Mineral Deposit Report Page 1 OF 21 15.8.2018 Kopsa Alternative Names: Kopsankangas Occurence type: deposit Commodity Rank Total Total production Total resource Importance measure 1 13,25 t 13,25 t Medium sized deposit copper 3 25912 t 25912 t Small deposit silver 4 36,47 t 36,47 t Occurrence sulphur 5 Easting EUREF: 412919,297 Easting YKJ: 3413056 Northing EUREF: 7072684,486 Northing YKJ: 7075648 Discovery year: 1939 Province: Laivakangas (Au, Cu) References: 5, 10, 12, 13, 15, 16, 17, 20, 21, 22, 24 Mineral deposit type Group: Metallogenic deposit Main type: Felsic (magmatic hydrothermal) Sub type 1: Porphyry References: 9, 11, 12 Group: Metallogenic deposit Main type: Orogenic (metamorphic hydrothermal) Comments: Details in outcrops suggest that the porphyry mineralisation is, possibly, overprinted by an epigenetic Au mineralisation under a brittle regime of deformation. References: 9, 11, 12 Dimension Expression: exposed Area (ha): Form: discordant Dip azim: Shape: Dip: 10 Length (m): 800 Plunge azim: Width (m): 450 Plunge dip: Thickness (m): Orientation method: Depth (m): 210 Dimension comments: The deposit is open at depth. Holder history Current holder: Belvedere Resources Ltd Years: 2002-2010 1
Mineral Deposit Report Page 2 OF 21 15.8.2018 Holding type: Claim (old law) Previous holders: Company Years Holding type Comments Baltic Minerals Finland Oy 1995-2001 1983 Outokumpu Oy 1940-1983 2
Mineral Deposit Report Page 3 OF 21 15.8.2018 EXPLORATION ACTIVITY Belvedere Resources Ltd Years Activity type Geologist Exploration result Ref 2007-2007 percussion drilling 7 Core drilling (reconnaissance drilling): 12 diamond-drill holes, total 891.65 m. 2002-2004 percussion drilling 1, 2, 3 48 vertical, 5-m long, percussion holes 10-20 apart in three profiles. 2002-2004 detailed geophysics 1, 2, 3 2002-2004 core drilling 1, 2, 3, 6, 7 Core drilling (reconnaissance drilling): 19 diamond-drill holes. Intersections Length 30,3m 1,5ppm copper 0,16% Length 60m 0,1ppm copper 0,1% Length 9,4m 2,25ppm copper 0,25% Length 3,6m 4,8ppm copper 1,9% silver 103ppm Length 43,4m 0,16ppm Length 27,7m 3,06ppm Length 46,5m 1,1ppm copper 0,14% 3
Mineral Deposit Report Page 4 OF 21 15.8.2018 Baltic Minerals Finland Oy Years Activity type Geologist Exploration result Ref 1995-1997 core drilling 6, 8, 11, 12, 24 18 diamond- and 32 RC-drill holes, 4149 m and 2111 m. Intersections Length 131,8m 0,17ppm copper 0,17% Length 94m 0,4ppm copper 0,4% Length 10,6m 4,35ppm copper 0,47% Length 51,6m 0,28ppm copper 0,28% Length 51m 2,47ppm copper 0,28% Length 4m 0,06ppm copper 0,06% 1995-1997 percussion drilling 6, 8, 11, 12 About 700, 7-10 m long, percussion drilling holes 1995-1999 detailed geology 6, 8, 11, 12 1995-1999 detailed geophysics 6, 8, 11, 12 1995-1999 excavation 6, 8, 11, 12 1995-1999 regional geochemistry 6, 8, 11, 12 As, Au, Bi, and Te anomalies in till. Years Activity type Geologist Exploration result Ref 1984-1985 core drilling 18 Diamond-drill holes in an irregular setting, 20-100 m apart, total 1256 m. 4
