100 to 150 metres. None of these encountered any significant PGE or Cu, Ni mineralization In 1985, John Brady carried out additional stripping and trenching to explore the dyke in search of Cu, Ni and PGEs. In 1986, Falconbridge drilled four holes (666 metres) along a 700 metre section of the dyke. No significant Cu/Ni values were encountered and Pt/Pd values were less than 60ppb. In 1987, INCO started a two year program of geological mapping, electromagnetic surveys and drilled two holes (267 metres). Their drilling encountered 12.5g/t Au over 0.3m, Cu/Ni values did not exceed 950/450ppm and Pt/Pd were below detection except for one sample which assayed 0.3g/t Pt. In 1992, John Brady carried out some trenching to further expose dyke material. In 1995, WMC International Ltd. carried out a DigHEM airborne geophysical survey and a program of geological mapping and sampling and wide spaced UTEM survey over a six kilometre strike length of the dyke. No target areas worthy of follow-up were detected. Champion Bear optioned the CBA Parkin property from John Brady in Champion Bear exploration on the north block traced the dyke on surface for almost five kilometres north of the Milnet mine. Champion Bear completed two diamond drill holes totaling 245 metres on the northern claim block. The holes were drilled 400 metres north of the southern limit of the block. Hole No. 10 tested for the possible southern extension of the dyke beyond a projected east-west fault 150 metres to the north. This hole did not intersect the dyke. Hole number 11 tested the main part of the dyke 150 metres east of hole number 10, close to where previous explorers interpreted a bifurcation in the dyke. This hole encountered two dyke sections of 17 and 63 metre width, respectively. No significant mineralization was encountered in this hole. Page 36 of 55

37 CBA PARKIN WALLBRIDGE EXPLORATION During the summer of 2008, a partially cut and uncut 50 line km grid was traversed at an approximate 100 metre line spacing oriented at approximately ESE to WNW. The grid was mapped at 1:2,000 scale with the work performed by a four man exploration team consisting of two contract geologists and two field assistants. The objective of the work on this property was to map and sample the entire area at 1:2,000 scale, focusing mainly on ground-truthing the Parkin offset dyke while looking for compositional and possibly geochemical variations along strike. A total of 130 samples were collected of which 118 were analyzed for base and precious metals, and whole rock, trace and REE. There were also 8 thin sections prepared from the surface samples collected. Two NQ drill holes were completed in Parkin Township along with 2 accompanying BHUTEM4 surveys (Croteau, 2008). In 2009 Wallbridge Mining drilled two new holes totaling 1,506 metres of diamond drilling with one of the holes having follow-up BHUTEM and two additional RIM panel surveys utilizing borehole pairs WMP-095 to WMM-005 and WCB-003 to WMP-056 (Croteau, 2009). Significant results are discussed in Section 25. In 2010, three holes totaling 2,543m were completed, as well as BHUTEM and one RIM panel between boreholes WCB-003 and WMM-005 (Croteau, 2010). Significant results are discussed in Section 25. In 2011, 3,008m of diamond drilling were completed, as well as BHUTEM surveys, one RIM panel from WMM-014- W2 (Milnet property) to WCB-003 and surface excavations (Bailey, 2011). Significant results are discussed in Section 25. In 2012, Wallbridge completed a differential GPS survey of some drill hole collars on the property and updated the database. No significant work was completed in PARKIN EAST Wallbridge has not completed any significant exploration to date on the Parkin East property. 10. DRILLING The history of drilling and other exploration on the Property is summarized in Section 9 and Table 9. To date, Wallbridge has completed 171 drill holes and wedge-cuts totalling 56,306 metres. Significant results are discussed in Section 25. All Wallbridge drilling was completed with either NQ, thin walled BQ, or BQ drill core. DGPS of collar locations and Reflex and Gyro surveys down-hole are routine on recent holes which have been surveyed with BHEM. Page 37 of 55

38 Table 9. Summary of Wallbridge drill holes on the Property. Hole ID Project NAD27_E NAD27_N Elevation (m) Length (m) Final Depth (m) Azimuth Dip Year UTEM PEM RIM WCB-001 CBA-N X WCB-002 CBA-N X WCB-003 CBA-S X X WCB-004 CBA-N WCB-005 CBA-S X WCB-006 CBA-S X WCB-007 CBA-S WCB-008 CBA-N WCB-009 CBA-N WCB-010 CBA-N WCB-011 CBA-N WCB-012 CBA-N X WCB-013 CBA-N X WCB-014 CBA-N X WMM-001 Milnet WMM-002 Milnet WMM-003 Milnet WMM-004 Milnet X WMM-005 Milnet X X WMM-006 Milnet WMM-007 Milnet WMM-008 Milnet WMM-009 Milnet X WMM-010 Milnet X X WMM-010-W1 Milnet X WMM-010-W2 Milnet WMM-011 Milnet X X WMM-012 Milnet X X WMM-013 Milnet WMM-014 Milnet X WMM-014-W1 Milnet X X WMM-014-W2 Milnet X X WMM-015 Milnet X X WMM-015-W1 Milnet WMM-015-W2 Milnet X WMM-016 Milnet X WMM-017 Milnet WMM-018 Milnet WMM-018-W1 Milnet X WMM-018-W2 Milnet WMM-018-W3 Milnet X WMM-018-W4 Milnet X WMP-001 Parkin X WMP-002 Parkin X X WMP-003 Parkin WMP-004 Parkin WMP-005 Parkin WMP-006 Parkin WMP-007 Parkin Page 38 of 55

39 Hole ID Project NAD27_E NAD27_N Elevation (m) Length (m) Final Depth (m) Azimuth Dip Year UTEM PEM RIM WMP-008 Parkin WMP-009 Parkin WMP-010 Parkin WMP-011 Parkin WMP-012 Parkin WMP-013 Parkin WMP-014 Parkin WMP-015 Parkin WMP-016 Parkin WMP-017 Parkin WMP-018 Parkin WMP-019 Parkin WMP-020 Parkin WMP-021 Parkin WMP-022 Parkin WMP-023 Parkin WMP-025 Parkin X WMP-026 Parkin WMP-027 Parkin WMP-028 Parkin WMP-029 Parkin WMP-030 Parkin WMP-031 Parkin WMP-038 Parkin X WMP-039 Parkin WMP-040 Parkin X WMP-041 Parkin X WMP-042 Parkin X WMP-043 Parkin WMP-044 Parkin X WMP-045 Parkin X WMP-046 Parkin X X WMP-047 Parkin WMP-048 Parkin WMP-049 Parkin WMP-050 Parkin WMP-051 Parkin WMP-052 Parkin WMP-053 Parkin WMP-054 Parkin WMP-055 Parkin WMP-056 Parkin X X X WMP-057 Parkin X WMP-058 Parkin WMP-060 Parkin WMP-061 Parkin WMP-062 Parkin WMP-063 Parkin WMP-064 Parkin WMP-065 Parkin Page 39 of 55

40 Hole ID Project NAD27_E NAD27_N Elevation (m) Length (m) Final Depth (m) Azimuth Dip Year UTEM PEM RIM WMP-066 Parkin WMP-067 Parkin WMP-068 Parkin WMP-069 Parkin WMP-070 Parkin WMP-071 Parkin X WMP-072 Parkin WMP-073 Parkin WMP-074 Parkin WMP-075 Parkin WMP-076 Parkin WMP-077 Parkin WMP-078 Parkin WMP-079 Parkin WMP-080 Parkin WMP-081 Parkin WMP-082 Parkin WMP-083 Parkin WMP-084 Parkin WMP-085 Parkin WMP-086 Parkin WMP-087 Parkin WMP-088 Parkin WMP-089 Parkin WMP-090 Parkin WMP-091 Parkin WMP-092 Parkin WMP-093 Parkin WMP-094 Parkin WMP-095 Parkin X X WMP-096 Parkin WMP-097 Parkin WMP-098 Parkin WMP-099 Parkin WMP-100 Parkin X X WMP-101 Parkin X WMP-102 Parkin WMP-103 Parkin WMP-104 Parkin WMP-105 Parkin WMP-106 Parkin WMP-107 Parkin WMP-108 Parkin WMP-109 Parkin WMP-110 Parkin WMP-111 Parkin WMP-112 Parkin WMP-113 Parkin WMP-114 Parkin WMP-115 Parkin Page 40 of 55

41 Hole ID Project NAD27_E NAD27_N Elevation (m) Length (m) Final Depth (m) Azimuth Dip Year UTEM PEM RIM WMP-116 Parkin WMP-117 Parkin WMP-118 Parkin WMP-119 Parkin X WMP-120 Parkin X WMP-121 Parkin X WMP-122 Parkin WMP-123 Parkin WMP-124 Parkin WMP-125 Parkin WMP-126 Parkin WMP-127 Parkin WMP-128 Parkin WMP-129 Parkin WMP-130 Parkin X WMP-131 Parkin X WMP-132 Parkin X WMP-133 Parkin X WMP-134 Parkin WMP-135 Parkin X WMP-136 Parkin WMP-137 Parkin X Page 41 of 55