Mineral Deposit Report Page 5 OF 21 15.8.2018 Intersections Length 4m copper 0,9% silver 42ppm 0,7ppm Length 2,6m copper 0,75% silver 73ppm 1,4ppm 1983-1985 detailed geology 10, 18 1983-1985 regional geochemistry 10, 18 1983-1985 detailed geophysics 3, 4, 18 IP and other electric methods define several anomalies in the area; the IP anomalies have the best response to the deposit. Outokumpu Oy Years Activity type Geologist Exploration result Ref 1981-1983 ore beneficiation P Haapala, M Isohanni, G 9, 10, 13, 14, 25 tests 1981-1983 core drilling P Haapala, M Isohanni, G Core drilling (reconnaissance drilling): 29 drill holes. 11 1981-1983 regional geochemistry P Haapala, M Isohanni, G 9, 10, 13, 14, 25 1981-1983 detailed geology P Haapala, M Isohanni, G 1981-1983 percussion drilling P Haapala, M Isohanni, G 1981-1983 excavation P Haapala, M Isohanni, G 9, 10, 13, 14, 25 9, 10, 13, 14, 25 9, 10, 13, 14, 25 Years Activity type Geologist Exploration result Ref 1980-1980 regional geophysics key geological features Low-altitude airborne magnetic, electromagnetic and radiometric survey Outokumpu Oy 5
Mineral Deposit Report Page 6 OF 21 15.8.2018 Years Activity type Geologist Exploration result Ref 1977-1978 excavation P Haapala, M Isohanni, G 9, 10, 13, 14, 25 1977-1978 regional geochemistry 1977-1978 ore beneficiation tests P Haapala, M Isohanni, G P Haapala, M Isohanni, G 9, 10, 13, 14, 25 9, 10, 13, 14, 25 1977-1978 core drilling P Haapala, M Isohanni, G 1977-1978 percussion drilling P Haapala, M Isohanni, G 1977-1978 detailed geology P Haapala, M Isohanni, G 1971-1973 percussion drilling P Haapala, M Isohanni, G 200 percussion drill holes. 9, 10, 13, 14, 25 9, 10, 13, 14, 25 9, 10, 13, 14, 25 9, 10, 13, 14, 25 1971-1973 ore beneficiation tests P Haapala, M Isohanni, G 9, 10, 13, 14, 25 1971-1973 detailed geology P Haapala, M Isohanni, G 9, 10, 13, 14, 25 1971-1973 core drilling P Haapala, M Isohanni, G 9, 10, 13, 14, 25 Core drilling (reconnaissance drilling): 50 diamond-drill holes. 1971-1973 regional geochemistry P Haapala, M Isohanni, G 9, 10, 13, 14, 25 1971-1973 excavation P Haapala, M Isohanni, G 1965-1966 core drilling P Haapala, M Isohanni, G 16 diamond holes drilled 1964-1966 percussion drilling P Haapala, M Isohanni, G 1964-1966 excavation P Haapala, M Isohanni, G 9, 10, 13, 14, 25 mineral resource indicated 9, 10, 13, 14, 21, 25 9, 10, 13, 14, 25 9, 10, 13, 14, 25 1964-1966 ore beneficiation tests P Haapala, M Isohanni, G 9, 10, 13, 14, 25 1964-1966 detailed geology P Haapala, M Isohanni, G 9, 10, 13, 14, 21, 25 1964-1966 regional geochemistry P Haapala, M Isohanni, G 9, 10, 13, 14, 25 6
Mineral Deposit Report Page 7 OF 21 15.8.2018 Years Activity type Geologist Exploration result Ref 1961-1961 detailed geology 10, 18 1961-1961 core drilling 10, 18 1961-1961 regional geochemistry 10, 18 1961-1961 detailed geophysics 3, 4, 18 IP and other electric methods define several anomalies in the area; the IP anomalies have the best response to the deposit. Outokumpu Oy Years Activity type Geologist Exploration result Ref 1961-1961 core drilling P Haapala, M Isohanni, G 18 Core drilling (reconnaissance drilling): three diamond-drill holes. 