42 11. SAMPLE PREPARATION, ANALYSES, AND SECURITY All Wallbridge staff members are trained on the importance of sample security and integrity. For samples collected by Wallbridge since July 2005, the following procedures were followed. Grab samples and representative splits were described, bagged, and assigned a sample number in the field, brought to the Wallbridge office in Lively, Ontario, and then transported to a sample preparation laboratory in Sudbury, Ontario. Representative sample splits were stored, either permanently or temporarily, for future reference at the Wallbridge head office in Lively, Ontario. Field samples were taken of outcrops with visible sulfides or strong epidote, amphibole, chlorite, or hematite alteration or signs of SIC-related partial melting. Representative samples of Sudbury breccia matrix were taken for TPM (fire assay, ICP-AES), ICP-MS and Cl and F analyses, and thin sections were made to determine the degree of thermal metamorphism and alteration of the breccia. Any rock that was suspected to be quartz diorite, or was suspected to be the cause of any geophysical anomaly was sampled and sent for whole rock and REE analysis in addition to Wallbridge s standard ICP-MS and TPM (fire assay, ICP-AES) analytical methods. Samples and representatives were numbered and bagged in the field, sample locations were recorded using a handheld GPS or plotted from field maps, and a metal tag with the sample number was generally left at the site. Sample sites also were flagged, with the sample number written on the flag. During the drilling programs, core samples were transported from the field to the Wallbridge head office by company personnel. Cores were logged and sample intervals marked by Wallbridge geologists, or by personnel under their supervision. Drill core sampling was controlled by lithology, alteration or visible mineralization, with a maximum sample length of 1.5m. All Sudbury breccia and quartz diorite was sampled. Diabase was sampled to provide background values and to build a database of geochemical data that could be used to differentiate this rock type from quartz diorite. All drill core samples were split using a water cooled diamond saw that is cleaned regularly to avoid sample to sample contamination. Half of the core was submitted to the lab for analysis and the other half was retained on outdoor, roofed core racks at the Wallbridge head office at 129 Fielding Road, Lively, Ontario as a representative sample or for possible re-sampling. Every effort was taken to ensure that the sample sent to the lab was representative of the entire section of core; however, due to nugget effects and the heterogeneity that is common with PGE mineralization, it is not guaranteed that an assay could be repeated. All samples were sealed (stapled) in individual, labelled plastic bags with a sample tag. If a thin section was requested, a portion of the sample was cut from the grab sample at the same time. Standards (LDI-3 STD) and field blanks are submitted at least every twentieth sample, or as the last samples to be submitted in a batch. The sample book used to track the samples has four partitions with the sample number on each tag. One tag goes with the geological reference, one with the lab sample, one with the thin section and the remaining part of the tag book is stored at the Wallbridge Office in Lively, Ontario. Since July, 2005, samples have been sent to ALS Minerals, an ISO 9001:2008 and ISO/IEC 17025:2005 certified service provider, for geochemical analyses. Before December, 2005, samples shipped to ALS Minerals were delivered to the preparation facility in Toronto by an independent trucking company. At ALS Minerals, samples were checked against requisition documents prior to being dried, weighed, crushed to 70% passing 2mm and split to 250 gram fractions using a Jones riffle and pulverized split to 85% passing 75 micron and then transported by ALS Minerals to their analytical facilities in Vancouver, British Columbia. In 2011, Wallbridge began adopting the use of 1kg splits to improve compositional representation for some sampling. Page 42 of 55

43 Samples were analyzed for gold, platinum, and palladium by standard lead collection fire assay fusion followed by a combination of inductively coupled plasma mass spectrometry (ICP-MS) and atomic emission spectrometry (ICP- AES). Samples were also analyzed for 48 base metals and trace elements using a four acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES. ICP-MS over limits were re-analyzed using HF- HNO3-HClO4 acid digestion, HCl leach and ICP-AES. In the event of higher grade mineralization, the preference was to analyze sample groups by submitting the samples directly for analytical methods described for over limits. These analytical methods, also referred to as High Grade/Ores Methods, are comprised of HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES. In addition to High Grade/Ores Methods, sulphur was analyzed using Total Sulphur by LECO to accommodate the anticipated higher sulphur levels. Selected samples were subjected to whole rock and rare earth element (REE) analysis. These samples were subjected to Lithium Borate fusion with ICP-AES for oxides, and Lithium Metaborate fusion with ICP-MS for trace and rare earth element evaluation. Selected samples of Sudbury breccia matrix were analyzed for chlorine and fluorine using KOH fusion specific ion electrode (ELE81A) and Neutron Activation (NAA-06) procedures. ALS Minerals has a rigorous internal security and client confidentiality policy; details are available through their website: ALS Minerals provided assay results to the Wallbridge Assay Manager who sends them to the project geologist via . Prior to July 2005, Wallbridge core and grab samples were analyzed by SGS Mineral Services, an ISO 9000 certified, geochemical exploration and research analysis facility which maintains a sample preparation lab in Sudbury. Samples sent to them were routinely dried, crushed, riffle split, and pulverized to produce 250 gram 85% -75 micron assay grade pulps. These pulps were subsequently transported to SGS analytical facilities in Rouyn- Noranda, PQ, for platinum group element analyses by fire assay, and to Toronto for ICP multi-element geochemical analysis. SGS analyzed the submitted samples for platinum group metals using a nominal 30 gram trace level fire assay lead collection procedure with ICP finish. Over-limit samples were subjected to an ore grade fire assay gravimetric analysis method. Base metal assaying was done in their Toronto laboratory using a combination of multi-acid digestion (ICP-40B) and ICP-MS methods to produce a 32 element suite of base metal and background results. Over-limit samples from the ICM40B method for Cu, Ni, and Co were treated to dedicated analysis using a sodium peroxide fusion ICP - resource definition procedure. Silver and sulfur values were determined by aqua-regia digest, AA finish, and LECO titration methods. Some samples prior to 2005 were sent to Swastika laboratories in Swastika, Ontario. 12. DATA VERIFICATION A reference material standard (LDI-3 STD) was submitted at least every twentieth sample, or as the second to last sample to be submitted in a batch. Blanks from un-mineralized quartzite were also submitted in sequence following the standard and potentially high grade samples to check for contamination during the sample preparation. LDI-3 is a non-certified standard supplied by North American Palladium Ltd. It comprises high grade gabbro collected in 2001 at the Lac des Iles PGE deposit, located 85km north of Thunder Bay Ontario. Provisional compositional data for it is provided by the Ontario Geoscience Laboratories. Page 43 of 55

44 ALS Minerals has accreditation to ISO 9001:2000 standards and completes a rigorous internal quality-assurance, quality control assessment prior to releasing the finalized analytical results with a certificate. Details are available on their website: An initial visual inspection of the Wallbridge submitted standard and blank data included or related to this report has been made. If there had been a discrepancy between the measured and reported values of the standard and blank samples then the lab would have been contacted. The results of the Wallbridge quality control analyses done by ALS Minerals for drill core samples are stored in the drill core database and those from the field samples are stored in the report database. ALS Minerals also supplies their internal QC data which consists of standards, blanks and duplicates; Wallbridge stores these in certificate form. Data verification procedures for the Parkin Resource estimate are detailed in Soever (2002). 13. MINERAL PROCESSING AND METALLURGICAL TESTING Wallbridge has not completed any mineral processing or metallurgical testing on any of the mineralized zones on the Property. 14. MINERAL RESOURCE ESTIMATES The Glencore Parkin property includes the Parkin Resource with an estimated Indicated Resource of 264,000 tonnes grading 0.70% Cu, 0.65% Ni, 0.62g/t Pt, 0.80g/t Pd and 0.23 g/t Au, and an Inferred Resource of approximately 87,000 tonnes grading 0.7% Cu, 0.4% Ni, 1.2g/t Pt, 1.1g/t Pd and 0.6g/t Au (Soever, 2002; Watts, Griffis & McOuat Limited). These mineral resources occur at surface and above 200 metres depth This resource estimate was generated using available drill data and Gemcom software. Five mineralized zones were modelled using a minimum true width of 2.0m and an NSR cut-off grade of C$40/tonne. The NSR cut-off was calculated using US$0.80/lb copper, US$3.00/lb nickel, US$10/lb cobalt, US$450/oz platinum, US$400/oz palladium, US$270/oz gold, a $450/t smelter charge deduction and a concentration ratio of 30/(Cu%+Ni%). Grades were defined for each of the mineralized zones (block models) using a 35m search and an Inverse Distance Squared method with a sample minimum and maximum of 1 and 15, respectively. These searches were confined to the modelled solids. WGM recommended a scoping study to help assess the opportunities for the potential development of the resource. WGM also recommended at the time that standard and blank samples be inserted into sample batches to improve QA/QC. It is the author s opinion that the 2002 WMG resource estimate is current. As discussed in Section 25, several drill holes completed by Wallbridge in 2008 intersected significant nickel, copper and PGEs beneath the Parkin Resource with off-hole borehole EM responses that suggest continuity. There is significant potential for additional drilling to increase and find additional resources at depth below and near the Parkin Resource. Page 44 of 55

45 Table 10: Mineral Resources On The Parkin Property WGM Estimate (as of March 1, 2002). Tonnes GRADE Cu Ni Pt Pd Au Co Ag Cu+Ni Pt+Pd+Au (%) (%) (g/t) (g/t) (g/t) (%) (g/t) (%) (g/t) Indicated Resources North Zone 86, South Zone 178, Total Indicated Resources 264, Inferred Resources 025S Zone 21, South Zone Extension 36, S Zone 30, Total Inferred Resources 87, MINERAL RESERVE ESTIMATION There are no mineral reserve estimates for the Property. Page 45 of 55