1940-1941 ore beneficiation tests P Haapala, M Isohanni, G 9, 10, 13, 14, 25 1940-1941 core drilling P Haapala, M Isohanni, G mineral resource indicated 9, 10, 13, 14, 21, 25 In total, 44 shallow holes drilled resulting in the first mineral resource for Kopsa: 120,000 t @ 2 ppm Au. 1940-1941 detailed geology P Haapala, M Isohanni, G 9, 10, 13, 14, 21, 25 1940-1941 regional geochemistry P Haapala, M Isohanni, G 9, 10, 13, 14, 25 1940-1941 percussion drilling P Haapala, M Isohanni, G 1940-1941 excavation P Haapala, M Isohanni, G 9, 10, 13, 14, 25 9, 10, 13, 14, 25 Years Activity type Geologist Exploration result Ref 1939-1939 detailed geology 10, 18 First glacial erratic boulders found in 1937, this was followed by the discovery of the occurrence in outcrop. 1939-1939 detailed geophysics 3, 4, 18 IP and other electric methods define several anomalies in the area; the IP anomalies have the best response to the deposit. 7
Mineral Deposit Report Page 8 OF 21 15.8.2018 1939-1939 regional geochemistry 10, 18 1939-1941 core drilling 10 Core drilling (reconnaissance drilling): 44 diamond-drill holes. Figures Secondary anomaly: 8
Mineral Deposit Report Page 9 OF 21 15.8.2018 Secondary anomaly: 9
Mineral Deposit Report Page 10 OF 21 15.8.2018 Secondary anomaly: 10
Mineral Deposit Report Page 11 OF 21 15.8.2018 RESOURCES AND RESERVES Most recent Type: Company: Year: Date: Calc Method: Reference: Resource Belvedere Resources Ltd 2013 NI 43-101 23 Comments: Effective date 02 October 2013. Category: Measured mineral resource Tonnage: 11,5 Mt 0,83 ppm copper 0,15 % silver 2,17 ppm Cutoff: Category: Indicated mineral resource Tonnage: 2,2 Mt 0,7 ppm copper 0,15 % silver 2,08 ppm Cutoff: Category: Inferred mineral resource Tonnage: 2,7 Mt 0,8 ppm copper 0,2 % silver 2,57 ppm Cutoff: Category: Measured, indicated and inferred mineral resource Tonnage: 16,4 Mt 0,808 ppm copper 0,158 % silver 2,224 ppm Cutoff: Previous calculations Type: Company: Year: Date: Calc Method: Reference: Resource Belvedere Resources Ltd 2009 JORC code Category: Indicated and inferred mineral resource Tonnage: 8,48 Mt 0,98 ppm silver 4 ppm copper 0,16 % sulphur 1 % Cutoff: Type: Company: Year: Date: Calc Method: Reference: Resource Outokumpu Oy 1982 Non-compliant resource estimate 13 Category: Poorly estimated mineral resource, poorly documented Tonnage: 25 Mt 11
Mineral Deposit Report Page 12 OF 21 15.8.2018 copper 0,18 % silver 4 ppm 0,57 ppm Cutoff: Category: Poorly estimated mineral resource, poorly documented Tonnage: 1,1 Mt copper 0,57 % 1,9 ppm silver 4 ppm Cutoff: Comments: Part of main estimation 12
Mineral Deposit Report Page 13 OF 21 15.8.2018 GEOLOGY Host rock: Tonalite, Quartz vein, Mica schist Tonalite (Host rock) Rock type: Host rock Proportion: major Grain size: Color: References: 9, 10, 11, 12, 18, 19, 25 Comments: The mineralisation is of stockwork type with numerous cross-cutting quartz veins and is formed of two gently-dipping or nearly flat lodes within the tonalite. Extensive systems of arsenopyrite- and chalcopyrite-bearing quartz stockwork veining with Cu and Fe sulphides disseminated in wallrock, forming at least two major zones. Ore minerals: Mineral Proportion Mineral texture Arsenopyrite major Dissemination Bismuth minor Dissemination Bornite minor Dissemination Chalcopyrite major Dissemination Cubanite minor Dissemination Gold minor Dissemination Mostly free grains of native Au with quartz, only a small volume of is in arsenopyrite. Most or all of the is in quartz veins and veinlets. Löllingite minor Dissemination Marcasite minor Dissemination Molybdenite minor Dissemination Pyrite minor Dissemination Pyrrhotite major Dissemination Sphalerite minor Dissemination Stannite minor Dissemination Sulphohalite minor Dissemination Other minerals: Mineral Proportion Mineral texture Biotite present Hornblende present Microcline present Plagioclase present Quartz present Scheelite present Structures Veined Textures Porphyritic 13
Mineral Deposit Report Page 14 OF 21 15.8.2018 Alteration: Distribution: Degree: Relation to mineralization: carbonate alteration silicification Strong Comments: Silicification is significant in the style of alteration. Metamorphic description: Type: Facies: Degree: Relation to mineralization: Regional amphibolite medium metamorphic facies metamorphic grade Comments: Plagioclase(-microcline)-quartz-biotite-hornblende. Geological age: Min P- Max P (kbar) MIn T- Max T ( C) Geological era: Paleoproterozoic (2500-1600 Ma) Max age - Minage Inferred age (Ma): Age of mineralization: (Ma): 1880-1890 N Quartz vein (Host rock) Rock type: Host rock Proportion: minor Grain size: Color: References: 12, 19 Comments: Quartz vein network with an apparently inconsistent continuity Mica schist (Host rock) Rock type: Host rock Proportion: minor Grain size: Color: References: 9, 10, 18, 25 Alteration: Distribution: Degree: Relation to mineralization: biotite alteration Comments: In the mica schist, K alteration is displayed by formation of biotite and muscovite. Metamorphic description: Type: Facies: Degree: Relation to mineralization: Regional amphibolite medium metamorphic facies metamorphic grade Comments: Quartz-plagioclase-biotite-muscovite-sillimanite-cordierite-K feldspar. Min P- Max P (kbar) MIn T- Max T ( C) Figures 14
Mineral Deposit Report Page 15 OF 21 15.8.2018 Regional geology: 15
Mineral Deposit Report Page 16 OF 21 15.8.2018 Regional geology: 16
Mineral Deposit Report Page 17 OF 21 15.8.2018 Ore outcrop: Plan view: 17
Mineral Deposit Report Page 18 OF 21 15.8.2018 Plan view: 18
Mineral Deposit Report Page 19 OF 21 15.8.2018 Regional geology: 19
Mineral Deposit Report Page 20 OF 21 15.8.2018 REFERENCES 1. Belvedere Resources Ltd. 2003. Press release 03/09/2003. 2. Belvedere Resources Ltd. 2003. Press release 17/03/2003. 3. Belvedere Resources Ltd. 2003. Press release 21/02/2003. 4. Belvedere Resources Ltd. 2004. Press release 20/04/2004. 5. Belvedere Resources Ltd. 2004. Press release 22/01/2004. 6. Belvedere Resources Ltd. 2005. Press release 11/01/2005. http://tupa.gtk.fi/karttasovellus/mdae/references/352_kouvervaara/352_belvedere07_110105.pdf 7. Belvedere Resources Ltd. 2007. Press release 13 June 2007. http://tupa.gtk.fi/karttasovellus/mdae/references/302_%c3%84ngesneva/302_belvedere_pressrelease_130607.pdf 8. Chakraborty, S. (1997) Personal communication 1/10/1997. 9., G. & Isohanni, M. 1979. Characteristics of igneous intrusions and various wall rocks in some Precambrian porphyry copper-molybdenum deposits in Pohjanmaa, Finland. Economic Geology, 74, 1198-1210. 10. Gaál, G., 1978. Raportti Haapajärven Kopsan ja Vehkan tutkimuksista vuosina 1939-1978. Outokumpu Oy, Malminetsintä, Unpublished report 001/2344/GG/78. 