46 23. ADJACENT PROPERTIES The Property is adjacent to KGHM International s Podolsky mine property and site of the former Whistle mine to the southeast. The former Whistle open pit, now owned by KGHM, operated between 1988 to 1991 and 1994 to 1997 produced 5.71 million tons grading 0.95% Ni and 0.33% Cu (Farrow et al., 2008). While the information regarding adjacent properties is believed accurate, the author has been unable to verify the information. Information regarding adjacent properties is not necessarily indicative of mineralization on the Property. Table 11. Reserves and Resources estimates at the adjacent Podolsky Project (Farrow et al., 2009). 24. OTHER RELEVANT DATA AND INFORMATION There is no other relevant data or information that the author is aware of that should be included in this report. Page 46 of 55

47 25. INTERPRETATION AND CONCLUSIONS In terms of metal endowment, infrastructure, community support and regulatory stability, Sudbury is the most attractive place in the world to explore for and develop large-scale copper, nickel and PGE mining projects. Despite over 125 years of mining in the Sudbury area, very large and high grade deposits continue to be discovered. The Parkin Offset Joint Venture covers 9.5kms of the Parkin Offset Dyke in Sudbury. Offset dykes are a primary ore hosting environment in the Sudbury basin, accounting for about one quarter of Sudbury s total mineral inventory. They are compelling exploration targets. Past production records from the Milnet Mine, the recent discovery of the Milnet 1500 Zone, the Parkin resource, and the Brady Showing (all discussed in previous sections) demonstrate that the Parkin Offset dyke is mineralized and has the potential for significant grades of PGEs along with copper, nickel and gold. Work to date includes reconnaissance scale drilling and borehole geophysics over large parts of the dyke with more detailed drilling and geophysics in several areas. Several specific priority targets areas have been identified which are discussed below. The most compelling exploration target on the Property is the near surface potential to expand the Parkin Resource to depth on the Glencore Parkin property. Several significant intersections (Table 3) below the Parkin Resource are open laterally and to depth and are associated with off-hole BHEM conductors that have never been drill tested. Detailed geological modelling in 2013 identified the potential for 3-5 million tonnes to be found above 500 metres depth in this area. Below that, the area is wide open and further significant tonnage is possible. This target is conceptual in nature, is based on the size of the untested area, the nature of nearby mineralization in the Parkin Resource, the unexplained conductors and examples of similar Offset dyke deposits elsewhere in Sudbury. The target is not necessarily indicative of mineralisation on the Property and there has been insufficient work on the property to determine whether deposits of this size exist. Further drilling and borehole geophysics is necessary to test this potential. The high grade Milnet 1500 Zone is also open in almost every direction and is a similarly compelling target. It should be recognized that there are very few intersections of the Parkin Offset dyke below the recently identified Parkin Fault. The nature of the Parkin Offset dyke and wall-rock at the Milnet 1500 Zone beneath the Parkin Fault differs significantly from that at the Milnet Mine above the Parkin fault. Significant displacement across the parkin Fault may have occurred. Our understanding of the dyke beneath the Parkin Fault is very limited and the potential is wide open. Significant more work is warranted to explore the large-scale discovery potential remaining on the property. These items are discussed in more detail below and recommendations are made for further work. Page 47 of 55

48 MILNET The Milnet 1500 Zone was originally identified in 2009 from BHUTEM in WMM-010 and WMM-010-W1. Follow-up drilling included the following intercepts: WMM-014 intersected 8.00g/t TPM, 2.57% Cu 0.78% Ni over metres; WMM-014-W1 intersected 2.46g/t TPM, 0.96% Cu, 0.44% and Ni over metres; WMM-014-W2 intersected 2.11g/t TPM, 1.05% Cu, 0.72% Ni over 8.00 metres; and 4.61g/t TPM, 0.42% Cu, 1.55% Ni over 1.47 metres; WMM-015 intersected 0.20g/t TPM, 0.09% Cu, 0.09% Ni over 23.10m; WMM-015-W2 intersected 4.32g/t TPM, 0.60% Cu, 4.11% Ni over 8.0 metres; and WMM-018-W3 intersected 3.14g/t TPM, 1.00% Cu, 0.74% Ni over 2.23m. The Milnet 1500 Zone occurs at 1500 metres depth under the Milnet Mine where the Parkin Offset dyke intersects the southern contact of a large Nipissing gabbro. Sulfide mineralization appears to be concentrated between a very large block of gabbro and the western contact of the dyke. Drilling and borehole geophysics have expanded the zone to a minimum of 400 metres by metres with an undetermined thickness. The zone is open in all directions and further drilling and geophysics is warranted (Target 2). Target 1 is north of the Milnet Mine and up-dip of the northern extension of the Milnet 1500 zone. At the Milnet 1500 Zone, sulfide mineralisation appears to be structurally controlled at the intersection of the Parkin Offset dyke with a large Nipissing gabbro in the wall rock. Target 1 is the area where the Parkin Offset dyke intersects the northern (back) side of this gabbro. This is a very similar geological environment as Vale s Kelly Lake deposit in the Copper Cliff Offset dyke and Totten deposit in the Worthington Offset dyke, which are both located at the southern (back) contact with similar Nipissing gabbro bodies. Several deep drill holes with borehole geophysics are warranted to test this area. GLENCORE PARKIN As noted above, the most compelling exploration target on the Property is the near surface potential to expand the Parkin Resource to depth on the Glencore Parkin property. The Parkin Resource on the Glencore Parkin property (more fully described in Section 14) includes 5 zones along a strike length of ~750m and less than 200m from surface with combined Indicated Resources of 264,000 tonnes averaging 0.70% Cu, 0.65% Ni, 0.03% Co, 0.62g/t Pt, 0.80g/t Pd, 0.23g/t Au, and 6.3g/t Ag and combined Inferred Resources of 87,000 tonnes averaging 0.7% Cu, 0.4% Ni, 0.02% Co, 1.2g/t Pt,1.0 g/t Pd, 0.6 g/t Au, and 8.8 g/t Ag (Soever, 2002). Significant intersections within the Parkin Resource are shown in Table 2. Several significant intersections (Table 3) below the Parkin Resource are open laterally and to depth and are associated with off-hole BHEM conductors that have never been drill tested (Figure 6). Detailed geological modelling in 2013 identified the potential for 3-5 million tonnes to be found above 500 metres depth in the Parkin Resource area. Below that, the area is wide open and further significant tonnage is possible. This target is conceptual in nature, is based on the size of the untested area, the nature of nearby mineralization in the Parkin Resource, the unexplained conductors and examples of similar Offset dyke deposits elsewhere in Sudbury. The target is not necessarily indicative of mineralisation on the Property and there has been insufficient work on the property to determine whether deposits of this size exist. Further drilling and borehole geophysics is necessary to test this potential. Page 48 of 55

49 Figure 6. Northwest facing longitudinal section of the Parkin Offset dyke on the Glencore Parkin and CBA Parkin (South Block) properties. The near surface Parkin Resource is shown (red polygon) as well as drill hole dyke pierce points and the trace of the Parkin Fault. EM plates and un-modelled EM responses are shown and significant mineralized intersections are labelled. Page 49 of 55

50 CBA PARKIN Overall the CBA Parkin property has similar potential to the adjacent Glencore Parkin and Milnet properties. Detailed geological modelling should be completed to understand the structure of the dyke and wall rock in order to better target drilling. South Block The CBA Parkin South Block includes the high grade Brady showing at surface and several mineralized intersections at depth. A channel sample from the Brady Showing on the Champion Bear South Block returned 11.2% Cu, 0.6% Ni, 9.2g/t Pt, 4.3g/t Pd and 1.6g/t Au over 2.70 metres at surface. Anomalous gold values have also been intercepted on the Champion Bear south block, and include 44g/t Au over 1.4m ( m in WCB-006). Several deep drill holes have been completed with borehole geophysics. There is a near surface BHUTEM conductor that has not been properly tested. There is also a deep RIM anomaly that has not been explained which may represent mineralisation in the Parkin Offset dyke to side of the drill holes. It should be noted that the Parkin Offset dyke has not been tested below the Parkin Fault. North Block The CBA Parkin North Block includes a similar bend jog in the Parkin Offset Dyke as that seen at the Milnet Mine. At the Milnet Mine this jog seems to have an underlying structural control on the mineralisation and similar circumstance may occur at depth on the CBA Parkin North Block. PARKIN EAST No work has been completed by Wallbridge on the Parkin East property but there is potential for a splay of the Parkin Offset dyke to continue onto these claims. Reconnaissance geological mapping is recommended for some time in the future. Page 50 of 55