62 p. (in Finnish) http://tupa.gtk.fi/raportti/arkisto/001_2344_gg_78.pdf 11. Glenmore Highlands Inc. 1996. Initial assay results from Kopsa diamond drilling program. Press release 9/12/1996. 12. Glenmore Highlands Inc. 1997. Progress on Kopsa property. Press release18/8/1997. 13. Isohanni, H. 1982. Kaivoslain 19 pyk. mukainen tutkimustyöselostus: Haapajärvi, Kopsa. Outokumpu Oy, Report 080/2344/MAI/82. 3 p. (in Finnish) http://tupa.gtk.fi/karttasovellus/mdae/references/311_antinoja/080_2344_mai_82.pdf 14. Karvonen, T. 1975. Kaivospiirien Kopsa ja Vehka, kaivosrekisterinumerot 2331/1,2, hylkäämisilmoitus. A letter from Outokumpu Oy to the Ministry of Industry and Trade. 2 p. (in Finnish) 15. Korsman, K. (ed.) & Glebovitsky, V. (ed.) 1999. Raahe-Ladoga Zone structure-lithology, metamorphism and metallogeny: a Finnish-Russian cooperation project 1996-1999. Map 2: Metamorphism of the Raahe-Ladoga Zone 1:1000000.. 16. Mäkelä, M., Sandberg, E. & Rantala, O. 1988. Geochemical exploration of -bearing veins associated with granitoids in western Finland. In: D. R. MacDonald & K. A. Mills (eds) Prospecting in Areas of Glaciated Terrain - 1988: Papers presented at the Eighth International Symposium on Prospecting in Areas of Glaciated Terrain, Halifax, Nova Scotia, August 28 - September 3, 1988: Canadian Institute of Mining and Metallurgy. 255-270. 20
Mineral Deposit Report Page 21 OF 21 15.8.2018 17. Mäkelä, M., Sandberg, E. & Rantala, O. 1988. Proterozoic, -bearing vein occurrences associated with the granitoids in western Finland. In: A. D. T. Goode et al. (comp.) Bicentennial Gold 88, Melbourne, Victoria, May 16-20, 1988: Extended abstracts. Poster programme. 1. Geological Society of Australia. Abstracts Series 23, 153-155. 18. Nikander, J. 1986. Tutkimustyöselostus Haapajärven kunnassa valtausalueella Kopsa 1, kaiv. rek. n:o 3665/1 suoritetuista kuparimalmitutkimuksista., Report M06/2344/- 86/1/10. 18 p. (in Finnish)http://tupa.gtk.fi/raportti/valtaus/m06_2344_86_1_10.pdf 19. Nurmi, P. A., Lestinen, P. & Niskavaara, H. 1991. Geochemical characteristics of mesothermal deposits in the Fennoscandian Shield, and a comparison with selected Canadian and Australian deposits., Bulletin 351. 101 p. http://tupa.gtk.fi/julkaisu/bulletin/bt_351.pdf 20. Nurmi, P.A. 1984. Applications of lithogeochemistry in the search for Proterozoic porphyry-type molybdenum, copper and deposits, southern Finland., Bulletin 329. 40 p.http://tupa.gtk.fi/julkaisu/bulletin/bt_329.pdf 21. Pehkonen, E. 1976. Hituran ympäristön tutkimuksista karttalehdillä 2344 ja 2343. Outokumpu Oy, Report 001/2344, 2343/EOF/1976. 9 p. (in Finnish) 22. Pym, D. & Strauss, T. 2005. Kuusamo Au-Co project, Finland. FEM2005 Congress, Rovaniemi, 1-2. Dec 2005. 23. SRK Consulting AB 2013. Preliminary economic assessment for the Kopsa copper- deposit, Finland. Prepared for Belvedere Resources Ltd. 24. Strauss,T., 1999. Kopsa claims. Report on exploration activities. 21st December, 1999, Glenmore Highlands Inc. 39 p, 30 fig./app.http://tupa.gtk.fi/raportti/valtaus/kopsa_report.pdf 25. Weihed, P. & Mäki, T. 1997. Volcanic hosted massive sulfide deposits and deposits in the Skellefte district and Western Finland., Guide 41. 81 p. http://tupa.gtk.fi/julkaisu/opas/op_041.pdf 21