51 26. RECOMMENDATIONS Significant further work is recommended to fully explore the Properties potential for mineable nickel, copper and platinum group element mineralization. Table 12 lays out a two phase recommended work program totalling approximately $8,000,000. Phase one of the recommendations includes approximately $1.9M exploration directed completing the geological and geophysical modelling started in 2013, cleaning out and re-surveying a number of historical holes, and an initial drill program to test below the Parkin Resource on the Glencore Parkin property, in particular to test the offhole BHEM conductors associated significant mineralised intersections shown in Table 3. Phase two of the recommendations includes approximately $6M exploration directed at following up the results of Phase one, to determine the potential extent of mineralisation associated with the shallow off-hole BHEM conductor beneath the Brady showing on the CBA Parkin property, and to drill deeper geophysical platform holes to test the Glencore Parkin property and Milnet property to depth below the Parkin fault. Table 12. Two phase recommended work program. Phase One Annual taxes, lease payments, etc. $9,000 Annual Brady Advanced Royalty Payments $12,000 General Geological Mapping $50,000 Continued Geological Modelling $30,000 Geophysical Modelling of BHEM $25,000 Re-log key drill holes to verify dyke and fault intersections. $25,000 Glencore Parkin 15 drill holes, 6000 metres, Gyro, BHEM $1,200,000 Clean out re-survey key holes with Gyro, +/- BHEM $330,000 Admin (10%) $168,100 Total $1,849,100 Phase Two Annual taxes, lease payments, etc. $9,000 General Annual Brady Advanced Royalty Payments $12,000 Geological Modelling $100,000 Geophysical Modelling $50,000 Milnet 4 deep drill holes, 5000 metres, with Gyro and BHEM* $1,500,000 Glencore Parkin 25 drill holes, metres $2,000,000 4 deep drill holes, 5000 metres, with Gyro and BHEM* $1,500,000 CBA Parkin 3 drill holes, 1500 metres, with Gyro and BHEM $300,000 Admin (10%) $545,000 Total $5,995,000 *Not contingent on results from Phase One. Page 51 of 55

52 27. REFERENCES Ames, D.E., and Farrow, C.E.G. (2007) Metallogeny of the Sudbury mining camp, Ontario, in Goodfellow, W.D., ed., Mineral Deposits of Canada: A Synthesis of Major Deposit-Types, District Metallogeny, the Evolution of Geological Provinces, and Exploration Methods: Geological Association of Canada, Mineral Deposits Division, Special Publication No.5, p Ames, D.E., Davidson, A., Buckle, J.L., and Card, K.D. (2005) Geology, Sudbury bedrock compilation, Ontario; Geological Survey of Canada, Open File 4570, scale 1: Bailey, J. (2011) Technical Report on the Parkin Offset Properties, Sudbury, Ontario, for Wallbridge Mining Company Limited. Bailey, J. (2012) Technical Report on the Parkin Offset Properties, Sudbury, Ontario for Wallbridge Mining Company Limited. Card, K.D., and Innes, D.G. (1981) Geology of the Benny Area, District of Sudbury. Ontario Geological Survey Report 206. Card, K.D., and Meyn, H.D. (1969) Geology of the Leinster-Bowell Area, District of Sudbury. Geological Report 65. Cluff, G.H. (1975) Data Compilation. Property Submission to Falconbridge Nickel Mines Limited. Internal Report. Croteau, M. (2010) 2010 Report on The Parkin Offset Properties, Sudbury, Ontario. Croteau, M. (2009) 2009 Report on The Parkin Offset Properties Sudbury, Ontario. Croteau, M. (2008) 2008 Report on The Parkin Offset Properties Sudbury, Ontario. Davis, C. (2007) Lonmin CVRD Inco Sudbury PGE Joint Venture: The Search for Economic Low Sulphide High PGE-Au Deposits. PDAC Convention Presentation. Dunks, L.T. (1986) An Investigative Feasibility Report Relative to the Assessment and Mining of Possible Ore Remaining in the Crown and Sill Pillars of the Mined Out Jonsmith Mines Ltd. Located in Parkin Township, Ontario. Eckstrand, O.R., and Hulbert, L.J. (2007) Magmatic nickel-copper-platinum group element deposits, in Goodfellow, W.D., ed., Mineral Deposits of Canada: A Synthesis of Major Deposit Types, District Metallogeny, the Evolution of Geological Provinces, and Exploration Methods: Geological Association of Canada, Mineral Deposits Division, Special Publication No. 5, p Farrow, C.E.G., Frayne, M., and Ramnath, S.M. (2008) Technical Report on Mineral Properties in the Sudbury Basin, Ontario an update to December 31, 2007 for FNX Mining Company Inc. Farrow, C.E.G., Everest, J., Frayne, M. (2009) Technical Report on Mineral Properties in the Sudbury Basin, Ontario. An update to December 31, 2008 for FNX Mining Company Inc. Frayne, M. (November, 2013) KGHM International. Victoria Advance Exploration Project Past, Present and What s Next. Presentation to the Sudbury Prospectors and Developers Association. INCO (1986) Assays for J. Brady, Parkin Township, AFRI File: 41I15SW0035. Page 52 of 55

53 Levesque, R. (2002) Geological Field Mapping of the Milnet Property. Internal Report. Lightfoot, P.C., and Farrow, C.E.G. (2002) Geology, Geochemistry, and Mineralogy of the Worthington Offset Dike: A Genetic Model for Offset Dike Mineralization in the Sudbury Igneous Complex. Economic Geology, Vol. 97, no. 7, p Lightfoot, P.C., Naldrett, A.J., and Morrison G. (1997) Sublayer and Offsets Dikes of the Sudbury Igneous Complex an Introduction and Field Guide, Ontario Geological Survey, Open File Report 5956, 37p. Meyn, H. (1970) Geology of Hutton and Parkin Townships: Ontario Department of Mines, Geol. Report 80, 78 p. Northbridge Mines (1953) Progress Report, Parkin Township Property. Peredery, W.V. (1998) Exploration in the Deep Footwall Environment of the Sudbury Structure for Wallbridge Mining Company Limited. Internal Report. Soever, A. (2002) Mineral Resource Estimate and Assessment of the potential for Economic Mineralization on the Parkin Property for Wallbridge Mining Company Limited Sweeny, M. (1990) Surface Stripping and Sampling Report 1990, Northbridge Property (PN 6-245), Parkin and Norman Townships, Falconbridge Ltd. Internal Report. Tirschmann, P.A. (1990) Diamond Drilling Summary Report, Northbridge (6-245), Parkin/Norman Townships: Falconbridge Ltd. Internal Report. Tirschmann, P.A. (1990) Geology Report, Northbridge (6-245), Parkin/Norman Townships. Watts, Griffis and McOuat Limited (2003) Report on the 2002 Diamond Drilling Program, Parkin Township, Sudbury, Ontario for Champion Bear Resources Ltd. Watts, Griffis and McOuat Limited (2001) Valuation of the Business Assets of Wallbridge Mining Company Limited for Wallbridge Mining Company Limited. Watts, Griffis and McOuat Limited (2000) Addendum to the Report of Properties in the Sudbury and Shining Tree Areas, Ontario and Lake County, Minnesota for Wallbridge Mining Company Limited. Watts, Griffis and McOuat Limited (1999) Report on Properties in the Sudbury and Shining Tree Areas, Ontario and Lake County, Minnesota for Wallbridge Mining Company Limited. Xiong, J. and Bailey, J. (2013) Wallbridge/Impala Platinum Parkin Offset Joint Venture Summary Progress Report dated November 25 th, Page 53 of 55

54 SIGNATURE PAGE This report, titled Technical Report on the Parkin Offset Joint Venture (POJV) Project Located near Sudbury, Ontario Including the Milnet, Parkin, CBA Parkin, and Parkin East Properties, dated effective December 31, 2013, was prepared and signed by the following author: Effective as of December 31st, Signed Joshua Bailey, M.Sc. P.Geo. This 18th day of March, Page 54 of 55

55 CERTIFICATE OF QUALIFIED PERSONS I, Joshua Bailey, M.Sc., P.Geo, as an author of this report titled Technical Report on the Parkin Offset Joint Venture (POJV) Project Located near Sudbury, Ontario Including the Milnet, Parkin, CBA Parkin, and Parkin East Properties, prepared for Wallbridge Mining Company Limited and dated effective December 31, 2013, do hereby certify that: I am currently employed as Vice President of Exploration with Wallbridge Mining Company Limited of 129 Fielding Road, Lively, Ontario, P3Y 1L7. As an employee of Wallbridge Mining, I do not qualify as an independent Qualified Person. I am primarily responsible for all sections of this report and have most recently visited the Property in August I am a Qualified Person as defined in National Instrument I am a member in good standing of the Association of Professional Geoscientists of Ontario (#1512). I graduated from Laurentian University 2004 with a M.Sc. in Earth Science, and have been practicing my profession continuously since that time. I have experience working in the Sudbury area. My M.Sc. thesis project was completed at Thayer Lindsley Mine in Sudbury from From 2004 to the present I have worked continuously with Wallbridge conducting exploration in Sudbury, Northeastern Ontario, British Columbia and Nunavut. I am not aware of any material fact or change with respect to the subject matter of this technical report which is not reflected in the technical report effective December 31 st, Exploration of the property is ongoing and an updated technical report may be prepared in the future. This technical report has been prepared by me for use in conjunction with Wallbridge s Annual Information Form (AIF) and other corporate purposes. I have read National Instrument and Form F1. This technical report has been prepared in compliance with those documents. I not aware of any material change to any of the technical information provided in this report between the effective date and the date of signing, below. Effective as of December 31 st, Joshua Bailey, M.Sc. P.Geo. This 18 th day of March, Page 55 of 55